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Anybody used ozforex

Anybody used ozforex

Old Mar 22nd 2006, 7:42 pm
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Question Anybody used ozforex

Hi All

Has anybody used http://www.ozforex.com.au/ if so how where they, any bad/good experiences?

Thanks Daz
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Old Mar 22nd 2006, 7:47 pm
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Default Re: Anybody used ozforex

Originally Posted by Daz,Tam & Jake
Hi All

Has anybody used http://www.ozforex.com.au/ if so how where they, any bad/good experiences?

Thanks Daz
we used commonwealth bank over last two days mate
they were excellent
its real scary waiting for your money to get there though we were checking the rates every two minutes got 2.4255 in the end ( about mid day today )

its dropped to 2.3990 at six pm six hours later would have lost us 2560 dollars :scared:

still shaking :scared:
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Old Mar 22nd 2006, 7:50 pm
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Default Re: Anybody used ozforex

Originally Posted by steve`o
we used commonwealth bank over last two days mate
they were excellent
its real scary waiting for your money to get there though we were checking the rates every two minutes got 2.4255 in the end ( about mid day today )

its dropped to 2.3990 at six pm six hours later would have lost us 2560 dollars :scared:

still shaking :scared:

Great rate mate, glad you got that, I know what you mean about scary :scared:
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Old Mar 22nd 2006, 8:58 pm
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Default Re: Anybody used ozforex

Originally Posted by Daz,Tam & Jake
Hi All

Has anybody used http://www.ozforex.com.au/ if so how where they, any bad/good experiences?

Thanks Daz
Hi

Not personally, but they have a good reputation on here.

Jim
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Old Mar 22nd 2006, 9:27 pm
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Default Re: Anybody used ozforex

We're using them, reserved the rate on Monday at 2.42, complete on house tomorrow, so will transfer money then. So far, have no complaints with them, they have been very polite and helpful, despite me asking some stupid questions!!

Will try and keep you posted when transfer is complete and let you know more then.

Jo
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Old Mar 22nd 2006, 10:09 pm
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Default Re: Anybody used ozforex

Originally Posted by Joanne
We're using them, reserved the rate on Monday at 2.42, complete on house tomorrow, so will transfer money then. So far, have no complaints with them, they have been very polite and helpful, despite me asking some stupid questions!!

Will try and keep you posted when transfer is complete and let you know more then.

Jo
Hi Jo,
we are hoping to use broker when we sell, our house would appreciate, all the tips that you can give us , we dont know if we should change all the money in one go or, is it better to do in two or stages. so clueless

fari
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Old Mar 23rd 2006, 4:31 am
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Default Re: Anybody used ozforex

Originally Posted by chris and farideh
Hi Jo,
we are hoping to use broker when we sell, our house would appreciate, all the tips that you can give us , we dont know if we should change all the money in one go or, is it better to do in two or stages. so clueless

fari
Hi

Your decision will probably be guided by the rate of exchange at the time, your financial circumstances (ie how much you will require initially in Australia), whether you intend to rent or buy straight away out here and one thousand and one other criteria.

Can I suggest you do various searches in this particular forum - these issues have been covered at length at other times and there will be a lot you can pick up.

One thing I can confirm - the Australian dollar is notoriously fickle and your timing has to be dead right - a "forward contract" may be the way to go if you don't want to rely on a good rate of exchange at the time you are ready to deal. Any of the usual FX dealer websites will give you the rundown on the various ways to trade the deal. In order to be best placed to take advantage of any sudden spikes in the rate, you may consider it worthwile in opening an account with one or two FX dealers, even if it is months in advance of when you are likely to trade.

For what it is worth, the Australian dollar is currently at its lowest against the Pound in almost a year (approx $2.435 at present) so that should also come into your considerations if you have any spare cash to trade at the moment. Bear in mind that the mid market rate - as shown above - is not what you will be offered by the dealer - unless you have many hundreds of thousands to trade - but you should be able to manage somewhere round 1 - 2 cents less again depending on how much you have to trade..

None of us on here are financial experts - we wouldn't be sat at our PCs on BE if we were - although a lot of us have had the experience of going through this particular nightmare!

Good luck

Jim
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Old Mar 23rd 2006, 4:40 am
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Default Re: Anybody used ozforex

Thanks for everybodys input, its great advice and I need it

Daz
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Old Mar 23rd 2006, 7:11 am
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Default Re: Anybody used ozforex

Used HIFX (UK based) on Tuesday. Excellent service and good rate.
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Old Mar 23rd 2006, 7:14 am
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Default Re: Anybody used ozforex

Aren't they the same as Tranzfers.com? They get good press and so if they are the same thing then should be fine
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Old Mar 23rd 2006, 8:36 am
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Default Re: Anybody used ozforex

Originally Posted by Jimclevs
Hi

Your decision will probably be guided by the rate of exchange at the time, your financial circumstances (ie how much you will require initially in Australia), whether you intend to rent or buy straight away out here and one thousand and one other criteria.

Can I suggest you do various searches in this particular forum - these issues have been covered at length at other times and there will be a lot you can pick up.

One thing I can confirm - the Australian dollar is notoriously fickle and your timing has to be dead right - a "forward contract" may be the way to go if you don't want to rely on a good rate of exchange at the time you are ready to deal. Any of the usual FX dealer websites will give you the rundown on the various ways to trade the deal. In order to be best placed to take advantage of any sudden spikes in the rate, you may consider it worthwile in opening an account with one or two FX dealers, even if it is months in advance of when you are likely to trade.

For what it is worth, the Australian dollar is currently at its lowest against the Pound in almost a year (approx $2.435 at present) so that should also come into your considerations if you have any spare cash to trade at the moment. Bear in mind that the mid market rate - as shown above - is not what you will be offered by the dealer - unless you have many hundreds of thousands to trade - but you should be able to manage somewhere round 1 - 2 cents less again depending on how much you have to trade..

None of us on here are financial experts - we wouldn't be sat at our PCs on BE if we were - although a lot of us have had the experience of going through this particular nightmare!

Good luck

Jim
Hi Jim,
thank you so much for going into such details, you have been great help.
farideh
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Old Mar 23rd 2006, 12:06 pm
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Default Re: Anybody used ozforex

Originally Posted by angela&rob
Aren't they the same as Tranzfers.com? They get good press and so if they are the same thing then should be fine
Yep - one and the same.

I've used them a couple of times. If you bank with Barclays you can have the money in your Aus account the following day (well I did anyway!).

Currently got a forward contract I set up in November when it hit 2.40. All you pay is 5% deposit when it's set up. The balance on maturity which can be anything up to 2 years ahead.
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Old Mar 23rd 2006, 3:21 pm
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Default Re: Anybody used ozforex

Originally Posted by marco121068
Yep - one and the same.

I've used them a couple of times. If you bank with Barclays you can have the money in your Aus account the following day (well I did anyway!).

Currently got a forward contract I set up in November when it hit 2.40. All you pay is 5% deposit when it's set up. The balance on maturity which can be anything up to 2 years ahead.
We've just registered with OzForex.com.au today and I will be emailing them my ID details tomorrow.

My question is, do they always require a 5% deposit before providing a spot-rate? Can anything be done BEFORE the account activation takes place as I am worried that the rate will drop back down again before we get a chance to be offered a current spot-rate?

Also, do we have to transfer the money on a specified date or are we free to transfer away when we are ready?

Cheers.
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Old Mar 23rd 2006, 3:48 pm
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Default Re: Anybody used ozforex

Originally Posted by DunRoaminTheUK
We've just registered with OzForex.com.au today and I will be emailing them my ID details tomorrow.

My question is, do they always require a 5% deposit before providing a spot-rate? Can anything be done BEFORE the account activation takes place as I am worried that the rate will drop back down again before we get a chance to be offered a current spot-rate?

Also, do we have to transfer the money on a specified date or are we free to transfer away when we are ready?

Cheers.
Spot rate is buying at the rate know, and payment normally paid in 7 days with 5%/10% paid when you buy.
If you forward buy you set a rate that you are happy with, you also set the amount you want to exchange. When the exchange rate gets to the rate you want they will buy the amount you requested, you will need to pay 10% deposite when this happens and the balance when you are ready for it.
This helps if just say you are waiting for funds from a sale of a house. You can keep rolling on for upto 2 years
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Old Mar 23rd 2006, 7:09 pm
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Thumbs down Re: Anybody used ozforex

Originally Posted by DunRoaminTheUK
We've just registered with OzForex.com.au today and I will be emailing them my ID details tomorrow.

My question is, do they always require a 5% deposit before providing a spot-rate? Can anything be done BEFORE the account activation takes place as I am worried that the rate will drop back down again before we get a chance to be offered a current spot-rate?

Also, do we have to transfer the money on a specified date or are we free to transfer away when we are ready?

Cheers.
Hi all,

thought I would post definitive answers to these questions as I know lots of people will read this thread. Many thanks to the people of who have used the service and given the information so far.

1. No deposit required for transactions where settlement will occur in under 7 days (a spot transaction), or the funds are coming in a sequence of transfers (eg. internet transfer limit might be 10k per day and you need to transfer 70k). 5% deposit if you are going to do a forward contract - 1 week to 1 year.

2. You can book a rate with us after registration and we have spoken with you (we will try and call you soon after registration). We can't pay out the funds you have bought until we have your ID docs though. So you could book a binding rate within 10 minutes of registering if you call us up after registering instead of waiting for our call.

3. We do send an activation letter to your address but that does not affect the first transfer at all.

4. The rates you see when register are the actual dealing rates that you can lock in - they change every 30 seconds with the underlying market. There are no fees or other charges if the amount is over GBP 4000. If under GBP 4000 the fee would be 7 pounds. Minimum amount is GBP 1000 (our other service Transfers.com you can do amounts down to GBP 50). There are no receiving bank fees.

I hope this response will not discourage people from expressing their opinions on our service, good or bad, I just thought it would be useful to make it clear how the service works.

Regards,
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com

Last edited by mgilmour; Mar 23rd 2006 at 7:12 pm.
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