Anybody used ozforex
Mar 23rd 2006, 7:12 pm
#16
BE Enthusiast
Joined: Dec 2004
Location: Gold Coast
Posts: 909
Re: Anybody used ozforex
We are using them just now and they have been very helpful. Explained everything fully and you can always get them on the phone if you have any queries. We are happy with them so far.
Mar 23rd 2006, 7:14 pm
#17
Forum Regular
Thread Starter
Joined: Apr 2005
Location: Butler, Perth
Posts: 117
Re: Anybody used ozforex
Originally Posted by mgilmour
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 actually dealing rates. 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
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 actually dealing rates. 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
, after posting this I decided to registar, I had a very friendly phone call the day after, which was very helpfull.I will now be sending off my ID etc, we are not in a position yet to exchange money but we hope to in the near future.
Thanks Daz
Mar 23rd 2006, 7:54 pm
#18
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Anybody used ozforex
Originally Posted by mgilmour
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
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
Mar 23rd 2006, 8:14 pm
#19
Oiiii.. You slaggg!
Joined: Feb 2004
Location: Brisbaneshire
Posts: 5,209
Re: Anybody used ozforex
Originally Posted by mgilmour
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
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
So, given that we don't have sufficient funds at the moment to pay a 5%-10% deposit and we will be waiting another 8-10 weeks for the completion on our property (and hence funds), how would you advise that we move ahead so that we can take advantage of the current favourable exchange rate?
Cheers.
Mar 23rd 2006, 8:37 pm
#20
Joined: Jan 2006
Location: Sydney
Posts: 47
Re: Anybody used ozforex
Originally Posted by DunRoaminTheUK
Hi thank you for the informative response.
So, given that we don't have sufficient funds at the moment to pay a 5%-10% deposit and we will be waiting another 8-10 weeks for the completion on our property (and hence funds), how would you advise that we move ahead so that we can take advantage of the current favourable exchange rate?
Cheers.
So, given that we don't have sufficient funds at the moment to pay a 5%-10% deposit and we will be waiting another 8-10 weeks for the completion on our property (and hence funds), how would you advise that we move ahead so that we can take advantage of the current favourable exchange rate?
Cheers.
As a side note the deposit protects banks/brokers against a client walking away from a forward contract. Eg. they book at 2.4200, the market jumps 10% to 2.6620 and the customer may 'dissappear'. The incidence of this is very low but that's the rational for the deposit.
Regards
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com
Mar 24th 2006, 8:00 am
#21
Banned
Joined: Dec 2003
Posts: 150
Re: Anybody used ozforex
Originally Posted by mgilmour
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
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
Regards
Mar 24th 2006, 8:24 am
#22
Joined: Jan 2006
Location: Sydney
Posts: 47
Re: Anybody used ozforex
Originally Posted by jumbo
How long do you hold a transaction rate after grabbing but before confirmation?
Regards
Regards
The website allows you to book the rate but it is subject to a verbal confirmation for security, in other words we ring you. Normally this happens within 15 minutes of booking the deal, if we can't reach you and you don't call us (which is what we request if for some reason we cannot get hold of you) then we reserve the right to void the deal. Once it is booked and verbally confirmed it becomes binding on OzForex and the customer - neither party can walk away from it after that point.
I hope that answers your question?
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com
Mar 26th 2006, 4:18 am
#23
Banned
Joined: Dec 2003
Posts: 150
Re: Anybody used ozforex
Originally Posted by mgilmour
Hi Jumbo,
The website allows you to book the rate but it is subject to a verbal confirmation for security, in other words we ring you. Normally this happens within 15 minutes of booking the deal, if we can't reach you and you don't call us (which is what we request if for some reason we cannot get hold of you) then we reserve the right to void the deal. Once it is booked and verbally confirmed it becomes binding on OzForex and the customer - neither party can walk away from it after that point.
I hope that answers your question?
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com
The website allows you to book the rate but it is subject to a verbal confirmation for security, in other words we ring you. Normally this happens within 15 minutes of booking the deal, if we can't reach you and you don't call us (which is what we request if for some reason we cannot get hold of you) then we reserve the right to void the deal. Once it is booked and verbally confirmed it becomes binding on OzForex and the customer - neither party can walk away from it after that point.
I hope that answers your question?
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com
Regards
Mar 26th 2006, 5:45 am
#24
Joined: Jan 2006
Location: Sydney
Posts: 47
Re: Anybody used ozforex
Originally Posted by jumbo
So hypothetically, if I say did not verbally confirm say because the rate had risen, I could walk away?
Regards
Regards
This is a rare event so I dont want to give it more attention that its worth but here is the full answer.
Conversely if the rate falls, we can't reach you and you ring us an hour after booking the deal we would not honour the rate from an hour before - it needs to be confirmed before being locked in. In 99.9% of cases a deal is booked and then we talk and confirm. If it moves down a little (against us) in the 0-15 minutes between the booking and the confirming we don't change the rate and in the spirit of fairness ask the client not to cancel and rebook or become uncontactable.
As a side note - we would probably decline to quote that client again if we felt the system was being used opportunistically.
Regards,
Matt Gilmour
www.ozforex.com.au
www.tranzfers.com
Mar 26th 2006, 2:05 pm
#25
Banned
Joined: Jul 2005
Posts: 746
Re: Anybody used ozforex
To answer the original question, I have just registered with OzForex and HIFX. When I'm ready to transfer the cash, I'll be comparing both company's rates and going with the best I can get.
Matt Gilmore phoned me as soon as my registration was complete with OzForex (literally within 10 minutes) and was extremely helpful. He talked me through the logistics of everything in plain English, and how to provide id by uploading onto their secure site (which I did yesterday with no problems at all).
L
Matt Gilmore phoned me as soon as my registration was complete with OzForex (literally within 10 minutes) and was extremely helpful. He talked me through the logistics of everything in plain English, and how to provide id by uploading onto their secure site (which I did yesterday with no problems at all).
L
Mar 26th 2006, 2:09 pm
#26
Forum Regular
Thread Starter
Joined: Apr 2005
Location: Butler, Perth
Posts: 117
Re: Anybody used ozforex
Originally Posted by Lewis Lapthorn
To answer the original question, I have just registered with OzForex and HIFX. When I'm ready to transfer the cash, I'll be comparing both company's rates and going with the best I can get.
Matt Gilmore phoned me as soon as my registration was complete with OzForex (literally within 10 minutes) and was extremely helpful. He talked me through the logistics of everything in plain English, and how to provide id by uploading onto their secure site (which I did yesterday with no problems at all).
L
Matt Gilmore phoned me as soon as my registration was complete with OzForex (literally within 10 minutes) and was extremely helpful. He talked me through the logistics of everything in plain English, and how to provide id by uploading onto their secure site (which I did yesterday with no problems at all).
L
Daz
Mar 27th 2006, 2:29 am
#27
Forum Regular
Joined: Jul 2004
Location: Hemel Hempstead UK
Posts: 49
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
Has anybody used http://www.ozforex.com.au/ if so how where they, any bad/good experiences?
Thanks Daz
I have used them 5 times and have had no problems at all. They are a bit chattier in the UK but always pleasant and give better rates then HIFX. Let them know how much you have to tranfer. Because we have a large amount we are on a 'corporate' rate and get a better rate even if I am just transfering £1000. Michelle.
