OFX Promotional Code

Well done – if you are looking to save on money transfers you are in the right place.

Every one wants the best deal possible and coupons and promos are a great way to do maximize your savings.

Until 30th June 2017, OFX has offered us an exclusive deal. It is simply – you pay nothing for fees until 30th June 2017!

So the sooner you sign up the more you save but be sure to click this link before you sign up!

There are some terms though which you should also be aware of:

  • Fee free transfers valid from until 30.06.2017
  • Min Transfer AUD 250.                          
  • Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.

If you are wondering who OFX is or just want to understand how a money transfer company works – check out this review I wrote but to qualify for the promotion you need to click above or here.


The Importance of Regulation and Who Does What

Sending money to another country has become extremely simple and convenient. All you need is a bank account and access to one of the many transfer services that are available.

Security and TrustBoth the person who is remitting the funds and the recipient should be aware that they need to adhere to the rules and regulations governing such transactions in their respective countries. In the normal course, your bank or the agency that you are using ensures adherence to the applicable laws.

If you are dealing with a reputed and well-established money-transfer service provider, you need not worry too much about regulatory compliance issues as these will be taken care of. But it is good to know about the various statutes in different countries that apply to your money transfer so you can check to see if the company you are using is registered.

Below Covers:

  • Australia
  • Canada
  • Hong Kong
  • UK
  • Europe
  • USA


The Australian Securities and Investment Commission (ASIC) is responsible for overseeing the foreign exchange market and all money transfer providers.

The agency that you use should have an Australian Financial Services License (AFS). This certification is given only if the representatives of the firm are adequately trained to carry out money transfer transactions.
If you use an ASIC registered money transfer provider you can be sure that the relevant Australian legislation regarding fraud and money laundering has been complied with.

Another advantage in dealing with an ASIC licensed agency is that it will have a suitable dispute resolution mechanism in place if you are dissatisfied with your transaction.


The agency that is responsible for monitoring financial transactions in Canada is the Financial Transactions and Reports Analysis Centre (FinTRAC). Its mandate requires it to pay special attention to the detection and prevention of money laundering and terrorist activities.
Money Services Businesses (MSBs), which include money transfer providers and foreign exchange brokers fall under FinTRAC’s purview.

FinTRAC regulated MSBs are required to maintain segregated client accounts. This regulation protects consumers as their money is kept independent of the money transfer providers’ other funds. In the event that the MSB gets into financial difficulties, the customer’s funds are not in danger of being lost.

Hong Kong

The Hong Kong Monetary Authority (HKMA) functions as the central bank and is responsible for ensuring compliance with local and international regulations. Banks that provide money transfer services are monitored by the HKMA.

Other money transfer providers fall under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). They are required to apply for a licence from the Commissioner of Customs & Excise.
The rules governing international money transfer providers are very strict and it is in the interest of persons seeking to remit money abroad to ensure that the agency that they are using is licensed by the Customs & Excise department.


Money transfer agencies in the UK can be either ‘registered’ or ‘authorised’ by the Financial Conduct Authority (FCA). The FCA is an independent body that protects the interests of consumers in the UK.
The FCA ‘registers’ a money transfer agency on the basis of two conditions. The first is that it should be based in the UK and the second, that none of its managers have been convicted of financial crimes.
An “authorised’ agency, on the other hand, offers customers greater protection as the process of authorisation by the FCA is more stringent.
If you are dissatisfied with the services of the agency that you have used, you can approach the Financial Ombudsman Service for redress.


The European Central Bank sets the policies for all member countries. But the central bank of each country is responsible for implementation.
Recently, a number of new rules have been implemented to prevent money laundering. These require that any transfer of €10,000 and above requires stricter customer due diligence. EU countries are also required to set up registers to record the ultimate parties who are receiving the funds.


Money transfer providers are known as Money Services Businesses (MSBs) in the US. They are overseen by the Financial Crimes Enforcement Network (FinCEN), which is part of the US Treasury department.

However regulation of money transfer agencies is done at the state level.

The Consumer Financial Protection Bureau (CFPB) is the federal agency responsible for ensuring that customers utilising money transfer facilities are treated in a fair manner.

The CFPB has framed rules that require money transfer agencies to disclose the fees that they charge. In fact, you will receive an initial disclosure statement that clearly lays down the amount you have requested to be sent, the exchange rate, taxes, and the amount that the recipient will get.
You can use this information to compare the offers of several MSBs. When you actually use the services of the MSB that you select, you will get another statement furnishing complete details of your transaction.
Rationale for money transfer regulations

The greatest advantage of online money transfers is the speed at which they are completed and the convenience they offer. But the service can also be used for fraudulent activities and money laundering.

It is for this reason that the financial regulatory authorities across the globe have implemented a number of measures that seek to curb the illegal use of international money transfer facilities.

UKForex (OFX) V TorFX V WorldFirst – UK Money Transfer Companies Compared

Are you tired of banks taking you to the cleaners when you move money internationally?

Thanks to British regulators the money transfer industry started in London and continues to grow at a rapid pace for the whole world to benefit from.

In many countries there are usually only a handful of operations due to the onerous regulation each company needs to meet.

But there can be big advantages to using a UK based company that also has physical operations in the country where you want to transact between – most notably security and service. 

Below are some of largest and best money transfer companies in the UK who also have operations in other countries (the more the better usually).

Money Transfer Services in the UK

Service NameMinimum Amount (£GBP)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to UK (see *Note)Transferring $50000 to UK (see *Note)
My BankNoneOnline/ Phone/ BranchUK£15 + bank at other sides feeNone£2,610.04£26,100.40
TorFX£100Online/ PhoneUK, AustraliaNo FeesClick here to get all transactions free £2,735*£27,428*
OFX - Full Review Best Money Transfer Company 2016£100Online/ PhoneUK, Australia, US, NZ, Hong Kong , Canada£7 fee or transfer £3000 or more and it’s freeFirst Two Transactions Are Free£2,753*£27,612*
World First - Full Review £100Online/ PhoneUK, US, Australia£10 fee or transfer £500 or more and it’s freeClick Here for no fees for ever£2,750*£27,551*

* Important Note About Rates:

These rates are the average of two major comparison services in the UK.

However despite seeming to have real time rates – each service usually offers a different rate depending on the amount transferred as currencies fluctuate along with the world currency markets each tick of the clock.

By the time you have registered with a company or even just logged onto their website, the rate they offer will have changed.

We have included the rates here simply as a way to clearly show that the services are very similar in what they offer and also a much better deal than banks

If you wish to maximize savings please refer to our “3 Secrets to Money Transfers” PDF, but simply by choosing one of these services over a bank will save you between 2 and 4%.



Best Choice – Money Transfer Company 2016

A few years ago Transumo first set out uncover the best money transfer companies by country.

Sick of paying high fees – our main goal was quite simple – we wanted to inform about the options beyond traditional banks where you lose 3.5% – 5% of your funds ever time you make a transfer.

At first the differences between services were minimal although there were some, so we showed the differences.

Most importantly, you did not end up using a bank. Apart from saving a bunch of money – telephone, online services and tools to make trades ensured you were miles ahead.

And that gap is widening.

Best Choice 2016

Best Money Transfer Company 2016However as time has passed, differences between the services have become clearer – one leader has emerged so we decided to crown it!

It is OFX!

Here is a review for OFX Australia, CanadianForex and USForex – who are the same company and share the same platform.

Click here for the UK

Cost wise, most services are quite similar. You can expect they to charge around 1% for larger amounts over $10k down to about 1.8% for their minimum. (Banks are about 3.5% plus fees usually charged by your bank and the receiving bank which often amounts to up to 5%)

Comparison Table

ServiceWeekend DealsLive Currency ConverterFee Free Transfers
OFXYes – 24/7YesOver $10k
World First24/5NoAll

Main Differences


There are two point of difference that makes OFX stand out for us and we think most people will agree.

  1. Ultimate Transparency – By having the actual rate you will get right on their home page (without logging in) all the cards are on the table. We encourage you to compare.
  2. Being able to transact 24/7 – on weekends is a huge benefit for most people.
  3. The physical location of offices can matter a whole lot.  We have discussed at length the advantages of having the money transfer company in your own country for service and security reasons, but it is especially helpful if you move to that country and they can still serve your interests there too.


Paying a fee of $15 for amounts below $10,000 is a negative but lets face it $15 is not a lot, on $5000 (£2500) for example it amounts to 0.3%. Click here, we have negotiated the first two transfers free.

However if you are transferring amounts less than $5k regularly and really want to squeeze every cent out of your transactions – perhaps one of the others is better.

There are many other differences between the services, but in our opinion they are more minor.

Alerts for example is important and something all three offer which can be extremely helpful.

Where OFX clearly wins the day in our opinion is that you can transact on weekends and also you can see exactly the rate you will get without logging in.

We expect other service provider to catch up in time, meantime just choosing one in your country will put you miles ahead.

6 Untapped Ways to Save $$$

How’d you like to see how I consistently save thousands of dollars on a regular basis when I transfer a fairly modest amounts around the world?

Quinn Askeland Small ImageHi my Name is Quinn.

After 10 years of living around the world and thinking each time that we were going to settle down 🙂 – I have learned a thing or SIX!

Unfortunately most people waste between at least 3% of their money and usually more like 5 – 7 % of their money when moving their hard earned dollars, pounds or euros worldwide.

Here is a round up of some awesome ways I have discovered how you can end up with more in your bank account.

1. Use a Money Transfer Service

As discussed everywhere there easiest way to save money is to not use a bank and choose a service that specializes in transfers overseas – ideally one that has an office on you country because of the extra layer of safety you will get and the fact that you are more likely to get better rates and service.

The next 3 are in my eBook, and they remain powerful – I recommend you grab a copy now!

2. Dip a Toe In

I found out the number 1 reason people continue to use their bank is that they are worried about losing their money. My suggestion here is to transfer a small amount initially – you will soon see how silly you were to wait so long.

3. Register

Until you register you have got nothing. The rates indicated on websites don’t mean a damn thing until you are actually in the back end and ready to trade. There is one awesome service, that I use myself personally that does actually offer the rates right on their website – live – the actual rate you will get BUT even then by the time you login or signup the rate you thought you could get is no longer.

4. Shop Around

The transfer market has become pretty competitive. This means you can do well to shop around.

In the eBook I provide tips on exactly how to go about each of these.

After you have read it you will be miles ahead of most people without doing anything else.

But if you want to go a bit deeper and actually make some money here are some slight less passive ways to do it!

5. Ladder Technique

Through a little experimentation I found a way to basically lock in rates as they go higher.

Just like a ladder and using your two legs you are able to move higher up the rungs.

This saves me easily on average about $100 each time – risk free.

I thought it was a cool little technique, so I made a little video.

You can find the transcript here or watch it now.

The only thing about the ladder is that you have no idea how high it goes.

You have to have a little discipline to take the extra money off the table. Just be happy with what you get.

6. Smart Alerts

Beyond just using a specialist money transferrer with an office ideally in you country this is by far the most powerful way to make (save) a bundle of money.

I showed, “How I made $2500 or 10%” with a case study where I show you step-by-step how I do it.

Essentially I have taken a tactic that the Pros have used and simplified it and dumbed it down so that I can do it without too much thought – just results.

Yes it takes a little discipline, but I have consistently outperformed over a long period of time.

I can always get an extra 1% (but often more) which covers all the costs of the transaction and a bit more usually.

It is as simple as setting up some rules and alerts for yourself on when to send the money based on drawing a couple of lines.

You can also read, “How to Lock in Great Rates” to help you master this technique.

Hope that helps – Happy Transfers!



World First Review – Safety, Speed and How it Works

What’s to like and what’s not to like? – including negative reviews from others

Hi, I’m Bre – an expat who moved to Australia from the US six months ago after traveling through Asia for a few months.

  • World First has physical operations in the USA, UK, Australia, Hong Kong and Singapore – but transacts worldwide (some countries excepted) – click here to get free transfers for life (opens new tab).

Bre FowlerLike most people moving to a new country, living on a budget and not wasting money was crucial. The problem I quickly realized is I was losing a ton of money to bank fees and poor exchange rates whenever I used my  overseas bank card or withdrew cash.

To remedy this the first thing to do is open a bank account so I could get paid and pay for things in the local currency.

Most importantly I needed to transfer the money from my bank account at home to my new account.

The first time I transferred my money directly through my bank, (and unbeknownst to me) losing a good chunk in the process. Fortunately I didn’t transfer a huge amount to begin with.

Then I learned about international money transfer services, which have NO hidden fees and offer much better exchange rates.

I had done a lot of comparisons of the different services available, and found that World First was one of the top contenders and best fit my needs. They also have no fees – whatsoever – all their costs/profits are covered in the exchange rate.

Logo - World FirstAlso since, I prefer to transfer only the amount that I need rather than ALL of my money, and one of the reasons I like World First so much is because they have a low minimum transfer amount ($250). The also have great exchange rates and a lifetime of no fees with any of my transfers.

If you want to transfer larger sums of money, say for a car or a house, then you’ll get an even more competitive rate, but small amounts easily beat banks by 2 – 4%.

I also find it comforting to know that WorldFirst is a BIG business with David Clementi as their Chairman (who was the former Deputy Govenor of the Bank of England)

How it works:

When you’re ready to book a rate and make a transaction, you can either do it through your online account or contact your dedicated dealer over the phone.

1. Book a rate


There are three options offered, “Spot Rates”, “Forward Contracts” and “Currency Options”.  Although a little technical at first, I am told almost everyone simply uses “Spot Rates” – the others suit business customers or more advanced currency trades.

Basically they quote you an exchange rate for the amount you need to move. If you agree to the rate, they will book the trade on your behalf and the rate will be fixed, regardless of any changes in the market during the process.

Interestingly, the rate shown on their home page is the “Interbank Rate” so you need to login or call to get the actual rate they will offer.

2. Provide account details

Add the bank account details of where you would like your money to be sent via their online platform. This is called the “beneficiary”

3. Send your money to World First

When they receive your funds they’ll convert them and confirm the amount of buy currency they’ll send to your requested bank account, and then make the payment by the agreed date. On the day of the settlement date they will send you a Payment Confirmation to confirm that the payment has been made.

What I like

After a bit of comparison shopping I found that their rate were very competitive.

Many money transfer services will often contact you via telephone to confirm a deal. World First is different – they ask you to call a broker to lock in the deal. I like this because it meant I could just get it all done immediately, no waiting around for a call to come through.

Not only that, but if you do decide to sign up for their service, you will get your own personal currency specialist to guide you through the process, ensure you are getting the best rate possible, and that your money arrives safely and securely.

World First gets five stars for their customer service and answering any questions along the way so I know my money is in good hands.

The transfers can all be done online safely and securely; you can also transfer money over the phone or through their app, but I always prefer to do mine online.

What I don’t like

world-first-review-signup-2To get set up, they request a lot of info before you can activate your account and begin transferring money. You also have to speak to your currency dealer on the phone. (However this is the case with almost all of them – except one)

This apparently is an added security measure, along with submitting a photocopies of your passport and a recent bank statement or utility bill with your current address on it.

While I appreciate the extensive security measures, it was a bit of a hassle, especially for someone who just arrived in the country and doesn’t receive bills or statements.

That said, not sure there is any way around doing this and certainly it it well worth the effort.

Other Peoples Reviews of World First

I like to see what others are saying and to be honest I take a lot of comparison sites with a grain of salt – especially when they seem overly awesome. (most do)

If I trawl through and focus on the negative reviews most seem to come from people who are trying to send money to places like West Africa and finding out they do not deal with every country despite offering them a great rate.

I also found people who had trouble meeting the stringent compliance requirements.

In general through customer service standards and rates are some of the highest in the industry even compared with the overly positive reviews other companies seem to get too.


Overall I am very happy with World First and it would appear that many other people are too – the service and especially the rates offered.

They also have no transfer fee even for smaller amounts.

For business or money transfers of large amounts World First seems to be a very solid option as they support forward contracts and other more complex trades,

The setup process is a little tedious, but it provides a strong sense of security for your money and customer service is high.

OFX Review – Safety, Speed and How it Works

Worldwide, we fork out over hundreds of Billions in bank fees each year. ($11B just in Australia)

And if you currently use a bank to transfer money – you are paying more than your fair share.

Fortunately there a few good alternatives and the largest of them all in Australia is OFX who also has physical operations in the USA, UK, Canada, Singapore and NZ.

Click here to open OFX in a new window. (Get 2 free transfers)

Why should you read this review of OFX?

My name is Quinn and I have used OFX on a continual basis for over 10 years.

Quinn Askeland Small ImageAs a business owner and home owner who has moved from UK to Australia to Canada and then back to Australia again – I need a reliable, cost efficient way to move money internationally.

For me that has been OFX but to get the best rates, I have also used many of their competitors in recent years and I have found that there is a lot to consider when choosing a money transfer service.

To save you time and money – my goal is uncover everything you need to make a wise decision.

So what does OFX (hopefully) deliver that banks can’t?

  • Control of your Money (timing can make a huge difference)
  • Customer Service (like phone support)
  • Much Better Exchange Rates (this is where I usually save the most)
  • Low Fees (often Zero)
  • Security at least as good as a Bank

Before we get into the nitty gritty, (if possible) I recommend you choose a service that has operations in the country where you live.

For instance, OFX has offices in Australia, USA, UK and NZ.

There are three very good reasons for this:

  1. Your money is safer, because it is regulated by the country you live in.
  2. Service is generally the highest (like telephone support) when there are offices in the country you live.
  3. Rates are usually the most competitive because of economies of scale (Basically the more of your country they  deal in – the better the rate they can offer)

If there is no service where you are resident then choosing one that operates in the other country you transact between is the next best thing.

Other then that choose a big one – OFX is one of my top picks.

That said, here is my step-by-step review!

Full Review

Originally owned by Macquarie Bank in Australia but more recently listed on the stock market (ASX) in 2013, OFX has operations worldwide and is fast becoming a big “fintech” success story.

First things first …

Safety and Security

When it comes to sending your money abroad, OFX is just as safe and secure as any bank, maybe safer…

Because OFX has offices worldwide – it is regulated in the Australia, UK, NZ, Canada and the USA – making it one of the most regulated financial companies in the world. (In the case of the US, they actually have to meet the regulations of each state in which they operate.)

OFX also is also obligated to comply with international anti-money laundering laws of these countries.

In short, the chance OFX will lose or mishandle your money is as low as it can get from what I can reasonably tell.

How it Works


Registering with OFX is simple. The setup process is clearly outlined on the website and customer service “dealers” are there to help if you find you need any help.

Sig Up OFX

Here are the two things you have to do:

  1. Register OnlineClick here to register to check out current rates and make two transactions for free
  2. Verify Your Identity

Registration takes less than five minutes, then you’ll be on to verifying your identity, either automatically or through email.

You may also get a call from someone at OFX. They call themselves “dealers”, but really they are really there to help answer any questions you have.

When I registered, I found they needed me to provide a bit of additional information, like a copy of my ID.

Getting this information back to them was pretty straight forward.

In my case I simply scanned my driver’s licence, but a smartphone photo would be fine as well. Sending them over was simply by replying to the original email I received.

Setting up a Deal

Now the real fun begins. (Yes it is actually fun, especially when you lock in a good rate.)

Once you are registered it is time to set up a transaction. This can be done on the phone as well but I find their online platform to be powerful yet easy.

OFX Transaction Screen

It is as simple as logging into your account, selecting the currencies and amount and “Get Quote” under the New Quote.

Then you need to fund your account.

There are two main ways of funding your OFX account:

  • BPay
  • Direct Debit

BPay is by far the most popular for individuals and smaller businesses.

Direct Debit is used by bigger businesses in most cases. They also accept Poli and EFT.

Exchange rates get more and more favourable as the amount of money you transfer increases.

A nice feature though of OFX recently is that they show the rate you will get. Of course, if may change once you have logged in but in my tests it was pretty close.


It takes about 5 days end-to-end to reach a destination bank account – this was about 2 days quicker then when I used to use a bank.

Receiving money into your OFX account may be a day or two quicker or slower depending on who you bank with and the countries you transact between.


We’ve already established that money transfer companies have better fees and rates, but customer service is where they really shine. OFX lets you make transactions both online and, unlike the banks, over the phone 24/5 (Over the weekend currency markets close).

Making transactions online has an advantage over banks as well. OFX is very transparent – letting you see exactly where your money is during each step of the process.

You can also monitor their rates live so you can make a transfer whenever the rate is best for you.

For me, monitoring the live rate is the biggest perk.

It is this level of visibility and control let me save a great deal of money.

You can check out how I saved  $2500 using OFX on a $20,000 transaction here.

You don’t have to commit to watching rates every day – simply ste up some alerts to guide you.

Either way, you’ll always save money over bank exchange rates.

Rates and Fees

Everyone likes saving money.

The Fixed Fee is one of OFX’s greatest benefits.

And the advantage of better exchange rates cannot be expressed enough. The logic here is simple: the more money you transfer, the better the exchange rate you’ll receive.

When I compare the mid-market rate and the rate I was offered by OFX on my online transaction and the difference ranges but most transactions are less than 1%.

The rate also improves for larger amounts. As for the banks, the difference is somewhere between 2% and 4%; this can be a lot when transferring big amounts.

For example, you save minimum of 3% on every transaction that is $600 per $20,000 transaction.

This combined with some simple timing I have found it is easy to save over $1000 for every $20,000 moved.

The Bottom Line

When I deal with OFX I benefit from excellent exchange rates, great customer service and speedy transaction times.

Once when a transaction got delayed (my fault) they actually gave me an even better exchange rate as compensation.

OFX continues to meet my expectations and has even gotten better over the years.

And thanks to other OFX reviews, I know I’m not the only one.

Other Reviews of OFX

What about the bad reviews?

Seeking out the one star reviews makes me think they have pretty tight standards when it comes to who they can deal with. If you run a business for example, they may want proof of the type of business you are involved in to ensure it is legal. These tight rules are most likely due to all the regulations they have to satisfy. Certainly I had no worries and by far the majority did not either.

If you have a business or unusual circumstances, my advice here is to understand what they need so you can get approved quickly.

For most people it will be smooth sailing.


All in all, I am impressed with the OFX service (Get 2 free transfers when you click here and sign up) and will continue to enjoy saving load of money over a bank.

Thanks for reading!

Easy $100 in 10 min with No Risk Video

Using a money transfer company I recommend with save you thousands but in this video I show you how to make $100 in 10 min really easily with no risk.


Well hello there. Quinn here from Transumo.

Good to have you guys here.

I am just about to make a trade and show you how you can make an extra few hundred dollars, absolutely risk free.

I know that sounds tacky. But it really is – it’s true.

So this is the easiest, easiest, easiest, way to make a couple hundred bucks that I know of in the entire world.

Here it is.

I open two tabs in my favourite money transfer company’s website, and then I basically quite a few minutes for the time to elapse so that I can just click to get a new quote.

So I started out moving CAD 50,000 Canadian to Australia and I started out actually below. This was just below $50,000. I’ve got up to an extra $70 and this is just in 10 minutes.

Seriously, it’s as quick and easy as this.

While I was recording this video, if I click on this and it goes down, that’s okay. What I will do is locking this row, and if it goes up then I’ll just wait another couple minutes. Do a little bit of Facebook, whatever you want to do.

There you go. Ninety dollars.

So I’m over $100 now for this that I’ve made in 10 minutes.

This could potentially easily spike one cent which is the equivalent of $500 here. I’ve seen that happen many times. Usually it’s more in this kind of realm, an extra $100, something like that.

But it’s risk-free money and you aren’t spending really any time. I mean you can go into Facebook or whatever you want to do, whatever takes your fancy while you’re making extra dollars.

Hope you enjoyed this video.

If you’d like to find out more tips and tricks, check out my ebook. I’ve got it on transumo.com. There’s no opt-in. You can just download it at the moment.

I also reveal who I use as my money transfer provide. They have international offices in Australia, Canada, US, UK, New Zealand a few others. Basically got the world wrapped up in terms of money transfer. So I do recommend them amongst others depending on which country you live in. I explain that all on Transumo.

Thanks for listening

Happy Transfers!

How to Lock-in Great Rates – Case Study on International Transfers

I am super excited to share this with you.


Well pocketing a couple thousand extra dollars could not be simpler in my view.

Unhealthy obsession?

I think not.

To the contrary it is very healthy in every way because it is but far the easiest thing to do to make money.

In a world where 1% – 2% interest per year from your bank account is about as good as it gets – Getting another 2% safely, easily and in about 5 days is very sweet indeed.

As discussed at length, you can easily save money by not using a bank and simply use a money transfer companyusually saving around 3%.

But in addition to this, here is how you can lock-in great rates.

How Alerts Work to Make Money

The beauty of this method lies in its simplicity.

For example, lets say you want to transfer $100k Canadian (CAD) to the Australia (AUD) in the next 3 months.

I use these currencies just as an example, mainly because this is a real life example I am executing right now but I have transferred – USD and GBP exactly the same way.

  1. Timeframe: Decide when you need the money moved – 1 week, 1 month, 3 months, 1 year (in this example 1 week)
  2. Set Limits: Look at the three month chart and one year chart using yahoo exchange or something similar and decide on your limits – upper and lower
  3. Set Alerts
  4. Wait
  5. Execute

Step 1. Timeframe

In my example, here is what the charts look like.

3 month exchange rate Cad to Aud

3 Month Chart


1 year Cad to Aud chart

12 Month Chart

I find charts like the second one very exciting if you have a long time horizon.

For my example, like most people, I needed my money ASAP.

So the three month chart plays a bigger role in step two.

Step 2. Set Limits

For step two usually I print off these charts – yep I actually print them off and get out a ruler and pencil.

Here is what I did to the 3 month chart:

3 month CAD AUD chart

What I drew is two sets of parallel line or “trends”

The rising set of lines are more important if my time horizon was 1 month to 3 month, but since we need the money now – the key is avoid dips like what happened on 2 July.

Finding the Sweet Spots

Just in the past 15 days the “currency pair” has moved between 1.06 and 1.04 – for $100k that is a $2k difference.

Therefore it is easy to see that anything over 1.06 is a great result in the short term.

Longer term is a different story – everything tells us if we wait we will be better off.

However, our timeframe in this example is short.

Step 3. Set Alerts

I used OZForex/Canadian Forex/USForex which are the same company for this example, but almost all money transfer companies provide alerts.

Here is what the alert panel looks like.

Alerts for Ozforex, Canadian Forex and USForex


In this example 1.06 is what we want but I want to be ready when it hit that.

So I set alerts for 1.059, 1.06 and 1.061

Importantly: I also set alerts for 1.039, 1.04, 1.041 to protect on the downside.

Lets not forget we were at below parity ($1) this calendar year so being ready and able to pull the trigger at 1.039 (maybe 1.0375) is just as important as 1.06.



Step 4. Wait

Waiting seems easy, but it is not for most people.

The magic of having the alerts set up though is that you can get on with everything else in your life without worrying.

Then this happens.

Alerts Trigger an Email

Step 5. Execute

This is where the rubber hits the road.

An email is sent or you get a text (I always do both) and now its time to ring the register.

In Real Life

The reason I am so excited to share this with you is because it works and here is proof.

Actual Trades

On the 3 July I sent money from Canada to Australia with the CAD/AUD above 1.06.

I also did the same thing earlier on the 26 June.

During this time the exchange rate did go to 1.04 but not any lower so I did not transact.

Of course the money transfer company does take a cut – In this case it was about 0.9%.

I ended up in front by 2% – Which for $100k is a $2000 gain. Not bad for about 10 or 20 min work. Not too bad ehh?

Important Notes

Deciding when you need your money is very important. In my example, I wanted to bring the money over ASAP so the 3 month chart and particularly the past month is far more important.

If however you time horizon is much greater, like 3 months or more, then the 1 year chart becomes more important.

I hope you do to!

Thanks for reading.

By the way, I am not a financial expert of any kind and this is not meant to be financial advice – just a way for you to make your own decisions and have more control over your money with confidence. 

CurrencyFair Review – Safety, Rates and Peer-to-Peer Transfers Uncovered

Did you know that peer-to-peer money transfer services like CurrencyFair can (possibly) save you a bundle of money?

Peer-to-peer is the latest when it comes to moving your money internationally but is it any better?…

Questions I will answer in this review.

  • Is peer-to-peer actually safe?
  • Are the rates better than other money transfer services?
  • What is the service like?
  • How do you sign up?
  • What does a transaction actually look like?

Watch this video to see me save $1000.

First – What the heck is peer-to-peer?

Simply put: Peer-to-peer money transfers are when you and someone in another country swap money.

For example, lets say you (Peer 1) have £1000 in the UK and you want to transfer that to Australia.

Fortunately, at exactly the same time someone else in Australia (Peer 2) has exactly the right amount of Aussie dollars that they want to transfer that to the UK to get £1000.

All you do is swap.

The advantages are huge, no fees, no dealing with banks charging exorbitant fees and giving you a bad deal (the spread) on the exchange rate.

You simply transfer the £1000 to their bank account in the UK and the do the same in Australia.

Of course, finding someone with exactly the right amount of money at exactly the right time and being able to trust that person is where things fall apart.

However a company like CurrencyFair make a pool of funds available in many countries at all times and if its not perfect, they make up the difference.

This means you can (theoretically) save a ton of money on international money transfers.

It also means that all the systems in place ensures things run smoothly.

But is CurrencyFair safe?

All money transfer companies and banks need to meet the requirements of financial regulators in the countries where they physically operate.

This usually means a lot of paperwork, hoops to jump through and bags of cash in banks in which they operate.

In a nutshell the best way to quickly determine how safe the company really is – is to look at the countries where they have offices.

CurrencyFair has offices in the Australia, Ireland and the UK. Australia’s financial regulator for example is considered very tough.

This does not mean you cannot send money from other countries or to other countries, simply that by virtue of operating in Australia, Ireland and the UK, CurrencyFair needs to operate within the guidelines of the regulators of those countries.

Are the rates better than other money transfer services?

Most people and even businesses still use a bank.

You probably know that banks charge an arm and a leg but if not …..

Comared to banks using CurrencyFair is an excellent way to save money, but are they better than comparable services like TorFX, Worldfirst and UKForex/OZForex that I have been using for years?

First let me say, whatever you do – do not believe the comparison sites rates.

Checking their rates is pointless!

If you read the fine print you will find that the rates shown are updated a regular intervals – but never in sync with the market which fluctuates second-by-second 24/7.

There is a very good reason for this – you can’t actually see the rate you are going to get until you log into their system.

How do you sign up?

The sign up steps are actually pretty fun.

You can start by seeing how much you will save on a bank… click the link at bottom of this page for the same form shown here.

CurrencyFair Signup and Comparison with Bank

Simple Signup

The process of signing up is two steps.

Step 1

Step 1 CurrencyFair


Step 2

Step 2 Activate Account

Step 3

Information Required by CurrencyFair

The system used by CurrencyFair in Step 3 is excellent and easy and makes it really easy to upload the information they need. All you need is a scanner or phone with a camera and then simply upload them.

What does a transaction actually look like?

How CurrencyFair Works - Transfer Platform

The Bottom Line


Extremely good service although I have not yet had a problem to test their service standards.

Sign up was simple and I love their platform for uploading document requirements (that all money transfer services require) – top marks.

Safety and security are as good as a bank or other money transfer service given that they are regulated inAustralia, UK and Ireland.

Rates and Fees are incredibly good. All money transfer companies easily beat the banks by at least a couple percent, but with CurrencyFair I was able to get rates close to the mid-market rate or 0.3%.

Usually 1% to 1.5% is considered very good.

Yahoo currency - midmarket snapshot

This snapshot of the midmarket rate was taken at exactly the same time as the trading screen above. The difference in exchange rates are as good as it gets.


  1. Sign up was very easy
  2. ID check system is the leader in the industry (this is usually the hardest part)
  3. Security is assured by virtue of being regulated in Australia, UK and Ireland
  4. The exchange rates I got were actually better than


Unfortunately if you are a resident of the US, due to the regulatory requirements (each State has its own requirements making it expensive and challenging) you cannot use CurrencyFair. Fortunately there are one or two great alternatives.

The only other possible negative: For some people, the level of control you have when you are making a transfer is pretty awesome. For me personally, I love this, but for many others the options of choosing “Better Requested” or “Best Available” or even choosing your own rate may be overwhelming.

CurrencyFair is a very solid choice if you want to get the best rates.