Transferring money with OzForex

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Transferring Money with OzForex

transferring money with ozforexOr – How do I send my money to NZ and not get ripped off?

Simple – Use a currency transfer service like OzForex.

If you’re like me you may have had to make a currency transfer at your local bank branch. You’ll know what a pain is can be. Not all the staff really know what is going on and they can’t really help you if you haven’t got ALL, and I mean ALL your i’s dotted and t’s crossed.

 

Why did I use OzForex and not my local bank?

Well, let’s be honest, these days it’s a whole lot easier to initate a TT – a Telegraphic Transfer.

With my local bank you can even do it pretty easy onliine now, just like a funds transfer or bill pay service. You don’t have to even front up to the branch and wait in line. I wish I could justify using my bank’s service, but I can’t.

Look, if I was going to transfer less than a few thousand dollars I wouldn’t worry too much.

But if I wanted to transfer $5k or more then the rate your bank will give you is basically just plain rude!

I found the main difference was that the spread between the buy and sell price of each currency was so much tighter with OzForex. Why? I don’t know. I guess it’s just the way they do business. Banks have a whole heap of clients on tap and don’t really need to work that hard to keep them.

 

So How do I do a funds transfer with OzForex?

I found it best to think of OzForex as just another biller as far as integrating with my internet banking.

You can look up a transfer rate online and book an exchange. You will then receive an email with details of how to pay. You can initiate a funds transfer or use the bill paying system. For larger transactions you may have to visit a branch to complete a funds transfer. OzForex maintains accounts at many of the major banks to make the funds transfer process that little bit quicker.

My Dad had wanted to send  GBP 50k to the UK last year and I told him he’d be mad to use the bank he worked at for over 30 years. He even rang them and couldn’t get near the rate.

He was a bit suspicious of the whole thing and I didn’t blame him. But when I told him I’d just transferred $200k to NZ he sat up and took notice!

How much might I save transferring money with ozforex?

Well, let’ assume I wanted to send another NZD $100k to my account in New Zealand to buy some more property.

When I check my bank TT rate this is the quote

transferring money with ozforex

When I check my OzForex account and get a quote this is what I found

transferring money with ozforex

Now, you might not be needing to send $100k right now, but even if you need to send $5000, $10,000 or $20,000 you’d be mad not to consider OzForex

Take a look at the current rates available right now:

 

 

Until next time,

transferring money with ozforex

transferring money with ozforex

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