Frequently Asked Questions (FAQs)


OUR SERVICES

HOW IT WORKS

SIGNING UP

THE TRANSFER PROCESS

PAYMENT QUERIES

TRACKING FUNDS AND CLEARANCE TIMINGS

GENERAL


OUR SERVICES

Why OzForex, why not my bank?

Better exchange rates - For private client transfers we regularly save customers thousands of dollars, and for bigger transfers, the savings can run into the tens of thousands. Why are the bank rates so bad? You would have to ask them.

Service - We also offer superb 24-hour dedicated dealer service, great technology, and in most cases can enable customers to deal in less than 10 minutes.

Currency Reach – You can send money to more than 190 countries in 47 currencies

Fast & secure – We have a large network of global bank accounts. Customers pay us in one country, we pay out in the beneficiary’s. We have more than 205,000 customers worldwide, transferred $9.1 billion in 2014, highly regulated & ASX listed

For Corporate customers we offer excellent rates and fee free dealing with proven expertise at your disposal to help you manage your foreign exchange risk.

Further options for customers – Another key difference is that OzForex offers Forward Contracts allowing you to lock in exchange rates prior to the transfer of funds. OzForex also offers Limit Orders to Private and Corporate customers, so you can take advantage of favourable market movements even when you sleep.


How does it work?

Transferring with OzForex is simple, quick and secure

Step 1: Register, login and get a live exchange rate quote
Step 2: Enter beneficiary (recipient) bank account details & book your deal
Step 3: Arrange payment to OzForex via BPAY or Electronic Funds Transfer and we convert and deliver your funds into your nominated account

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How do I sign up and make a transfer?

1. Simply register (no cost or obligation) with us via the website for immediate access to our dealing platform.

2. We’ll call you - After you register, an OzForex dealer will call you (unless you call us first) to discuss your transfer and make sure the system is set up correctly for your needs. This is also a great time to ask any questions you may have about the service.

3. Verification - In many cases we will be able to electronically identify you, so there is no need to send us forms or identification. If we cannot complete this process electronically we will advise you of any information you need to send us.

4. Book your first deal - You can book exchange rates with us 24-hours a day 5 days a week. When you book your first deal we will call you to confirm the transaction and discuss payment options and subsequent payments can be managed completely online (or by phone if you prefer). Once those funds have been received by us we will send the currency you have purchased electronically to your beneficiary.

For an easy step by step guide click here or watch the how to video.


Can I get a quote?

Are you looking for the best exchange rate for your upcoming money transfer? We recommend comparing rates with other providers to make sure you are getting a good deal. When you go to your bank’s website, look out for the customer rate, which is different from the ‘interbank’ or ‘market’ rate. The customer rate is the rate you get. For example, compare the NAB or ANZ exchange rate with our rate and see for yourself which is the best foreign exchange rate. Also make sure to compare the fees when looking for a good deal, which can vary significantly.

To find out exactly what you will get for the deal you would like to book, log-in to your account and Get a quote.


How long will my transfer take?

We generally make payment as soon as we receive your funds, the time it takes to reach your beneficiary will be dependent on the country we are sending too.  Please check the Delivery of Funds page to find out settlement times.


Will my money be safe?

In short yes, we are a very well established global business with substantial credentials.

The OzForex Group is a global provider of online international payment services for consumer and business clients. The OzForex Group technology platform also powers the international money transfer services of Travelex, MoneyGram, ING Direct, Macquarie International Money Transfers and other international financial institutions.

Established in 1998 with the aim of providing clients with a better deal, we have offices in Sydney, Toronto, San Francisco, London, Hong Kong, and Auckland. The OzForex Group provides services under the brands OzForex, UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX. Its parent company, OzForex Group Limited, is a publicly listed entity with shares traded on the Australian Stock Exchange under the code "OFX".

The OzForex Group completes over 460,000 funds transfers per year and has an annual turnover of US$9.1 billion.

OzForex holds client funds in accounts with highly rated financial institutions. In addition, OzForex operates a business model whereby OzForex never pays out client funds prior to receipt of the currency the client has sold to us. This ensures OzForex has extremely low default risk from client dealings.

OzForex has an Australian Financial Services Licence to deal and give advice in foreign exchange products granted by ASIC (Licence No. 226484). Australian regulations require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures including risk management, staff training, accounting and audit. These requirements were introduced in 2002 to enhance consumer protection.


How do I transfer funds to OzForex?

There are numerous methods of transferring funds to OzForex.

OzForex maintains accounts in the major currencies, ensuring you can transfer funds quickly and reliably to us. Banks in most countries have Electronic Funds Transfer (EFT) as an option in internet banking and this is the most common way customers send funds to us.

In Australia the majority of customers BPAY funds to OzForex. Corporate customers usually request that we debit funds directly from their account to make the process even easier.

Please note we do not accept cash or cheques into our accounts, nor do we pay out in any of these forms.


What FX services do you provide?

We offer our customers a range of FX services including:

Spot Rates - Need to transfer money now? Lock-in the current exchange rate, confirm the deal and your money is on the way. Ideal for when you have bills that are due for payment or you need to make a foreign transfer in a hurry.

Limit Orders - Nominate the rate you would like to deal at, leave the order with our staff who will lock-in the deal should your target rate be triggered.  Ideal for staying on top of the market even when you are sleeping.  As foreign exchange markets are open 24 hours, you may miss out on the best rates if they are reached while you are not watching.

Forward Contracts - Lock-in an exchange rate now and exchange in the future.  Ideal for protecting you from exchange rate movements that occur between the time you lock-in the rate and the time of exchange. 

FX Options (Available over the phone only) - Have the security of a Forward Contract (selecting your desired strike price), with added flexibility to benefit if exchange rates move in your favour.
Ideal for a volatile market. If exchange rates move in your favour, the exchange rate you achieve is better than a forward rate (your strike price). If exchange rates move against you, you’re protected and can exchange at your strike price.

Regular Payments - Setting up regular international payments with OzForex is easy and can save you time and money. Take advantage of our great exchange rates and flexible set up options to accommodate your specific needs. With OzForex regular overseas payments, you don't have to worry about your transactions every month. Simply set up a transfer plan that suits your needs and leave the rest to us!


What is a spot deal?

A spot deal means you are locking in the rate you see logged in online immediately, entering into a legally binding contract to change one currency for another. You are required to make payment for a spot deal within 24 hours of booking.


Do you have maximum or minimum transfer limits?

We do not have a maximum transfer amount.

The minimum transfer amount with OzForex is AUD$1,000. For smaller value transfers you can get a great deal at Tranzfers. It is advisable to check with your bank what your daily limits are to ensure you can fulfil your deal with us once booked.


Can you pre-deliver or extend a Forward Exchange Contract? i.e. settle earlier, or later than the agreed maturity date?  

Yes, we can do this for you however the agreed forward rate may change due to the underlying interest rate differentials between the two currencies. Please call us for a quote if you would like to pre-deliver, or extend your Forward Contract.


Can I book an Option?

Options are only available for clients based in Australia, and looking to hedge more than $50,000 Australian dollars or equivalent. Please call us if you would like further information.


Can I book a Limit Order?

Limit Orders are only available for major currencies, and there is a transaction minimum which is usually AUD$30,000 or equivalent. If you are interested in Limit Orders, please call us.


HOW IT WORKS

Why is the rate on the currency convertor different to what I get when I login?

The rates shown on our foreign exchange currency converter are neither "buy" rates nor "sell" rates - they are mid-market rates and are derived from the mid-point between the buy and sell rates of large-value transactions in global currency markets. The buy or sell rate you would receive from OzForex would be close to the mid-market rate and would include our margin that reflects the size of your transfer.  You will notice that this rate will improve the larger the amount you transfer.


What currencies can I send or have my beneficiary receive?

With OzForex you can send money to more than 190 countries in 47 currencies. These include all the major global currencies, plus a wide range of exotic currencies from across the globe.


You only seem to be able to send from Australia, can I transfer money from another country to Australia?

We can transfer funds from another country to Australia, as long as you are the owner of the funds. There are exceptions to this however, as OzForex cannot accept payment from all countries.


Can I lock in a rate before you have my funds?

Yes, the sequence of a deal is as follows:

1. Lock-in a binding exchange rate and provide beneficiary details
2. Send us the currency you have sold, and
3. When your funds are received by us we send the currency you have bought to your beneficiary


Can I get a better rate than what I see online?

Our rates are very competitive, and we offer our very best exchange rates via our online platform in almost all instances. For transfers above AUD$150,000 we may be able to improve your customer rate, so feel free to call a dealer for a current quote.


SIGNING UP

I’ve signed up, when will I be able to send money?

We’ll call you - After you register, an OzForex dealer will call you (unless you call us first) to discuss your transfer and make sure the system is set up correctly for your needs. This is also a great time to ask any questions you may have about the service.

Verification - In many cases we will be able to electronically identify you, so there is no need to send us forms or identification. If we cannot complete this process electronically we will advise you of any information you need to send us.

Book your first deal - You can book exchange rates with us 24-hours a day 5 days a week. When you book your first deal we will call you to confirm the transaction and discuss payment options and subsequent payments can be managed completely online (or by phone if you prefer). Once those funds have been received by us we will send the currency you have purchased electronically to your beneficiary.

For an easy step by step guide click here or watch the how to video.


Can a driver’s license be used as both photo identification and address?

You will usually receive a response on the status of identification verification within one business day of you sending us your documents. If one business day has passed, please call us and we will be able to check the status of verification for you.

 


How long does identification take to be processed?

You will usually receive a response on the status of identification verification within one business day of you sending us your documents. If one business day has passed, please call us and we will be able to check the status of verification for you.

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THE TRANSFER PROCESS

How do I pay you?

Your payment options are outlined in the deal confirmation, which will be emailed to you after you book a deal. We do not accept cash or cheque payments for compliance reasons.  For payments in Australia we accept BPAY, EFT, Poli and Direct Debit.

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What is the preferred payment method?

You can send via any method listed on the deal confirmation, or into any bank account we give you.

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What is the fastest method of payment?

There is no payment that is faster than the other, all payments are subjected to normal bank clearance times. For example, AUD payments will clear into our account in 1 – 2 business days depending on the time you made the transfer.

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I’ve booked my deal, now what?

You will shortly receive a Deal Confirmation email to the email address on your OzForex profile. The email will list a series of payment options for you to transfer the funds to OzForex.  Now you need to transfer your funds to OzForex

NB: Please include your Client Reference on all funds transfers to us.

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I’ve transferred the funds to OzForex, now what?

Once we receive your funds we will transfer your purchased currency into the beneficiary account you nominated. Please refer to our website for information on clearing times.

We will also email you to confirm we have a) received your funds and b) paid your funds to your beneficiary’s account.

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What information will OzForex provide me during the transfer?

We’ll be in contact throughout the transfer process.  To set up your preferred method for receiving updates (email/SMS), login and go to Your Profile/Your Contact Preferences and select your preference.

You will then receive the following:

1. Deal Confirmation Email – Once you have booked your deal
2. Funds Received Email/SMS – When we receive the funds from your bank
3. Funds Paid Email/SMS – When we send the funds to your beneficiary’s account.

Please refer to our website for information on clearing times.

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Do I need to confirm I’ve sent the funds to OzForex?

No, we’ll let you know by email when we receive your funds.  Please refer to our website for information on clearing times.

NB: Please include your Client Reference on all funds transfers to us.

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How will you know the funds are from me when I transfer to you?

You will need to include your Client reference number or Deal ID on the payment to us if you pay via bank transfer. These details will be listed on the deal confirmation we email you.

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My bank has daily limits on transfers, can you accept part payments?

We understand that banks impose daily transfer limits via online banking and we have no issues accepting part payments in some instances. These situations need to be discussed with a dealer prior to a deal being booked as we cannot accept part payments for all currency pairs. If a deal is cancelled for this reason, you are likely to be liable for reversal costs.

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Can we extend a deal longer than the maturity date?

Yes, we can extend the maturity date by rolling your Spot deal into a Forward Exchange Contract. Please note this is only available for major currencies, the rate will be impacted and a deposit on the deal will be required. Please call us if you would like to extend the maturity date, as this may affect your spot deal rate if your deal has been rolled into a Forward Exchange Contract. 

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How can I cancel a deal?

Please call us as soon as possible if you would like to cancel a deal, or are unable to make payment for a deal. Please note that cancelling a deal involves closing out the contract you entered, and you may be liable for any costs involved with the reversal.

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PAYMENT QUERIES

What payment methods are acceptable for USD coming from a US account?

Payments can only be made to us via a Wire transfer directly from your US bank account to ours, or via ACH Direct Payment. The ACH Direct Payment Authorisation is fee-free though payments take an extra 2-3 days to clear so this may not be suitable for all clients. Please contact your dealer if you would like to use direct debit.

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What happens when a Debit Card payment results in an unknown error?

Please call us if you receive this error message, we may have further information on our systems. 

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Can I pay via cheque?

We do not accept payments via cheque. If a payment is made to us via cheque, we will not accept the payment and/or you will need to ask your bank to cancel the cheque to us. This can cause lengthy delays with your payment. 

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Can I pay via cash?

We do not accept payment via cash. If a payment is made to us via a cash deposit, we are required to return the funds to the bank account from which they originally came. You will be asked to provide supporting documents in these instances and will still need to initiate a separate payment to us to settle any booked deals.

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I entered the wrong beneficiary details, what do I do?

Please contact us immediately.

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I didn’t add the OzForex reference number to bank transfer, what do I do?

You should log into your account the next business day to see if your payment has been successfully identified without your reference. If your payment has not been marked as ‘received’ please contact us.

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I didn’t add my beneficiary’s reference to my transfer, what do I do?

If the payment has not been initiated on our end, we can simply add this for you. If the payment has already been made you will need to contact your beneficiary to advise accordingly.

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TRACKING FUNDS AND CLEARANCE TIMINGS

How can I track the status of my deal?

You can track the status of your deal by opting to receive ‘Funds Paid’ and ‘Funds Received’ notifications via ‘Your Contact Preferences’ under the ‘Your Profile’ tab. You can also click on the ‘Deals and Orders’ tab to see the current status of your deal.

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How long does a transfer take?

In many cases the transfer will reach the beneficiary the day after we receive your funds, but sometimes it can take a day or two longer depending on the countries and currencies involved. Check the 'Delivery of Funds' page or ask your dealer for more information if the transfer is urgent.

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What time do payments get made by OzForex?

Once the status of your deal is marked as ‘Received’, we will then transfer the funds to the beneficiary bank account on the maturity date as marked on your deal. Payments are made towards the end of business hours on the day of maturity and clearance times vary depending on the currency, location of beneficiary account and the banks used.

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How long do payments take to clear to OzForex?

AUD payments made via Bpay or bank transfer before the close of business day will arrive with us the next business day. Payments made after the close of business day will arrive with us in 2 days. Note that payments made after close of business on a Friday does not occur until the following Monday.  If you are paying in a currency that is not AUD, please check with your foreign currency bank for timeframe of transfers.

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I paid this morning, why does my status still say awaiting funds?

If you make payment to us during business hours on a business day, we will see the funds in our accounts within 1-3 days depending on the currency, and clearance times from your bank.

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GENERAL

Where is my client reference number?

Your client reference number can be found on any deal confirmation we email you. You can also find your client reference number by logging into your account, clicking on the ‘Our Account Details’ tab, and selecting any currency available to you. Your client reference number is found on the very last line of every bank account, next to ‘Reference’.

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How do I check my transaction history?

To locate your deal history with us, you will need to log into your account and click on the ‘Deals & Orders’ tab. From there we will show you your Open deals. Next to the option of ‘Open Deals’ you will find the link for ‘Settled Deals’ which shows your transaction history and previous deals that have now been settled.

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How do I add a beneficiary? Or edit their details?

You will need to be logged-in. In the header navigation click on Beneficiaries, then click on ‘Add New Beneficiary’. Don’t forget to have all of the details of your new beneficiary on hand, details such as: Full Name; Bank Name; SWIFT/BIC code; their address etc.

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Why can’t I see the beneficiary I have just entered when I book a deal?

Please check that you have saved your beneficiary under the correct currency. For example, if you book a deal that is AUD/NZD; when you continue we will list the beneficiaries that are saved with the ‘currency sending to beneficiary’ as NZD.

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How do I edit my profile?

You will need to be logged-in. In the header navigation click on Your Profile, then enlarge one of the profile categories by clicking on the ‘+’ symbol. e.g. Under ‘Your Contact Preferences’ you can change your email address, or contact phone number by selecting Edit.

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I’ve forgotten my username or password, what do I do?

From the homepage of www.OzForex.com.au you should click through to the Log-in page. Under the blue log-in button please click on your preference of ‘Forgotten your username or password?’

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How do I add a new currency to my profile?

If the currency you want to deal in does not appear on the drop down list when you are trying to book a deal, please call us on 1300 300 424 (Local call) to discuss and gain access.

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How do I refer a friend to get my voucher?

To enjoy a $50 iTunes voucher and share the rewards, you just need to enter you and your friend’s email address into our ‘Refer a Friend’ portal. When your friend completes their first deal with OzForex you will both receive an iTunes voucher via email to the value of $50.

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When will I get my ‘Refer a Friend’ reward?

Remember that your friend will need to complete their first deal with OzForex before the iTunes vouchers are sent out. It may then take up to a week for you to receive the email with your iTunes voucher.

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