See how Scott saved nearly NZ$7,000 with OFX.
Sending money internationally can be easy and doesn’t have to cost a bomb. Scott discovered a cheaper way to move his New Zealand dollars to pounds besides the banks.
NZ$380,000
Transferred NZD to GBP into UK bank account
~NZ$7,000
Compared to his bank's exorbitant quote
Within a day
Moved his funds for property settlement
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 specialising 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 was exorbitant.
“They wanted $10,000 New Zealand dollars to do this conversion of $380,000... I’ve been a customer for 10 years and it feels like a penalty. It just feels like I’m being slugged by 10 grand.”
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. “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.”
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Marco, a Senior Client Manager at OFX, instructed Scott on what to do and booked a good rate for him. “You know, this could have been a really complex transaction... With OFX, Scott could ‘cut through all the worry’ and ‘get results within minutes.’”
“The next day, the solicitor contacted me to say that the funds are in their account, we’re ready to sell.”
“…banks don’t own the right to transfer money. You know they’re not the only solution you have.”
Saved around NZ$7,000
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 (around £3,000).
“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.”
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