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.

Offer until August 2017

Until 30th August 2017, OFX has offered us an exclusive deal. It is simply this – you pay no fees until 31th September 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:

  • Register before 30.08.2017
  • Fee free transfers valid from until 31.09.2017
  • 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.

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!

The Cure to Money Transfer Jitters – Currency Exchange Alerts (with a Twist)

Have you ever noticed that sometimes emotions get in the way of good decisions?

I am definitely guilty!

For example, in the past I have tried to save a few extra bucks by watching the charts every minute…

I waited, thinking if I waited for some news to be announced like an interest rate announcement, maybe I could get a better rate only to discover a few days later that if I had only just gone ahead and made the damn transaction I would have saved a few hundred bucks.

Here is the way to end that craziness!

Currency Exchange Alerts

This morning I got an email that saved me $262 (or 1.3%) on a money transfer that I wanted to do sometime this week and it only took me 5 minutes to set up.

As I was making the transaction I thought – “This takes me 5 mins and just saved $262, why not do a little video to show others how it works”

Here it is that video:

List Free Currency Exchange Alerts:

Apps for Currency Alerts

After you have registered with one of these, simply use their alert service.




Should You Transfer USD Now? – October Update 2014

Want to move US Dollars from the States to CAD, GBP or AUD?

Transferring money overseas can be challenging – news, market commentators, forex analysts and changing economies can be sources of confusion for someone who simply wants to know if they should transfer US Dollars to the UK, Canada or Australia.

Transumo Man with US FlagI have shown how I saved $2500 or 10% in one transaction  by using simple chart analysis.

But I understand even simple chart analysis can be a challenge to get right so I will show weather you if you should WAIT or SEND your US dollar NOW for the CAD, GBP and AUD.

I will also provide some guidelines if I indicate WAIT as to what you do in the coming weeks.

Finally I will show on a monthly basis if my analysis and the charts have been correct and you can get the latest monthly analysis and charts sent to your inbox as soon as they are published.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Scroll down to see if you should SEND NOW or WAIT for the following currencies:

  1. US dollars to Canadian dollars
    • My recommendation: SEND NOW (short term) – Long Term WAIT
  2. US dollars to British pounds
    • My recommendation: WAIT (see notes for when to exit)
  3. US dollars to Aussie dollars
    • My recommendation: WAIT (see notes for when to exit)

 Should You Send USD to CAD Now?

USD to CAD 2yr Chart 1 October 2014Based on the two year chart the US dollar is strengthening against the Canadian and is pretty clearly in a long term uptrend.

The question is, should we sit tight or send our money now – I have found the three month chart is usually the best indicator when shown within the context of longer and shorter term trends.

USD to CAD 3 month chart 1 October 2014

Based on the 3 month chart, the trend is pretty clear. Interestingly the trend is at the top end of the channel right now so it looks as if you want to move your money now now will be a good opportunity to do it.

Longer term, clearly it might be best to wait. That said, if the USD to CAD was to fall significantly below the lower trend line (currently at $1.10) I would have no hesitation to move my money.

Lets take a quick look at the five day chart.

USD to CAD - 5 Day - 1 Oct 2014

The 5 day chart shows a continuation along the top end of the current trend with a slight dip recently. This tracking of the upper limit of the trend line is a clear signal to me that the risk is to the downside.

So should you send your USD to CAD now? – SEND NOW

You probably will save a cent or two in the short term.

Longer term however – if you have weeks or even months on your side, it looks highly likely that the US dollar will continue to strengthen. That said, all bets are off if the currency falls significantly below the three month trend line. A cent below the trend line would for me be enough to hit the “transfer money now” button.

 Should You Send USD to GBP Now?

USD to GBP - 2yr Chart - 1 October 2014

No shortage of excitement in this chart! The short sharp most recent trend is a strong turn around but the three month chart will be super important especially in light of the most recent little spike we can see in September which was caused by the Scots wanting, “Freeeeedoom!”

But since then the trend looks to have resumed – the three month chart will tell us if this is the case.

USD to GBP - 3 Month Chart - 1 October 2014

Well the Scots are staying, but that has not helped the GBP. Looks like the US dollar has continued along it very well defined upward trajectory.

The next chart, the 5 day, should always be taken with a grain of salt – just really checking nothing has radically changed.

USD to GBP 5 Day Chart - 1 October 2014


The 5 day chart just confirms the current trend. Right now, the trend is confined to a narrow band of upper and lower limits. So…

Should you send your USD to GBP now? – WAIT

However if the lower trend line is breached by more than 1/2 pence I would move my money immediately, or at least part of it. For now though, it seems like a good idea to hold on to this nicely entrenched uptrend and in the short term there is not much to be gained.

 Should You Send USD to AUD Now?


USD to AUD - 2 year chart - 1 OctoberThe two year chart shows some pretty amazing volatility, with the most recent trend sharp, short and sweet if your funds are in US dollars and need a home in Australia.

At $1.15 we are at a two year high, but the real question is does the three month chart show we are still in the same trend? The answer to this will significantly help our decision.

USD to AUD 3 month chart 1 Oct 2014

The three month chart seems to pretty clear show that the USD is gaining ground on the AUD. We never know how long this trend will continue of course, but we do know that it is in our interest to hold on tight for the ride – ready to jump if the time is right.

Lets to a quick check of the five day chart just to be sure the wheels are still on.

USD to AUD - 5 Day Chart - 1 October


The five day chart just further validates current trend.

So to answer the question, should you send your USD to AUD now? – WAIT

But be ready for decisive action.

The lower trend line on the three month chart indicates the ride might be over. If it was my USD on the line I would be enjoying this ride for all it has to offer, but with a very itchy trigger finger. As the two year chart shows the USD/AUD make uneasy bedfellows and a move of 1 cent below the bottom trend line would be enough fun for me.

Final Word

The only reason I suggest sending your money from the US to Canada now is that the currency pair is at the top end of the trend line right now.

Longer term the USD is clearly strengthening against all major currencies. If you have a longer term time horizon the trend shows that it will most likely pay to wait.

However, this of course can change without notice which is why I suggest keeping an eye on the lower trend line in all cases and be confident in when capitalizing on the majority of the most recent gains.

You know what they say – “Bulls make money, bears make money, pigs get slaughtered”

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