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OzForex Exclusive Offer - Unlimited FEE FREE Transfers over AUD $2000 (Save $15)

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OzForex Exclusive Offer - Unlimited FEE FREE Transfers over AUD $2000 (Save $15)
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scotty on 24/01/2014 - 12:36 ozforex.com.au (416 clicks)
Last edited 24/01/2014 - 21:23 by 1 other user

I was contacted by OzForex with their exclusive offer for the OzBargain community. Use the link here to register an account there and get fee free transfers over AUD $2000. It's usually $15 (unless you transfer over $10,000).

OzForex allows you to transfer money world-wide with competitive exchange rate. They are a subsidiary of Mac bank, and were listed on ASX last year.

Note: Just to be transparent, the registration URL contains a pid to indicate that it comes from OzBargain. However we aren't really getting kick back or anything from OzForex. Just an exclusive offer for the community members.

edit: Unlimited as per https://www.ozbargain.com.au/node/131512#comment-1811974

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  • easternculture on 24/01/2014 - 12:42

    Note: Just to be transparent, the registration URL contains a pid to indicate that it comes from OzBargain. However we aren't really getting kick back or anything from OzForex.

    I reckon they should be giving Ozbargain some commission. I mean running the website isn't free

    • nfr on 24/01/2014 - 12:47

      How can they give commission if they don't charge fees?

      • easternculture on 24/01/2014 - 12:50

        They are getting new customers and growing their customer base, surely over time they would be making money. Plus they are getting free advertising, as this thread would get indexed in google, anyone typing "ozforex free promotion" etc would most likely get directed to this page.

      • tomclancy on 24/01/2014 - 13:26
        +1

        They still make a profit on the FX transfers due to the spread involved in the buy/sell price. The $15 is just on top of this.

        If anyone is interested, the spread for personal accounts is 1.5% whereas the spread for business accounts is only 0.5%. I believe you need an ABN to register for a business account.

        Not sure if this link allows you to get fee free transactions on a business account or not, but usually the first transfer is fee free, then all others get charged $15 (on top of the spread)

        • easternculture on 24/01/2014 - 13:34

          And the do offer a refer a friend program in which both parties are getting a $15 Amazon Gift card (Total $30) while transfer free is only $15 .. so they are making money

  • heathwithnoteeth on 24/01/2014 - 12:53

    can you use this to "lock in" exchange rates. like a travel card?

    • Chuckler on 24/01/2014 - 13:05

      Yes, and no. You schedule a transfer of money from one account to another, and lock in the exchange rate at the time of the deal.

  • PumaPants on 24/01/2014 - 12:55

    can i use this site to get foreign money in cash??

    • PumaPants on 24/01/2014 - 12:57

      found it:

      What we don't offer
      Transfers under AUD $2,000
      For smaller values you can get a great deal at Tranzfers
      Travellers cheques, bank drafts
      Accept payment by credit card
      Speculative trading
      Cash

  • Morien on 24/01/2014 - 13:02

    I don't need this yet, but I will. Is this a limited time offer? If I register now will I still be able to use it later? Or is it free transfers until a certain date?

  • rubix on 24/01/2014 - 13:04
    +4

    I would strongly advise against giving any business to Ozforex - I lost over $350 in November due to their dodgy tactics - I locked in a rate and transfered the money into their account, The market moved significantly that afternoon and Ozforex called to say they couldn't honor my rate anymore. I asked for a refund which they declined. I raised a complaint which took 3 weeks to get a response which was to blow me off pointing to their T&C, also had a follow up call after my complaint from <MOD: Remove personal information> to which he proceeded to abuse me

    I suggest going with www.currencyfair.com - Much much better rates (be sure to use their marketplace in which you can play the spread) - very good service - have since saved thousands vs what I would of got with Ozforex - (reason for exchanging is I do a lot of work overseas and get paid in GBP, NZD, UZD)

    • heathwithnoteeth on 24/01/2014 - 13:06

      would you have any recommendations for methods for travelling in the us (ie best way to lock in exchange rates etc)

      cheers

      • h4lcyon on 24/01/2014 - 13:19
        +1

        28 degrees or bankwest zero mastercards offer no conversion fee purchases with a good exchange rate.

        If you are looking to withdraw cash the Citibank Plus Visa Debit is also free of fees, you can send money anywhere in the world for free and it's has a good exchange.

        None of these have rate lock options but I wouldn't be locking the rate at today's exchange rates anyway.

    • [Deactivated] on 10/02/2015 - 14:41

      Missed this offer but my experience left me cold also. Organised a deal recently but supplied an incorrect code so I created the problem, however that doesn't excuse them. Kept checking for the next 5 days to see if the money had arrived with the recipient - no - and the status of the deal was sitting there in my account still showing (my) "Funds received". Turns out that it bounced within a day (probably a few hours) due to the code error, they knew of the bounce but no-one bothered to let me know. Their system isn't smart enough to change the status to reflect the bounce so unless you're an experienced user you're left in limbo (a successful deal simply 'disappears' into your history pretty quickly). I'd emailed them a few times with limited success and subsequently spent ages waiting on the phone on 3 occasions to no avail. After 15+ minutes each time I gave up. It was eventually sorted but I give their phone service a 2/10, and their online deal status system a generous 2/10.

    • [Deactivated] on 10/02/2015 - 14:48

      Financial Services Ombudsman

  • skyeow on 24/01/2014 - 13:39
    +2

    How about for exisitng customer who has already had an account? do we get the offer too?

  • Carpe Diem on 24/01/2014 - 14:11

    Suitably interesting post…so much so it spurred me to register!

    I reguarly send money to the UK & actually have all my assets stored there (due to the depreciating AUD$). I currently use 1st Contact Forex - Who offer a very smooth & professional service @ $5 per trade. I thought their ROE was one of the best but I have just rung them for a spot check on AUD > GBP $5,000 & they offered 0.518, while OzForex offered me 0.5204! The GBP > AUD was even more impressive.

    Suffice to say I think OZForex may have a new customer.

    I also checked re the expiry of the commission free offer & he advised he could see no expiry! Bargain.

    • tomclancy on 24/01/2014 - 14:19

      I have never used the alternative www.currencyfair.com (as suggested by rubix above) but their rate is even better at 0.5243. Worth a look.

  • tonester on 24/01/2014 - 14:46
    +1

    as per https://www.ozbargain.com.au/node/131528#comment-1811971, just wondering where does ozforex say it's for unlimited transfers and not just the 1st?

    • scotty on 24/01/2014 - 15:06
      +1

      Let me ask my contact…

    • scotty on 24/01/2014 - 17:57

      when asked whether the fee free is one only or life time, got the reply:

      This can be arranged for the life of their account

      Whatever that means. I assume it's yes and do notify me if otherwise.

  • fransisqo on 24/01/2014 - 21:03

    I've been using OzForex for a while and I've no complaints for them. When you purchase a rate, you confirm the rate that you're locked into which I'm fine with. They offer better rates than the banks of course.

    I just did a compare between OzForez and CurrencyFair. For $10,000.00 AUD transfer:
    OzForex = Eur 6,361.04
    CurrencyFair = 6,324.47

    In this case, Ozforex had the better rate. I guess it depends on the day between the two. However, OzForex transfer fee is $15 and CurrencyFair is $4 (USD?).

    Either will be better than the banks, that's my advice.

  • Gaz1 on 25/01/2014 - 18:22
    +1

    Is it possible to find out if existing Ozforex customers can get this offer?

  • scheps on 05/02/2014 - 15:02

    Is this deal still going?

    • locutus_of_bris on 13/02/2014 - 03:21

      Also keen to know if this is still going :)

    • locutus_of_bris on 13/02/2014 - 10:15
      +1

      I can confirm that this is still current.

      I set-up and account last night and called them this morning to finalise the account. When I asked if the referral link had activated the fee free under $2k option they said that had appeared on their system.

      So just ask when you speak to them (and you have to speak to them at some stage during the process) that the fee free option has been activated on your account and you will be all good.

      • [Deactivated] on 10/02/2015 - 14:42

        OVER $2K. They don't do under $2K iirc

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