Sending money overseas can be expensive if you are using the major banks or money exchange companies like Travelex. Thankfully, Streamline Investing have partnered with currency specialist OzForex, Now you can transfer money overseas faster, with minimal to no fees and at a great rate. Their fee is only AUD15.00 for transactions of under AUD10,000, free for above AUD10,000 and their exchange rates are much better than banks and other providers. Best of all you can do it anytime you like online or by phone as they are open 24-hours a day, every business day!
By using OzForex you will enjoy:
- No receiving bank fees in most countries
- Extremely competitive foreign exchange rates across 18 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 AUD10,000
- 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
To speak to one of their accredited dealers about your foreign exchange requirements call 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.
By subscribing via the link below, you will receive your first two transactions fee FREE: OzForex Registration
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I have compared Oz Forex with Currency Online, and at times Currency Online has better rates. http://bit.ly/hh4LtR
ReplyDeleteIt is important to shop around for the best deal, but I think you will find that a lot of these companies will have similar rates, the market is just too competitive to be much more expensive, because people will just shop elsewhere. Banks of course have a much worse rate than these companies as well.
DeleteTo put things in perspective, I did a look at the current rates of OzForex, Currency Online and Interactive Brokers (this is an internet broker company which we used to transfer our money)
The rates at the minute are
OzForex: 1.00 AUD = 1.02196 USD
Currency Online: 1.00 AUD = 1.0219 USD
Interactive Brokers: 1.00 AUD = 1.0225 USD
To put these rates into perspective, if you were transferring 50,000 AUD into USD. At these rates they would give you -
OzForex - 51,098 USD
Currency Online - 51,095 USD
Interactive Brokers - 51,125 USD
So as you can see there is only a difference of 30 USD from the highest to the lowest, in other words, less than 0.1% of the $50,000.
I can tell you now that Interactive Brokers will almost always give you the best rate with this, however it is complicated to use, and you are legally not able to deposit money into someone elses account, you are only able to transfer money into an account of your own name. So if you are transferring money to the US to a title company, it is not legal.
OzForex I have found first hand to be very simple to use, and provided you are transferring more than 10,000 USD there are no transfer fees. You are typically provided one fee free transfer when you sign up with OzForex, and if you sign up through us by clicking the links in the post, then you will be provided with two fee free transfers.
Looking at the website for Currency Online, there are no fees if you are transferring more than 5,000 USD. But I have no experience with this service so unfortunately cannot provide any more information, but if anyone else has used Currency Online, feel free to provide feedback on the service they deliver.