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Frequently Asked Questions (FAQ)
Is OzForex licensed?Yes, we are. OzForex has an Australian Financial Services Licence to deal and give advice in foreign exchange products granted by ASIC (Licence No. 226484). Australian regulations require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures incuding risk management, staff training, accounting and audit. These requirements were introduced in 2002 to enhance consumer protection. You should only deal with licensed dealers.
Is my money safe when dealing with OzForex?Yes. OzForex holds client funds in accounts with major financial institutions until the client's outward payment instruction is authorised and paid. In addition, we operate an extremely low risk business model, whereby OzForex never pays out client funds prior to receipt of the currency the client has sold to us. This ensures OzForex has zero default risk from client dealings. Furthermore, we have robust internal policies that mitigate risks from fraud, market movements and technology.
What is the process for dealing with OzForex?Dealing with us is simple. You register on the website and then log in. When logged in you can get quotes, add beneficiary details and book deals. After you register, an OzForex representative will call you to discuss your transfer(s) and make sure the system is set up correctly for your needs. You will also be able to ask any questions you may have about the service and process at this time. You can lock in rates prior to us having your funds for currencies if we can receive funds overnight. If it will take longer for funds to reach us, it is better to send the funds to us prior to booking the exchange rate. Once we have the funds you will be advised and can then lock in the exchange rate.
Can I lock in an exchange rate before you have my funds?It depends on how quickly you can get the funds to us. If you lock in an exchange rate and cannot get the funds to us the next day, then we reserve the right to cancel the deal and any loss we incur will need to be reimbursed by you to OzForex.
If you can get the funds to us overnight then the answer is yes and the sequence is as follows:- Lock in a binding exchange rate and provide payee details
- Electronically send us the currency you have sold
- When we have your funds we send the funds you have bought to your beneficiary
If you cannot get the funds to us overnight the answer is no and the sequence is as follows:- Send us the currency you wish to sell and provide payee details
- We will advise you when the funds are received and you can then convert
- Once converted we send the funds you have bought to your beneficiary
How do customers pay funds to OzForex?You can transfer your funds to OzForex via BPAY, Internet transfer, or at your bank's branch. OzForex maintains accounts in all major currencies, ensuring you can transfer funds quickly and reliably to us. In the UK you can use the CHAPS (1 day) or BACS (3 days) systems to send funds to our account.
I am not comfortable using the Internet, can I still deal through OzForex?Yes, you can call us and speak to one of our accredited dealers to book your deal. We provide the same unbeatable rates by phone on 1300 300 424 as we do online. From the UK you can call 0845 686 1950. From NZ you can call 0800 161 868.
When I buy currency through OzForex when do I need to pay my funds to OzForex?Where a rate is locked in you will need to initiate the transfer the same day as you book your deal with us. Depending on how you transfer the funds, OzForex will receive the funds the same day or next day. OzForex will only send the payment when your funds have cleared in one of the OzForex accounts. If it will take time for you to send funds to us then it is better to send funds before you book the rate.
Why are OzForex rates so competitive? We offer rates that are fair to clients and offer a reasonable return for us. We can do this because we transact large volumes in the interbank market and can pass on these rate savings to our clients. Efficiencies generated by our automated processes also mean we keep overheads low and can process deals quickly and reliably.
I am happy with my current provider, can I still use OzForex?Yes, the vast majority of the OzForex site is open to the public and is free. You will find charts, calculators, historical rates, commentary and a wealth of currency related information. You can even log in to the payments service, free of charge and without commitment, to check our rates and keep your existing provider honest.
What is the background of OzForex?OzForex was founded in April 1998 in Sydney by Matt Gilmour. Matt is a senior figure in the Australian foreign exchange industry having held senior management positions with Westpac, Bankers Trust and UBS Warburg. Matt recognised that the needs of individuals and smaller companies were being poorly served by the mainstream banks and created OzForex to address those needs. OzForex has grown steadily in this time and is now one of the largest non-bank foreign exchange providers in Australia. The company remains privately owned, proudly Australian and fiercely independent.
How popular is OzForex?The OzForex group of websites are the biggest currency focused websites in the Southern Hemisphere and are ranked in the top 5 currency websites globally. OzForex caters to over 500,000 visitors a month and over 12,000,000 page views per year. The sites provide useful information to people and businesses all over the world.
The OzForex payment system caters to business and corporate clients transferring funds from one country to another, usually by telegraphic transfer. OzForex currently serves over 45,000 customers who are attracted by the efficiency and savings offered to them.
What is the OzForex Payments Service?The OzForex Payments Service is an online system that lets people move funds between countries at excellent exchange rates, with low fees and a minimum of fuss. For many years foreign exchange was one of the least competitive areas of finance and banking, particularly for individuals and smaller commercial clients. Not only was it hard to compare prices but even the best prices on offer were not attractive. OzForex has changed that by offering clients transparency in pricing and a better deal. The OzForex Payments Service also allows our customers to get competitive quotes and automate repetitive tasks associated with managing international funds transfers.
Who can use the OzForex Payments Service?Companies and individuals who wish to send money in a foreign currency to a person or company in another country can use the OzForex Payments Service. The recipient of the transfer must have a bank account that funds can be paid into.
I am an importer based in Australia, will this service save me money?Yes, a large proportion of our clients fall into this category. Once registered with OzForex you can set up all your suppliers in your beneficiary library, so you don't need to re-key their details each time you have a payment to make. You can also fax over their details and we can have them entered into our system for you. OzForex is committed to having super-competitive rates and if you make regular payments, you will be surprised how quickly the savings add up. There are no fees on payments over A$10,000 in size, under that amount the fee is only A$15.00. Click here for more details on fees.
I am an exporter based in Australia, can I use the service?Yes, exporters can streamline the management of their foreign currency receipts by using OzForex to receive and convert funds. This can be done by providing foreign customers with OzForex's bank details and advising OzForex of the expected receipts. Once the funds arrive in our account, you will be notified and can either immediately convert the funds or wait for a favourable rate.
I am an individual, can I use the service to send money overseas?Yes. You can send foreign currency electronically via telegraphic transfer. If you decide to send a telegraphic transfer, you will need to provide us with details of who you are sending money to ie the beneficiary. You can do this on the system by selecting the "Add Beneficiary" tab and then adding the name and bank account details of the person or company you are sending money to.
Is a telegraphic transfer, a wire and a TT the same thing?Yes, they are one and the same. Basically this is a means of electronically making payments between banks and is more efficient than 'drafts', which is a paper based system. OzForex does not support drafts. If you are sending a telegraphic transfer it is important that you provide accurate details of the recipient's banking details. The account name and account number must be correct and you must also provide us with either the recipient's bank address and/or the beneficiary's bank Swift/ABA/Sort Code.
What are Swift codes, ABA & IBAN numbers and Sort Codes?The SWIFT system is a secure messaging system that allows banks to instruct each other on payments and accounts that they hold with each other. Sometimes it is sufficient to provide a branch code, such as a BSB code in Australia, or Sort code in the UK. In America we need ABA codes or routing numbers. In Europe we need an IBAN number. These codes allow the OzForex operations team to accurately identify the bank and branch where your money is being sent.
I want to send money to Australia - can OzForex help?Yes, absolutely. If you are an individual sending money home, it can be a frustrating and expensive experience as foreign banks are often very uncompetitive and slow with foreign exchange payments. Using the OzForex service you can simplify the process, save money and get your money to Australia faster. To use this service, simply email us at info@ozforex.com.au, tell us what currency you have and we will provide you with our bank account details for that currency. When the foreign currency is in our account and cleared, we will notify you, give you a great conversion rate and then deposit the funds into the Australian Dollar account of your choice.
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