Fedwire & Foreign Exchange
Global Funds Exchange (GFX)
GFX Foreign Exchange (GFX2)
Global Securities System(GSS)
Overview | Benefits | Frequently Asked Questions
GFX2 Frequently Asked Questions
Does my bank need access to the SWIFT network in order to use the GFX2 foreign exchange service?
No — GFX2 was primarily designed for banks that aren't SWIFT members. Through your own correspondent relationship, BankServ will allow you to process foreign currency transactions without paying for SWIFT membership.
Does my bank need to be running GFX in order to use the GFX2 foreign exchange service?
Yes — GFX2 is a feature within the larger GFX program, and will not run as a stand-alone program.
Why should my bank do the foreign currency conversion? Can't I just let the other bank do it?
By converting dollars into foreign currency before they leaves the country, you and your customers can lock in an exchange rate, so you'll both know exactly how much money will be delivered to the recipient. If you allow the foreign bank to do the conversion, your customer may end up getting a less favorable exchange rate.
Can my institution generate revenue from its foreign currency transactions?
Yes, rate tiers and fees can be set for each transaction, either on a system-wide or a transaction-by-transaction basis. Detailed reports list the revenue generated by spread and fees.
If we already use BankServ's GFX system, or we're thinking of using it, how expensive and complicated is it to activate the GFX2 feature?
BankServ does not charge a fee to begin using GFX2, but you will need to take a few additional steps.
GFX2 is included in the version 2.10 of BankServ's GFX software; if your bank is running an earlier version, it will need to update its system. Contact a BankServ customer service representative for help in activating your GFX2 account and establishing the necessary connections.
Does my bank need to process a minimum volume of foreign currency transactions to sign up for GFX2?
There is no minimum number of transactions you must process — even if your bank initiates one FX payment a day, it can use GFX2 for no additional charge.
