Frequently Asked Questions

Which currencies do you offer for regular payment plans?

We will accept all major currencies. We currently accept direct debit instructions for AUD, GBP, CAD and USD (for USD accounts based in Canada only). 

Do I need to pay a deposit?

No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one instalment. You will need to transfer it together with your first instalment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.

How much does it cost to set up a regular payment with OzForex?

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

How much is the deposit?

The deposit is in the amount of one instalment. You need to transfer it together with your first instalment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.

How do I set up a regular payment plan with OzForex?

  1. Call us today and one of our dealers will offer you a quote and a payment plan according to your individual needs
  2. We will send you a Regular Payments Form. Once this is signed and returned you are ready to lock in your payments.
  3. Once you accept the quote, you pay the first installment and a deposit in the amount of one installment
  4. We will then transfer the agreed amount to your beneficiary account
  5. You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments
  6. As soon as we have received your payments, we will in turn pay out to your beneficiary account as agreed in the payment plan

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. If the deposit does not cover the loss owing, clients are obligated to transfer any additional losses owed.

How many payments can we enter into?

Regular payment plans can be set up for a maximum of 12 months and 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.

 Contact us today for more information.

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IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited ABN 65 092 375 703 (trading as “OFX”) and its subsidiaries make no recommendations as to the merits of any financial product referred to in the website, email or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.
DISCLAIMER: OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website. Read full disclaimer.   OFX provides international money transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service.

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