How Scott saved nearly NZ$7,000 on his money transfer with OFX

Scott’s life took an unexpected turn

Originally from Edinburgh, Scotland, Scott’s copywriting skills brought him to Sydney, Australia, where he resided for 14 years. 

He worked in an advertising agency and later started his own company specializing in brand voice. He grew his business in Australia and later sold it. He then relocated to New Zealand and purchased a property there.

After living in New Zealand for about 10 years, Scott chose to return to his hometown in Edinburgh to care for his mother. He decided to sell his place in New Zealand, to buy a property in Edinburgh so he could be near her.

Bank wouldn’t budge

Scott was told by his solicitor to convert his New Zealand dollars through the bank, because “it’s a lot easier.” But when he turned to his bank for help, the cost of making the transfer was exorbitant. 

“They wanted $10,000 New Zealand dollars to do this conversion of $380,000 New Zealand dollars,” Scott exclaimed. 

“And I said to them, well, I’ve been a customer for 10 years. I’ve been good with my mortgages, never missed a payment, and it feels like a penalty. You know if you don’t get any wiggle room to help me here, it just feels like I’m being slugged by 10 grand.”

His bank didn’t budge. 

To add to the complication, Scott was overseas when his property in Edinburgh settled. He was in Paris caring for his sister who was unwell at that time.

You have a human being on the end of the phone at any time to talk you through the process.
– Scott, OFX client 

A reassuring voice one stormy night

Being in France and unfamiliar with the language, he couldn’t turn to the local services for help.

“So now I need to coordinate this shift of money… I’m really stressed out about it and I thought, well I just have to go back to the bank and pay the ten grand.” 

But while thinking of cheaper and better alternatives using a dedicated money transfer service, Scott remembered OFX. 

Coincidentally, he had used OFX (then known as OzForex) for one or two smaller transactions when he was working in Australia about 15 years ago. “A friend said to me that I was mad to transfer money overseas through a bank and told me to check these guys out [OFX].” 

So he decided to call OFX again.

“On this really dodgy phone line from Paris, I phoned OFX. It’s a crowded street and I’m pretty stressed. And then I get this calming voice.”

Scott recounts how reassuring Marco was over the phone.

“He [Marco] goes, ‘It’s okay. No problem…This is really easy, and you can do most of it online. We’ll do one or two little checks and I’ll get that money into your solicitor’s account in the next day or two.’”

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Seamless, simple and fast

In the next few minutes, Marco, a Senior Client Manager at OFX, instructed Scott on what to do. Marco even booked a good rate for him. 

“You know, this could have been a really complex transaction. I’m settling on a property, half a million quid… If you don’t meet your settlement deadline, you’re in trouble. You then have bridging interest, you then have penalties, there is an element of risk,” he stressed. 

With OFX, Scott could “cut through all the worry” and “get results within minutes.” When Scott returned to New Zealand, he wasted no time.  

“I went back, transferred the money into the OFX account in New Zealand and got a note in about an hour… The next day, the solicitor contacted me to say that the funds are in their account, we’re ready to sell.”

He shares that using OFX “was really easy.”

…banks don’t own the right to transfer money. You know they’re not the only solution you have.
– Scott, OFX client 

Saved around NZ$7,000

The best part of using OFX was the savings Scott received, compared to his bank. 

Scott reveals that OFX’s transfer cost was around NZ$3,000, as opposed to the NZ$10,000 his bank quoted him. This means he saved approximately NZ$7,000.

His family also couldn’t believe how much he had saved with a third-party money transfer service like OFX. They kept asking “what was the catch.”

Furthermore, from the get-go, Scott knew that the exchange rate was something he had no control over. 

“The downside for me was the NZD against GBP was bouncing around. It was very, very volatile. You know, New Zealand dollar gets offered a lot by big international trade winds. And the UK economy since post-Brexit hasn’t been doing particularly well.”

Despite this, OFX offered him a great rate.

He feels that “one of the biggest rip-offs in banking is overseas currency transactions.” In fact, in this instance, using a money transfer service like OFX was “cheaper and faster” than doing it through his bank.

“Just because you think banks are default, you think you have to use them to transfer money… People need to realize that banks don’t own the right to transfer money internationally. They’re not the only solution you have,” he said.

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A call is all it takes

Scott understands that there “is some nervousness sometimes about using third parties for stuff like this”, but he knows that the process is “all bound by regulations.”

“I think once you pick up the phone, and you hear a person that does it every day – it’s a transaction. You’re not signing loads of paperwork or anything.”

With OFX, he reaffirms that “you have a human being on the end of the phone at any time to talk you through the process.” 

Whether you’re doing large or small transactions, Scott shares that the process is not complicated.

“It’s just faster and cheaper. So you’re not going to be doing any more work to go with the OFX and you’re probably doing less work… You just have to give them a quick call, and that’s all it takes,” said the writer and business owner. 

Setting up rate alerts for the next money transfer

Scott still has some money left in New Zealand sitting in a high interest bank account which he needs to move to the UK. But he is in no hurry to do so. 

Marco, his OFX client manager, had informed him that he could “set little alerts when the rate goes up to a certain point.” 

And that’s what he’ll be doing next.

“I’m in no real rush for it. I’ll be patient with it. But I know that when it hits that trigger, I’ll jump on the phone with Marco and he’ll get that booked and sorted within the same hour. So that’s a huge benefit.”

IMPORTANT: The price comparison in this case study takes into consideration the exchange rate, margin and fees. The cost is calculated on a single transfer in the specified currencies on a set date.