Foreign Exchange

An Alternative to Using the Banks ....

For a long time the banks have enjoyed a near monopoly on foreign exchange transactions in and out of Australia, at least as far as individual expatriates were concerned.  However, there now exists an alternative in the form of Ozforex, an Australian company holding an Australian Financial Services Licence (No. 226484), to deal and give advice in foreign exchange.

Australian regulations require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures covering; risk management, staff training, accounting and audit to name a few. These requirements were introduced in 2001 to enhance consumer protection and it goes without saying that you should only transact with a licensed dealer.

The company provides an immense amount of data and information on forex through its website: ozforex.com, offers lower or no fees compared to its banking rivals and effectively gives an individual access to the much more competitive corporate rates.  The table below demonstrates the scale of savings that can be made on a transfer of a relatively large sum from the UK to Australia:

Example : Potential savings made on a transfer to Australia from the UK using OzForex vs. a Bank

Even if you are not in a position to use a company like Ozforex because of your location or other considerations, you should compare your alternative means of transferring money, and the costs, using something like the above table. 

Complete the Foreign Exchange inquiry form