Frequently Asked Questions (FAQ)

  1. How do I access the International Money Transfers website?
  2. What is the process for dealing with International Money Transfers?
  3. How do customers pay funds to International Money Transfers?
  4. I am not comfortable using the Internet, can I still deal through International Money Transfers?
  5. When I buy currency through International Money Transfers when do I need to pay my funds to International Money Transfers?
  6. What is the background of International Money Transfers?
  7. Who can use the International Money Transfers?
  8. I am an individual can I use the service to send money overseas?
  9. What are Limit Orders and who can use them?
  10. What are Forward Contracts and who can use them?
  11. How is the forward exchange rate calculated?
  12. What is the maturity date of a Forward Contract?
  13. Can I change the maturity date of a Forward Contract?
  14. What are Regular International Payments?
  15. Which currencies do you offer for Regular Payment plans?
  16. What payment methods can I use?
  17. How much does it cost to set up a Regular Payment with International Money Transfers?
  18. How much is the deposit?
  19. How do I set up a Regular Payment plan with International Money Transfers?
  20. Can I cancel a Regular Payment plan anytime? What are the conditions?
  21. How many Regular Payments can we enter into?
  22. Is a 'telegraphic transfer', a 'wire' and a 'TT' the same thing?
  23. What are Swift codes, ABA & IBAN numbers and Sort Codes?

How do I access the International Money Transfers website?

With all of the access paths listed above, you will be required to login in with your unique "International Money Transfers" Username and Password.

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What is the process for dealing with International Money Transfers?

Using the International Money Transfers service is simple. You register on the website and then log in. When logged in you can get quotes, add beneficiary details and book deals. After you submit your details, an International Money Transfers representative will call you to discuss your transfer(s) and make sure the system is set up correctly for your needs. You will also be able to ask any questions you may have about the service and process at this time. You can lock in rates prior to us having your funds for currencies if we can receive funds overnight. If it will take longer for funds to reach us, it may be better to send the funds to us prior to booking the exchange rate. Once we have the funds you will be advised and can then lock in the exchange rate.

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How do customers pay funds to International Money Transfers?

You can transfer funds to International Money Transfers via BPAY, Internet transfer, or at your bank's branch. International Money Transfersmaintains accounts in all major currencies, ensuring you can transfer funds quickly to us. In the UK you can use the CHAPS (1 day) or BACS (3 days) systems to send funds to our account.

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I am not comfortable using the Internet, can I still deal through International Money Transfers?

Yes. If you'd prefer to deal with us over the phone, you can contact International Money Transfers directly on 1300 797 494 in Australia, 0800 161 868 in New Zealand or +61 2 8667 8082 if overseas. 

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When I buy currency through International Money Transfers when do I need to pay my funds to International Money Transfers?

You will need to initiate the transfer the same day as you book your deal with us. Depending on how you transfer the funds, International Money Transfers will usually receive the funds the same day or next day. International Money Transfers will only send the payment when your funds have cleared in the International Money Transfers account you deposited your funds in.

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What is the background of International Money Transfers?

The International Money Transfers service was launched in November 2007. The service is provided by OFX.

OFX was founded in April 1998 in Sydney by Matt Gilmour. Matt is a senior figure in the Australian foreign exchange industry having held senior management positions with several financial institutions. Matt recognised that the needs of individuals and smaller companies using foreign exchange services were being poorly served and created OFX to address those needs. OFX has grown steadily in this time and is now one of the largest non-bank foreign exchange providers in Australia.


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Who can use the International Money Transfers Payments Service?

Companies and individuals who wish to send money in a foreign currency to a person or company in another country can use the International Money Transfers service. The recipient of the transfer must have a bank account in the other country that funds can be paid into.

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I am an individual, can I use the service to send money overseas?

Yes. You can send foreign currency electronically via telegraphic transfer. If you decide to send a telegraphic transfer, you will need to provide us with details of who you are sending money to ie the payee. You can do this on the system by selecting the "Add Payee" tab and then adding the name and bank account details of the person or company you are sending money to.

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What are Limit Orders and who can use them?

A Limit Order is a very flexible tool that you can use to nominate a target rate that you are hoping to convert at and then let us monitor the market for this rate. Customers leave such orders with us to take advantage of exchange rate movements that occur when they may not be able to monitor rates themselves or during overnight markets.

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What are Forward Contracts and who can use them?

Forward contracts reduce your exchange rate risk by letting you lock in an exchange rate now even though the actual funds transfer won't take place until a later date. Both corporate and private customers can use forward contracts. Forward contracts require a 5-10% deposit, based on the amount being transferred and are not a forecast of the future direction of the exchange rate.

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How is the forward exchange rate calculated?

The Spot Rate is adjusted for ‘forward points’ which take into account the difference in interest rates between the two currencies and the time to maturity. It is based on a formula which is standard industry practice.

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What is the maturity date of a Forward Contract?

This is the date when the contract expires, also known as the value date and is set at the time the contract is entered into.

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Can I change the maturity date of a Forward Contract?

With approval, the maturity date of a Forward Contract can be extended to a later date of up to a maximum of twelve months from the purchase date and can also be pre-delivered, in part or full, before the maturity date.

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What are Regular International Payments?

Regular International Payments provides a quick and simple way to make recurring international payments. Regular payment plans can be set up to recur fortnightly, monthly or quarterly. Simply set up a transfer plan that suits your needs and leave the rest to us.

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Which currencies do you offer for Regular Payment plans?

Currencies currently offered are: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, MXN, NOK, NZD, PLN, SEK, SGD, USD and ZAR.

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What payment methods can I use?

We accept payment via electronic transfer or Direct Debit. We currently accept direct debit instructions for AUD, GBP, CAD and USD (USD accounts must be based in Canada) only.

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How much does it cost to set up a Regular Payment with International Money Transfers?

There are no transaction costs or fees involved. You simply pay your regular installments and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.

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How much is the deposit?

The deposit is the amount of one payment and needs to be transferred together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last installment of your regular payment plan.

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How do I set up a Regular Payment plan with International Money Transfers?

Call us today and one of our dealers will offer you a quote and a payment plan according to your needs.

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Can I cancel a Regular Payment plan anytime? What are the conditions?

If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.

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How many Regular Payments can we enter into?

Regular payment plans can be set up for a maximum of 12 months & they can recur fortnightly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.

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Is a telegraphic transfer, a wire and a TT the same thing?

Yes, they are one and the same. Basically this is a means of electronically making payments between banks and is more efficient than 'drafts', which is a paper based system. The International Money Transfers service does not support drafts. If you are sending a telegraphic transfer it is important that you provide accurate details of the recipient's banking details. The account name and account number must be correct and you must also provide us with either the recipient's bank address and/or the beneficiary's bank Swift/ABA/Sort Code.

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What are Swift codes, ABA & IBAN numbers and Sort Codes?

The SWIFT system is a secure messaging system that allows financial institutions to instruct each other on payments and accounts that they hold with each other. Sometimes it is sufficient to provide a branch code, such as a BSB code in Australia, or Sort code in the UK. In America we need ABA codes or routing numbers. In Europe we need an IBAN number. These codes allow the International Money Transfers operations team to accurately identify the bank and branch where your money is being sent.

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The International Money Transfers ("IMT") service is provided by OzForex Limited, ABN 65 092-375-703, (trading as "OFX") Australian Financial Services Licence No. 226484. Before deciding whether to use the service, please consider the OFX Financial Services Guide and Product Disclosure Statement. Any reference on this page to "we", "us", or "our" is a reference to OFX.

Where information is provided on this website, it has been prepared by OFX without considering the investment objectives, financial situation and particular needs of any person. Before acting on any general advice on this website, you should consider its appropriateness to your circumstances. To the extent permitted by law, OFX makes no warranty as to the accuracy or suitability of this information and accepts no responsibility for errors or misstatements, negligent or otherwise. Any quotes given are indicative only. The information may be based on assumptions or market conditions and may change without notice. No part of the information is to be construed as solicitation to make a financial investment.

OFX has referral arrangements in place with Macquarie Bank Limited and several of its subsidiaries (each a "Macquarie Entity"), pursuant to which it pays a referral fee to the referring Macquarie Entity if you use the IMT service. These benefits may be based on a percentage of OFX's fees and margins in relation to transactions you conduct using the IMT service. For further details, refer to OFX Financial Services Guide.

OFX will pay Macquarie Equities Limited, ABN 41 002 574 923 ("MEL"), Australian Financial Services Licence No. 237504 a referral fee, and MEL's representatives may receive commission in relation to transactions you conduct using the IMT service. 

Neither MEL or OFX are an authorised deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959, and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MEL or OFX.

Disclosure of Referral Commission Payments: OFX has a referral agreement with MEL pursuant to which OFX is paid a referral fee by MEL in relation to term deposit clients referred by OFX. The referral fee is a trailing commission of 0.25% per annum calculated on the average daily balance of term deposits.