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Do you need to transfer money overseas?

If you have emigrated to New Zealand, have relatives living overseas, have worked overseas or have an investment overseas chances are that at some stage you will need to transfer money internationally. The problem is when you do this there can be excessive fees that eat into your funds.

Many of our clients would typically use their bank by default, but we know this is often the most expensive option.

The best opportunity for you to save money and get more from the exchange rate available is to use a reputable Foreign Exchange (FX) Specialists. By using a specialist, you will access lower fees and a more competitive exchange rate as well as good information to help you manage the hidden risks caused by exchange rate fluctuations.

At Apex we have done the work for our clients and have identified a reputable FX specialist, OFX. OFX is trusted by customers all around the world since its launch in 1998. In this time, they've managed over 1 million transfers, totalling in excess of AUD $100 billion spanning 55 currencies in 198 countries.

Recently one of our valued clients wanted to transfer $1.2M NZD to Australia. Their bank had offered her what they called an 'exceptional' rate with a 20% improvement on standard bank rates. When discussing the transaction with her Apex adviser we suggested a quick comparison with OFX rates.

OFX was able to offer our client a significantly better rate, so the client received a further $11,800 AUD than if she would have taken the bank's so called discounted rate.

Furthermore, the OFX accredited dealing team discussed several impending economic announcements in the Australian market that could potentially improve the NZD / AUD rate on offer. The client chose to lock in a limit order, in the anticipation that the market could move in her favour rather than transfer the funds immediately. As expected, the rate improved and the client received an additional AUD $16,040.

By dealing with OFX the client received $27,840 AUD more than she would have if she had completed her transaction through their bank.

At Apex we aim to Protect & Grow your Wealth – and this also means being smart about your international transactions. We have negotiated FEE FREE Transfers for our clients with OFX, so that you can access:

  • Fee Free transfers over $250AUD
  • Extremely competitive foreign exchange rates across 55 currencies
  • Online access 24/7
  • Access to a dedicated Dealer by phone 24-hours a day, 7 days a week

If you want to find out more, please feel free to contact Marcus Phillips at OFX on marcusphillips@ofx.com or 027 250 9416 and mention you are an Apex Advice Client or click here to REGISTER (New Zealand Residents will be directed to NZForex).


 

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