I won’t profess to be a financial expert (of any sorts!) but when I was approached by OFX to partner with them, I did a bit of investigating…and put the concept to several of my expat friends, who all thought this was a great idea and something that could be very handy indeed.
Six years later, this partnership is still going strong, with nothing but good results for the 100 plus users I’ve helped.
OFX’s parent company is in Australia with a multi brand strategy across the globe, including New Zealand, the UK, US, Canada and Hong Kong.
So here’s the part to pay attention to: If you’re living away from home you probably know that sending money overseas can be expensive and a bit of an effort if you’re using the major banks, right?
With OFX though it’s pretty easy – you can transfer money faster and for a lot less! Stick with me here, because it’s worth looking into. We do it and while there’s a bit of paper work in the beginning, it’s worth it in the end when you can transfer at the touch of a button.
There are no fees for transfers over US 2,000 or equivalent and their exchange rates are usually much better than banks and other providers. Best of all, you can do it anytime you like online or by phone – they are open 24-hours a day, 7 days a week!
By using OFX you will enjoy the following;
- No receiving bank fees in most countries
- Extremely competitive foreign exchange rates across 50 currencies
- Online access 24/7
- Access to a dedicated dealer by phone 24-hours a day, 5 days a week
- Complete exchange rate transparency
- No transaction fees for amounts over HKD 16,000 or equivalent
- Risk management tools through Limit Orders and Forward Exchange Contracts
- Exchange rate alerts via email
- Access to our highly regarded daily and weekly “Market Commentary”
Registering with them is FREE and you can view their live dealing rates immediately.
What are you waiting for!!! Click here for all the details! or feel free to send me a message.
“My husband is English and I’m an Aussie and we live in the US. After reading about ClearFX on your site I contacted them and we now use their service whenever we need to transfer money overseas- we use their US arm USForex. Our experience so far is that it’s cheaper than using the bank – there is no fee, you get a better exchange rate, the transfer is fast and it’s easy to use. Thank you for pointing us in their direction!”
Georgie Badman, US.
Now Let’s Get Serious.
For more information in detail….here’s a word from the boss:
The Insider’s Guide to Exchange Rates and Transferring Funds Overseas
Getting the best deal on your foreign exchange transfer is simple and can mean you are thousands of dollars better off when you send money overseas. Having worked in the industry for 13 years, I hope to pass on some key points to readers who have a transfer looming.
The first and most important consideration is the safety of your funds. Therefore, you should use a regulated foreign exchange provider or a bank. Foreign exchange regulations vary from country to country. Some jurisdictions do not regulate non-bank foreign exchange providers, whereas other countries such as Australia formally regulate providers to ensure they meet certain financial, audit and training standards.
Australian regulations are some of the strictest in the world. They require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures to ensure consumer protection.
The best thing to do when choosing a foreign exchange provider is to compare services and consider such things as:
- Differences in exchange rates, transfer fees and receiving bank fees
- Transparency of prices – is the provider open about their margins?
- Ease of use
- Access to experts who can help you over the phone
- Can you choose the time of conversion yourself?
- Access to hedging tools such as Forward Contracts
- Is the foreign exchange company you are dealing with licensed and regulated?
Comparing exchange rates
The second consideration is the exchange rate. In most cases, non-bank providers offer significantly better exchange rates than the banks. The key point is to compare rates at the same time and ensure you are getting a genuine quote.
Constantly changing exchange rates make it difficult for consumers to compare exchange rates offered by competing providers. If comparisons are not made within minutes of each other, one provider may look better than the other when it’s the fluctuation in the exchange rate that has made the difference.
Predicting future exchange rates
The first rule of foreign exchange is that nobody can accurately predict future exchange rates and consumers should be very wary of dealers who claim they can. If dealers could predict exchange rates, it begs the question: Why aren’t they lying on their yacht somewhere enjoying their trading profits? You will be better served making sure you are getting competitive rates and understanding the options you have to minimise the impact of adverse exchange rate movements on your funds transfer.
Consumers can be charged two fees when they transfer funds. The first, a transfer fee, can be charged by the forex provider or bank at the beginning of the transfer. The second is a receiving bank fee which can be deducted when the funds arrive at the destination account. Savings on the exchange rate usually far outweigh the cost of fees so it’s important to look at both the fees and the exchange rate combination when transferring funds.
To speak to one of their accredited dealers about your foreign exchange requirements call +612 8667 8000 (1300 300 424 in Australia; 0845 686 1950 in the UK; 1800 680 0750 in Canada or 0800 161 868 in NZ) or register online. Registering with them is FREE and you can view their live dealing rates immediately. Alternatively you can contact Jonathan Sermon directly on +61 2 8667 9106 or firstname.lastname@example.org
Register now, mention ‘Mint Mocha Musings’ and as part of the network you, your friends and clients will receive your fee FREE transactions today! www.ofx.com