Anyone have any experience with Ozforex?

[Kenny202]

Hi all. Looking at ways of transferring money to Thailand at the best possible rate.

Everything on the surface looks good but their website looks so klunky and dodgy.

Anyone had any success with them or have any better idea for sending money from

Australia to Thailand?

[malt25]

Hi Kenny. I've been using them for about 12 months on a monthly basis. Get my monthly pension & income transferred to my Thai bank via Ozforex. Never had a problem. I've stuffed up a couple of times & had to call them for assistance. Great service, fixed "my" problem immediately. I'm an extremely satisfied customer.

Cheers..... Mal.

[jacksam]

What do they charge per transfer. Exchange rate also?

[Rooo]

Moved to Banking Forum.

[Pib]

When using the forex type money exchangers keep in mind although their main pages may entice you/imply a forex exchange rate like you see associated with the stock/forex market that's a wholesale/BIG money exchange rate; it's not what you will get as a retail customer. You can go to OzForex Customer Exchange Rate page to see their exchange rate. At this millisecond in time the OzForex exchange rate for AUD to THB is 28.43; the Thai bank average TT Buying Rate used for incoming wire transfers is 28.42.

Looks like OzForex "fee" is 15AUD up to $10,000; above $10K it's free.

For any incoming wire transfer method you will still have the Thai bank currency conversion/receipt fee of approx 0.25% (Bt200 min, Bt500 max) even if the money arrives already converted to baht....regardless of who is sending the money....OzForex, your bank, etc., so that fee is a wash in comparing sending costs between your bank and OzForex.

So, since the OzForex rate appears to be basically equal to the Thai bank average TT Buying Rate, it seems to boil down to the sending fee being the cost discriminator (i.e., does you bank charge a SWIFT fee higher than $15)...and other factors like speed of transfer, how to fund the OzForex transaction, etc.

[sean in udon]

This isn't going to be completely relevant but may help.

Been using UKForex (I believe the same company) for about 8 months.

Second transaction was for 2 million Baht. That caused some extra paperwork (re money laundering) and a slight delay.

Have kept all transactions since, below 1 million. No problems. Takes 2 or 3 days for money to leave UK and arrive here.

Questions have been answered very quickly and efficiently by email and/or telephone. They even rang me back when a call dropped.

I pay no charges UK end, as payment is made to UKForex via bank transfer.

Charges this end vary depending on what day it is, if the sun is out on that day, what soaps are on that day and other factors beyond my comprehension.

Basically, I have no clue how they arrive at the charges here. I have asked on more than one occasion and now just accept that the staff have no clue either.

Edit: Forgot to say, the dropped call was UKForex ringing my Thai mobile.

Edited October 31, 2014 by sean in udon

[xen]

Used Ozforex for the first time a few nights ago. I used to use First Money Transfer but they just went out of business according to their telephone message but a lot of people recommend OzForex so i thought i would try them. Not as easy as First Money but as i become familiar with the system no doubt it will be okay second time.

[Chao Lao Beach]

I don't see anywhere on their site for the other way, Thai to Oz ?

Anyone know ?

[Pib]

I don't see anywhere on their site for the other way, Thai to Oz ?

Anyone know ?

Appears they only "send" money after you fund your account with them. They offer varies methods to get the funds to them.

You know trying to get money "out of Thailand" would not be easy due to Bank of Thailand regulations.