No international transfer fees on any currency transfers over $5k.
Also offering a fixed 1.2% margin on the following currency pairs - AUD/USD, AUD/EUR, AUD/JPY, AUD/NZD and AUD/GBP. That is a saving of over $100 compared to the banks advertised rates, better rates available for transfers over $25k.
Terms & Conditions – Normal account opening procedures to be followed due to AUSTRAC and ASIC KYC Laws.
This is an actual offer which we are promoting to OZ BARGAIN viewers
Wish I had of seen this a few weeks ago :-( I got slammed with commissions for an international transfer to the UK.
if you don't pay commissions, you'll get screwed on the exchange rate…
We have stated that the rate will be 1.2% away from interbank market rate. No other fees, charges or commissions will be charged.
"No international transfer fees"
but what are the exchange rates?
your websites 'currency converter' doesn't work(or exist?) so being 'fee free' is irrelevant without knowing the applicable conversion rates
but what are the exchange rates?
conveniently omitted…
The Conversion rates are fixed at 1.2% away from the current market price (amounts $5k-$25k above amounts will be at a reduced percentage), compared to the banks which range from 3.89% - 5.48% from the current market price on top of which they charge a payment fee of $30-$35.
Also we are in the process of updating our website with an improved currency calculator.
Which market price site do you compare to?
What % for $10k ?
We get our market rates from Bloomberg, Reuters and EBS. Most sites that quote Market rates are time delayed. Anywhere between $5k and $25k will have to be at 1.2%.
Not sure with this company but Combank's online International Money transfer charged me $22 for their service and another $60 from the third party banks which received the money from Combank. The reason was they couldn't trace the transaction as it was done online hence it cost more money to locate my transfer. Otherwise, if I did it at a combank branch for $30 bucks, it would have only cost me $20 instead of $60+ from the recipients bank. ps, in my case, it's AUD to AUD transfer.
Our team is available for customer service in any cases required so there are reduced possibility of errors occurring. Our number is 1300-BESTFX.
Sorry mate, but whatever Commbank told you is totally incorrect. Sending a T/T from Online Banking or at a Branch makes no difference at all to the transfer of funds.
When you fill out the details either through your Internet banking or at a branch, it will go through the same system and generate the same message assuming all the details have been filled out incorrectly.
There is a greater propensity for errors through user input, but it doesn't make your transfer any different than one sent from a branch.
May I ask do you work for Combank by any chance? This has already happened to me unfortunately. It could be the third parties banks's fault but as it was done online, the third parties bank wasn't able to tell me who charged me the extra commission.
I don't work for Commbank, but I worked for one of the other Big 4 Banks International Department and any transfer of funds via Telegraphic Transfer is done via SWIFT message, which all banks utilise, and the information is taken from the information you supply either online or at the branch.
The third party bank would have been the bank deducting the commission - if Commbank were to charge extra commission they would need to request it from you, they aren't able to deduct it from the money you are transferring.
thanks for the comment. it was the third party bank who charged me extra money and i wanted to know who charged me the money but they said they couldnt trace which third party banks charged me extra as my transaction was done online. oh well, i have learnt a lesson.
The rate is just as (if not more) important that the fees one gets charged.
Are you guys any better than ozforex?
Ozforex is one of our competitors, and we endeavour to beat all our competitors on both rates offered and fees charged. On payments under $10k Ozforex charge a $15 fee and roughly the same margin.
hot ozforex tip - simply ask ozforex to wave $15.00 fee and they happily do !
i transfer cash quarterly from singapore (always under 10k). I have never been charged the $15.00 fee for small transactions.
We would be happy to provide you with the same service as OZForex, next time you need to do a transfer, let us know and we will be happy to beat it.
Not sure if ozbargain is the most suitable place to post such an offer due to the demographics on here. Most of us here probably don't ever need to transfer money overseas unless paying for goods or services from a Nigerian
lol and most of us on here don't need free panty liners, but it's free, and we get them delivered to our addresses in made up women's name anyway ;)
Who said we wanted someone like you to filter (i.e nanny)what WE want?
Do you think you will ever do MYR? The spreads on MYR are simply atrocious in Australia.
At the current point in time we are unable to do MYR, however we will be able to provide these and other exotic currencies in the near future.
I used Ozforex recently for MYR - their customer service is top notch .. and it served me better than having to go through double conversion to USD then back into MYR
Of course you can use Pennytel
http://www.pennytel.com.au/penny-transfer
and they're Free
and get free VOIP credit
and they use Westpac
And there's no $5k min
And they PUBLISH THEIR RATES
e.g. currently $aud1 is
United States Dollar 1.0307
EUR Euro 0.8383
GBP British Pound Sterling 0.6582
JPY Japanese Yen 81.5165
CHF Swiss Franc 1.0071
CAD Canadian Dollar 1.0431
NZD New Zealand Dollar 1.2928
As taken from the Pennytel Site -
"The exchange rates provided are indicative only. As they are subject to market movements and therefore change continuously, they should not be relied upon as an accurate
representation of any final pricing. Up-to-date pricing is available during the actual transfer process."
They are just showing live market rates, which most providers show as the "current rate". However from experience, providers like this actually differ at time of trade.
Indicative pricing is better then none.
and you didn't respond to their other benefits over you.
Sorry it's not a bargain, it's just an ad
I have just tried a currency conversion on the PennyTel website, and when converting $10,000 USD it shows me a rate of 1.0100 which is 2% away from the indicative rate shown on their own website. We are showing a saving of 0.8% over that and even higher savings compared to the banks.
Pennytel has worked well for me in the past (as my mobile provider also) and have given me better FX rates than anyone else. That said, I will compare your rates next time I need to do a transfer. Consistency is alway an issue as some sites start off with low rates just to attract customers.
OzBargain is an entirely appropriate place for this posting. My friends all use money transfers regularly.
Australia is a multicultural country with significant and broad demand for such services - used I'm sure by many OzBargainers. Cheers. Thanks for the posting. The more rival companies posting their offers on here the better.
Can't find the rate for Zimbabwe Dollar…..
(looking towards becoming a millionaire, with just AU$2)
heh I mailed the zimbabwe reserve bank ages back saying I wanted to buy $100 of ZMB - wanted it for some comedy bankrolls when playing poker. Sadly they ignored me.
Just did an ozforex trade to USA.
Too easy.
no fee and saved about $225 (about 3% cheaper)compared to NAB.
Ozbargain is the place to be. :)
SPAM