Looking deeper than simply a partnership between companies aligned by one’s needs and the other’s ability to service those, the new combination will offer a great deal of assistance to players travelling the world, PGA members running businesses here in Australia and the organisation itself through its operation of the PGA Tour of Australasia.

“It made huge sense for us. Not only do we have a lot of players on Tours around the world with foreign currency needs, we also have a lot of PGA members who transact internationally, and have currency needs,” Commercial Director for the PGA Michael McDonald told Golf Australia magazine.

The arrangement will also see OFX branding at tournaments when they return to our shores, but with preferred rates on offer to PGA members and tournament players as well as fee-free transactions, the PGA’s partnership with OFX could save our global stars thousands of dollars – a huge benefit particularly to up and coming players, scraping by and learning the world of life on the road.

2020 New Zealand Open winner Brad Kennedy can see the benefits of the partnership between OFX and PGA of Australia. PHOTO: Harry How/Getty Images.

“Membership is first and foremost in everything we do,” McDonald added. “We always sit down with every partnership and go ‘How can this assist our members?’ whether it be in their business, professional development, we try and go in with that focus, including our other partnerships that provide benefits to our PGA members.

“So, this is no different to those. Whilst we have had partners of a similar nature in the past, OFX really understood this is the first and foremost about the players and the members and what they can deliver. So, the discussion came from a place of how can we assist our members before it became a commercial partnership. And that is what I really liked about dealing with the OFX team.”

“Anything that an organisation can do to help is always going to benefit. Especially the young guys coming through." - Brad Kennedy.

For the PGA itself, the relationship and savings on offer will greatly help with paying prizemoney for all its events to local and foreign players, finances a well-known issue in the professional game locally. And although the partnership offers clear benefits to its players and members to assist in their business and careers and aim to further propel golf in this country, there is certainly no obligation to use the services of OFX.

“Players have the ability to do whatever they like with their currency, at the end of the day it’s their prizemoney, some of these guys have been touring for 10, 15 plus years, they understand how they do it. What our job was sort of seen as was to make sure we provide them with an opportunity to understand OFX better as a PGA partner and what they can bring to them through their preferred rates through the PGA. And what the PGA gets out of it is essentially just the players being able to access those rates as almost a member benefit,” McDonald said.

For its part, OFX saw a natural alignment with the PGA of Australia and its obligations to members and its tournament hosting role.

“We are specialist money service providers. Our role here is whether you are a business or an individual to remove some of the costs and complexities of transferring funds totally. So, any audience that is natural global in its orientation like golf is a good one to partner with,” Head of ANZ for OFX Michael Judge said.

“If you look at the player group, the majority would have a two way requirement, so from a cost perspective we know that there are some very high costs to compete globally, be they travel, coaches, caddies, entrance fees, so there is obviously an outbound requirement and then on the other end of the spectrum there is also a receivables case.

“Obviously they are collecting prizemoney or other income streams in foreign currency, if they receive prizemoney in Euros, in comparison to OFX, typically a player will just be receiving a foreign currency amount into an Australian dollar denominated account with very little visibility over the cost of that exchange.”

“I think one of the biggest keys that the young players need to understand is that once you turn pro you are a business and a sole trader, and you have to minimise your cost and maximise your efforts, so any chance you can save money or make money is definitely going to help" - Brad Kennedy.

And while one would expect two of the key players in developing the relationship would be positive on its benefits to all involved, veteran Tour player Brad Kennedy was quick to throw share similar thoughts as someone who has juggled currency and his finances on Tour for over 25 years.

“It definitely helps to know you have got someone, it can make a big difference, particularly if you do well and it is a reasonable sum of money, just one or two points can mean a few thousand dollars,” Kennedy told Golf Australia.

“I think one of the biggest keys that the young players need to understand is that once you turn pro you are a business and a sole trader, and you have to minimise your cost and maximise your efforts, so any chance you can save money or make money is definitely going to help your business. There is definitely plenty of money that goes out, so when it does come in its nice to know that you do have some support there.”

Estimating a year playing on the Japan Tour, where he travels to and from eight times a year, as costing him $80,000 before he has made a cent, Kennedy’s words on the deal reflect positively on the PGA’s mantra of seeking out partnerships that benefit their members and players first and foremost.

“Anything that an organisation can do to help is always going to benefit. Especially the young guys coming through,” he said. “Especially when you have to pay a lot of Q Schools in US dollars and then you get paid in US dollars, having the knowledge that you have someone to help you out in that to give you the best opportunity to maximise your income and your expenses definitely helps. And I guess short term that is what a lot of the young players need at the start and that support. So, having the PGA behind you can add those benefits and a bit of comfort from that I guess.”

The arrangement allows PGA members and players to eliminate fees, save money when converting money from foreign currencies compared with banks and simplify the process.

With those varied benefits, the arrangement appears to be one tailor-made for golf and golfers in this country who will be eagerly awaiting 2021 and the chance to earn significant amounts of money overseas that they will find more of in their back pocket once the year is done. And hopefully be part of a formula that continues to produce Australians who star on the world stage and successful local golf businesses.