Ozforex vs. HiFX (read the small print!)
Jun 15th 2007, 7:32 am
#16
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Re: Ozforex vs. HiFX (read the small print!)
Jun 15th 2007, 7:37 am
#17
Always the last to leave.
Joined: Jul 2005
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Re: Ozforex vs. HiFX (read the small print!)
well when I spoke to the ATO earlier, they just told me I had to declare any interest earnt on my tax return form next year. But each case may be different. Give the ATO a call - 0061 2 6216 1111 they will call you straight back if they know you are overseas.
Jun 15th 2007, 7:38 am
#18
Lost in BE Cyberspace
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Re: Ozforex vs. HiFX (read the small print!)
If they are your savings why would the tax office be interested in them, it's your money. They will be interested in the interest they incur though
Jun 15th 2007, 7:38 am
#19
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Re: Ozforex vs. HiFX (read the small print!)
Thanks for that - i will try it.
Jun 15th 2007, 7:55 am
#20
Crazy Cat Lady
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Re: Ozforex vs. HiFX (read the small print!)
Well we didn't. It's got nothing to do with them, you paid all the tax relevant to your life savings in the UK. They'll find out for themselves when you open up an Aussie bank account with shedloads (perhaps) of money in it and then in any tax returns you make if you mention it.
Jun 15th 2007, 9:07 am
#21
da Bonehead
Joined: Jan 2004
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Re: Ozforex vs. HiFX (read the small print!)
Both unfortunately cant/wont give advice or at least give a speculative opinion as to where rates are possibly going with the forcasted news on the horizon. They all refer you to charts which we all know are historical and no indication of what will happen. A little more off the cuff "information" would be nice - and yes put some clause that we wont sue you for getting it wrong....!
But the draw had already taken place
It's not at all appropriate for them to give you off the cuff information.
Imagine the who-ha that would cause with disgruntled clients.
Jun 15th 2007, 9:11 am
#22
da Bonehead
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Re: Ozforex vs. HiFX (read the small print!)
Used Ozforex to send lump sums to the UK when I had a mortgage to pay over there.
Used them again to bring back the sales proceeds.
Dealt with both UK and Aus offices.
Verdict = perfick
Used them again to bring back the sales proceeds.
Dealt with both UK and Aus offices.
Verdict = perfick
Jun 15th 2007, 9:16 am
#23
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Re: Ozforex vs. HiFX (read the small print!)
Also: It seems that under Australian regulations it is not required to run a client account. But setting up a segregated pooled client account is really no hassle. One therefore has to wonder wy Ozforex haven't bothered.
Gina
Jun 15th 2007, 10:36 am
#24
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Re: Ozforex vs. HiFX (read the small print!)
God now I'm really confused. Was going to use ozforex - now not sure if I should go with hifx as I'll be transferring the proceeds of my house sale and as stated it's a lot of money to subject to even the tiniest risk!
By the way when is the rate going to rise again
Olias
By the way when is the rate going to rise again
Olias
Jun 15th 2007, 10:40 am
#25
da Bonehead
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Re: Ozforex vs. HiFX (read the small print!)
Oh, and the rate will rise 4 days after you transfer
Jun 15th 2007, 11:15 am
#26
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Joined: Jun 2006
Location: Albany WA
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Re: Ozforex vs. HiFX (read the small print!)
Naturally we are keen to respond and highlight the safety of using OzForex. The comments below with repect to the UK are general in nature.
:: Regulation:
Australia is fully regulated for foregn exchange where the UK is not. In the UK absolutely anybody can open a forex business without any financial regulatory oversight.
The UK has the FSA which is equivalent to ASIC in Australia. As far as I know none of brokers in the UK are regulated by the FSA. The HMRC in the UK (which UK operators must register with) only checks money laundering compliance and does not police financial security, training, insurance, etc.
ASIC in Australia requires that we meet minimum captial requirements like a bank, requires that we submit audited financials, ensure staff undergo significant and ongoing training among many other requirements. It's extremely onerous to comply with which is why there are very few independent forex providers in Australia, where in the UK there are literally 100s.
So if you choose a UK provider they are not regulated (except for money laundering), if you choose an Australian provider they are fully regulated. If a UK provider has an Australian office, that office may be regulated but the parent company is probably not.
:: Insurance:
OzForex carries very high levels of insurance for "Professional Indemnity" and "Crime". This protects our company (and your funds) against fraud and many other risks. This is not required in the UK (because its not regulated) but is required in Australia.
:: Ownership:
There will be announcement later today about OzForex that will make even the most cautious BE member feel OzForex is by far the safest of non-bank providers. I will post a part two to this response ASAP.
I know HIFX to be reputable so I am not saying they are unsafe, I am just saying we are safe as well even though the businesses run in different regulatory environments. Thanks for listening and happy to respond to any questions.
Kind regards,
Matt Gilmour
Managing Director
:: Regulation:
Australia is fully regulated for foregn exchange where the UK is not. In the UK absolutely anybody can open a forex business without any financial regulatory oversight.
The UK has the FSA which is equivalent to ASIC in Australia. As far as I know none of brokers in the UK are regulated by the FSA. The HMRC in the UK (which UK operators must register with) only checks money laundering compliance and does not police financial security, training, insurance, etc.
ASIC in Australia requires that we meet minimum captial requirements like a bank, requires that we submit audited financials, ensure staff undergo significant and ongoing training among many other requirements. It's extremely onerous to comply with which is why there are very few independent forex providers in Australia, where in the UK there are literally 100s.
So if you choose a UK provider they are not regulated (except for money laundering), if you choose an Australian provider they are fully regulated. If a UK provider has an Australian office, that office may be regulated but the parent company is probably not.
:: Insurance:
OzForex carries very high levels of insurance for "Professional Indemnity" and "Crime". This protects our company (and your funds) against fraud and many other risks. This is not required in the UK (because its not regulated) but is required in Australia.
:: Ownership:
There will be announcement later today about OzForex that will make even the most cautious BE member feel OzForex is by far the safest of non-bank providers. I will post a part two to this response ASAP.
I know HIFX to be reputable so I am not saying they are unsafe, I am just saying we are safe as well even though the businesses run in different regulatory environments. Thanks for listening and happy to respond to any questions.
Kind regards,
Matt Gilmour
Managing Director
Jun 15th 2007, 11:18 am
#27
Lost in BE Cyberspace
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Re: Ozforex vs. HiFX (read the small print!)
You wouldn't be normal if you didn't worry about your money getting here. Ours was here within 12 hours
The rate will rise as soon as you transfer
Jun 15th 2007, 11:25 am
#29
da Bonehead
Joined: Jan 2004
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Re: Ozforex vs. HiFX (read the small print!)
Jun 15th 2007, 1:23 pm
#30
Home and Happy
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Re: Ozforex vs. HiFX (read the small print!)
Can't comment on HIFX, but I've been using Tranzfers - the part of Forex that deals with smaller amounts for at least 5 years now with absolutley no problems.
To the poster that said they had trouble getting a response - phone them, or contact mgilmour through the forum.
To everyone else - it takes 24-48 hours to transfer your cash. If you carry it in cash in your pocket you could lose it all en route in that time. I'm talking personally, not as a Mod now, but I'd feel far more secure moving ANY amount of money with Ozforex rather than carrying a pile of $ or £ in my pocket! Nothing in life is 100% risk free, and this is as good as you'll get.
To the poster that said they had trouble getting a response - phone them, or contact mgilmour through the forum.
To everyone else - it takes 24-48 hours to transfer your cash. If you carry it in cash in your pocket you could lose it all en route in that time. I'm talking personally, not as a Mod now, but I'd feel far more secure moving ANY amount of money with Ozforex rather than carrying a pile of $ or £ in my pocket! Nothing in life is 100% risk free, and this is as good as you'll get.