OzForex loses Westpac as banking partner

OzForex shares have fallen after Westpac pulled the pin on its banking relationship with the payments specialist.

Shares in OzForex initially fell 14% this morning, before settling down about 4% after the web-based international payments specialist said that Westpac was ending its relationship with the company. OzForex holds it’s A$ cash balances with Westpac and uses the bank to access wholesale currency markets and to make and receive payments in a number of currencies, including the A$, NZ$ and US$.

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