Frequently Asked Questions

BASIC INFORMATION

About GMERS

GMERS is a Peer-to-Peer Currency Exchange platform which allows users to seamlessly exchange foreign currencies at the mid-market exchange rate, saving you of up to 80% in transaction costs as compared to intermediaries.

How it works?

GMERS works by matching your foreign currency needs with other users that have offsetting currency needs. With GMERS, users can send money abroad or fulfil overseas payments with little hassle and maximum transparency.

REGISTRATIONS & ACCOUNTS

Who can register with GMERS?

Individuals above 18 years of age, businesses (including sole proprietorships and partnerships) registered charities and associations can register with GMERS.

Does it cost anything to register with GMERS?

No. Registering and opening an account with GMERS is free.

What documents must I provide to open a GMERS account?

For individual accounts, we require the following:

  • Personal details (including full name, permanent residential address and contact details); and
  • Copy of a government issued document with a photograph, such as a valid passport or a national ID card.

For businesses, charities and associations, we require the following:

  • Details of the registered company (including company's name, address and directors' full details);
  • Details of the account manager (including full name, permanent residential address and contact details); and
  • Copy of a government issued documents with a photograph of the account manager, such as a valid passport or a national ID card.
  • If the account manager is not a director of the company, we require a power of attorney showing that the account manager is authorised to enter transactions on behalf of the company.

How can I edit my account details?

You will be able to edit most of your details conveniently under the "My Account" on your dashboard once you have signed in. If you need to edit other details, please contact us at support@GMERS.com.

I have forgotten my password. What do I do?

Click on "Sign In" then click on "Forgotten your password". Enter your email address and press "Send". A password reset link will be sent to the email address you had entered.

ORDER & PAYMENT PROCESS

How does GMERS process work?

There are 3 simple steps involved. Firstly, you book an order by entering the amount and currency you need to buy or sell. Our platform will automatically find a counterparty to match your order. Secondly, once a match is found, you will be notified via email with the exchange rate. Once you agree, you will be directed to a payment page where you will be guided by a detailed payment instruction. Lastly, once we receive your funds, we will send the funds to the specified beneficiary account.

When will my order be matched?

We will match your order within 48 hours from the receipt of your order. You will be notified via email with the exchange rate.

How long do I have to transfer my funds?

You have up to 48 hours to have the funds transferred and deposited to our segregated account. A detailed payment instruction guide will be sent to you once your order is matched.

How long does it take for my beneficiary to receive funds?

This depends on the currency that you are buying or selling and the bank that your beneficiary is using. Typically, for major currencies and leadings banks, the funds will reach your beneficiary within 1 business day after we receive your funds. In extreme cases, it takes some currencies and/or banks up to 3 business days to process the transfer.

If you require the transaction to proceed urgently, please contact us by email at support@GMERS.com.

What if I do not use online banking? Can I send funds to GMERS using cash or a cheque?

Sorry, we are currently unable to accept any cash or cheque payment.

Can you receive funds from a 3rd party?

Sorry, we are unable to receive funds from a 3rd party currently. We are a regulated business and we are responsible for conducting compliance and regulatory checks (Anti-Money Laundering & Anti-Terrorism Regulations) on our customers. As such, we are unable to accept any funds from a 3rd party. If a 3rd party wishes to use GMERS, they are required to register with us directly.

What beneficiary's details do I need to provide?

Typically, you will need to provide the following details of your beneficiary:

  • The beneficiary's contact details (including full name, permanent residential address and contact details); and
  • The beneficiary's bank account details.
  • In some cases, we require additional information such as purpose of the transaction.

Does GMERS facilitate forward / hedge transactions?

Sorry. GMERS does not deal with any futures contracts / forward contracts.

Is there a minimum or maximum amount for each transaction?

Yes, there is a maximum amount you can transfer with each transaction. They vary between currencies and you will be notified if the amount transferred exceed the maximum.

What happens if your funds do not arrive?

Please contact us at support@GMERS.com and we will sort it out for you.

REGULATION, COMPLIANCE & SAFETY

Will GMERS perform a compliance check when I register an account?

Yes, we will perform a 'know your client' (KYC) check on all our customers. GMERS is a regulated business and we take money laundering and terrorist financing very serious.

Will GMERS perform any other compliance check?

Depending on the reason of transaction, source of funds, currency and the amount of the transaction, GMERS will carry out relevant compliance checks on the beneficiary.

We may also require additional documents.

How safe is GMERS?

Our clients' funds are permanently held in our segregated accounts in leading global banks. This means our clients' funds do not form any part of GMERS's assets.

TRANSPARENCY AND PRICING

What are GMERS charges?

GMERS charges a flat fee - which is staggered depending on the transaction amount.

GMERS's charges are also fully transparent. You will know the exact fee you are paying before completing a transfer.

Does GMERS charge for payments or wire transfer?

GMERS does not have any hidden cost. The cost of payments and wire transfers are already included in our fees, so you will not pay anything else.

However, in certain cases, your bank may charge you to send and/or receive money. These charges shall be borne by you.

How much money will you save?

Typically, our clients will save up to 80% of their transaction cost as compared to their banks and/or broker.

GMERS is dedicated to offer you the most comprehensive money service wherever you want. We do not stop in widening our range of currencies and countries.

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