NZForex Review

OFX (prev. NZForex)

OFX (prev. NZForex)

NZForex Products for Individuals

NZForex provides money transfer services that allow customers to choose the timing and currency rate that suits their foreign exchange needs. Products include spot transactions that are executed immediately, with NZForex finding the best foreign exchange rates available on the forex markets. Forward contracts are available to NZForex customers, which gives them the choice of locking in a favorable exchange rate and then executing at a future date that is convenient for them. Forward contracts offer the benefit of allowing the customer to protect their assets from exchange rate movements. Limit order options are also available, which allow the customer to place the order on the condition that they secure the rate they want. NZForex specialists will only execute the currency transfer when the rate reaches the customer’s preferred exchange rate. Limit orders are often best for large currency transfer amounts, when the customer is not under a time constraint.

NZForex provides customers the ability to set up automated currency transfers for whatever their needs are, from mortgage payments to school fees, ongoing subscription fees, paying off a debt or loan, or any other type of ongoing payment. Fixed regular payments can provide protection against currency rate fluctuations, as they allow the customer to lock in a favorable rate up-front and then use that rate on an ongoing basis. Customers can also switch between fixed and non-fixed payment plans, allowing them to take advantage of a fluctuating exchange rate, to change the amount of the transfer, or to cancel it. Automated payments also offer the benefit of being transfer fee-free, which saves customers money, and they have a low minimum requirement of NZD$500.

NZForex Products for Businesses

NZForex business services are for businesses and corporate clients who need international money transfers and exchange risk management services. Advantages to NZForex’s services include dedicated FX specialists, an online platform available 24/7 with a variety of currency analysis tools, and lower rates than what are typically offered in a traditional bank.

Sending money abroad with NZForex gives corporate clients options so that they can manage their exposure to currency exchange risk. Spot contracts, forward hedging contracts, and limit orders are all available. NZForex also provides market tools to help businesses keep track of forex market changes.

Business clients can choose to establish automated payment plans for ongoing business payments, including rents or equipment payments, employee salaries, royalties, vendor supplies and services, or any other type of scheduled payment. The plans are easy to establish and can help businesses save money on transfer fees.

About NZForex

NZForex is part of the OzForex Group, which was first launched in 1998 as a website dedicated to foreign exchange information. The company now provides foreign exchange services and international payments services across six continents, with over 200 employees. In 2014, NZForex completed 581,000 fund transfers and had over NZD$14.6 billion in foreign exchange transactions.

Because of its OzForex connections, NZForex has access to banking relationships with a number of global banks, including UBS, Barclays, and Bank of New York Mellon.

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