FIREX Distribution Australia saves time and money with OFX

Looking for a better solutions

When FIREX first sought a solution to manage global payments, it was a small business welcoming in a number of overseas suppliers and customers. Starting out using simple money transfers to pay overseas suppliers, it became apparent that a more cost-effective solution was needed as the business continued to grow. FIREX has expanded from 1 warehouse ten years ago to Australia’s largest network of 25 warehouses nationally today.

They offer customers Australia’s only 24/7 self-service warehouse network – a service that saves their customers both time and money.

The ease and efficiency required when dealing in multiple currencies, wasn’t something they found through the major banks. One of the biggest challenges for FIREX was the lack of responsiveness with their previous bank, which impacted their ability to secure competitive rates. “The FX market moves very quickly, so we needed to make decisions fast,” explained Connor Farrell, co-owner and Director of FIREX. 

The slow, impersonal process from their bank wasn’t keeping up with FIREX’s needs, and they weren’t getting the support they hoped for. Realising they needed a foreign exchange solution that offered reliability, flexibility and 24-hour support, Connor and Ali turned to OFX. “Dealing with a big banking institution as a small business, it’s as though you’re just a number in a call centre,” Connor pointed out.

As operations scaled, so did the need to make faster, more responsive decisions—particularly when volatile currency markets and overseas suppliers required quick deposits.

The time spent chasing down information meant we were missing valuable opportunities in the market. The lack of responsiveness from a big institution was impacting our ability to secure favourable rates, costing us both time and money.”

Connor Farrell, Director

More cost certainty with OFX Forward Contracts

For owners Connor Farrell and Ali McGovern, managing international purchases and currency fluctuations became increasingly challenging. 

OFX’s Forward Contracts brought valuable stability and certainty to FIREX, with 12-month forwards helping them lock in rates and save money over time. “Our needs are pretty simple, we don’t have complex hedging requirements,” Connor shared. 

It’s not just Forward Contracts that have made an impact on FIREX’s bottom line, OFX’s hands-on support made it easier for FIREX to navigate the currency market’s complexities. “Typically, we will assess our requirements, be it 3 months, 6 months or 12 months across the various currencies in conjunction with support from our OFX account manager [Joel]. Forward Contracts have been beneficial to our business and have helped save us money,” Ali explained.

Connor and his team conducted extensive due diligence before making the switch to OFX. Connor had worked with OFX in Singapore before, and our dedication to helping small businesses like FIREX was clear; not only were our rates far more competitive than the big banks, but the personalised service made a lasting impression.

10 years and counting: Why FIREX sticks with OFX

Since partnering with OFX, FIREX has seen substantial cost savings and operational efficiencies. “We still check rates with the big four and a few smaller providers,” Connor noted. “But any marginal rate differences aren’t worth giving up the OFX level of personalised service.” The assurance that OFX would help pay suppliers on time, along with personalised, prompt responses, has made all the difference. “Joel [account manager] is consistent—he gets back to us when he says he will,” Connor said, adding that this level of attentiveness has been crucial in avoiding the frustrations they previously experienced with larger providers.

FIREX enjoys a smooth, more efficient procurement process, thanks to OFX. With the ability to make quick decisions and secure competitive rates, Connor, Ali and their team no longer have to worry about the complexities of currency exchange. “It’s simple. The support we get from OFX helps us save time and money.” Connor shared, reflecting on how far they’ve come.

Using OFX allows FIREX to focus on what matters most, supporting the fire protection industry and successfully growing their business.

In one word, Connor summed up his experience with OFX: “Personalised.”

OFX’s commitment to small business clients and quick response times sealed the deal. Joel, our personal account manager, is fantastic. His responsiveness makes it easy for us to act fast when needed. And you can tell straight away that he knows his product very well.“

Ali McGovern, General Manager