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 0.4288 AUD » AED 2.3319
AZN » AUD 0.9565 AUD » AZN 1.0455
BGN » AUD 0.8906 AUD » BGN 1.1228
BHD » AUD 4.2194 AUD » BHD 0.2370
BND » AUD 1.2031 AUD » BND 0.8312
BRL » AUD 0.3376 AUD » BRL 2.9623
CAD » AUD 1.1629 AUD » CAD 0.8599
CHF » AUD 1.7969 AUD » CHF 0.5565
CNH » AUD 0.2161 AUD » CNH 4.6282
CNY » AUD 0.2197 AUD » CNY 4.5515
CZK » AUD 0.0711 AUD » CZK 14.0720
DKK » AUD 0.2296 AUD » DKK 4.3548
EGP » AUD 0.0520 AUD » EGP 19.2348
EUR » AUD 1.7082 AUD » EUR 0.5854
FJD » AUD 0.7124 AUD » FJD 1.4038
GBP » AUD 1.9972 AUD » GBP 0.5007
HKD » AUD 0.2005 AUD » HKD 4.9870
HUF » AUD 0.0045 AUD » HUF 223.3299
IDR » AUD 0.0001 AUD » IDR 9538.8173
ILS » AUD 0.4201 AUD » ILS 2.3802
INR » AUD 0.0193 AUD » INR 51.8283
JPY » AUD 0.0109 AUD » JPY 92.1331
KRW » AUD 0.0012 AUD » KRW 816.0233
KWD » AUD 5.1151 AUD » KWD 0.1955
LKR » AUD 0.0050 AUD » LKR 201.6067
MAD » AUD 0.1596 AUD » MAD 6.2648
MGA » AUD 0.0004 AUD » MGA 2736.3671
MXN » AUD 0.0938 AUD » MXN 10.6629
MYR » AUD 0.3429 AUD » MYR 2.9159
NOK » AUD 0.1490 AUD » NOK 6.7094
NZD » AUD 0.9388 AUD » NZD 1.0652
OMR » AUD 4.1305 AUD » OMR 0.2421
PEN » AUD 0.4367 AUD » PEN 2.2899
PGK » AUD 0.4606 AUD » PGK 2.1710
PHP » AUD 0.0282 AUD » PHP 35.4705
PKR » AUD 0.0054 AUD » PKR 186.6143
PLN » AUD 0.3830 AUD » PLN 2.6109
SAR » AUD 0.4254 AUD » SAR 2.3507
SBD » AUD 0.2036 AUD » SBD 4.9117
SCR » AUD 0.1237 AUD » SCR 8.0864
SEK » AUD 0.1445 AUD » SEK 6.9204
SGD » AUD 1.1632 AUD » SGD 0.8597
THB » AUD 0.0452 AUD » THB 22.1456
TOP » AUD 0.6980 AUD » TOP 1.4327
TRY » AUD 0.0579 AUD » TRY 17.2749
TWD » AUD 0.0507 AUD » TWD 19.7375
TZS » AUD 0.0006 AUD » TZS 1600.7514
USD » AUD 1.5699 AUD » USD 0.6370
VND » AUD 0.0001 AUD » VND 14713.8242
VUV » AUD 0.0137 AUD » VUV 72.8879
WST » AUD 0.6217 AUD » WST 1.6084
XOF » AUD 0.0025 AUD » XOF 394.2744
XPF » AUD 0.0146 AUD » XPF 68.7062
ZAR » AUD 0.0852 AUD » ZAR 11.7311

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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