frequently asked questions

I am an employee of a school or university. Where can I find information on your service for International Students?

Please click on this link to be taken to our Educational Institution page: INFORMATION FOR EDUCATIONAL INSTITUTIONS

What is the advantage of exchanging my currency with NorthStar Currency rather than my bank?

Since foreign exchange is all that we do, we are able to offer a much more personalized service and more competitive rates than the big banks. Above all, our commitment is to helping you save money and ensuring that your transaction goes through without a hitch. What's more, our knowledge and expertise in the Foreign Exchange market enable you to benefit from our in-depth experience.

REMEMBER – There are no wire or transfer fees with NorthStar Currency, unlike with the banks (which charge upwards of $80).

Why should I use NorthStar Currency instead of my Credit Card?

Credit Cards are EXPENSIVE. Credit Cards charge an exchange fee of at least 3%. NorthStar Currency is approximately 2%. On $10,000 CAD (Canadian Dollars) using NorthStar saves $100. The average student exchanges about $25,000. Using NorthStar Currency the client saves $250 compared to if they used the credit card.

How do I pay for my trade?

NorthStar Currency accepts wire transfers and Internet Bill Payments.

Is there any cost to sign up?

No. Signing up with us is completely free.

How long does it take to get my Account set up?

As soon as we have received your completed client application form and two forms of identity, the process usually takes less than 6 hours. Once set up, you are free to make a currency exchange with us immediately.

Do I need to have Internet Banking with my existing bank?

No. NorthStar Currency does not require any special services to be activated with your existing bank.

What currencies can I trade?

NorthStar Currency transacts in the following currencies online. We are continually adding currencies to this list.
AUD – Australia Dollars
CAD – Canadian Dollar
CHF – Switzerland Franc
EUR – Euro (see country list below)
GBP – United Kingdom Pounds Sterling
NZD – New Zealand Dollar
USD – United States Dollar
MXN – Mexican Peso
NOK – Norwegian Kroner
SEK – Swedish Kroner
THB – Thai Bhat
SGD – Singapore Dollar
HKD – Hong Kong Dollar
JPY – Japanese Yen
ZAR – South African Rand

What rate will I get?

We offer Corporate exchange rates to students. Our exchange rates are based on the "Interbank" rate which is the live currency market rate. In contrast to this, banks typically offer what are effectively tourist exchange rates even on large sums of money. NorthStar Currency offers rates that are considerably better than these.

REMEMBER – There are no wire or transfer fees with NorthStar Currency, unlike with the banks (which charge upwards of $80).

How can you offer such good prices?

Because of the millions we trade each month, we can buy currency at wholesale prices and, unlike banks, we pass these prices on to our clients. The rest is down to efficiency - we invest heavily in technology to enable us to serve our clients better.

When can I book a trade?

NorthStar Currency processes trades between 09:00 and 16:30 EST, Monday to Friday.

What happens to my funds?

Currencies are held for each customer in a dedicated client account with our bankers. Immediately after we receive your cleared funds (certify your payment to NorthStar to ensure the fastest delivery) into that account we can issue instructions to send the converted currency on to the beneficiary account. We will then issue you with a confirmation that the funds have been sent.

Once I have paid, how is the currency transferred?

Once your funds have cleared in our client account, we will send your foreign currency by wire to the account you have specified to us.

What fees will I be charged?

We charge no fees at all. We simply profit from the margin - the difference between the price at which we buy against the price at which we sell. Unlike banks and other foreign exchange companies, we do not make any charge for transferring funds.

What is the smallest amount I can exchange?

The smallest size of transaction we can undertake is $5000 Canadian or equivalent. Please note that NorthStar Currency never accepts cash payments.

How long until I can access the converted funds?

Processing time depends on how you send us the funds to be converted and how the converted funds are delivered. Common time ranges are below:

Payment Method Delivery Method Total Processing Time
How you send us the payment for converted funds How the converted funds are delivered by us Normal ranges
Wire Wire 1 – 5 business days
Wire Draft 3 – 6 business days
IMPORTANT – Possible Delaying Factors
Wires sent to or from certain jurisdictions may take extra time. This is beyond our control. Wires to or from Continental Europe typically take 1 to 2 extra business days.