Ozforex average rates

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OzForex Travel Card Review - BEWARE Rip Off Rates.

I am taking an overseas trip shortly and I applied for an Ozforex travel pre-paid master card. The website claims to show that their rates are excellent and also has a section to check the conversion rates. “Before I applied for the card” I checked their foreign exchange rates and I found it to be very good. This was done on their home page, a section called “currency converter”.

So I applied for the Ozforex travel pre-paid master card. It took 7 business days to arrive by postal mail. I transferred about $1600 AU dollars to the card so that I can convert that to US Dollars for my trip. On 27 April 2012 when I logged into their website to convert Aussie dollar to US Dollar I was shocked to see the difference in the rates that are shown on their website to lure customers and also the rates that they actually provide “after you transfer money” to the pre-paid credit card.

The rate on 27 April 2012, for $1500 AUD to be converted to US Dollars was $1554.29. The rates that I got “after” I transferred money to the pre-paid credit card was US Dollars 1493.41.

A difference of $60.88 (How insane is this!). There is nowhere on the website that tells that the exchange rates provided for the pre-paid credit card are different to the rates shown on their website. Moreover, you can only find out the actual rates when you transfer the money to the pre-paid credit card and when you want to convert that to the foreign currency.

If they had provided a section on the website saying “Currency conversion rates for pre-paid travel credit card” then I would not have applied for this card.

So travelers BEWARE. Other than losing your money, you are gaining nothing from this card. When you lure customers by showing incorrect exchange rates on the website, this is what I call as a dishonest business.

The Golden Lesson learned – use your normal credit card when traveling overseas. Don’t waste your time with pre-paid credit cards especially with Ozforex travel pre-paid master card. Other than losing money, I did not get anything.

from the ozforex web site:

"The mid-market rates shown in our exchange currency converter are neither "buy" rates nor "sell" rates. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets. The buy or sell rate you would receive from OzForex would be close to the mid-market rate but would include our margin that reflects the size of your transfer. OzForex does not guarantee the accuracy of the rate or currency calculations. Please read the terms of use"

therefore i guess applying for the travel card is yet another case of caveat emptor.

On the website, the rate they quoted was 1.036. This is the midrate. You are never going to get that rate from anyone. If you can come within 1% of it you are doing extremely well as a consumer, and on your average credit card (say Westpac) you get around 2.5% to 3%. from the midrate.

It looks like you got around 3.7% from the midrate with this prepaid card. It isn't as good as a post-paid card, but I'd say it isn't that bad compared with other prepaid travel cards.

The only benefit I can see for these prepaid cards is if you want to lock in an exchange rate. A card like 28 Degrees will give you a better rate (the Mastercard global rate) but if the AUD drops 2% by next week (always possible) then you will be better of having the prepaid card.

It is all part of the risk vs convenience vs cost tradeoff. You just need to do these things with your eyes open.

The issue that you can't know the actual exchange rate is an issue with other credit cards as well. If you use a Mastercard, you can't find the rate they will use on their website for another 48 hours after you make the payment.

Wait till you find out how much money you'll lose when you top it up using BPAY.

I usually use my normal credit card for all overseas trips. This was the first time I went for a pre-paid credit card (big mistake). Even with the normal credit card + the 3% charge, that my bank charges I still find the exchange rate to be good.

If this was the case, I would have purchased US Dollars in Cash from travellex. au who offers $1510 US Dollars for $1507.44 AU Dollars.

An absolute waste of time and money.

or cash from the post office.

Anyway, we need to be clear here.

Prepaid "travel money" cards are a premium product in the AU market. They supply you with an additional card, the associated security, and a locked in exchange rate. However, you don't get the credit card provided rate, and there are often additional fees to withdraw your money, top-up, or use your card in your home country, or even to leave a card unused.

Credit cards use the standard exchange rate applied by VISA/Mastercard etc (usually around 1% from the midrate), but the issuing institution often charges a fee on top of that. This can vary from 0% upwards, but is usually around 2%.

Cash exchange operates in a competitive market of quite complex fees and commissions. Expect to pay up to 25% from the midrate for small transactions outside the Opera House or at the airport, and as little as 1.5% from the midrate at specialist discount operators.

In your case you've had a go at the Ozforex card, but from the information you've supplied it is certainly no worse than any other cards in the "prepaid travel money" category, in fact from what you have said it may well be better.

Pick which method meets your risk, cost and convenience profile.

In your case, I'd be looking for a credit card that charges a no fees for OS transactions.

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This is Sandra from the OzForex team. I’d like to clarify a few points that seem to cause confusion.

As stated above there is a difference between mid-market rates and customer rates. The mid-market rates are neither "buy" rates nor "sell" rates. They are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets. The buy or sell rate you would receive from OzForex would be close to the mid-market rate but would include our margin. It is industry standard to display mid-market rates and customer rates separately.

In the Travel Card section on our website you can find a page that discloses our Travel Card exchange rates and offers full rate transparency prior to application. Once the card has been loaded with funds and you are converting your currency of choice online, the rate is displayed first allowing you to view the exact rate and the guaranteed amount you will receive before finalising the conversion.

Regarding our Travel Card pricing, we have positioned ourselves in the market to be in line with our competitors. Our Card rates are 4% higher than the wholesale rate (e. g. the one you see on the news or on our general currency converter).

Our most recent comparison of our competitor rates for Prepaid Travel Cards indicated the OzForex rates to be slightly lower on the majority of currency pairs. A wider margin is applied compared to our online transfers business due to the extra expenses incurred in the production, processing and convenience of having a Travel Card that allows you to use it globally.

We suggest customers not only compare the Travel Card exchange rate but also consider that we do not charge a reload fee and are the only Australian provider who does not. Our Travel Card ATM fees are very low and you can reload via BPay with $0 charge as needed when travelling.

I hope this assists in understanding our pricing for the Travel Card. We understand it can be difficult when comparing to other travel money options (Cash, Credit Card etc.) as they all have their own positives and negatives.

Please let us know if there is anything else that is unclear.

But what is the point of having a travel card at all? Any bank will issue a Visa (or Mastercard) debit card that can be used globally. Most charge an international withdrawal fee, but Citibank has an account which does not charge these fees.

That's a good question. We see two advantages (and these apply to Travel Cards in general, not just ours): 1. You can lock in the exchange rate and 2. in many cases the exchange rates would be better than on a credit or debit card.

OzForex Travel Card Review - BEWARE Rip Off Rates - Australia Forum.

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OzForex prides itself on being able to offer customers a safe and secure way of transferring money abroad that not only saves them time but saves them money. Customers can choose to send money via a number of different avenues that include via smartphone and online. There are a number of contracts available to customers, depending on their circumstances. Spot deals allow customers to log in a current exchange rate and send the money straight away. Forward contracts will allow customers to lock in an exchange rate for use in the future. Limit orders allow customers to nominate a rate which will be locked in once it becomes available.

Business users are also able to take advantage of the services available that help the process of sending money abroad a safe and easy process. Business customers will be given access to expert commentary reports as well as being able to access the latest rates with Rate Alerts.

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Customers can send money abroad easily using (Open Foreign Exchange) OzForex’s safe and secure platform. Competitive rates are always available to customers 24 hours a day. Customers can send money via smartphone, phone or online.

OzForex Exchange Rates.

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Ozforex exchange rates.

Ozforex exchange rates.

Send money overseas at competitive rates and low or no fees at all. Setting up regular international payments is easy and can save you time and money. The OzForex Pre-Paid Travel Card closed on 30 November We offer our corporate clients excellent exchange rates, fee-free dealing and great hour service. We help our corporate customers reduce costs and manage FX risk more effectively. Our high-technology dealing platform and dedicated FX dealers offer a tailored and proactive service. Whether it's your geographical location, lack of time, having to leave home or office only to have to wait in queues. Book and track your international money transfers all from the palm of your hand! Free online exchange converter featuring exchange 50 currencies. Compare up to 5 pairs of exchange rates. Get free charts, news and commentary. Long term charts, seasonal patterns, raw data, period average exchange rates. View up to date spot exchange rates and charts for major currency pairs. Exchange daily, in-depth currency analysis from our senior dealers. Weekly currency news recap and outlook on the week ahead. The latest currency market news brought to you by Reuters. Our latest foreign exchange market updates from the dealing room. Save money with OFX and pay a low flat fee per transaction or no fee at all. Transfer funds in over 50 currencies, from AED to ZAR. Check ozforex supported currencies list for the currency you need. Secure online platform using minimum bit SSL certificates to encrypt traffic and Exchange online security and protection. Guide on how long your funds will take to arrive when using OzForex. Watch this short video and see how easy rates is to send money overseas. OzForex holds an Australian Financial Services Licence AFSL issued by ASIC. Have your questions answered in our FAQ section. We are an innovative and dynamic business that offers unique opportunities to the right people. Add a profitable revenue stream to your website or business by partnering with us. Thousands of websites are already doing it. Visit our Media Centre to read published articles and press releases. Resources for shareholders, analysts and potential investors. Announcements made by OzForex to the Australian Securities Exchange. Information about OzForex's recent performance. List of corporate governance policies and procedures. Check live exchange rates for major currency pairs. You can change the cross rate at the bottom of the table and have the option to refresh the rates. Note that these are the interbank forex rates. Please check for customer foreign exchange rates here. Looking to make an international money transfer? You are using Internet Explorer 10 and you are going to be redirected to a page that does not support Internet Explorer You will need to change you browser's compatibility mode as per the ozforex link. This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the rates and models provided in this website. OFX provides international rates transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, ozforex calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service. OFX is regulated in Australia by ASIC AFS Licence number Home Personal Transfer Money Send money overseas at competitive rates and low or no fees at all. FX Products Setting up regular international payments is easy and can save you time and money. Travel Card The OzForex Pre-Paid Travel Card closed on 30 November Ozforex Business We offer our corporate clients excellent exchange rates, fee-free dealing and great hour service. Corporate We help our corporate customers reduce costs and manage FX risk more effectively. Mobile App Book and track your international money transfers all from the palm of your hand! Currency Converter Free online currency converter featuring over 50 currencies. Currency Charts Compare up to 5 pairs of exchange rates. Historical Rates Long term charts, seasonal patterns, raw data, period average rates rates. Customer Rates Check our exchange rates for customers. Spot Exchange Rates View up to date spot exchange rates and charts for major currency pairs. Daily Commentary Get daily, in-depth currency analysis from our senior dealers. Weekly Market Watch Weekly currency news recap and outlook on the week ahead. Forex News The latest currency market news brought to you by Reuters. Supported Currencies Transfer funds in over 50 currencies, from AED to ZAR. Safety of Your Money Secure online platform using minimum bit SSL certificates to encrypt traffic and Thawte online security and protection. Delivery of Funds Guide on how long exchange funds will take to arrive when using OzForex. How-to Video Watch this short video and see how easy it is to send money overseas. Regulation OzForex holds an Australian Financial Services Licence AFSL issued by ASIC. FAQs Have your questions answered in our FAQ section. Jobs We are an innovative and dynamic business that offers unique opportunities to the right people. Media Centre Visit our Media Centre to read published articles and press releases. Legal About our regulatory and legal environment. Security How we protect you and how to protect yourself. Investor Centre Resources for shareholders, analysts and potential investors Company Announcements Announcements made by OzForex to the Australian Securities Exchange. Global Contact Search Search if window. Login Register FREE Log in. Forex Tools Mobile App Currency Converter Currency Charts Historical Rates Customer Rates Spot Exchange Rates. Exchange Rates Check live exchange rates for major currency pairs. AUD USD CAD EUR GBP NZD SGD HKD. Market Rate For information purposes only. Free Registration International money transfers at better rates than the banks. Frequently Asked Questions How do I sign-up and make a transfer? How long will my transfer take? What information will be provided to me during the transfer? Internet Explorer 10 You are using Internet Explorer 10 and you are going to be ozforex to a page that does not support Internet Explorer Continue to the Travel Card page Close this window. Full Member of AFMA Australian Financial Markets Association.

3 thoughts on “Ozforex exchange rates”

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