The full and detailed OzForex.com.au review is below. But first let’s have a quick look at the overview details for OzForex.
At a Glance
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
OzForex was formed in 1998 and provides foreign exchange services to customers worldwide. With over 180,000 customers, offices in Sydney – Auckland – London – Hong Kong – Toronto, and over AUD$13 billion transferred every year… These guys are the big boys in the market.
The OzForex group have brands specific to different markets. Their group contains UKForex, USForex, CanadianForex, NZForex, Transzfers (Small Money Transfers) and ClearFX. What sets these guys apart is their full operation in the US with USForex (OzForex USA). Their customers are free to transfer to and from the USA.
If you reside in the US, UK, NZ, Australia or Canada you need to register through their country specific brand name. For example, if you reside in the USA you should register with USForex. In the UK? UKForex etc etc. If you are a US citizen but reside in Australia, you should register through OzForex. If you don’t reside in any of those countries feel free to signup with OzForex.
Signing up is a simple, straightforward, 4 step process:
- Follow this link to activate and redeem your 2 Free Transfers! Then choose your country of residence and enter your email.
- Input some info on the currencies you are transferring.
- Enter some personal info.
- Wait for a call from OzForex to confirm your registration and activate your account.
OzForex and iCompareFX have teamed up to give you an exclusive offer of 2 FREE TRANSFERS when you signup here. This link will work on your phone or tablet and the desktop. If you are signing up for business, click the business option and fill out the simple form.
OzForex have set fees depending on the currency being converted. Transactions are fee free over a certain amount. The table below gives you the current breakdown of fees, fee threshold and associated currency. For example, AUD$15 fee but free over AUD$10,000. For an updated list, go to the OzForex Fees webpage.
If you are going to use OzForex for regular transactions I would recommend you call to discuss your requirements to see if a better conversion rate is available.
OzForex have a range of useful services. I have listed out most of them below with some links to their website to learn more.
- Global presence with offices in six countries.
- Transfer money to 47 countries. All major currencies included.
- Fast transfer. On average 1-2 days. Learn more here.
- Rate Alerts – Pick a rate you want to buy or sell your currency and get notified by email of SMS!
- Rate Charts. You can check out historical rates.
- Regular transfers service. Automate sending money overseas for your pension or mortgage.
- Forward contracts and FX Options.
- Travel Money card.
- Market Commentary newsletter. Sign up below!
- Mobile friendly website.
- Business and Personal accounts.
- Personal Service – Speak to Real People 24Hrs day 5 days a week.
What They Don’t Offer
- Money transfers under AUD $250. (Try TransferWise or CurrencyFair for smaller amounts)
- Accept cash or credit card payment. You must use local bank transfer.
- Speculative trading.
Ease of Use
Once you have registered your account, it is extremely straightforward to transfer money globally. There is a simple Online 3 Step Wizard to follow:
- Choose the amount to send
- Enter in beneficiary details (this is saved for later use).
- Transfer cash locally to OzForex
This simple process can allow you to transfer money internationally in minutes! With their mobile enabled website you can also do this anywhere. Every step of the way you receive feedback by email.
If you are more comfortable talking on the phone, you can call OzForex to arrange your global money transfer.
Check out this video on their simple transfer process.
During the research for some finer details of this OzForex review, it becomes quite apparent that this is a well established organisation that is serious about the security of your money:
- ASX listed and well funded
- Heavily regulated by Australian Securities and Investment Commission (ASIC)
- 2048 bit SSL secured website
- Proven track record since 1998 with close to 600,000 transfers in 2014.
Read more about how OzForex is serious about the safety of your money.
OzForex takes customer service seriously. Customer reviews on ProductReview.com.au have rated it 4.4 / 5. You will see that anyone that has had a less than satisfactory experience is followed up with by OzForex to ensure that their complaint is dealt with. This is quite impressive as not all companies tend to follow up on customer experience.
- Learn how to redeem and activate your OzForex Promo Code here.
- What’s the competition like for OzForex?
- How has OzForex changed with the new OFX.com brand?
- When comparing top money transfer providers, OFX and TransferWise.. who would win?