In detail
The International Money Transfer service provides the following benefits:
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highly competitive exchange rates
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24 hour dealing
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a secure, online, seamless service
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an efficient service with automated systems to ensure fast transfer of your funds
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the ability to convert up to 50 currencies including: AUD, USD, CAD, NZD, EUR, GBP, HKD, SGD, and JPY.
Services available
International Transfers
Our online system allows you to book exchange rates, set up your payee’s banking details and make an international payment
Forward contract
A Forward Contract is a “buy now – pay later” transfer that allows you to lock in an exchange rate today for a future transfer, between days and twelve months from today. A Forward Contract is a legally binding agreement by both parties. Please note that the forward exchange rate is not a forecast of the future direction of the exchange rate.
Limit Orders
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 without you having to be in front of a computer at all times. You can change or withdraw the Limit Order until it has been triggered. Once it has been triggered it becomes a legally binding agreement by both parties.
Regular International Payments
Regular International Payments provides a quick and simple way to make recurring international payments. Regular payment plans are available in 17 currencies and can be set up to recur every fortnight, monthly or quarterly. Simply set up a transfer plan that suits your needs and leave the rest to us.
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Things to consider
This product could be considered by:
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individuals needing to transfer currency from one country to another
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business owners needing to transfer currency from one country to another
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individuals seeking to purchase international goods or services
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investors who have overseas currency commitments or offshore investments
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investors who need to settle international trades or transactions.
Simplified process
We have a streamlined process to ensure simple transactions:
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Register with Macquarie International Money Transfers* (Macquarie IMT)
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Login and request a live (and dealable) rate
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Confirm your rate, deal and payee details with Macquarie IMT
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Transfer payment to Macquarie IMT
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Macquarie transfers your funds to the beneficiary
Please be aware that we do not deal in cash or travellers cheques, accept payment by credit card, cash or cheque. The minimum transfer size is A$2000 or equivalent. There is no obligation or cost to register. Check out our live rates and compare them with the rate you currently receive.
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Frequently asked questions
What is the background of International Money Transfers?
The International Money Transfers service was launched in November 2007. The service is provided by OzForex Pty Ltd.
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 several financial institutions. Matt recognised that the needs of individuals and smaller companies using foreign exchange services were being poorly served and created OzForex to address those needs. OzForex has grown steadily in this time and is now one of the largest non-bank foreign exchange providers in Australia.
How do I access the International Money Transfers service?
What is the process for dealing with International Money Transfers?
Using the International Money Transfers service is simple;
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Register on the website and then login.
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An Accredited Macquarie IMT Dealer will call you to discuss your transfer(s) and make sure the system is set up correctly for your needs.
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Login to get a quote on live exchange rates, add beneficiary details and book your deal.
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Your deal is confirmed and you transfer the funds to OzForex.
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We send the converted funds to your nominated account.
When I buy currency through International Money Transfers when do I need to pay my funds to OzForex?
You will need to initiate the transfer the same day as you book your deal with us. Depending on how you transfer the funds, OzForex will usually receive the funds within 1-3 days. OzForex will only send the payment once they have received your cleared funds.
Does the deal expire if I cannot get the funds to Macquarie IMT within the set time frame?
No, the deal does not expire after a certain period of time. The deal is booked and legally binding from the time of confirmation.
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.
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.
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 every second week, monthly or quarterly. Simply set up a transfer plan that suits your needs and leave the rest to us.
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.
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.
What happens if the exchange rate changes after I booked the deal with Macquarie IMT?
The exchange rate is locked-in and legally binding from the time of confirmation. Even if the market moves after that point it will not affect the exchange rate you have booked in.
I am not comfortable using the Internet, can I still deal through International Money Transfers?
No, International Money Transfers is an internet based service only. If you would like to execute via telephone, please call Macquarie IMT on 0800 161 868 in NZ.
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.
Is a telegraphic transfer, a wire and a TT the same thing?
Yes. Essentially, this is a means of electronically making payments between banks and is more efficient than 'drafts', which is a paper based system. The Macquarie International Money Transfers service does not support drafts.
If you are sending a telegraphic transfer (TT) 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 also need to provide us with either the recipient's bank address and/or the beneficiary's bank Swift/ABA/Sort Code.
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 they have ABA codes or routing numbers. In Europe, they use an IBAN number. These codes allow the Macquarie IMT operations team to accurately identify the bank and branch where your money is being sent.
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