When I first moved overseas 7 years ago I was often shocked to see the transaction costs and rate of exchange offered by the leading banks when transferring money from Australia to Europe. It wasn’t as if they actually had to rent a boat and ship it over, and yet the click from their computer to a computer somewhere else seemed to cost a small fortune, and the larger the amount you were sending the more they seemed to take.
My mum was told about Forex Sport by a good friend of hers and we have been using their service ever since. Offering a 3% better rate than the banks, CEO and founder Dion Ciavola started the company ten years ago, and is happy with the growth of her business as it expands into new markets.
“When we started ten years ago we were looking after the foreign exchange needs of international athletes. (Hence the name Forex Sport)
Since this time the business developed a need to do foreign exchange for individuals and business and for the last 10 years we have had a strong commitment to our customers providing them foreign exchanges rates that are close to market as possible, “ says Dion.
While the business still looks after over 400 Australian international athletes, Dion says that personal and business customers have far exceeded expectations and is now the majority of work that the company does.
“The company is regulated in Australia and has an AFSL (Australian financial service license). We are based and owned in Australia, but we employ people that have lived abroad so that they better understand the costs of sending money around the world, and have experience with it personally.” adds Dion.
Saving their customers, myself included, a large amount of money on foreign exchange transactions Dion says that her company is the better choice for a few major reasons, but mainly because they offer excellent rates and no fees on transactions over 1000 dollars.
Using a very simple online platform, customers simply need to register online and then begin…For my first transactions I actually wrote to Dion personally and she was able to help me through the process. I received the money in Portugal within 2 days which was quite a shock considering I was used to the ten day lag time when dealing with the big banks.
“It’s important for expatriates to get locally domiciled accounts so the transfer on money can be electronic. Most of the transfers arrive within 24 hours!” says Dion.
For transactions under 1000 dollars there is a 10 dollar transaction fee, so it is better if you are living overseas to transfer in larger sums.
My only question was, given the great rate and no fees on larger sums of money, how does the company make a profit?
“We get close to market rates and we show the customer a worse rate than we get, but as an individual the rate that we give them is a lot better than they would get stand alone!”
In my experience with the company we often had savings of up to 400 dollars on transactions over 4000 dollars, (this is including fees, bank rates and exchange rates), and after using Forex for 5 years I wouldn’t consider ever putting my business back in the hands of the big banks!
For more info contact
Forex Sport Pty Ltd
ABN 22 147 363 175
T +61 3 9008 1880 / 1300 36 99 73
M +61(0) 435 966 957
Level 2, 100 Collins Street
Melbourne Vic 3000
or register online at
http://www.forexsport.com and start saving money on your international transactions!!
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