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 0.3868 AUD » AED 2.5852
AZN » AUD 0.8646 AUD » AZN 1.1566
BGN » AUD 0.8356 AUD » BGN 1.1967
BHD » AUD 3.8168 AUD » BHD 0.2620
BND » AUD 1.0820 AUD » BND 0.9242
BRL » AUD 0.2718 AUD » BRL 3.6797
CAD » AUD 1.1283 AUD » CAD 0.8863
CHF » AUD 1.5451 AUD » CHF 0.6472
CNH » AUD 0.2244 AUD » CNH 4.4570
CNY » AUD 0.2280 AUD » CNY 4.3855
CZK » AUD 0.0655 AUD » CZK 15.2575
DKK » AUD 0.2158 AUD » DKK 4.6331
EGP » AUD 0.0926 AUD » EGP 10.7989
EUR » AUD 1.6033 AUD » EUR 0.6237
FJD » AUD 0.6682 AUD » FJD 1.4966
GBP » AUD 1.9161 AUD » GBP 0.5219
HKD » AUD 0.1823 AUD » HKD 5.4845
HUF » AUD 0.0045 AUD » HUF 223.9101
IDR » AUD 0.0001 AUD » IDR 9952.5029
ILS » AUD 0.4465 AUD » ILS 2.2395
INR » AUD 0.0192 AUD » INR 52.0656
JPY » AUD 0.0125 AUD » JPY 80.2616
KRW » AUD 0.0012 AUD » KRW 822.4574
KWD » AUD 4.7103 AUD » KWD 0.2123
LKR » AUD 0.0072 AUD » LKR 139.0378
MAD » AUD 0.1551 AUD » MAD 6.4464
MGA » AUD 0.0004 AUD » MGA 2751.1662
MXN » AUD 0.0690 AUD » MXN 14.4855
MYR » AUD 0.3426 AUD » MYR 2.9187
NOK » AUD 0.1599 AUD » NOK 6.2524
NZD » AUD 0.9504 AUD » NZD 1.0522
OMR » AUD 3.7383 AUD » OMR 0.2675
PEN » AUD 0.3748 AUD » PEN 2.6684
PGK » AUD 0.4201 AUD » PGK 2.3805
PHP » AUD 0.0281 AUD » PHP 35.6213
PKR » AUD 0.0083 AUD » PKR 120.7774
PLN » AUD 0.3493 AUD » PLN 2.8630
RUB » AUD 0.0184 AUD » RUB 54.2398
SAR » AUD 0.3836 AUD » SAR 2.6069
SBD » AUD 0.1854 AUD » SBD 5.3947
SCR » AUD 0.1053 AUD » SCR 9.4926
SEK » AUD 0.1536 AUD » SEK 6.5110
SGD » AUD 1.0559 AUD » SGD 0.9471
THB » AUD 0.0431 AUD » THB 23.2078
TOP » AUD 0.6682 AUD » TOP 1.4966
TRY » AUD 0.1053 AUD » TRY 9.4982
TWD » AUD 0.0523 AUD » TWD 19.1178
TZS » AUD 0.0006 AUD » TZS 1580.5936
USD » AUD 1.4178 AUD » USD 0.7053
VND » AUD 0.0001 AUD » VND 15274.2859
VUV » AUD 0.0135 AUD » VUV 74.0437
WST » AUD 0.5911 AUD » WST 1.6917
XOF » AUD 0.0025 AUD » XOF 402.2727
XPF » AUD 0.0136 AUD » XPF 73.4033
ZAR » AUD 0.0937 AUD » ZAR 10.6717

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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