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Safety of Your Money
The safety of your money is an important consideration when deciding which provider you use to send money internationally.
OzForex Pty Ltd holds an Australian Financial Services Licence (AFSL) issued by ASIC to deal in foreign exchange. This licence can be viewed by following this link to the ASIC website: (AFS Licence number 226 484)
OzForex offers a safe and regulated alternative to the banks for transferring funds. Our business effectively transfers money from customer to beneficiary via leading financial institutions. We do not pay out client transfers until clients have paid OzForex. This means we have no settlement risk on transfers. As we do not carry any overnight market risk, unlike some other providers, we do not suffer losses resulting from exchange rate movements and so you can feel comfortable that your transfer will reach the recipient on time, every time. Your funds are held in accounts with major financial institutions and are only released once your outward payment has been sent. OzForex is a trusted provider to thousands of customers world-wide who have enjoyed the benefits of excellent rates and low fees without compromising on service.
Foreign exchange dealing is regulated in Australia by the Australian Securities and Investment Commission and companies providing services to deal in foreign exchange should be able to show they hold an Australian Financial Services Licence.
You should not deal with a foreign exchange provider that cannot demonstrate that they are regulated.
Recent changes to the regulatory environment have seen foreign exchange regulation brought under the Financial Services Reform Act (FSR) administered by ASIC. Financial Service Reform was enacted to increase regulatory protection for consumers purchasing or being advised about financial products.
You can visit the ASIC website to learn more about the regulatory environment in Australia and what it means for your protection and consumer rights.
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