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Oversea payment option: ozforex, torfx

Discussion in 'Money matters' started by DanielAnt, Mar 26, 2014.

  1. DanielAnt

    DanielAnt Member

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    Hi everyone !

    I am using ANZ to pay for my supplier from oversea but ANZ offer very low exchange rate (USD) whether ozforex and torfx offer higher exchange rate.
    As I can see the OZ dollar increased but ANZ seem to keep the same rate.
    I just wondering does anyone use ozforex, torfx or similar option to pay for your container, supplier from oversea.
    Could you share a bit of your experience and how does it work?

    Thanks
  2. TorFX

    TorFX Member

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  3. Cat - GLC

    Cat - GLC Active Member

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    Hi Bestchoices!

    There are many options to pay your overseas supplier and finding what works best for you is the key. Is it by just using a spot rate on the day, hedging etc etc.

    One company we have been happy to recommend after using a few different means of transferring money overseas is a company called World First.

    We have been able to work with World First and in doing so they provide our clients with preferred rates as well as a dedicated dealer who will get to know you and your business.

    A difference in a few cents in exchange can make a big difference when transferring thousands of dollars so it is better in your pocket than someone else's.

    We have a currency convertor on our website as well as a bit of information on World First and us so feel free to check it out.


    Cheers

    Cat :)
    Last edited by a moderator: Mar 27, 2014
  4. LucasArthur

    LucasArthur Renowned Member

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    There are a few options, as others have mentioned above...

    It took us a little while to get it right and now we have we are over the moon with our choice.. What you need to look for is a company that specialises in this in VOLUME (as in there core business potentially) so that you know they are working close to the margin in order to secure rates... Unfortunately, retail banks are not in this category and work for profit and prey on those that do transfers like this irregularly and happy to take the hit ($$) to use one of the BIG 4's services.

    You also need to look for someone that will allocate you a manager of some sorts so you can have a go to person in case of questions, guidance, problems and the likes.. this can be a life saver, trust me...

    Also look for a strong institution that has been recommended to you, preferably, as this will show that someone else is already happy although try and ensure they are unbiased.

    The savings by trimming a percentage point here or there is great as well as the cost difference in placing actual orders.. banks will hit you with $25-50 just for placing the order and if you have a deposit then final payment thats $50-100 just to place orders.. other services can offer $0, mine charges me $5 to place it.

    Also establish time lines, how long should it take to get to your supplier (if all details are correct etc)...

    Sorry, no real answers although wanted to provoke some thoughts so you could better decide.. if you wish to know more, please feel free to ask..

    Jason
    1 person likes this.
  5. Cat - GLC

    Cat - GLC Active Member

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    Hear, Hear! Completely agree with Jason. Do your homework and make the right choice.

    Random fact: Hear, hear is the conventional spelling of the colloquial exclamation used to express approval for a speaker or sentiment. It’s essentially short for hear him, hear him or hear this, hear this, where these phrases are a sort of cheer. Thank you Grammarist


    Cheers

    Cat :)
  6. OzForex

    OzForex Member

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    Hi Best Choice

    My name is Vinny Poon and I am a Corporate Dealer for OzForex. I am sure I will be able to provide you with a competitive rate for your transfers.

    It appears you have been offered the regular retail rate by your bank as the AUD/USD rate stays the same despite the market moving higher.

    OzForex provides a simple and straight forward way to buy and sell currency and make payment to your international suppliers. I would be more than happy to discuss matters in more detail with you directly.

    Please see my contact details below.

    Hope to hear from you soon.

    My Direct Line: 02 8667 9164
    Email: [email protected]
  7. bridiej

    bridiej Well-Known Member

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    If you're looking at transferring smaller amounts I can recommend Tranzfers - which is part of Ozforex. I've been using them for over 8 years.
  8. DanielAnt

    DanielAnt Member

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    Hi everyone !
    Thank you so much for your reply.
    After done some research and reading I decided to go with OZForex.
    They pretty straight forward, quick reponding, services ... and offer me great rate. Their website, tools, user panels are easy to use.
    I saved straight away at least $500 for the first transaction.
    I would save thousand of $$ if I know these guys last year.
    By the way its never too late to know.

    Have a great weekend everyone.

    Regards,
    Daniel
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  9. Cat - GLC

    Cat - GLC Active Member

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    That's great to hear Daniel!

    Better late than never :)

    Good work on the savings.


    Cheers

    Cat :)

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