A number of the foreign exchange brokers operate from the UK under Financial Services Authority regulations where foreign exchange trading using margin is part of the wider over-the-counter derivatives trading industry that includes contracts for difference and financial spread betting. To draw an analogy, the total amount of buried treasure on an island is the same, regardless of how many treasure hunters have bought copies of the treasure map. Retrieved from " https: In the context of the foreign exchange market, traders liquidate their positions in various currencies to take up positions in safe-haven currencies, such as the US dollar. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.
OFX, previously known as OzForex is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals such as migrants and expatriates and small businesses.
So thanks for the info! Also seems to be a great alternative to my 28 degrees card in the sense that I can lock in a rate I'm happy with now, though obviously no one knows which way the rate will fluctuate in the future. It all depends on how much money you are going to spend in North America. I have usually spent most of the holiday budget even before I go on holiday airfares, hotels, etc.
I'm a fairly thrifty traveller and in my case I would rather have the convenience of the using the credit card while having my cash sitting in a high interest account back in Australia. But then, I don't spend all that much while travelling. To be honest, nobody knows which way the dollar will go. That's two years of mortgage interest for what? Definitely legit, I used it last August to transfer money to Hong Kong and the rates were definitely a lot better than the banks.
One thing I noticed was that the more you transfer, the better the rate got. Note that they are so cheap to Europe since they transfer your funds to England through a Barclay acccount and then transfer for free into a EU nation of your choice. Just make sure that they keep your Account comments when transferring to the destination. I work for OzForex. The registration status shows 'Removed' as we have changed our company structure since then.
You might also want to check our license with ASIC http: Sorry to go off topic, but where do you guys go for simply exchanging currency? Heading overseas Sth Africa - Egypt - Thailand and was wanting to get some money changed before I go. Check if the airport in those places has an ATM. A 28degrees card and an ATM that will take it are your friends. Otherwise take some international currency like USD or Euros and change there just enough to get you through the first day and to an ATM.
Changing exotic currencies in Oz gets you poor rates. Yeah definitely with GP on this one, don't buy anything exotic onshore here, you'll get rorted. Just ask around for a good money changer when you get OS. However, taking some USD is a great idea right now; against our dollar it's still quite weak, and easy to get; but for some reason still has more favourable street exchange rates than the little Aussie battler, certainly in many parts of Asia from what I hear; I have to rely on reports of friends for this, no holidays for me for a while…bloody work.
It's much easier for them to deal with USD, therefore you will get better rates. Can't think why I would ever take AUD overseas. Haven't experienced that personally. I was in East Timor 10 years ago. You may be right regarding the odd Pacific island though. ET was a special case, they were under UN protection for many years. It was nothing to do with the UN. Even before the UN came in both the Indo Rupiah and USD was used as local currency depending on where you did buiness and that continued for a few years after the UN arrived.
You're probably right regarding Fiji, well above half of their tourist arrivals are from Australia and NZ. Any limits are due to the local banking, not to 28degrees. Which makes 28degrees even better because there is no per transaction charge. By limits for cashing out, I read on whirlpool something along the lines of if you withdrawl more than your credit limit in a month, they might frown upon in.
Once you are signed up you can now do it all online with them and there is no fee. Used them many times to send money to the UK. Only takes 2 - 3 days and they have the best rates. BPay, Electronic Bank Transfer. No cash, credit card, cheques or bank drafts. We'll notify you once we receive your funds. Transfers to most countries take business days.
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The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines the foreign exchange rate. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. The forex scandal (also known as the forex probe) is a financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates for their own financial gain. OzForex Limited ABN 65 (trading as “OFX”) and its subsidiaries make no recommendations as to the merits of any financial product referred to in the website, email or its related websites.