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 0.3822 AUD » AED 2.6166
AZN » AUD 0.8545 AUD » AZN 1.1703
BGN » AUD 0.8576 AUD » BGN 1.1661
BHD » AUD 3.7750 AUD » BHD 0.2649
BND » AUD 1.0658 AUD » BND 0.9383
BRL » AUD 0.2756 AUD » BRL 3.6282
CAD » AUD 1.1012 AUD » CAD 0.9081
CHF » AUD 1.5147 AUD » CHF 0.6602
CNH » AUD 0.2168 AUD » CNH 4.6122
CNY » AUD 0.2205 AUD » CNY 4.5353
CZK » AUD 0.0649 AUD » CZK 15.3995
DKK » AUD 0.2222 AUD » DKK 4.5006
EGP » AUD 0.0917 AUD » EGP 10.9094
EUR » AUD 1.6493 AUD » EUR 0.6063
FJD » AUD 0.6873 AUD » FJD 1.4549
GBP » AUD 1.9298 AUD » GBP 0.5182
HKD » AUD 0.1807 AUD » HKD 5.5341
HUF » AUD 0.0047 AUD » HUF 211.9663
IDR » AUD 0.0001 AUD » IDR 9978.1393
ILS » AUD 0.4377 AUD » ILS 2.2845
INR » AUD 0.0193 AUD » INR 51.8163
JPY » AUD 0.0128 AUD » JPY 78.1147
KRW » AUD 0.0012 AUD » KRW 821.4986
KWD » AUD 4.6795 AUD » KWD 0.2137
LKR » AUD 0.0072 AUD » LKR 139.4932
MAD » AUD 0.1607 AUD » MAD 6.2245
MGA » AUD 0.0004 AUD » MGA 2733.0593
MXN » AUD 0.0705 AUD » MXN 14.1897
MYR » AUD 0.3403 AUD » MYR 2.9384
NOK » AUD 0.1617 AUD » NOK 6.1835
NZD » AUD 0.9898 AUD » NZD 1.0103
OMR » AUD 3.6873 AUD » OMR 0.2712
PEN » AUD 0.3464 AUD » PEN 2.8870
PGK » AUD 0.4201 AUD » PGK 2.3803
PHP » AUD 0.0285 AUD » PHP 35.0955
PKR » AUD 0.0086 AUD » PKR 116.6081
PLN » AUD 0.3610 AUD » PLN 2.7701
RUB » AUD 0.0199 AUD » RUB 50.3191
SAR » AUD 0.3793 AUD » SAR 2.6366
SBD » AUD 0.1834 AUD » SBD 5.4537
SCR » AUD 0.0922 AUD » SCR 10.8481
SEK » AUD 0.1623 AUD » SEK 6.1619
SGD » AUD 1.0425 AUD » SGD 0.9592
THB » AUD 0.0423 AUD » THB 23.6610
TOP » AUD 0.6634 AUD » TOP 1.5074
TRY » AUD 0.1649 AUD » TRY 6.0628
TWD » AUD 0.0516 AUD » TWD 19.3898
TZS » AUD 0.0006 AUD » TZS 1606.8464
USD » AUD 1.4047 AUD » USD 0.7119
VND » AUD 0.0001 AUD » VND 15609.9269
VUV » AUD 0.0135 AUD » VUV 73.9339
WST » AUD 0.5788 AUD » WST 1.7276
XOF » AUD 0.0026 AUD » XOF 390.3375
XPF » AUD 0.0140 AUD » XPF 71.6317
ZAR » AUD 0.0952 AUD » ZAR 10.5036

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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