OFX Money Transfer & Currency Exchange

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OFX

If you are in the market to transfer money internationally, OFX might be a name you’ve come across. OFX transfers 50 currencies to almost 200 countries. Here at One Market Exchange, we provide a comparison on today’s exchange rates with OFX and list the most frequently transferred currencies.


OFX have a wide range of products and services to cater your forex needs. Ranging from personal to business, whether you need to transfer money for a vacation, or send money overseas to business partners in a foreign land. Below you will see the most common form of exchange options with OFX.

Spot deals

These are a good fit for people who want to send money in the moment. You instruct OFX how much you want to transfer and on which day, to the chosen person or business you want to send to. OFX will then quote a competitive rate based on the price of currency they receive from the banks that same day. On the basis you are happy with the quote and accept it, OFX will give you a 24-hour window to transfer the funds to them. Once the funds are received, the money will then be transferred to your recipient.  Note, you will need to register with OFX prior to locking down a spot deal instantly. Also once the booking has been placed, OFX will need to close out the transaction over the phone to ensure its legally binding.    

Forward contracts

This is a contract that gives you the ability to lock in a rate today and exchange the amount of currency sometime in the future. This is a popular option of forex transfers for people looking to invest overseas, as it gives you the option to secure a rate ahead of time and provide assurance that when you make the transfer, the rate will be guaranteed as of that date when you agreed the rate. Be aware that all forward contracts have maturity dates, which is when a contract expires. If you make a transaction before the ‘pre- delivery’ or after the maturity rate, you will need to re-negotiate with OFX. In some cases, you may be asked to make a pre-payment on a forward contract of 5% to 10% of the funds before the maturity rate.          

FX options

An FX option gives you the chance to lock in a rate, but also provides the flexibility to exercise that original rate should the rate on the day of the transfer be better than the rate you initially agreed. This form of foreign exchange is only available over the phone and you’ll pay a premium for the luxury of using this service, somewhere around 3 – 10% of the total funds you wish to transfer.

Limit orders

A limit Order means placing a future order for when the time is right. You get to nominate your ideal rate and when it reaches that point OFX will lock it in place. This tends to be a sensible option for people who don’t have a specific transfer deadline in mind and for those who don’t want to be constantly checking the exchange rates. The minimum amount for a limit order is $30,000, and is only available when exchanging major currencies.

KEY INFORMATION

Transfer Limits

The minimum transfer amount for both personal and commercial transactions is $250.

Transfer Time

Transfer times vary depending on which country you are sending the funds to. It normally takes no longer than 1-2 business days to receive your cash, however same day transfers are available when sending money to the U.K and U.S.

Transfer Fees

There is a flat fee of $15 for every transfer below $10,000. Any transfer over $10,000 there are no fees.

MORE INFORMATION ABOUT OFX

How a transfer can be made:





The setup time to open an account with OFX is very fast. Once your account has been verified, after submitting two forms of I.D like your proof of address and a passport or drivers licence, you can book a deal straight away online or by using the OFX app, once it’s been downloaded. Once you have instructed OFX on how much, and when you want to transfer, OFX will quote you on that trade. Once confirmed, you then transfer the funds to OFF by the due date and then the funds are transferred to your recipient.   

 

PROS

  • Low fees
  • Customer support 24 hours a day
  • SMS notifications and emails at every stage of the transfer process
  • Some of Australia’s lowest and most competitive rates

CONS

  • $30,000 minimum on Limit Orders
  • Minimum transfer amount is $250

Rates table

AED » AUD 0.3764 AUD » AED 2.6568
AZN » AUD 0.8550 AUD » AZN 1.1696
BGN » AUD 0.8379 AUD » BGN 1.1935
BHD » AUD 3.6617 AUD » BHD 0.2731
BND » AUD 1.0567 AUD » BND 0.9463
BRL » AUD 0.3927 AUD » BRL 2.5467
CAD » AUD 1.0438 AUD » CAD 0.9580
CHF » AUD 1.3912 AUD » CHF 0.7188
CNH » AUD 0.2133 AUD » CNH 4.6891
CNY » AUD 0.2173 AUD » CNY 4.6026
CZK » AUD 0.0620 AUD » CZK 16.1419
DKK » AUD 0.2150 AUD » DKK 4.6516
EGP » AUD 0.0805 AUD » EGP 12.4187
EUR » AUD 1.5990 AUD » EUR 0.6254
FJD » AUD 0.6986 AUD » FJD 1.4314
GBP » AUD 1.8222 AUD » GBP 0.5488
HKD » AUD 0.1765 AUD » HKD 5.6656
HUF » AUD 0.0049 AUD » HUF 202.0580
IDR » AUD 0.0001 AUD » IDR 9880.2596
ILS » AUD 0.3794 AUD » ILS 2.6356
INR » AUD 0.0202 AUD » INR 49.4478
JPY » AUD 0.0126 AUD » JPY 79.2983
KRW » AUD 0.0013 AUD » KRW 787.1101
KWD » AUD 4.5830 AUD » KWD 0.2182
LKR » AUD 0.0088 AUD » LKR 113.4630
MAD » AUD 0.1457 AUD » MAD 6.8636
MGA » AUD 0.0004 AUD » MGA 2376.8112
MXN » AUD 0.0668 AUD » MXN 14.9609
MYR » AUD 0.3499 AUD » MYR 2.8578
NOK » AUD 0.1686 AUD » NOK 5.9302
NZD » AUD 0.9520 AUD » NZD 1.0504
OMR » AUD 3.5932 AUD » OMR 0.2783
PEN » AUD 0.4270 AUD » PEN 2.3421
PGK » AUD 0.4354 AUD » PGK 2.2966
PHP » AUD 0.0263 AUD » PHP 37.9949
PKR » AUD 0.0116 AUD » PKR 86.1431
PLN » AUD 0.3705 AUD » PLN 2.6991
RUB » AUD 0.0221 AUD » RUB 45.2778
SAR » AUD 0.3743 AUD » SAR 2.6714
SBD » AUD 0.1971 AUD » SBD 5.0737
SCR » AUD 0.1083 AUD » SCR 9.2329
SEK » AUD 0.1550 AUD » SEK 6.4511
SGD » AUD 1.0190 AUD » SGD 0.9814
THB » AUD 0.0422 AUD » THB 23.6917
TOP » AUD 0.6711 AUD » TOP 1.4902
TRY » AUD 0.2922 AUD » TRY 3.4223
TWD » AUD 0.0467 AUD » TWD 21.3949
TZS » AUD 0.0006 AUD » TZS 1576.8381
USD » AUD 1.3801 AUD » USD 0.7246
VEF » AUD 0.0000 AUD » VEF 56556.7546
VND » AUD 0.0001 AUD » VND 15890.0303
VUV » AUD 0.0134 AUD » VUV 74.8350
WST » AUD 0.5808 AUD » WST 1.7219
XOF » AUD 0.0024 AUD » XOF 411.3089
XPF » AUD 0.0138 AUD » XPF 72.6785
ZAR » AUD 0.0997 AUD » ZAR 10.0343

ABOUT THE COMPANY

OFX was formed in 1998 and have become a public company since their beginnings as a foreign exchange information website, to a specialist international payments service provider with over 200 employees. With offices in Sydney, London, Toronto, Hong Kong, San Francisco and Auckland. Formerly known as OzForex, the company has transferred over $100 billion worldwide.

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