Oz Forex - Losing the Faith
#16
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Re: Oz Forex - Losing the Faith
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.
#17
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Joined: Sep 2007
Posts: 98
Re: Oz Forex - Losing the Faith
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.
#18
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Re: Oz Forex - Losing the Faith
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.
#20
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Re: Oz Forex - Losing the Faith
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
At the same time (literally click here and click there)...
XE mid-rate: $12,702.56
HSBC GetRate: $12,661.10
#21
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Joined: Aug 2008
Posts: 22,348
Re: Oz Forex - Losing the Faith
Ozforex still have the best rates as far as I can tell
#22
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Joined: Dec 2011
Location: Whyalla, SA. From Wakefield, UK.
Posts: 237
Re: Oz Forex - Losing the Faith
I find currencyonline the best for me usually.
#23
Re: Oz Forex - Losing the Faith
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."
#24
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Joined: Aug 2005
Location: Perth (ex Oxford)
Posts: 411
Re: Oz Forex - Losing the Faith
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 :-(
#25
Re: Oz Forex - Losing the Faith
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 :-(
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 :-(
#27
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Joined: Feb 2013
Location: London
Posts: 139
Re: Oz Forex - Losing the Faith
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
Hope that helps
#28
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Joined: Aug 2008
Posts: 22,348
Re: Oz Forex - Losing the Faith
But do you know of any companies that offer better deals than Ozforex?
#29
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Joined: Jul 2005
Posts: 430
Re: Oz Forex - Losing the Faith
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?
#30
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Re: Oz Forex - Losing the Faith
Could someone who's with ozforex (or other foreign exchange company) post a similar comparison so that we can compare spreads?