A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies. The term is typically used for currency exchange companies that offer physical delivery rather than speculative trading. i.e. there is a physical delivery of currency to a bank account. Foreign exchange companies are normally distinct from money transfer companies or remittance companies and bureaux de change as they typically perform high-value transfers unlike their money transfer counterparts that focus on high-volume low-value transfers generally by economic migrants back to their home country or to provide cash for travelers. The transactions offered by foreign exchange companies are usually either spot transactions or forward transactions. Some foreign exchange companies, such as Moneycorp and Global Reach, offer foreign exchange options for business clients too. Given the increased regulation and capital requirements around foreign exchange products of this nature, the foreign exchange companies who offer these products do so through a separately regulated entity. Companies by country India Foreign exchange markets in India have shown a steady increase in volumes as a result of increasing levels of foreign trade, driven by improvements in the communications systems and greater access to the international exchange markets. The volume of transactions in these markets amounting to around USD 2 billion per day does not compete favorably with a well developed foreign exchange market of international repute but with the entry of online Foreign Exchange Companies the market is steadily growing. Around 25% of currency transfers/payments in India are made via non-bank Foreign Exchange Companies. Most of these companies use the USP of better exchange rates than the banks. They are regulated by the Foreign Exchange Dealer's Association of India (FEDAI) and any transaction in foreign exchange is governed by the Foreign Exchange Management Act (FEMA) 1999. Uganda Australia The Australian foreign exchange market has grown considerably to be the highly liquid, globally integrated market that it is today. The foreign exchange market in Australia is regulated by the Australian Securities and Investments Commission (ASIC). In 2016, the local market was the eighth largest in the world and the AUD/USD was the fourth most traded currency pair globally. United Kingdom The UK non-bank foreign exchange market is one of the most advanced and competitive around the world. In 2006, it was estimated that 14% of currency transfers/international payments