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Financial Services Guide

OzForex Limited (ABN 65 092 375 703) (“OFX”)

AFS Licence No. 226 484

Revision Date: 1 December 2022

Version No: 1.6


This Financial Services Guide (“FSG”) is an important document that OzForex Limited (“OFX” or “we” or “our”) we are obliged to give our clients (“you” or “your”) as an Australian Financial Services Licensee (“AFSL”). It is designed to provide you with material information about our relationship prior to providing you with a financial service. The matters covered by this FSG include:

1.      Who we are and how you can contact us.

2.      The nature of our services.

3.      The documentation that we will provide to you.

4.      Our record-keeping obligations.

5.      Who we act for.

6.      Details of remuneration, commission & benefits received, and paid, by us.

7.      Any relevant conflicts of interest we may have.

8.      Our complaints handling procedure.

9.      Our compensation arrangements.

10.    Our privacy obligations.

If you would like further information, please ask us. Further details about our services and the foreign exchange market are available on our website at www.ofx.com.


Any financial services offered are provided by representatives of OFX (“Representative”). OFX is an Australian online payments company specialising in foreign exchange services to businesses and individuals. You can contact us at:

OzForex Limited

Level 19, 60 Margaret Street Sydney, NSW, 2000, Australia

Telephone: +61 2 8667 8090
Facsimile: + 61 2 8667 8080
Email: customer.service@ofx.com 
Website: www.ofx.com 
Principal contact:Senior Legal Counsel


Nature of advice provided

We will provide you only with general advice concerning your transaction or product enquiry. This will be limited to the mechanics of the transaction you are entering into and will not take into consideration your specific financial circumstances and needs.

You will need to make your own assessment as to the nature and timing of any specific transaction you enter into. We recommend that you take all reasonable steps to fully understand the outcomes and risks of specific foreign exchange trades and strategies adopted in relation to utilising the services provided by us and that you obtain independent advice in relation to your specific financial requirements, including any taxation implications. Additional information regarding the potential outcomes and risks of our products and services are contained within our Product Disclosure Statement (“PDS”).

Australian Financial Services Licence (“AFSL”)

Under our AFSL, we are authorised to:

(a)    Provide general financial product advice to retail clients and financial product advice to wholesale clients in relation to:

(i)  deposit and payment products limited to non-cash payment products; 

(ii) derivatives; and

(iii)  foreign exchange products;

(b) deal in financial products to retail and wholesales clients by:

(i)   issuing, applying for, acquiring, varying and disposing of foreign exchange contracts, deposit and payment products limited to non-cash payment products and derivatives; and

(ii)  applying for, acquiring, varying and disposing of foreign exchange contracts, deposit and payment products limited to non-cash payment products and derivatives on behalf of another person; and

(c)  make a market for foreign exchange products and derivatives.

Financial services provided

We provide the following services:

(i)     spot contracts, forward contracts and foreign exchange options;

(ii)    online money transactions;

(iii)   online foreign exchange transactions;

(iv)   making a market for foreign exchange transactions; and

(v)  general advice in relation to non-cash payments and foreign exchange transactions.

Types of Products

We are authorised to deal in, and provide general advice in relation to, the following products:

1.  Spot contracts (which must be settled within 2 business days);

2.      Forward contracts (up to 12 months in duration);

3.      Foreign exchange options; and

4.  Deposit and payment products limited to non-cash payment products such as a Global Currency Account (GCA).

Please refer to our PDS at www.ofx.com for details about how our products operate.

Methods of providing financial services

If you wish to utilise our services you may issue us with instructions:

(i)     in person via the telephone;

(ii) online through one of our websites, the mobile app or an approved partner; or

(iii)   email, as may be mutually agreed between us.


Transaction documentation

We will ask you to enter into the master OFX Terms and Conditions before you commence trading with us that will apply to every transaction you subsequently enter into with us, and we will provide you with all relevant execution and confirmation documentation in relation to each individual transaction. Each transaction constitutes a separate contract which is governed by the terms of the master OFX Terms and Conditions.

We will also provide you with confirmation of each transaction. Confirmation will be provided via email and or your online account (“Deal Confirmation”).

General Advice Warning

We will provide you only with general advice that does not take into account your individual objectives, financial situation or needs (“General Advice”). Whenever we provide you with General Advice, you should also seek independent advice to ascertain whether our service is appropriate for your particular financial circumstances and requirements.

As a practice, we do not provide advice that takes into account your objectives, financial situation or needs.


If we recommend that you acquire a financial product, or offer or arrange to issue you with a financial product, we will also provide you with a PDS containing information about the product to enable you to make an informed decision about whether to acquire the product. A copy of the PDS can also be accessed at any time from our website, www.ofx.com.


We maintain accurate records of all advice given and transactions entered into. All telephone calls are recorded and are retained in accordance with our record retention policy. We will use recordings, and transcripts of recordings, for training and compliance purposes and should any misunderstanding or dispute arise between us.


We act on your behalf for the purpose of executing the transactions you have requested. From time to time, we may act as principal and enter into foreign exchange transactions on our own behalf.



General Transaction Fees

We charge a transaction fee (“Fee”) of AUD$15 (or foreign currency equivalent) for foreign exchange transactions under AUD$10,000 (or foreign currency equivalent) per recipient and no Fee for foreign exchange transactions over AUD$10,000 (or foreign currency equivalent) per recipient. Additional transaction fees may apply if there is more than one recipient (for example, if a total amount of more than AUD$10,000 was being sent to more than one recipient, separate Fees would be charged in relation to each recipient who received less than AUD$10,000).

For same currency payments a fee, being either a percentage of the total value of your transaction or a flat fee per transaction, will be charged. If a transaction fee is payable, it will be expressly shown as a fee within your quote and added to the total amount you are required to settle. It will also be confirmed in your Deal Confirmation.

In some cases, we may not be able to send a payment directly to the recipient bank and will use an intermediary bank to make the payment. The intermediary bank may charge a fee for making the payment to the recipient bank and those fees may be deducted from the amount remitted to the recipient bank. The recipient bank may also deduct or charge a fee upon receiving a payment sent by us. These third-party fees are beyond our control; we receive no benefit from them and we cannot necessarily predict when they will be charged or the amount of the fees. You therefore need to bear in mind that the amount you are sending may not always be exactly the same as the amount received into the recipient account. Please contact us, or visit our website, if you would like more information in relation to potential intermediary bank fees regarding your transaction.


Remuneration Generally

In relation to all transactions, and in addition to any Fee that we might charge, we derive a profit (“Profit” or “Margin”) on the transaction based on the difference between the rate quoted to you and the rate we can negotiate with our own providers. This Profit will vary according to the currencies involved and the arrangements that we enter into with our banks from time to time

Example: Assume you wished to make a payment of USD $20,000 to the United States. Our system might quote a rate of 0.6500 (this will vary depending on the current exchange rates at the time of the transaction). Based on this exchange rate, to pay USD $20,000 to the United States, you would be required to pay us AUD $30,769.23. The Profit that we make from this transaction is derived from the difference between the rate we quote to you and the wholesale rate (or “interbank rate” or “market rate”) we obtain from our bank.

Commissions and remuneration paid by us

You may be dealing with Representatives, who are remunerated in a variety of different ways. Some are employed by OFX and are paid, in addition to an annual salary, a flat commission for a limited period. Representatives may also be eligible for short term incentive payments which are determined according to several factors including individual, non-revenue based key performance indicators and company performance.

Enterprise Partnerships

OFX may pay a fee or commission to other persons for introducing you to OFX products, which may be by way of a one off fee or as a percentage of income generated by OFX from those referrals.  Information about fees or commission received by any introducing party may be available from the introducing party.

General Referral Partner Agreements

We enter into a range of referral agreements with various partners (“Partner”), who refer clients to us, such as through their websites. If you are referred to us by a Partner, we will pay the Partner a percentage of the Profit in relation to each transaction you enter into.


We do not have any relationships or associations which might influence us in providing you with our services.


We have an internal complaints handling process in place to resolve any complaints you may have as quickly and fairly as possible. All complaints should be discussed with your usual contact at OFX in the first instance who will attempt to resolve your complaint immediately.

Further details in relation to our complaints handling process are available on our website at www.ofx.com.

If, after 30 days, you are dissatisfied with the outcome of our internal procedure, you have the right to complain to the Australian Financial Complaints Authority (“AFCA”). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

Website: www.afca.org.au

Email: info@afca.org.au

Telephone: 1800 931 678 (free call)

In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

This is an approved external dispute resolution scheme of which OFX is a member.


We have in place a professional indemnity insurance policy that satisfies the requirements for compensation arrangements under section 912B of the Corporations Act 2001 (Cth) and will cover claims in relation to the conduct of Representatives, in addition to former OFX employees who have ceased to work for us since the time of the relevant conduct.


We are subject to privacy laws. By entering into the OFX Terms and Conditions, you consent to us disclosing any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) in accordance with our Privacy Policy which is available on our website at www.ofx. com. The protection of your information is very important to us. We have practices which include the secure storage of personal information and safeguards against the accidental release of personal information. We also employ a number of technology security mechanisms to help safeguard your information and to help us provide you with a secure service. Please contact us at privacy@ofx.com if you have any concerns.