OZFOREX I'national Funds Transfer System

[scorecard]

My bank in Australia has suggested I make by Aust, saving account an on-line account then us the OZFOREX international funds transfer system to sends funds abroad.

You do all the work on line to generate a transfer, fees are about 66% less than the SWIFT system, it's a day or so faster and fully approved by the Reserve Bank of Australia.

I asked K bank if they accept transfers from abroad using the OZFOREX system. Answer 'No', only accept funds coming in on the SWIFT system.

Do any Australian TV members use OZFOREX?

If so, can you please share some details, especially what Thai bank(s) accept this system.

Thanks, appreciated.

[Naam]

You do all the work on line to generate a transfer, fees are about 66% less than the SWIFT system, it's a day or so faster and fully approved by the Reserve Bank of Australia.

there's no transfer faster than SWIFT.

[scorecard]

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You do all the work on line to generate a transfer, fees are about 66% less than the SWIFT system, it's a day or so faster and fully approved by the Reserve Bank of Australia.

there's no transfer faster than SWIFT.

Well thanks for your comment but my own past experiences with SWIFT, many transfers over many years, are all that smooth, several times mistakes (made by the sending bank) which took forever to sort out with all banks in the process not very interested to help, and overall my experience using SWIFT not all that fast.

Does depend of course with any of these systems how quickly the receiving bank process the funds into the ultimate receiving account.

Plus the fees for OZFOREX I'm told are around 66% less than with SWIFT. The numbers quoted by my Australian bank (high profile well respected bank);

- Typical SWIFT fee around A$45

- Typical OZFOREX fee for same transaction around A$15.

I haven't used OZFOREX yet so I can't confirm the fees.

Edited June 18, 2014 by scorecard

[ripstanley]

I use Ozforex for tranferring money from Australia to my SCB account. If you tranfer over AU$10,000 Ozforex do not charge a fee. The minimum amout you can transfer is $1,000. It was higher but changed last month.

SCB do charge a fee. This varies but arround 500 baht.

Here is their website

https://www.ozforex.com.au/

Edited June 18, 2014 by ripstanley

[Pib]

I expect OzForex uses SWIFT to accomplish the transfer and just charges a lower upfront fee than most banks. OK, what about their exchange rate.

From using their "Best Customer Exchange Rate" calculator (not their mid point FOREX calculator which is just a worm on a hook and not what the common customer gets), their exchange rate at this point in time is 29.80 Baht/AUD....looking at the Bankgkok Bank TT Buying Exchange rate it's 30.09 baht/AUD. Or said another way the rate OzForex rate given is 0.96% lower...make it easy, 1% less than the Bangkok Bank TT Buying Rate used for incoming transfers. So, it looks like OzForex makes it money on a lower exchange rate...makes up for the lower upfront fee.

And when the funds arrive via SWIFT, OzForex carrier pigeon, etc., and whether in foreign currency or already converted to baht there will be the Thai bank receiving fee of 0.25% (Bt200 min, Bt500 max). But if using SCB their min is Bt300.

[Naam]

...said another way the rate OzForex rate given is 0.96% lower...make it easy, 1% less than the Bangkok Bank TT Buying Rate used for incoming transfers. So, it looks like OzForex makes it money on a lower exchange rate...makes up for the lower upfront fee.

free lunches are extremely rare

[rhodie]

I use them to transfer to KBank. I transfer baht and the rate works out at almost the same as transferring $$ and converting there. That includes all fees. You get a good rate, $15 commission and 200 to 500 baht on the other side depending on amount.

[ripstanley]

Ozforex rate is dependent on how much you are transferring. At the moment if you were transfer AU$10,000 you get 29.96 baht per the $

[scorecard]

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Ozforex rate is dependent on how much you are transferring. At the moment if you were transfer AU$10,000 you get 29.96 baht per the $

Thanks for the replies, I'm now realizing that OZFOREX is the first contact point in Aust. to start the process, then they in fact use the SWIFT system to actually make the transfer.

Learn something every day.

[heybuz]

yes you transfer your money to west pac in sydney and they do the transfer to your bank in thai

[Iamemjay]

I use Ozforex for my funds transfers and it is as they say - no catches. Their exchange rate is better and fees FAR cheaper than if you go through a normal bank (I say normal because Ozforex is actually a subsidiary of Macquarie, probably the reason it was not closed down last year along with all the other third party international money transfer services).

I don't understand your comments re not using SWIFT.When arranging my beneficiary details I had to give SWIFT details and so far as I know, that's what they use.

You haven't mentioned it but my comments about the Ozforex Cashcard are the opposite. Their hidden costs are a killer! I avoid using it like the plague. I find the Qantas Cashcard (still not cheap) much more fee-friendly.