Tuesday, 17 October 2017

TorFX Australia review

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TorFX review

What is TorFX Australia?

Established in the UK in 2004, with more than one decade of successful history behind and 100,000 content customers online, TorFX is a well-recognized solution for anyone looking for an international money transfer with good rates and even better reputation. It is a leading service when it comes to foreign exchange and money transferring, with around 240 professionals employed and offices in Australia, USA, France, South Africa, the UK, India, Spain and Portugal. It is a trusted and awarded service, which provides foreign exchange, and international payments, both to individuals and businesses, with transactions over £3 billion made so far. TorFX is also regulated by ASIC, Investments Commission in Australia, making it a safe and reliable place for all foreign exchanges and international payments.

What are the benefits and why choose TorFX?

The history of successful transfers speaks for itself, but here are some more reasons to choose this international service:
1. The registration is free and straightforward. Unlike many other, this service does not obligate the customer. Making an account does not take much time and is done just by completing an application form.
2. Competitive exchange rates and the possibility of timing exchanges can ensure the best rate available. This is really great as customers can save money on foreign exchange transfers. There is a best rate guarantee, which ensures every customer gets to transfer the money at best possible rate available.
3. A low minimum transfer makes it easier for individuals to move smaller amounts of money, which is especially great for those who are transferring money to their families, staff or employees overseas.
4. Currency variations are not something to be concerned about because TorFX allows its customers to fix the current exchange rate in case of such currency movements.
5. The customer service is excellent and always open for questions, consultations, and advising.
6. Every customer can stay updated and receive the newest information about currency market, changes, essential data and related news, which helps keep track of personal finances more effectively.
7. This online money transfer service is unique for not charging any fees when transferring money, which makes it a real deal.


Is TorFX legitimate? Is TorFX safe?

TorFX is privately owned, but regulated by Investments commission and has a decade-long history of successful transfers, making it a safe way to transfer money overseas. Besides that, if you have any safety concerns or questions to ask, the customer service is available via phone or e-mail any time of the day. TorFX is under Anti-Money Laundering, as well as Counter-Terrorism Financing act, which all puts your transfers under protection and keeps your funds safe.

Who can benefit the most from TorFX?

As it offers fee-free transfers, TorFX is much more cost-effective than banks, and both individual and business can benefit from such transactions. This exchange and transfer service is an excellent platform for individuals who regularly transfer money abroad. Since TorFX takes zero commission, everyone who is looking for a money-saving way to move money can benefit from it. This means every customer will be fee-free, which is especially crucial for those who transfer large amounts of money. European expats, as well small businesses can also benefit, because of great exchange rates, good service, and extensive banking network. This transfer service is a specialist broker and makes all transactions much more straightforward and even more economical.

TorFX fees and exchange rates

The best money-saving element to take into consideration when considering using TorFX is its exchange rate that beats all the competitors. This is a way to save money when making transactions overseas. It is essential to take into consideration that transactions must be identical transaction and bear in mind it is crucial to have a provided rate via e-mail within 5 minutes of inquiry. Both online and transfers are fee-free, and the minimum transfer amount is 200 AUD, while there is no upper limit for transactions, which makes this international money transferring service particularly suitable for larger transactions. However, amounts above $25,000 need to be approved by a personal account manager. With TorFX there are no unpleasant surprises nor hidden charges and fees. Although deposits are usually free when it comes to online banking, it is essential to be aware that there may be some fees on the side of the financial institution which holds the recipient’s account.

Torfx best exchange rates

TorFX offers a best exchange rate guarantee, which means the customer will always get the best possible rate for the chosen transfer.

How does the TorFX money transfer process work?

Customers can transfer money online or by phone and to make a transaction, the customer has to make sure that the funds are sent in advance. The only way to send money to TorFX account would be a bank transfer since this service does not accept cash. The bank account, therefore, must be in your name. Payments from savings accounts usually take three days. If you want to transfer money from your credit card, you must withdraw funds from your card into another account. It usually takes up to one day to transfer the chosen amount to recipients account, but this depends largely on where the money is sent. Note that it might take a bit longer than 48 hours if the currency of your transfer is among those less used.
The first step is making an account and becoming a member of TorFX international money transfer community. Once you are registered as TorFX client online, you will get a call from your account manager in order to confirm your identity and verify your personal details. You will be asked what are your funds transfer needs, so the account manager can make sure you get exactly what you are looking for and your funds transfer is arranged. You will pay in sale currency and then the money will be transferred to your chosen recipient in the purchased currency. After you receive order confirmation, you must choose the recipient and leave relevant details. The rest is just between the service and the recipient’s bank.
To conclude, when transferring money overseas, there are three simple steps to follow. You need to book a trade and confirm your transfer. You will get a Contract note where you can read the terms of your chosen trade, and then asked to pay. The last step is the transfer, and this usually takes one to two business days.

What services doe TorFX offer to its customers?

There are many possibilities when it comes to transferring money online, and this international money transfer service has a lot to offer, starting from immediate money transfers and regular payments, to more specific transfers such as family payments, emigration or buying properties abroad.
1. Immediate money transfers. Immediate money transfers are available, no matter the reason of urgency. The customer can transfer money quickly overseas and all that in the best possible currency rate of the day.
2. Regular transfers. This service also offers a possibility to make regular monthly transfers, but, unlike with a regular transaction which can be made with $200 as a minimal transferring amount, this includes sums from $1000 to $20,000.
3. Family payments. Family payments are also regulated, without any fees on TorFX’s side.
4. Transfers for Immigration/emigration. Emigration is one of the major reasons individual make online transactions since it is in customers best interest to save money and make a safe transfer, which is exactly what this money transfer service offers.
5. Funds for international property purchases. Buying property overseas has also never been this easy and money-saving; You can fix the rate for a period of two years, so there are no drastic oscillations in the currency rate, at least as far you as a customer are concerned. This means that currency changes on the market won’t affect your purchase and in the end, you will know exactly the price of your property.


What types of foreign exchange are available?

TorFX offers two types of foreign exchange, for personal needs and for business. The first one includes services such as buying a property abroad, and the second one helps individuals grow their profits.

What currencies are available when transferring money?



Are you looking for the best way to transfer money overseas from Australia?


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Monday, 16 October 2017

OFX money transfer review

The post OFX money transfer review appeared first on Oak Laurel.

OFX money transfer review

Are you thinking of transferring money and want to know if OFX is legit? Check out our OFX money transfer review below.


OFX Australia was Ozforex

Oxforex has become OFX Australia. Being one of the leading services and a top-rated specialist international payment service provider, OFX is the number one solution for Australians who are looking for a safe and efficient way to transfer their money overseas. Founded in 1998 as OzForex, with $100 billion successfully transferred to different countries and in different currencies, OFX has around two million customers visiting the website each month. One of the motos of this well-trusted payment service provider is “Save money when you send money”, and for a good reason. OFX has grown to be a trusted service for online transactions, listed on the ASX in 2013, with worldwide reputation and offices around the world, in Sydney, London, San Francisco, Hong Kong and Auckland. With excellent online payment system, low fees and constant innovation, great customer service and 24-hour support available to the customers, it gained its good reputation over the years and continues to develop as a top-rated service in its category.

Is OFX legitimate? Is OXF safe to use?

Yes, OFX is legitimate! Yes, OFX is safe to use!

Always available to customers, with flexible transferring methods, including online transfer option, transfer via phone or agent, OFX, as a publicly owned company, offers a simple way to save and transfer money fast. It is listed on the Australian Stock exchange, is known for exceptional reliability and safety and is regulated by Investment Commission (ASIC). It offers customer support any time of the day, giving customers a possibility to call a member of OFX team any time of the day, in case you have some trouble with your account or transfers. This payment service provider uses Macquarie Bank’s global risk management policies, which all makes OFX a safe and trusted service a customer can rely on.

Transfer options and why choose OFX

It offers few transfer options to its customers, such as regular payments, one-off payments, spot deals, OFX options, limit orders, market orders or forward contracts. OFX is a great service to support any financial dealings when abroad and is a reliable way to manage finances effectively. From buying properties abroad and international investments, emigration, managing savings abroad, luxury imports, paying different taxes to get married or studying abroad; the reasons to choose a reliable international payment service such as this one are limitless. Here are some options customers find useful:
1. Spot deals – OFX offers a great solution for those who are looking for a quick way to transfer money. Based on given information such as how much, when and to whom the customer wants the funds to be transferred to, the customer will be offered a certain rate, which I based on the rate of the day the spot deal is made. When confirmed, the customer has 24 hours to transfer the funds to the recipient.
2. Forward contracts – Great option for customers who find it suitable, for one reason, or another, to lock in the current rate and keep it same from the moment the contract is signed, till it’s expiration. The one thing to pay attention when it comes to these contracts is that they have a maturity date, which means that the forward contract has an expiration date, which should be taken into consideration. This is a great option for those who would like to buy a property abroad, as locked rate helps customers have more control over finances, ensuring a more stable transaction. Also, the customer has to make an advanced payment, which varies from 5 to 10 % of the total sum. The rate, however, can be exchanged over time.
3. FX options – This is particularly useful in case the customer needs more flexibility when locking in a rate, and this is especially good when the currency changes and gets better than the one the customer previously locked at. Understandably, the expected downside of this option, comparing to the previous one, is that there is a 3 to 10% of the total sum to be paid for this kind of flexibility, as this is a considered a premium version of a forward contract.
There is also a possibility of choosing around fifty available currencies when making a transfer, although OFX does not make it possible for a customer to make a foreign currency account, meaning you can make an AUD account only. For those who are not so familiar with current currencies and market rates, there is an online currency converter available. What customer needs to do is simply visit the OFX website, type the chosen currency and the amount of money. The only trick here is to manually divide the currency amount by AUD amount to get the exact rate because otherwise, the displayed market rate is not the rate customer will receive.

OFX fees and exchange rate

The best part of choosing OFX as international payment service provider is a good exchange rate and reasonable fees. It buys currencies at a market rate and sells in smaller amounts. The exchange rate varies depending on chosen currency and the amount of money the client wants to transfer – the bigger the amount, the better the rate. Generally, OFX fees and exchange rates are than the banks. Fees are charged in the same currency the customer is selling. Moreover, there is a fee-free threshold for each currency, so if a customer transfers over $10.000 the transfer will be fee free.

How does OFX work?

Wondering how does OFX work? With OFX you can send your money via e-mail, with the app, phone or simply by visiting the website. The phone service is great, as well as customer service availability. OFX accepts bank transfers from your account and doesn’t accept cash or credit card, which can be a downside of this payment service provider. The only way to transfer money to your OFX account is by transferring funds using EFT or BPAY trough the bank. The only possibility to transfer money from your credit card is to withdraw available funds from your card to another account, and then send it across, which is a process that can include some hidden fees.

OFX currencies and countries

You can transfer your money to almost all countries in the world, make a personal or business transaction, which really gives a wide range of possibilities to any individual. While OFX transfers money almost to every corner of the world, more precisely to 190 countries, there are countries where the funds can’t be transferred and these are Afghanistan, Belarus, Burma, DR Congo, Republic of Congo, Cote d’Ivoire, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria and Zimbabwe.

OFX transfer process

Offering the customers great service and trusted online transactions, OFX is simple to use and works in 3 simple steps.
1. The first step is to make an online account. When it comes to online access, you can set up your account online in just a few clicks, making OFX website easy to use, although identity validation does take some time. The registration itself is free, and so are the first two transfers. All the customer needs to do is enter personal details, such as your address, occupation and contact details, fill in the details of money transfer and confirm account details trough verification. You, as a customer, will get an e-mail and a phone call, which is necessary in order to confirm your identity and protect your account.
2. Login and order a transfer. After you, as a customer register and log in to your account in order to transfer money, you can choose how much money do you want to transfer and chose a currency, and then add the receiving account details, which is the second step. After selecting a rate, the customer must send the agreed sum of money to a recipient in 24 hours.
3. Receive funds. The final, third step includes delivery of funds to the recipient. To make sure you are well informed about the transaction from the very beginning after the transaction is done you will be notified that the funds have been received, and you also have the possibility to continually track your transaction via an app. Usually, transfers take 1 to 2 business days, but they largely depend on the country the customer is sending money to. While money sent to the UK and USA is usually available the same day the money is sent, for the most other countries there is 1 to 2 business days rule for the transfer to be available to the recipient. There is, however, a minimum transfer amount of $250.



What else does OFX offer to its customers?

Besides excellent customer service, years of experience and many successful transactions, the OFX has developed and continues to evolve and innovate. Its customers are not only those looking for a purchase or investment abroad or emigrants; this international payment service provider offers great deals for travelers or simply for business.

Can OFX be used online?

Yes, OFX has online tools available, where customers can easily access, compare and convert currencies, get important data information about the history of their transactions, as well as stay up to date with the latest changes on the currency market.

Does OFX have options for travelers?

Yes, for travelers, there is a travel card available, and its main purpose is to make traveling abroad much easier, at least when it comes to currencies in different countries customers travel to. This card allows you, as a customer, to select currencies without having to pay fees, which otherwise, with any other payment option, can’t be avoided when traveling abroad. This is a great way to spend without having to worry about transaction as much, and keeps all the money from customers bank account untouched.

Can OFC be used for business transfers?

OFX is also great for any kind of business transactions, considering how many people interact with business partners, suppliers, customers or employees worldwide. It offers business ways to reach recipients quickly, giving them a way to pay and receive money safely. It helps small and large businesses of all types to develop and grow, as well as online sellers.

For small business and medium business, this means saving money. How? OFX lets their customers and take advantage of the global network of financial institutions and has low margins, which is important since banks usually charge up to 5% above currency rate and low fees. This is a great way to grow business overseas. Thanks to well-developed online service and 24-hour access to a list of currencies, the business owners will be always updated and informed about the amount they locked in. This means when paying suppliers or customers overseas, business owners won’t be affected by high margins and transaction fees such as those they would come across in banks.

OFX Pros & Cons

Pros of OFX

1. Exchange rates, as well as margin rates, are much lower than those customers come across when dealing with banks. With this payment service, customers can save up to 75% on fees.
2. Great transfer speed allows OFX customers to transfer money quickly, in just 1-2 business- days and transfers to 190 countries. This is especially important, as the exchange rates won’t change drastically, and recipient won’t wait for too long.
3. OFX is safe way to transfer money overseas. It is regulated by Investment Commission and listed on the Australian stock exchange.
4. 24-hour support allows all the customers to contact OFX customer service any time of the day.
5. This is an easy way to transfer money, and it takes only 3 simple steps for money to go from the customer to the recipient.

Cons of OFX

1. There is no possibility of making foreign currency account, as OFX is exclusively focused on AUD as it’s number one currency when making an account.
2. The smallest amount of money that can be transferred is $250.
3. The only way to send money to OFX account is by EFT or BPAY.


We hope that you liked our OFX review. Do you want to know the best way to transfer large sums of money from overseas?

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Thursday, 20 April 2017

Mortgage brokers salary | mortgage brokers earn $142k on average per year

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Ever wondered about a mortgage brokers salary? According to the Mortgage & Finance Association of Australia (MFAA) data, mortgage brokers earn an average of $142,000 per year prior to costs.

Mortgage brokers salary | mortgage brokers earn $142k on average per year

Data on mortgage broker earning comes form  the MFAA’s Industry Intelligence Service Report 3 (10 April 2017) and uses mortgage aggregator data collated by Comparator to produce business benchmarking and industry information for brokers.

The report compiled figures from 1 April 2016 to 30 September 2016 and found that brokers earn a national average of $83,000 in gross upfront commission and $60,000 in gross trail commission per year.

On a national level, brokers settled an average of $6.02m worth of loans each during the six month period. This equalled an average number of 21 new loan applications and an average loan book of $37.5m per broker.

Average broker market share from July to September 2016 remained stable at 53.6%, a drop of 0.1% from the prior three-month period.

Nationally, the broker population was approaching 16,000 with 925 more brokers entering the industry in the six months between April and September 2016.

Another surprising finding from the report was that 18% of mortgage brokers did not settle a loan in the six month period studied – an increase of 3% from the six months prior.

Are you thinking of becoming a mortgage broker or are you a mortgage broker that is struggling to find clients needing a mortgage? Join Oak Laurel as a mortgage broker. Oak Laurel has jobs available now! Oak Laurel can provide you with client leads.


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Tuesday, 31 January 2017

Are mortgage brokers good? The shocking truth!

The post Are mortgage brokers good? The shocking truth! appeared first on Oak Laurel.

Are mortgage brokers good? Yes, some are very good!

Are mortgage brokers good? The answer is YES, there are some very good mortgage brokers! Furthermore, as a general rule going to a broker is better than going direct to the bank. This is true even if you already know which bank you want to use. This is because a mortgage broker will look after you through out the process instead of leaving you up to the bank’s ‘system’. Moreover, with a good mortgage broker, like Oak Laurel, you get ongoing service so that if things change we can help you stay getting a great deal.

Advantages of using a mortgage broker

The advantages of using a mortgage broker include:

More choice of lenders and therefor more choice of loans than visiting a bank.

Bank staff can only recommend the loans that their bank has to offer so may try to convince you to get a product that does not suit you of is not as good as a loan at another bank or lender.

A good broker knows what the banks will not tell you about themselves so you can benefit from their advice.

A good broker will provide better service that what you get going direct to the bank and being pushed through the banks process.

Good brokers can have power in the bank system as the bank will not want to loose other deals by letting down the broker. If you are a single customer they are not as concerned as if they let down a broker who can send them lots of customers.

The loans do not cost any more if you use a mortgage broker.

Mortgage brokers provide a free service most of the time.

The shocking truth about using a mortgage broker vs going direct to the bank or lender!

The shocking truth about using a mortgage broker vs going direct to the bank or lender is…. By going direct to a bank, borrowers are cutting down their options to a small fraction of what they could have using a mortgage broker! Just based on probability, you are probably missing out on the loan that best meets your needs.

Are mortgage brokers good? They are if you use a good one!

So, are mortgage brokers good? Oak Laurel mortgage brokers certainly are!


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Are mortgage brokers free?

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Are mortgage brokers free? The answer is Yes & No

A common question that people have is “Are mortgage brokers free?” The answer is Yes & No. It depends on the mortgage broker and the situation.

Some mortgage brokers are free, in fact many are free. This is because the lender will pay a commission for the broker settling the loan. However, other specialist mortgage brokers will charge a fee. Furthermore, some mortgage brokers are free in some such as a standard home loan but then charge a fee in other situations, usually if the loan amount is small and/or the loan is complex and time consuming to arrange. Cash back brokers charge a fee but then give you back the commission. The fee structure of these brokers makes the fee similar to the amount of commission that the broker would have received.

Specialist mortgage broker

A specialist mortgage broker or finance broker is someone that has specialist knowledge in a certain area of finance. This could be a specialist development finance broker. They have specialist knowledge in that area, meaning that you are most likely to get a better result than if you just use a run of the mill broker. However, often these mortgage brokers are not free. They can charge an upfront fee that is usually a small % of the loan amount.


Small or complex loans

Mortgage brokers are usually paid a commission from the lender for settling the loan, the commission is a % of the loan amount. If the loan is small then the commission amount will also be small and be not worth the time it takes to arrange the loan. A similar situation occurs if arranging the loan will be time consuming and complex. In this case the mortgage broker may charge a fee to compensate them for the time to arrange the loan.


Cash back mortgage brokers

Cash back mortgage brokers give you back the commission but then charge you a fee (of a similar amount to the commission) to arrange the loan. Some people like this approach but it really does not make much difference to the client. In fact it can just cloud the fact that they broker is not really doing a great job for the client.


Need a good mortgage broker?

A good mortgage broker like Oak Laurel has a great team of mortgage brokers. Usually they don’t charge to arrange your loan but if they need to they will tell you what the cost will be in advance! Contact Oak Laurel today!



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