OZ Forex feedback
 

Does anyone use this service and if so I would appreciate your thoughts. Am thinking of transferring AUD$ back to the UK to a sterling account.
Thanks

Re: OZ Forex feedback
 

Used them for years. Wouldn't use anyone else.

Matt Gilmour (head man), is very responsive to my e-mails whenever I have ad-hoc queries, he has never let me down.

Re: OZ Forex feedback
 

I agree with Bazza Boy. We've probably used them about 4 times in the last couple of years and they were always very easy to deal with. More importantly the exchange rate is great (far better than the banks) and the process is quick and easy once you're all set up. When we first started I didn't know what the heck I was doing and they were very patient with all of my questions and very helpful.

My only advice is to get your account fully set up before you're ready to start moving money about.

If you do a search on this forum for Ozforex you'll find a lot more feedback.

Re: OZ Forex feedback
 

Here's a few threads to keep you busy!

http://britishexpats.com/forum/searc...earchid=925305

Re: OZ Forex feedback
 

Very good service and responsive.

I have money sent down under every month through OzForex. There have been the odd hiccups but they've been sorted out pretty quickly. I used to use the Windsor competition but got fed up with being phoned all the time and pressured into taking out more contracts so gave them up.

Re: OZ Forex feedback
 

I've used Tranzfers - the arm of Oz Forx that deals in smaller amounts - for several years. No compliants at all. One or two minor hiccups sorted at once with many apologies. Very quick, very cheap. Wouldn't use anyone else :thumbup:

Re: OZ Forex feedback
 

Hi there :) Sounds like you've got lots of support - I've used OzForex and WorldFirst, and they've both been great. It saved me heaps when I transferred $ to buy a house here... I can't believe I'd ever have looked at bank rates now!

Re: OZ Forex feedback
 

I've used them a number of times. Excellent service and rates. Thoroughly recommended.

Re: OZ Forex feedback
 

Just out if interest, what safety measures are in place when you do a currency transfer? What if they went bust during the process ?
I'm assuming you wouldn't loose your money in the process.

The inlaws are going to move a chunk when the move over here and I was going to suggest OZ Forex but will never hear the end if something goes wrong :)

Re: OZ Forex feedback
 

There's no guarantee: if the company goes bust during the time they have the money that would be that.

I suppose it's a risk you have to take.

Before I used the Winsdor company I paid them a visit, just to satisfy myself that it wasn't an accommodation address and no more than a postbox in the wall.

Same with OzForex: you can go to their offices next to the Sydney Stock Exchange and see the operation for yourself.

I believe that OzForex/ Tranzfers is now partly or fully owned by MacQuarie. Whether that's a recommendation or not I leave you to judge <g>.

Re: OZ Forex feedback
 

Is that correct?
I thought it would be like a courier going bust while they have your package, they wouldn't get to keep it becuase it's not theres. They are just moving it for you.
I would imagine the money would stay in some kind of trust account.
Could be wrong though.

So maybe a safer way it to transfer the money in smaller amount, might effect the rate though.

Re: OZ Forex feedback
 

Not quite the same: the money actually gets to go into their account at both ends, before being transferred into yours.

I suspect we're both half right, and their account has some sort of wall around it, but getting at your cash might be a bit like trying to get the investments back from Lehman Bros - possible in theory but not once the lawyers have got involved!

FWIW I haven't had any qualms about OzForex, and have spoken with the MD and several of his execs enough times to remain confident in their integrity. It *is* a worry to begin with, I'll grant you that <g>.

Re: OZ Forex feedback
 

I have used them the last couple of days, as I always have. Excellent and easy service.

Re: OZ Forex feedback
 

Hi Everyone,

Thanks for the supportive comments. Yes we are 51% owned by Macquarie, this doesn't mean we are guaranteed by them but I would imagine they would support in times of need which, for the reasons mentioned below, I believe would never occur.

They key factors in terms of safety are:

- We are debt free and run a significant capital position. Capital in major banks in cash.
- OzForex does not lend money
- The business remains very successful and has not had single loss making month since 2003 (no GFC issues at all)
- We have very significant insurance against crime, fraud etc
- We are regulated and audited by ASIC, AUSTRAC, HMRC so the business is run in a very tight fashion underr plenty of scrutiny
- Macquarie audit us on just about every aspect of the business each year. Two of our four Directors are Macquarie Directors, so there is a serious focus on good governance.
- We don't speculate on forex markets anywhere in the business. We focus instead on processing transactions as quickly and efficiently as possible rather than trying to play the markets (which could cause major losses)
- We process around 250,000 transfers per year which means we have good systems and great people

All said and done it does come down to integrity as well, and if you spent some time with us you would see how important a word that is across our business. Anyone reading this is welcome to come into our offices in Sydney, London or Toronto for a quick tour and a cup of coffee. If you are a BE member ask for me (Sydney office)!

Regards
Matt Gilmour
Managing Director
OzForex | Tranzfers | UKForex | CanadianForex

Re: OZ Forex feedback
 

Yes, we also use tranzfers every month to send maintenance money back to my hubbies ex in the UK. Excellent exchange rates, very efficient and cheap to use. That said, cant wait to stop sending money back to the UK :frown: