Frequently Asked Questions
Q. What does ACE stand for?
A. - ACE is the abbreviation of "Attar Currency Exchange.”
Q. Sometimes, I call ACE for an exchange rate but when I arrive a few hours later, the exchange rate is different. How often does ACE change its rates?
A. - Generally ACE updates its cash (bank-note) rates at about 9:00 am. These rates may be updated throughout the day to reflect current market fluctuations
- On non-cash foreign exchange, the exchange rates change every few seconds. Please call the trading desk at 604–945-3166 for more details.
Q. Why are ACE’s exchange rates different from what I see in the newspaper or on television?
A. -The rates used in newspapers are often a single quote from one financial institution based on the previous trading day. ACE exchange rates are based on the spot market. Spot market rates are derived from several financial institutions "bidding" and "offering" foreign currency contracts.
Q. I've heard that the exchange rate is always better on Fridays. Is this true?
A. - No. There is no advantage to buying or selling on specific days. Almost everyday, there are economic data releases that influence exchange rates. These data releases are usually announced between 4:00am and 7:00am Monday to Friday. The fact a particular data release is "worse than expected" does not necessarily mean that the currency in question will weaken. Here are some of the factors that influence exchange rate direction:
-Interest rate outlook
-Trade surplus
-Unemployment report
-GDP Growth
-CPI (Consumer Price Index)
-PPI (Producer Price Index)
-Inflation
-Commodity Prices
-Oil Prices
Q. What payment methods does ACE accept?
A. - Clients may pay with cash, debit card, or bank drafts Payable to Attar Enterprises INC.
Q. Will I need to bring my passport or drivers license when doing an exchange with ACE?
A. - If you are exchanging bank-notes equal to or in excess of CAD1,000, government identification is required by law. It is ACE's policy to ask for identification on all transactions.
Q. If I use ACE to send a wire transfer, how long will it take the recipient to receive funds?
A. - Typically wire transfers take between 1 and 3 business days for the funds to be credited to the recipient's account.
Q. Does ACE have a minimum or maximum transaction size?
A. - No, there is no minimum transaction size. There is no maximum transaction size although clients are advised to contact the trading desk at 604-945-3166 on bank-note requests over $5,000 CAD equivalent
Q. How are exchange rates set?
A. - Every financial institution establishes a buy and sell spread that generally varies according to the currency volume traded. Foreign exchange rates are determined by supply and demand in the foreign exchange market which operates 24 hours a day.
Q. When does the foreign exchange market open? When does the foreign exchange market close?
A. - The major markets tend to open on Sunday at 2:00pm (Pacific time) in Australia and closes at 2:00pm on Friday in North America. (On the westcoast) There are 3 general markets that overlap: The Asian market trades from 2:00pm until 11:00pm, the European market trades from 11:00pm until 7:00am, and the North American market trades from 4:00am until 5:00pm.
|
