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| Frequently Asked Questions (FAQ) |
- How do I access the International Money Transfers website?
- What is the process for dealing with International Money Transfers?
- How do customers pay funds to International Money Transfers?
- I am not comfortable using the Internet, can I still deal through International Money Transfers?
- When I buy currency through International Money Transfers when do I need to pay my funds to International Money Transfers?
- What is the background of International Money Transfers?
- Who can use the International Money Transfers?
- I am an individual can I use the service to send money overseas?
- Is a 'telegraphic transfer', a 'wire' and a 'TT' the same thing?
- What are Swift codes, ABA & IBAN numbers and Sort Codes?
How do I access the International Money Transfers website?
With all of the access paths listed above, you will be required to login in with your unique "International Money Transfers" Username and Password.
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What is the process for dealing with International Money Transfers?
Using the International Money Transfers service is simple. You register on the website and then log in. When logged in you can get quotes, add beneficiary details and book deals. After you submit your details, an OzForex representative will call you to discuss your transfer(s) and make sure the system is set up correctly for your needs. You will also be able to ask any questions you may have about the service and process at this time. You can lock in rates prior to us having your funds for currencies if we can receive funds overnight. If it will take longer for funds to reach us, it may be better to send the funds to us prior to booking the exchange rate. Once we have the funds you will be advised and can then lock in the exchange rate.
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How do customers pay funds to International Money Transfers?You can transfer funds to OzForex via BPAY, Internet transfer, or at your bank's branch. OzForex maintains accounts in all major currencies, ensuring you can transfer funds quickly to us. In the UK you can use the CHAPS (1 day) or BACS (3 days) systems to send funds to our account.
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I am not comfortable using the Internet, can I still deal through International Money Transfers?
No, International Money Transfers is an internet based service only. If you would like to execute via telephone, please refer to the OzForex home page (www.ozforex.com.au). OzForex can be contacted by phone directly in Australia on 1300 797 494, in the UK you can call 0845 686 1950, from NZ you can call 0800 161 868.
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When I buy currency through International Money Transfers when do I need to pay my funds to International Money Transfers?
You will need to initiate the transfer the same day as you book your deal with us. Depending on how you transfer the funds, OzForex will usually receive the funds the same day or next day. OzForex will only send the payment when your funds have cleared in the OzForex account you deposited your funds in.
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What is the background of International Money Transfers?
The International Money Transfers service was launched in November 2007. The service is provided by OzForex Pty Ltd.
OzForex was founded in April 1998 in Sydney by Matt Gilmour. Matt is a senior figure in the Australian foreign exchange industry having held senior management positions with several financial institutions. Matt recognised that the needs of individuals and smaller companies using foreign exchange services were being poorly served and created OzForex to address those needs. OzForex has grown steadily in this time and is now one of the largest non-bank foreign exchange providers in Australia.
In June 2007 OzForex became a subsidiary of Macquarie Equities Limited (ABN 41 002 574 923), a Macquarie Group company.
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Who can use the International Money Transfers Payments Service?
Companies and individuals who wish to send money in a foreign currency to a person or company in another country can use the International Money Transfers service. The recipient of the transfer must have a bank account in the other country that funds can be paid into.
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I am an individual, can I use the service to send money overseas?
Yes. You can send foreign currency electronically via telegraphic transfer. If you decide to send a telegraphic transfer, you will need to provide us with details of who you are sending money to ie the beneficiary. You can do this on the system by selecting the "Add Beneficiary" tab and then adding the name and bank account details of the person or company you are sending money to.
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Is a telegraphic transfer, a wire and a TT the same thing?
Yes, they are one and the same. Basically this is a means of electronically making payments between banks and is more efficient than 'drafts', which is a paper based system. The International Money Transfers service does not support drafts. If you are sending a telegraphic transfer it is important that you provide accurate details of the recipient's banking details. The account name and account number must be correct and you must also provide us with either the recipient's bank address and/or the beneficiary's bank Swift/ABA/Sort Code.
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What are Swift codes, ABA & IBAN numbers and Sort Codes?
The SWIFT system is a secure messaging system that allows financial institutions to instruct each other on payments and accounts that they hold with each other. Sometimes it is sufficient to provide a branch code, such as a BSB code in Australia, or Sort code in the UK. In America we need ABA codes or routing numbers. In Europe we need an IBAN number. These codes allow the OzForex operations team to accurately identify the bank and branch where your money is being sent.
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© 2010 Copyright OzForex Pty Ltd |
Money Laundering Statement | Privacy Policy
Financial Services Guide | Product Disclosure Statement | Terms of Use |
The International Money Transfers ("IMT") service is provided by OzForex Pty Ltd, ABN 65 092-375-703, ("OzForex") Australian Financial Services Licence No. 226484. Any reference on this page to "we", "us", or "our" is a reference to OzForex.
Where information is provided on this website, it has been prepared by OzForex without considering the investment objectives, financial situation and particular needs of any person. Before acting on any general advice on this website, you should consider its appropriateness to your circumstances. To the extent permitted by law, OzForex makes no warranty as to the accuracy or suitability of this information and accepts no responsibility for errors or misstatements, negligent or otherwise. Any quotes given are indicative only. The information may be based on assumptions or market conditions and may change without notice. No part of the information is to be construed as solicitation to make a financial investment.
OzForex is a subsidiary of Macquarie Equities Limited, ABN 41 002 574 923 ("MEL"), Australian Financial Services Licence No. 237504. A copy of MEL's Financial Services Guide is available here.If you use the IMT service, OzForex will pay MEL a referral fee, and MEL's representatives commission. These benefits may be based on a percentage of OzForex's fees and margins in relation to transactions you conduct using the IMT service. For further details, refer to OzForex's Financial Services Guide.
Neither MEL or OzForex are an authorised deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959, and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MEL or OzForex.
Disclosure of Referral Commission Payments: OzForex has a referral agreement with MEL pursuant to which OzForex is paid a referral fee by MEL in relation to term deposit clients referred by OzForex . The referral fee is a trailing commission of 0.25% per annum calculated on the average daily balance of term deposits. |
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