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Case Studies
The following are real case studies or transactions made by our clients. The client's names have been changed to protect their confidentiality.
Case Study One - Australian Importer #1John does not have Internet access but another OzForex client suggested he contact OzForex after John had commented on the poor rates his provider was offering.
John called the OzForex toll free number +1300 300 424 and asked for our rate for him to buy Euro 4,500.00 in exchange for Australian Dollars. We quoted a rate of 0.5820 which meant the Euros would cost A$ 7731.95 plus the A$20.00 fee = A$ 7751.95. John's existing provider offered him a rate of 0.5695 - the Australian Dollar cost A$ 7901.66 before the fee. John saved approximately A$160.00 on this small transaction.
Case Study Two - Peter and Jenny move to AustraliaPeter and Jenny, having just moved to Australia, were awaiting the proceeds from the sale of their house in the UK - about GBP300,000. Peter found OzForex via a search engine after being appalled at the exchange rates the major banks were offering. They decided to use OzForex and instructed their solicitor in the UK to pay the GBP directly to the OzForex account.
Once OzForex sighted the funds, we notified Peter and Jenny that their funds had arrived and offered them an exchange rate of 0.3640. Peter checked around and our rate was the best he could find with the next best rate being 0.3660. The difference in Australian Dollar proceeds between the OzForex rate and the next best provider was A$ 4528.44.
Once the rate was agreed the Australian Dollars were paid into Peter and Jenny's Australian bank account.
Case Study Three - Australian Importer #2Mary arranges the foreign currency payments for her company which imports heavy machinery parts from around the world. The company has eight regular suppliers and makes about six currency payments per month.
Mary now uses the OzForex online Currency Payments platform because it allows her to store the information for their regular suppliers online so there is no need to re-key information each time a payment is made. She also likes being able to check indicative quotes as often as she likes on the day when she needs to make a payment to try and get the best rate on the day.
When deals are done, Mary simply transfers Australian Dollars from the company account to the OzForex Australian Dollar account using the bank-supplied Electronic Funds Transfer system. When the Australian Dollar funds arrive in the OzForex account, OzForex then sends the purchased currency electronically to the nominated supplier.
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