Frequently Asked Questions (FAQs)

Why NZForex, why not my bank?

The most compelling reason is a better exchange rate. For private client transfers we regularly save customers thousands of dollars, and for bigger transfers, the savings can run into the tens of thousands. Why are the bank rates so bad? You would have to ask them.

We also offer superb 24-hour dedicated dealer service, great technology, and in most cases can enable customers to deal in less than 10 minutes.

For corporate customers we offer better rates and fee free dealing, and you also have proven expertise at your disposal to help you manage your foreign exchange risk.

Another key difference is that NZForex offers forward contracts so you can lock in exchange rates prior to the transfer of funds. NZForex also offers limit orders to private and corporate customers so you can take advantage of favourable market movements even when you sleep.

Is my money safe when dealing with NZForex?

NZForex is part of the OzForex Group, a global provider of online international payment services for consumer and business clients. The OzForex Group technology platform also powers international money transfer services of Travelex, Moneygram, ING Direct, Macquarie International Money Transfers and other international financial institutions. OzForex is listed on the Australian Stock Exchange under the code OFX.

Since its launch in 1998, the Group has grown to be one of the world's largest foreign exchange companies. The OzForex Group completes over 460,000 funds transfers per year on behalf of 180,000 dealing customers, and has an annual turnover of US$9 billion.

NZForex holds client funds in accounts with highly rated financial institutions. In addition, NZForex operates an extremely low risk business model whereby NZForex never pays out client funds prior to receipt of the currency the client has sold to us. This ensures NZForex has zero default risk from client dealings.

NZForex is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

What is the process for dealing with NZForex?

Simply register (no cost or obligation) with us via the website for immediate access to the dealing system.

After you register, an NZForex dealer will call you (unless you call us first) to discuss your transfer and make sure the system is set up correctly for your needs. This is also a great time to ask any questions you may have about the service.

In many cases we will be able to electronically identify you, so there is no need to send us forms or identification. If we cannot complete this process electronically we will advise you of any information you need to send us.

You can book exchange rates with us 24-hours a day. When you book your first deal we will call you to confirm the transaction and discuss payment options and subsequent payments can be managed completely online (or by phone if you prefer). Once those funds have been received by us we will send the currency you have purchased electronically to your beneficiary.

Can I lock in an exchange rate before you have my funds?

Yes, the sequence of a deal is as follows:

  1. Lock-in a binding exchange rate and provide beneficiary details,
  2. Send us the currency you have sold, and
  3. When your funds are received by us we send the currency you have bought to your beneficiary.

How long does a transfer take?

In many cases the transfer will reach the beneficiary the day after we receive your funds, but sometimes it can take a day or two longer depending on the countries and currencies involved. Ask your dealer for more information if the transfer is urgent.

How do customers pay funds to NZForex?

There are numerous methods of transferring funds to NZForex.

NZForex maintains accounts in all major currencies, ensuring you can transfer funds quickly and reliably to us. Banks in most countries have Electronic Funds Transfer (EFT) as an option in internet banking and this is the most common way customers send funds to us.

In Australia the majority of customers BPAY funds to NZForex. Corporate customers usually request that we debit funds directly from their account to make the process even easier.

Please note we do not accept cash or cheques into our accounts, nor do we pay out in any of these forms.

When I buy currency through NZForex when do I need to pay my funds to NZForex?

When you book a rate/deal on our system it is binding and we request that you initiate the transfer of funds to us no later than 24 hours after booking the deal, but preferably the same day. We would normally receive the funds within 12-72 hours of you sending your transfer to us depending on the method of transfer.

In some cases it takes longer for customers to get funds to us because banking systems may be slow or special arrangements need to be made. In such cases simply advise your dealer and they should be able to accommodate your situation. NZForex will send your outward payment when your funds have cleared in the NZForex account.

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. For private customers forward contracts usually require a deposit based on the amount being transferred. For more information please call and speak to a dealer.

What are limit orders and who can use them?

A limit order lets customers instruct us to buy or sell one currency for another currency at a target rate that is better than the current market 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 when they are asleep.

Why are NZForex rates so competitive?

We offer rates that are fair to clients and at the same time offer a reasonable return for us. We can do this because we transact large volumes in the interbank market and can pass on these rate savings to our clients. Efficiencies generated by our automated processes also mean we keep overheads low and can process deals quickly and reliably.

What is the background of NZForex?

OzForex 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 Westpac, Bankers Trust and UBS Warburg. Having recognised that the needs of individuals and smaller companies were being poorly served by the mainstream banks Matt created OzForex to provide better rates and service for those customers. OzForex has grown strongly since its inception and is now one of the world's largest online foreign exchange providers. In 2007 OzForex became a subsidiary of Macquarie Bank and became the foreign exchange service provider to Macquarie's 700,000 retail clients.

In November 2010, Macquarie was joined by Accel Partners and the Carlyle Group as strategic investors in the company until the OzForex Group successfully listed on the Australian Securities Exchange (ASX) on October 11, 2013.

How popular is NZForex?

NZForex currently serves over 180,000 customers, who complete over 460,000 transfers per year.

The OzForex group of websites are the biggest currency focused websites in the Southern Hemisphere and are ranked in the top five currency websites globally. NZForex caters to over 2 million visits a month.

Who can use the NZForex 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 NZForex service. The recipient of the transfer must have a bank account that funds can be paid into. Often private customers are sending money between their own accounts in two different countries. Corporate customers are usually transferring funds to overseas suppliers, or repatriating overseas earnings.

I am an importer; can I use the service?

Yes, a large proportion of our corporate clients are importers. Once registered with NZForex you can set up all your suppliers in your online beneficiary library, so you don't need to re-key their details each time you have a payment to make. You can also send us the details via fax or email and we can have them entered into our system for you. NZForex is committed to having super-competitive rates and if you make regular payments, you will be surprised how quickly the savings add up.

I am an exporter; can I use the service?

Yes, exporters can streamline the management of their foreign currency receipts by using NZForex to receive and convert funds. This can be done by providing foreign customers with the NZForex bank details and advising NZForex of the expected receipts. Once the funds arrive in our account, you will be notified and you can either immediately convert the funds or wait for a more favourable rate. Alternatively exporters can lock in a rate in advance and then remit foreign currency directly from their own account to ours.

I am not comfortable using the Internet, can I still deal through NZForex?

Yes, you can call us and speak to one of our accredited dealers to book your deal. We provide the same unbeatable rates by phone on 1300 300 424 as we do online. From the UK you can call us on 0845 686 1950. If you are in NZ you can call us on 0800 161 868, and if you are calling from North America dial 1800 680 0750.

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

Yes, they are one and the same. A telegraphic transfer is a means of electronically making payments between banks and is a more efficient method than using 'bank drafts', a paper based system. NZForex does not support 'bank 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 depending on the country where the account is held.

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

The SWIFT system is a secure messaging system that allows banks 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 (also known as routing numbers). In Europe we need an IBAN number. These codes allow the NZForex operations team to accurately identify the bank and branch where your money is being sent.

I am happy with my current provider, can I still use NZForex?

Yes, the vast majority of the NZForex site is open to the public and is free. You will find charts, calculators, historical rates, commentary and a wealth of currency related information. You can even log in to the payments service, free of charge and without commitment, to check our rates and keep your existing provider honest.

When can I use my free deal?

Free deals can only be applied for transactions above the minimum deal amount.

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IMPORTANT: This service is provided by NZForex Limited (CN: 2514293). NZForex is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
The information on this website does not take into account the investment objectives, financial situation or needs of any particular person. NZForex makes no recommendations as to the merits of any financial product referred to in this website.
Please read our Product Information document for a detailed explanation of the services we provide.