Info on OzForex

gevidian on 19/02/2014 - 22:33

Would like some details on OxForex from anyone who has used them or uses them.

Plan to transfer above $10K to the US (meaning the transaction is free per their wesbite). Need to transfer it to a trading account.

Queries:

What are their exchange rates spreads like for AUD/USD transfers (AUD at about 0.9 now - commbank spread is 0.86/0/94 - huge!! - no wonder the banks have billions in profits).
Is there a "comment field" to allow further credit to my trading account after specifying transfer to a specific bank.

Appreciate input on the above. Are there better options?

Related Stores

OFX

brawndo on 20/02/2014 - 00:07

Google showing:-

10000 Australian Dollar equals
9039.00 US Dollar

Here's the current rate for OzForex:-

Selling: AUD 10,000.00
Buying: USD 8,931.0
Rate: 0.8931

Here's the rate I get with my HSBC multi-currency account (exchange only, not a global transfer to a U.S account):-

1 AUD = 0.898352 USD

The OzForex rate doesn't sound too bad if you don't have the necessary HSBC accounts set up.
quirki on 20/02/2014 - 00:29

use http://transferwise.com They do transfers from AUD to USD but you have to manually talk to support to activate it. It's the closest to spot rate you can get, definitely better than ozForex.

MOD: referral links not allowed in comments
toofast on 20/02/2014 - 09:36

I just did a quick comparison between Transferwise and OzForex as follows:

10,000 GBP -> USD

Transferwise: USD 16,597.74

Ozforex: USD 16,632.00

I have an account with OzForex, and did the conversion within my account, but with TransferWise, I only did it from the main page, so it is possible it's not a live rate, but to me it seems that OzForex is slightly better.
gevidian on 20/02/2014 - 12:32

Thansk for the input guys. Transferwise it seems has better rates but higher fees. And it seems a slightly more convoluted process that will probably also incur some additional bank fees/charges. Will do more due diligence but appeciate the thoughts shared.