Frequently Asked Questions
How long will it take to transfer my funds from the UK?
Once we have received your cleared funds into our British Pound account and have converted them, we will make the payment immediately to the account you have nominated. Your funds will generally appear in your account the following day. Funds usually take 3 business days to clear into our British Pound account using internet banking (BACS) or 1 business day using CHAPS (UK Same Day Payment). Please note that failure to provide ID will delay the payment until the ID is received and approved.
How long will it take to transfer funds from Australia to the UK?
As soon as we have received your cleared funds in one of our Australian accounts, we can convert to British Pounds and deposit to your nominated account. However, due to the slower bank clearing times in the UK, you are looking at another 2 to 3 business days before the funds are cleared in your account. This is dependent on your bank rather than on Tranzfers.
What are the fees for Tranzfers? Are there any hidden charges or receiving bank charges?
The fees are currency based e.g. If you are converting from UK Pounds, then the fee is £7. For each of the currencies you can Tranzfer, the fee is as follows:
We guarantee no receiving bank fees in Australia, the UK and New Zealand. In other countries we minimise the chances that a receiving bank fee is charged by sending the money to your account from within that country.
Note: We do experience some US, Canadian and South African banks charging receiving bank fees even when the money is sent to your account from within the country. We work to send money to accounts in ways that do not incur receiving bank fees, but the charging of these fees are outside of our control.
What are the hours for booking a deal and converting funds?
You can book a deal in the system 24 hours a day, 7 days a week. You are able to convert your funds from Monday 8am Sydney time until Friday 5pm New York time. This is when the markets are open.
How is it that you can charge such a low fee and still have such great rates?
For years now the banks have been charging astronomical rates and fees for sending funds overseas. All we are doing is making it more affordable to get your hard earned money home. The rates we offer are between the rates offered by the banks and the interbank rate (the wholesale rate amongst banks when dealing in packages of $5 to $10 million). We are effectively undercutting the banks.
What ID am I required to provide?
Identification is required so we can meet Anti-Money Laundering law. OzForex collects identification from customers prior to paying out the proceeds of a client's transfer. In general we collect identification in the form of a copy of a passport/drivers licence and a signed bank statement (where the funds are coming from) showing your current residential address. If the address you are staying at is different from the one listed on your identification documents, please advise us by email and we will note both. The easiest way to provide ID is as follows - if you have a digital camera and an internet connection you can take digital photos of these documents and upload them through our secure website once you log in. Alternatively, you can fax, email or post copies to us as long as the copies are clear. We may conduct additional security checks on clients at OzForex's discretion. Attempts to mislead and deceive OzForex and its employees will be automatically referred to the relevant authorities.
How do you determine the exchange rate?
The interbank rates that are on the site are updated every 30 seconds and are sourced from 10 different sources around the world. To determine the Customer rate, which you are dealing at, we add or subtract our margin to/from the Interbank rate. We work with smaller margins than banks and other providers which is why we can give you such competitive rates.
What methods of payment can I use to transfer the funds to your account?
We need to receive the funds electronically. This gives you a few choices such as internet banking, phone banking or going to a branch and asking them to do an electronic transfer direct from your account to ours. We do not accept cash, cheques or credit card payments.
What are your banking details?
When you book a deal in the system you will be given a confirmation of that deal. On that page you will find all our account information which you need to transfer the funds to our accounts in the UK, Australia, New Zealand, Singapore and Canada. If you were to loose that page you simply need to login and click on the 'accounts' tab to bring those details back up.
Can I send money to a credit card?
Yes, you can send money to most credit cards in Australia or New Zealand, but not to UK, Singaporean, South African or Canadian based credit cards. You must select the credit card option when setting the beneficiary up in the system as this will change the account format and allow you to enter the credit card number. Please note that we do not accept payment from a credit card.
Which countries can I send funds between?
Currently you can send funds between the UK, Australia, New Zealand, Singapore and Canada and funds to South Africa. New currencies and destinations are being added all the time. If you have a particular currency you would like added then please send us an email so we can add you to our notification list.
How secure is the site? I am entering my bank account details and don't want anyone else to be able to access it.
The Tranzfers site has the same security and protection as online banking does. In this regard all your information is very safe. We never give out user information to third parties unless legally bound to do so or you request that we do so.
What is the minimum amount that can be transferred on a deal?
The minimum amount is A$100, NZ$100 and £50.
What are the different bank account formats for each country?
Australia BSB (normally 6 digits) and account number (varies in length depending on the bank)
Canada Transit/FIF (Branch) Code (normally 5 digits) and account number (varies in length depending on the bank)
Europe For deals to European Banks we require the IBAN number, Swift (BIC) code of the bank and account number (varies in length depending on the bank).
New Zealand Bank and branch number (6 digits in total, 2 for the bank and 4 for the branch), account number (7 digits) and suffix (either 2 or 3 digits)
Hong Kong Branch Code (normally 6 digits) and account number (varies in length depending on the bank)
Singapore Branch Code (normally 6 digits) and account number (varies in length depending on the bank)
South Africa Branch Code (normally 6 digits) and account number (varies in length depending on the bank)
UK Sort code (6 digits) and account number (varies in length depending on the bank)
USA ABA or routing number (normally 9 digits) and account number (varies in length depending on the bank).
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