The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

OzForex opens in Toronto

As any FX dealer with a chalet in Verbier will tell you, you don’t always get best execution in FX. If you ever have to make a decent-sized FX transaction, chances are that one of the Robin Banks you have to deal with will not only rip off your arms and legs, but have your liver as well.

I think it is reasonable to have to pay away a bigger spread for non-market amounts – but nobody should have to “deal” on a price wide enough to drive a bus through. There is a clear niche in the market and one company that appears to be successfully filling it is OzForex. Macquarie Financial Services Group recently took a 51% stake in the company and it is using the funding to further expand globally. OzForex already has operations in the UK and New Zealand and has now just has opened an office in Toronto under the brand CanadianForex.

The company’s rates are quite competitive. “As is pretty standard across all our companies, on payments up to CAD100,000 the clients can expect an average margin of between 0.4% to 0.8% from (the) interbank (rate),” says John Corcoran,

“On payments of CAD100,000 plus they can expect average margins of between 0.2% and 0.4%. Again the larger the amount the better the margin and as we work off a live market rate, the spread from (the) interbank (rate) may vary slightly depending on market liquidity. This said, we are also keen not to be beaten on price by a competitor,” he adds.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree