x24 - Frequently Asked Questions

x24 - Frequently Asked Questions

• Why would I use OMF to make my international transfers?
  OMF are professionals in foreign exchange and have been transacting FX for clients since 1987. OMF are a major intermediary in the foreign exchange market and deal with clients at every level, from retail and small companies to the largest investment banks in the world, transacting over 50 billion dollars every month. Our advisors are highly experienced and qualified to give personal financial advice. This means you will get the best service and competitive pricing every time.
• How do I open an account with OMF?
  Opening an account with OMF is easy. Simply visit www.omf.co.nz to open an account online, or you can download the account application form if you prefer to email or fax it to us.
• Will I be charged any fees?
  There are no charges to set up an account or to use our online payment system, and we don’t charge any TT (telegraphic transfer) fees for transfers over $10,000.
• How do I transfer funds to OMF?
  Once you instruct us to exchange your currency, you will receive a confirmation with details of the order and our bank details for you to transfer funds to.
• Can I deal with OMF outside business hours?
  Yes, OMF has a 24 hour dealing desk you can call on 0800 863 325 where our dealers can assist you. Also our online payments system is available around the clock so you can exchange currency, book spot and forward deals and arrange for funds to be transferred globally on our secure platform.
• What currencies can OMF deal in?
  We can deal in the following currencies:
  
  

  Australian Dollars (AUD)	Swiss Francs (CHF)	Fijian Dollars (FJD)
  New Zealand Dollars (NZD)	Canadian Dollars (CAD)	Swedish Kroner (SEK)
  US Dollars (USD)	Hong Kong Dollars (HKD)	Norwegian Kroner (NOK)
  Euros (EUR)	Singapore Dollars (SGD)	Chinese Yuan (CNY)
  Great Britain Pounds (GBP)	Thai Baht (THB)
  Japanese Yen (JPY)	South African Rand (ZAR)

• How can OMF provide such competitive exchange rates?
  We have the ability to access liquidity which is usually only available to large financial intuitions. As broking and currency transfers are our core business we have no requirements for a significant retail branch network. Our low overheads mean we can pass those cost savings directly onto our clients.
• How is OMF regulated?
  As a registered financial services provider in NZ, OMF is regulated by the FMA who supervise our compliance with NZ laws, regulation and best practice standards.
  
  We are also an NZX Trading & Advising Firm (Derivatives), an NZX Advising Firm (Equities) and a Clearing and Depository Participant (Derivatives), which requires us to comply with the Rules and Procedures determined by NZX for trading and advising on all NZX listed products. OMF have a strong regard for regulatory compliance and as a result, we are subject to greater supervision than many of our non-NZX competitors.
• Is my money safe with OMF?
  All client funds deposited with OMF are held on trust in one of our client bank accounts where OMF acts as a bare trustee. These accounts are kept completely separate from OMF’s own capital). Reconciliations of client assets are reported daily to the NZX, which provides proof that OMF is not using client funds to pay its bills or meet any of its proprietary obligations. OMF don’t use your funds to meet other clients obligations or to hedge their business risks.