Hi all

In laymans terms can anyone explain how you go about tranferring money using ozforex and charges for changing pounds into aus dollars

thanks

Hi

It might be easier if you give them a call - their numbers are in the banner above this thread - or check out the info on their site which is given in "layman terms".

From memory, a small transfer usually involves a £7 fee but larger ones can be fee-free. What the dividing line is though I am uncertain.

For comparison, you could always check out a couple of other dealers also - XE.com and HIFX for example.

Regards

Jim

First you need to register with them - involves sending in bank statements and passports etc.Once you're registered, log on with a chosen password.When you want to change money you need to put your new bank details of where you want the money sending to in oz(eg account number etc)Press confirm and they ring you back within 15 mins to confirm this.You need to transfer your money to their account in London either by internet banking or electronic bank transfer .I think it needs to be done by the next day.Once they have your money ,they send it to your account in Oz.They don't charge anything - but your bank will charge for an electronic transfer.
Hope this helps
Nick

i've used tranzfers a few times for smaller amounts and this is how it generally works
1. create a user account
2. set up your destination bank account details
3. define a transaction, i.e. i want to transfer X amount
4. pay in to the transfer company bank account the amount in question using a given reference number
5. either automatically or on your request, the amount is converted in to the destination currency and deposited in to your account

the process is usually straightforward once you get started

thanks everyone

I just registered online today but didnt see anything asking me to send bank statements & passport? Where does it ask you to do this? cheers

You should get an email that explains how to do that. But in case you don't login to Ozforex and click on the "Compliance" tab ont he right hand side. You can upload the information onto their site.

Sounds nice and smooth, But what % off the top are they charging?

Whats the best way to get a good deal from them when transferring a large amount of money?

Just that I find the price I pay more important then ease of use!
But thats just me I guess.

cheers all.

I'm transferring from Canada so things may be a bit different from you.

I've compared our banks excahnge rate to the rate at Ozforex. Ozforex has always been about $0.02 cheaper. We are transferring over about $215,000 Canadian, or about 99,000 pounds. By using Ozforex we will end up with at least $4000 AU more than if we had used the bank.

I'm like you, I don't care if it's a pain in the butt. I'm going to do whatever I need to to keep that $4,000!

Ozforex is making money off the exchange rate they give, they're just making a little less per transaction than the banks do.

I'm about to transfer our money in the next couple of days and I will warn you to check with your bank first to see how long it takes them to get the funds to Ozforex. Our bank will take a couple of days, so we can't lock in a rate and then transfer the money. Instead, we will be sending the money to Ozforex first, and then locking in a rate and transfering.

Still no hassle, but if I were to lock in a rate on the web or by phone I know my bank won't get the money there in time. I'm just glad I checked that first!

Ozforex charge around 1c off the interbank rate it can vary depending on how flexible the market is, and the amount that you transfer