Kalenge

I'm about to register an account with Tranzfers.com to start moving money across to our Australian bank account. The first couple of transfers are likely to be small amounts, but ultimately we will be moving a few £100k.

However I've noticed on various threads that some people seem to suggest to only use Tranzfers.com for small amounts. Is this still the case? Tranzfers don't seem to indicate that there is any limit on their website, and doing some quotes for larger amounts also seems to indicate a better rate with them than with the other often suggested option of HiFX.

Anyone here using Tranzfers for large amounts?

Buzzy--Bee

Tranzfers is part of Ozforex. Use Ozforex for larger amounts.

Buzzy

Kalenge

Thanks Buzzy. If Tranzfers is part of Ozforex can't I just use Tranzfers for all exchanges - large and small? What is the requirement/benefit to also register with Ozforex?

bcworld

I have used Tranzfers for all my money transfers....large and small. Of course I checked the rates on Ozforex first and there was no difference. The more you transfer the better the rate. I've always been really happy with the service they provide and the ease of getting set up to use it.

If you're comparing the two be careful with the quick calculators on the front page of each website. On Tranzfers they show you the actual customer rate they will give you but on Ozforex its the actual market exchange rate....you need to select customer rates to get the rate you might receive......as I look at this they are both offering exactly the same $2.3230 to 1GBP.

Buzzy--Bee

Also if you use either company please mention you are a member of British Expats as you should get a better rate.

Buzzy

bridie

oooh thanks for this info, i use them regularly!!

Kalenge

Thanks for the info chaps. I've registered with OzForex.

I ended up calling them as I had specified my telephone number incorrectly (you can't edit it) and they were very helpful. It was explained to me that Tranzfers.com is just a simplified version of OzForex and while it will also allow you to transfer the same amount of money at similar rates, you don't have a lot of the extra features like forward rates and you always get charged the nominal £7 fee.

Quite surprising how close Ozforex quote to the Inter Bank rate. Monitoring the exchange rate I always had the expectation that I'd be transferring at a fair bit below it

midwife2be

I'm looking to transfer a small amount to activate our westpac account (about 5K) and eventually when the house sale goes through to transfer about 100k.

I'd only looked at ozforex but cant find how much they charge! Do tranzfers just charge £7 no matter how much you send?

I like the sound of it being a simplified version of ozforex

Pollyana

yes, £7 from the UK, $15 from Aus.

midwife2be

Thanks pollyanna, I've just registered with them (and i mentioned expats too )

chez.my

I'd only looked at ozforex but cant find how much they charge! Do tranzfers just charge £7 no matter how much you send?

I like the sound of it being a simplified version of ozforex [/QUOTE]

Hi. We used Ozforex and if you transfer $10,000 or more to the same account they don't charge a transfer fee. They charged me £7 to transfer $2500, and they say the maximum they will charge is £15.

Hope this helps
Chez

midwife2be

Thanks Chez

sparkley23

I've always used Ozforex. When I tried to use them to transfer $500 it wouldn't let me as it said you can't transfer under $2000. So off I went to register with Transferz but it all seemed the same as OzForex and even the phone number was the same. Rather than go through all the integrity checks again, I rang them up and asked if I could avoid them as they had already done them all for me before. Lady on phone instantly adjusted my OzForex account so I could transfer smaller amounts, so all I have to use now is OzForex for all amounts. Anything under the $2000 threshold I just get charged the fee (same fee as Transferz).

So basically, if you're already using OzForex, just call them rather than open up a Transferz account. Its all the same company

mgilmour

The key differences between OzForex and Tranzfers are:

1) OzForex lets you lock in the exchange rate prior to receiving your funds, whereas with Tranzfers you send the money and then book the exchange rate.

2) OzForex has a minimum of GBP2000, with Tranzfers it is GBP50. However we can, and do, waive this for customers that are transferring funds with us over time. Certainly anyone from BE can get this minimum waived with a phone call or email.

3) OzForex automatically waives fees for transfers over A$10,000, this doesn't occur automatically on TRANZFERS but we are happy to waive the fee if you give us a call.

The similarities are:

1) Both are brands of OzForex, which is now a subsidiary of Macquarie Bank. We also have UKForex, CanadianForex and NZForex.

2) Rates are the same. But if you mention BE, it's easier for us to modify the system to improve the normal rates (which are still super competitive)

3) Dealers that answer the phones are the same irrespective of the brand/ system you use.

4) Both systems allow you to transact 24 hours on business days on the web and by phone with live rates.

Background:
By way of background we built TRANZFERS to be very simple for individuals to use. As a result it has less features than OzForex and is a bit safer for us because customers cannot not lock in rates before they send us money. With OzForex, as people can book rates before we have funds, there is a risk that customers dont 'honour' the deal they have booked with us.

So OzForex is the better product I would say for BE members. We are happy to change people over - it only take a phone call.

As we have highly automated systems we can handle small transfers that other companies are unwilling to touch (via OzForex or Tranzfers) but the bulk of our business is larger transfers on OzForex.

PM me if you have any difficulties if you are trying to make the change (sometimes our compliance guys can be over zealous).

Regards
Matt Gilmour
MD OzForex