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What is the OzForex?

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  • Written By: Elva K.
  • Edited By: Heather Bailey
  • Last Modified Date: 01 November 2016
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OzForex is a subsidiary of Macquarie Bank, a leading financial organization in Australia. The company is based in Sydney, Australia, with operations in other places such as United Kingdom, New Zealand, and Canada. OzForex is part of the OzForex Group, which also includes CanadianForex, Tranzfers, NZForex, and UKForex. OzForex has Australian Financial Services Licensure (AFSL), which is given by the Australian Securities and Investment Commission (ASIC) to allow dealings in foreign exchange.

Since being launched in 1998, Ozforex Group has grown substantially. It has become one of the largest online foreign exchange companies in the world. This company's growth has occurred mainly through offering excellent customer services, cutting edge technologies, and exchange rates that are very competitive.

The OzForex website lists exchange rates on many currencies. Historical charts are listed on the website as well as strategies that can manage exchange rate exposure. There is also daily commentary on the website with comments about where various currencies opened and how the currencies are progressing versus other currencies.

There are also comments pertaining to what price range is expected for various currencies during the day. For example, there is discussion about the Australian dollar, New Zealand dollar, or British pound, but the discussion is not limited to these currencies. There is also a weekly market watch section of the website which gives both a summary of the highlights of the previous week and an overview of important upcoming events and information relevant to the upcoming week.

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Through offering 24-hour access to private client dealers and corporate dealers, OzForex Group completes at least 200,000 fund transfers a year on clients’ behalf. Having this type of expertise has helped make the company a major player within the global foreign exchange market. For example, there are 500,000 visitors a month and 65,000 transacting customers around the world. The company’s expanding client base consists of small and medium-sized businesses which export and import goods, migrants transferring their financial assets, expatriates who repatriate funds, and people who invest overseas.

The company has won various awards for its success. In 2005, OzForex was recognized as being one of the fastest growing companies in Australia with its sixth place ranking in the 2005 Business Review Weekly Fast 100 (BRW Fast 100) awards. The company took fifth place in 2005 in the Deloitte Technology Fast 50 (DTF50) awards, also placing in 2009. Additionally, the company founder, Matt Gilmour, was awarded the Ernst and Young Entrepreneur of the Year New South Wales (NSW) in Australia in the category of Technology and Emerging Industry.

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