XE vs OFX (NZForex)!
Why we changed our foreign exchange provider and who should you use to transfer your money from NZ to Australia

XE vs OFX (NZForex)! Why we changed our foreign exchange provider and who should you use to transfer your money from NZ to Australia

Moving money through foreign exchange is something every New Zealander living in Australia needs to do at some stage. So what company should you use to transfer your money? And why we now recommend XE instead of OFX (NZForex).

First things first... don't use the banks to transfer your money to Australia

Skip the bank’s high fees so more of your money arrives — for less. We learnt the hard way not to use our bank to transfer money. They charge fees that an online company won't charge and they add a larger margin to the currency rate.

See below a recent comparison with 3 of New Zealand major banks for a $1,200,000 NZD / AUD transfer. Depending on which bank you use, XE would have saved you between $9,070 and $25,870.

Foreign exchange comparison chart between leading banks and XE

**This comparison was made on 21/08/17, by speaking to the foreign exchange teams at 3 of the leading banks.

NZForex/OFX

We have been more than happy to recommend NZForex/OFX for transferring your money to Australia because they are cheaper than using your bank and they offer competitive exchange rates.

We recently learnt that XE money transfer were expanding their presence in the Australasian region, and we decided to compare the two providers.

Why XE?

Here are some other key facts that made us make the move from OFX (NZForex) to XE money transfer:

  • XE is the worlds trusted currency authority used by 280+ million people a year, with 60+ million downloads of the XE app
  • XE hold security trust accounts, (clients funds are held on trust in segregated client trust accounts). This ensures client funds are safe. OFX (NZForex) do not offer this and not many other companies do.
  • XE money transfer dealers are Qualifying Financial Entity (QFE) advisers they are licensed and authorised to provide financial advice. We love this!
  • XE have more than 90 local employees across two NZ offices representing both the North & South Islands (Auckland and Christchurch) as well as teams in Sydney and Melbourne in Australia.
  • XE’s parent company Euronet Worldwide is a NASDAQ listed company with a current market cap of USD $5 Billion. Euronet hold an Investment Grade Credit Rating from Standard & Poors. Euronet process in excess of USD $74 billion of client funds per annum.

So we changed our FX partner and are now very proud to recommend the most trusted foreign exchange provider XE!

Register free here and find out how much money XE can save/make you!

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