Choosing a money transfer company

There are a number of things to consider when choosing a money transfer company to use when you want to send money abroad. This is over and above ensuring you get a money transfer company that will gives you the best currency exchange rates available: and thats not the bank!

a) Open for business?

• Always consider the ease of access to a money transfer service. That is because currency rates fluctuate, and you might find an exchange rate that you like at odd hours, and then find out that that forex company is closed! Not much help then.

b) Calculators?

• Obviously, you want the money transfer company to give you 24 hour access to live rates so that you can visit at 2am, or whenever you feel lucky! You want the currency calculator to be available and accessible 24/7.

c) Online transfers?

• Makes your life a lot easier. You send money easily and deal and pay online or do phone transfers.

Who do we recommend and why?

OzForex (UKForex, NZForex, or CanadianForex) are the clear winners

• They have some of the best functioning and most user friendly calculators
• Currency exchange rates always seem to be marginally better than others.
• Although smaller transfers at OzForex attract a fee, this is a very small fee which is well taken of by the benefits of a better rate!
• Large transfers are totally free for OzForex.
• Like the rate? Fix it. OzForex have a system where you can fix a good rate for 12, 24 or more months. This is beneficial if you have to make regular transfers.
• Like the rate but cant pay for it all today? OzForex will allow you to fix a rate, pay a deposit by a certain date, and then pay the rest closer to the transfer date (eg on your pay day).