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Word Description
Anti-Money Laundering A law in the finance and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities.
Anti-Terrorist Financing Laws against the financing of terrorist activities as mandated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)
Available to Trade How much of your transaction limit you have available for trades.
BACS Automated payment scheme available in the UK.
Bank Draft Sometimes known as a bank check or a cashier's check. A check that is guaranteed by a bank. The remitter's account is verified the bank, citing sufficient cash to cover the draft amount.
Beneficiary/ Payee The recipient of your converted funds.
BPay An online bill payment service offered in Australia.
Buy Rates The price at which the market is prepared to buy a specific currency.
CHAPS UKPAyment method for inter-bank fund transfers. Used for highly time sensitive payments and is irrevocable.
Currency Converter A tool used by Custom House to provide indication rates on commononly transacted foreign exchange.
Daily Transfer Limit A daily pre-set transaction limit imposed on a bank account.
Direct Debit Sometimes referred as Electronic Funds Transfer (EFT) or Automated Clearing House (ACH). A payment method that allows for funds to be automatically withdrawn from a bank account to a recipient account. An authorization is required from the remitting party allowing for funds to be withdrawn.
F.A.T.F Financial Action Task Force. An inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.
GMT Greenwich Mean Time. A universally coordinated time zone.
Indication Rates Foreign Exchange rates set on the currency converter for infomational purposes only.
Mid-Market Rates The average of buy and sell rates set forth by largely traded currencies on the global money markets.
OFSI Office of Superintendent of Financial Institutions of Canada. OSFI is responsible for regulating and supervising federally registered financial institutions including banks, insurance, trust and loan companies, and fraternal benefit societies and co-operative credit societies.
PST Pacific Standard Time. Time zone derrived for the western America. Otherwise known as G.M.T. minus 8 hours.
Sell Rates The price at which the market is prepared to sell a specific currency.
Specially Designated Nationals A list of a individuals individuals and organizations whose properties are blocked by the Office of Foreign Assets Control's (OFAC) various sanctions programs.
Spread The difference between the buy and sell rates of a currency.
Transaction Limit The maximum value of outstanding transactions you can have at any given time for which we have not yet received payment.
Wire Trace An investigation carried out upon a wire transfer to determine the status and whereabouts of the payment in question.
Wire Transfer A common method used by individuals and businesses for domestic and international fund transfers. No cash or cheque exchange is involved but instead, the funds are transmitted directly from one bank account to another via a specific set of instructions.

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