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Unlimited FEE FREE Transfers over AUD $1000 (Save $15) at OzForex - OzBargain Exclusive

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Unlimited FEE FREE Transfers over AUD $1000 (Save $15) at OzForex - OzBargain Exclusive
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scotty on 21/07/2015 - 14:03 ozforex.com.au (1993 clicks)

OzForex emailed me today updating this old exclusive offer they had with OzBargain. They are now updating their exclusive offer, from free transfer over $2000 to free transfer over $1000.

Basically from their fees:

  • Normal signup: Free transfer over $10,000
  • Previous offer: Free transfer over $2,000
  • New offer: Free transfer over $1,000

We have been using Oz Forex to pay for our overseas staff over the last 10 months. Setting up account & paying overseas bank accounts is pretty straight forward and their rates are generally pretty good.

Same disclaimer as last time — 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.

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closed Comments

  • dasher86 on 21/07/2015 - 14:08
    +5

    I've used this company before and can recommend their service.

    However saving of $15 is a pittance if they are not offering the best exchange rate, that being said they are very competitive.

  • User_153999 on 21/07/2015 - 14:15

    How do they compare with XE?

  • CandyMan on 21/07/2015 - 14:16

    I've used them before, great service and great exchange rates
    Excellent customer service aswell

  • illumination on 21/07/2015 - 14:23

    OzForex.. I know of them (they seem to be quite big).
    Can anyone comment on how they compare to CurrencyFair? I've been using CurrencyFair and so far have had no complaints whatsoever (except the tedious sign up process).

    • scotty on 21/07/2015 - 14:30
      +7

      CurrencyFair is quite comparable as well. For example $1,000 AUD to NZD

      Company AUD NZD Fee
      OzForex $1,000 $1,115.90 $15
      CurrencyFair $1,000 $1,109.06 $4

      After fee CurrencyFair would give you more NZD. However for this deal with fee waived, OzForex would give better deal.

      • CyberMurning on 21/07/2015 - 14:34

        before we send (click final button) we can see live currency rate, correct?

        • scotty on 21/07/2015 - 14:41

          Yeah. You can book a spot rate and then specify who you would want the amount to be paid to. It would then give you a reference number which you can pay via bank transfer, BPay or POLI.

          On another note — AUD seems to be dropping crazy at the moment. I posted the above 10 minutes ago, and now OzFoex only gives me NZD $1,106.40 and CurrencyFair only gives me NZD $1,105.46 now. Arghhh.

        • ronnknee on 21/07/2015 - 16:51

          @scotty: Do you have to transfer money to someone after conversion? For example: can you convert AUD to USD, store it on their system, wait for AUD to drop and then convert USD back to AUD later?

        • scotty on 21/07/2015 - 16:59

          @ronnknee: I have no idea. Best to ask OzForex.

        • spentan on 21/07/2015 - 17:31

          @ronnknee:

          Yes, you do. I've used both OzForex and USForex (same company) and WorldFirst and I find USForex/OzForex had the best rates, but you have to send the funds to an account, you can't hold with them.

          I've since stopped using all of these, as I do my Forex (and stocks/options) through Interactive Brokers. Way better rates using IDEALPRO but minimum transfer is US$25k or Forex equivalent.

          Fine with me. :)

        • braddsey on 21/07/2015 - 17:48

          @ronnknee: When you confirm the deal you nominate a beneficiary. You then transfer the funds from your account to their account, and a couple of days later it arrives at the beneficiary account.

          Why would you want to do this though? Most banks will allow you to open an account in a foreign currency. There are obviously account fees - but if you're talking about doing this to make money, the fees would be relatively insignificant. Only other reason I can think of doing this is if you're trying to hide assets…

        • superValue on 21/07/2015 - 19:51
          +1

          @ronnknee:

          They're not a bank so they don't hold money - just transfers. However, I'm happy to hold the money for you in USD and then you can have it back later :)

        • illumination on 22/07/2015 - 00:13

          @braddsey: Well it would be for the reason he mentioned ("wait for AUD to drop and then convert USD back to AUD later") - i.e. as a way to park money in the USD to "invest".

          I've looked at HSBC with their multi-currency account and compared it to CurrencyFair, and found that whilst HSBC have a spread of ~0.1, CurrencyFair tend to have a spread of ~0.05.
          This is based on an experience of converting AUD to USD.

          When I tried it on HSBC, AUD to USD would convert at 0.79. When I tried to convert back immediately afterwards, the rate was the equivalent of 0.81 the other way. xe.com at the time was suggesting a mid-market rate of 0.80.

          When I tried it on CurrencyFair, AUD to USD would convert at 0.785.
          When I immediately tried to convert back, (USD back to AUD) the rate was 0.795.
          At the time, xe.com was suggesting a mid-market rate of 0.79.

          So given this, I would be inclined to think that the rates offered by CurrencyFair/OzForex would be better than HSBC. I don't know which other multi-currency fee-free accounts are on offer in the Australian market.

        • Timetraveler on 22/07/2015 - 03:03

          @spentan: spentan just letting you know that you cant use forex in Iteractive Brokers any more mate.

          Something about our government put a stop to that was an email I got from IB.

          So that sucks now. I was so Peed off.

        • B-Moose on 22/07/2015 - 13:18

          @steveo4u: Yeah absolute BS the government stopped it to protect their dirty banks monopolies and price gouging. I was livid. Is this the best next option for conversion to transfer to an IB account? Their spread doesn't seem very good, currency fair seem to have a better rate but with a $4 fee.

        • braddsey on 23/07/2015 - 06:56

          @illumination: Why not transfer from your HSBC AUD account to your HSBC USD account via Ozforex? I live in Germany, but have a bank wher I have a USD, EUR & GBP accounts and can receive payments directly into all 3 from external sources - which is effectively what Ozforex is. I'd be surprised if other banks don't allow the same. Unless you're talking more about currency trading and you want the funds to be available the same day in the alternate currency - but this isn't exactly parking the funds until the currency drops later.

        • spentan on 03/08/2015 - 17:01

          @steveo4u:

          Living in SoCal with a SSN,

          So No more stupid restrictions from Aus Gov afaik

  • ryanhunt on 21/07/2015 - 14:36

    Is this for new customers only?

    • scotty on 21/07/2015 - 14:42

      Yes I would think so.

  • cooperdog on 21/07/2015 - 15:15

    How do they compare to HiFX, I used them many years ago?

  • [Deactivated] on 21/07/2015 - 15:24

    what overseas staff scotty?

    • vetopower on 21/07/2015 - 15:36
      +5

      CIA. But probably NZ staff for ChoiceCheapies.

  • [Deactivated] on 21/07/2015 - 15:41

    Anyone use them to pay for NZ student loans?

    The fees are already free even using them for that.

  • Da dpG on 21/07/2015 - 15:53

    Hey OP.
    I have an Australian travel card with Westpac.
    I have Yen loaded on it. Can I send that to my Australian account?
    Its around 50k yen

  • lolmao on 21/07/2015 - 16:02
    +4

    The last 2 times i checked, Citibank are offering a slightly better rate than OzForex for buying USD (also $0 fee with Citibank Plus account and no minimum)

    • bonezAU on 21/07/2015 - 16:48

      Same. I've always used my bog standard Citibank account every time I've needed to transfer money overseas. Sure it's not super fast (can take up to 5 days) but it's by far the lowest fees/best rate combination I've seen anywhere on offer.

      • CVonC on 21/07/2015 - 17:06

        transferring to an overseas bank account?

        • bonezAU on 21/07/2015 - 17:33
          +2

          Yep. http://citibank.com.au/aus/banking/everyday_banking/citibank…

          Fee free, instant transfers to other Citibank accounts in participating countries
          Fee free, 3-5 business day transfers to any bank in any country (the receiving bank may charge a fee, but Citibank doesn't).

          I've sent money to Indonesia before (non-citi account) and the person receiving the money was charged a simple flat fee of USD $5.00, nothing at all charged to me for sending. In my situation because IDR isn't listed as a currency Citibank sends in, the funds were sent in AUD and converted at the receiving bank's AUD/IDR Buy rate for the day, which was very good at the time.

          If you're sending a more common currency you can view the rates on the Citibank website - and the funds will be sent in that currency to the receiving bank.

        • Dacs on 21/07/2015 - 18:11

          @bonezAU: How do you get that?
          I just checked Citibank's rates. Citibank's AUDUSD spread is 2.69%. Ozforex's is 2.35%.

      • braddsey on 21/07/2015 - 17:50

        Times must have changed… I originally went to ozforex because of the crap rates I was getting with citibank.

  • jabbairc on 21/07/2015 - 16:05

    Thanks OP - long time customer of theirs, they are GOOD. Decent rates too.

    Does this deal apply to existing customers too?

  • [Deactivated] on 21/07/2015 - 16:06
    +2

    So should I click on referral URL or the link on top to get the PID ?

    • scar4ace on 21/07/2015 - 23:28

      Exactly. I went via referral thinking that would supplement the actual deal I wanted (which is the fee free transfers).

      Or are they separate deals - which means I've just made a mistake!> Scotty should know better!?!

  • skazclaw on 21/07/2015 - 16:39

    I've used OzForex quite a few times, very good imo.

    I'm wondering if I can get this offer if I'm already signed up?

    Edit: Doesn't a referral get you $50 if the person does an international transfer?

  • sj2can on 21/07/2015 - 16:41

    Also long time customer. Excellent service.

    One of the best forex rates + extremely fast to send.

  • JKF on 21/07/2015 - 16:49
    +1

    Been using OzForex for many years. Excellent service and value, highly recommended. As I am already their client, can I roll my account into this deal?

  • Lancerx on 21/07/2015 - 17:06

    AWESOME! just about to send some money back to Msia…perfect timing! Thanks scotty!

  • LoungeLizard on 21/07/2015 - 17:07

    Their travelcard is not so great. High ATM fees and exchange rates worse that 28 degrees & Citibank Plus. You even have to pay to close the card

  • cloudy on 21/07/2015 - 17:18

    Like many others have said before me, I've used them and they have excellent service and the best rates I can find when I transfer. They are also highly reputable too, which was important to me, coz its scary transferring large amounts of money with some smaller transfer companies.

  • Perthian on 21/07/2015 - 17:30
    +2

    Thanks Scotty, Sign up was a breeze. But when I try to book my first order, it says "49 free deals remaining". So do we get only 50 fee free transfers?
    Where does it say Unlimited free deals???

    • scotty on 21/07/2015 - 18:42

      Let me check with my contact at ozforex tomorrow.

    • venomx2 on 22/07/2015 - 10:18

      has there been any change to the 50 vs Unlimited fee free transfers on your account?

      • Perthian on 22/07/2015 - 12:41

        Nope. Checked just now and still showing as 49 remaining. Did anyone get unlimited transfers in their account??
        Would be nice to have the actual printout or pic of the offer posted by OzForex so you can ask them to change it to unlimited.
        I used the link from the description for registering. Not the referral link. Don't know what I did wrong.

    • scotty on 22/07/2015 - 13:42
      +2

      This is what I got:

      Every members that is tagged as an OzBargain qualifies for FEE free ongoing – I have added notes onto each members profiles.

      Our system only allows a max of 50, however these can be updated when the numbers gets closer to 0.

      • Perthian on 22/07/2015 - 14:42

        Cool. Thanks Scotty.

  • chonghe on 21/07/2015 - 17:54

    Not sure where to see that I have free transfer fee?
    Tried to use referral link to sign up but did not see any in the deal dashboard

  • [Deactivated] on 21/07/2015 - 17:59
    +3

    "However we aren't really getting kick back or anything from OzForex."

    What does "aren't really" mean. You are or you aren't?

  • [Deactivated] on 21/07/2015 - 18:03
    +2

    I will add my personal experience with Ozforex here for a fair comparison by OZB members. A few years ago I got screwed out of $700+ after one of their staff gave me the wrong info over the phone about altering a booked deal. Later on I was sent a letter of demand for $700+ for compensation and threatened by email by their legal council should I not pay. I paid it and moved on even though I felt I was being screwed through no fault of my own. Had I not received the verbal advise given by their staff I would not have altered the booked deal. I have since not used them even though I have transferred back and forth a few hundred thousand dollars over a few years using other banks and companies.

    Also be prepared to be interrogated like a criminal about the source of your funds every time you ring them up and ask them a question.

    • ChickenTalon on 21/07/2015 - 18:16
      +2

      Assume you tried resolving this through the FSO?

      And the grilling about the sources of funds… That's a govt requirement. I can assure you they aren't doing it because it's fun. If anything it's a burden on them

      • [Deactivated] on 21/07/2015 - 18:21
        -2

        I tried dealing with them personally via email but kept getting threatened with legal action and additional legal fees. Life is too short like I said I moved on.

        In regards to the gov requirement that may be true and fine but I have had no such problem, not even once through Westpac, NAB or any other company in Aust. Westpac will usually match or sometimes better a competitor quote for large transfers so thats who I usually use.

        • bargain_knight on 22/07/2015 - 11:23

          All phone calls would have been recorded and stored, so if you were in the right you wouldn't have any problems resolving this through their customer service team or through the FSO.

          Given you didn't do this, then I am loath to believe your version of events.

          I'm not sure your personal dispute with a company that cannot be verified justifies negging a deal!

  • kangaroo on 21/07/2015 - 18:41

    I use OzForex regularly to transfer funds to Canada. So far the experience has been positive, nothing to complain. Thanks for the deal Scotty, the timing is perfect for me!

    • kangaroo on 21/07/2015 - 18:44

      Does this deal apply to existing logins?

  • djlee on 21/07/2015 - 18:54

    Do they use an intermediary for wire transfers? I've been using citibank plus account to send wire transfer to the USA and there's always $25 deducted when the overseas person receive it. This is on top of the fee for receiving the wire transfer.

    • superValue on 21/07/2015 - 19:53

      That's due to the other/receiving bank charging their $25 fee.

      • djlee on 21/07/2015 - 21:21

        It's charged on top of the receiving fee, by the intermediary bank so
        I'm told. ie. I sent someone in the USA a wire transfer, the bank charged him $10 for incoming wire transfer fee, plus the amount that actually reached his bank, before he got charged the fee, was $25 less than what I had sent.

  • monkeymuffins on 21/07/2015 - 19:25

    Is anybody else thinking about parking some money in USD before the Australian dollar drops even further? Any recommendations, if so?
    OzForex seems to have a lot of positive reviews online, though it looks like Citibank offers the better exchange rate… does Citibank exchange cash?

    • astero on 21/07/2015 - 21:11

      I did that when the AUD was stronger than the USD.

      Check out HSBC and see if you can get their GetRate feature on an account you might be interested in. With this you can perform currency exchanges online, plain and simply, and at very competitive rates. Best of all there is no need to transfer funds to an external company to facilitate the transaction…

    • thirtysixd on 17/09/2015 - 23:00

      better off finding a forex broker and shorting audusd.

      spot prices less 0.3 pips and less fees.

  • stemcell on 21/07/2015 - 19:49
    +1

    I use them to transfer money each month, never ever had an issue and as a loyal customer hope the saving can be applied to existing members.

    How do you add the pid to a referral link?

  • jlogic on 21/07/2015 - 22:17

    I am still waiting for my $50 iTunes voucher… :( Also be careful of the fine print. Got stung $50 in hidden fees which was only disclosed after they pointed to the PDS but nothing up front on the transfer page. Doing the transfer in JPY there was a fee charged by the overseas bank (refer edit).

    Did the calculations and would of been the same costs if I did it at the bank. So YMMV and pays to read the PDS.

    Since that I haven't used them since because the agent on the phone seemed nonchalant about the whole thing.

    Might follow them up on the $50 iTunes card as well.

    The transfer was for over $1k as well.

    EDIT: The overseas intermediary bank not the overseas bank. Sorry I went back to clarify in my old emails.

  • SpaceNinja on 21/07/2015 - 22:47

    TIL, ozbargain outsources ;-)

  • DunkinDonuts on 21/07/2015 - 22:49
    +1

    $15 seems a bit steep for my liking if you want to send payments under $1000.

    Recently registered with OrbitRemit as they also give a free transfer from $50 up to AUD$9,900.

    I rate them coz their fee varies between $4 - $8 per money transfer depending on where you're sending the money to, so much cheaper IMO for smaller payments.

  • divergent on 22/07/2015 - 07:45

    I've used OzForex a few times and rate them highly over the banks. $15 is not much to pay, compared to $25 this end and $15 the other end, when using the banking system. I use the alert system, but whenever I get an alert to say the desired exchange rate has been reached, I log in and find that it isn't as good as my alert setting. Having said that, it is usually better than the banks. The banks will always promote good exchange rates on their website, but the rate you actually get is never as good, so OzForex at least give you what they say. My last transfer was a little disappointing though, as it took five days to transfer. My best transfer took only one day. All and all, I'm happy to stick with OzForex.

    • divergent on 22/07/2015 - 15:40

      Since the account I was previously using was in my mum's name, I decided to sign up to this one. I think the fee-free transactions would mount up to be better than the $50 iTunes card in the long run. Thanks OzBargain!

  • centrelink on 22/07/2015 - 17:54

    I buy lots of stock from China but can't find exchange rates for AU to Chinese $.

    • scotty on 22/07/2015 - 18:00

      Right on the home page of OzForex you can get the rate from AUD to either CNY (Chinese Yuan) or CNH (Chinese Renminbi Off-Shore). Whatever the difference is…

      • centrelink on 23/07/2015 - 16:15

        I'm trying to register and it says what are you transferring to but I don't see the option to select to CNY. I see other countries currency but not china.

  • alect on 22/07/2015 - 19:10

    So can anyone confirm whether this is applicable for existing customers and how

    • scotty on 22/07/2015 - 21:17

      Sorry I don't think so. The tag is added to the new account registered with the link.

      • rabid on 23/07/2015 - 08:53
        +2

        They very kindly just attached the promo to my account over the phone by quoting Ozbargain and the PID 2797 - many thanks Scotty

        • alect on 24/07/2015 - 23:06

          I requested same from my contact and he added the pid to my account :) how long does the fee free last? Or is it the first x transfers?

  • illumination on 23/07/2015 - 10:50
    +1

    I'm trying to sign up using the referral randomiser, but I'm concerned because the page says "Please use the email address you were referred on." but obviously I was not directly sent an email. Wonder if this would still count for referral?

    • illumination on 27/07/2015 - 16:13

      So.. does anyone want to directly refer me to ensure they get their $50 iTunes voucher?

      • bauser99 on 28/07/2015 - 16:24

        See referral section ;)

        • illumination on 20/08/2015 - 23:39

          But see my first comment. I have not been referred directly by anyone putting my email address, so I'm worried whoever refers me might not end up getting the "reward" due to not having referred my directly.

        • bauser99 on 21/08/2015 - 10:09

          @illumination:

          Actually I referred a friend of mine (directly) a few weeks ago, she signed up and made a transfer but neither of us received the iTouch voucher or any further communication from OzForex - will try to call them and find out what's happening there!

        • illumination on 21/08/2015 - 10:12

          @bauser99: Do you want to refer me too, since it seems like no one else is interested? LOL

        • bauser99 on 21/08/2015 - 20:54

          @illumination: of course, PM me your email address and I'll send you a referral - then of course who knows if we are ever going to get the $50 iTunes voucher…

  • EDIflyer on 27/07/2015 - 11:26

    Just compared rates for AUD to GBP with them compared to Transferwise. To end up with £3,000 was costing $6,473.89 with OzForex vs $6,430.30 with Transferwise (the latter dropping to $6,393.14 when doing an initial fee-free transfer) - $80.75 difference in favour of Transferwise.

    XE.com mid-market rate quote at the time is 2.12974, so at that rate would expect to pay $6,389.22 for £3,000.

    • EDIflyer on 27/07/2015 - 12:47

      I've now had a chance to do more comparisons and posted them here - https://www.ozbargain.com.au/node/164499#comment-2931443

    • scotty on 27/07/2015 - 13:11
      +1

      Thanks. I've used your referral link and will check out TransferWise when I need to transfer next time. By the way I have also added TransferWise to our referral system (go to settings -> referral). Please check whether you have your referral code there correctly.

  • whodidthat on 27/07/2015 - 11:33

    Just had a call from them, they confirmed that as I signed up "through one of their partners, OzBargain" I get fee free transfers for life.

  • bauser99 on 29/07/2015 - 11:15

    Great stuff - I just called them quoting Ozbargain and PID 2797 and they attached the promo to both my existing Personal and Business accounts :)

    • divergent on 29/07/2015 - 11:39

      Is there a way to check that it is attached, in case it hasn't been? I can't find anything on my account details that says it has.

      • bauser99 on 29/07/2015 - 11:52
        +1

        Just book a dummy deal for a little over AUD 1,000 (without going all the way so don't click on "Finalise Transaction") and you'll see Fees are $0

        • divergent on 29/07/2015 - 13:59

          Brilliant… 49 deals remaining! Thanks for the tip.

  • smoothymcmellow on 04/08/2015 - 13:50

    I just called and added the code to my account, thanks guys, moving to Japan in 2 weeks and can do with fee free funds transfers.

  • Jamesx on 01/09/2015 - 15:41
    +2

    I just did a transfer with OZforex, I used OZB referral link randomly, so hopefully the lucky referrer and me will get the $50 iTune card, I dont use iTune at all.
    registered with CurrencyFair, WorldFirst, OZforex & XE.
    WorldFirst is very proactive, contacted me a few times to get me started, I almost went with them if I was still in the office. Their exchange rate is a little higher than advertised and a bit higher than OzForex fee free because my amount ~$10k.
    I called OxForex at 9pm, talked to a girl in UK, then locked in, a guy called from Canada confirmed the deal.
    CurrencyFair & XE still accounts still not up and running yet.

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