astera

I take it you haven't seen the GetRate function as it's relatively new I think (it used to be a business-banking feature only). I think it only works when conversions involve AUD, but the spreads are very tight indeed.

Reasonable

I see no point in saving gbp at .05% interest with hsbc when can get much more in offshore rates. I have no experience of the spreads - you mean the margin on interbank rate? As I said, for a Premier customer, they used to beat the Ozforex rates a couple of years ago but then changed their margins to be completely uncompetitive.

astera

Yes, I mean the margins on the mid-rate. They are pretty bad using regular conversion, but if you use the GetRate feature then the rates become very attractive.

Reasonable

Can you give examples?

astera

Ok, about two minutes ago I checked both the mid-rate at XE and tried to make a GetRate conversion of 10,000 Euros into AUD and got the following

At the same time (literally click here and click there)...
XE mid-rate: $12,702.56
HSBC GetRate: $12,661.10

paulry

Ozforex still have the best rates as far as I can tell

LeeWillo

I find currencyonline the best for me usually.

Japonica

We've had an account with OzForex for years. We booked a deal last week and transferred the money through only to have it bounce back because OzForex decided last month to stop dealing with our Canadian bank and so that's it apparently. They advised us to open an account with the sole remaining Canadian bank they do transactions through and we said, "Well, that might be problematic as the closest branch to us is about 15,000km away."

Kalenge

Macquarie bought a 51% share of Ozforex way back in 2007. I've not heard of any further acquisition by them since then.

I have used Ozforex on a regular basis and always used to get a little Christmas present from them each year - except for last year. I obviously wasn't good enough :-(

Wol

Join the club!

paulry

+1

MRam

I suggest you shop around for currency transfer quotes and make sure that you are getting the best rate from an FSA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.

Hope that helps

paulry

But do you know of any companies that offer better deals than Ozforex?

galba

Oh no - I was just about to set up a regular monthly transfer with OzForex (AUD to GBP). Is there anyone else out there that you would recommend?

astera

Could someone who's with ozforex (or other foreign exchange company) post a similar comparison so that we can compare spreads?