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 0.3714 AUD » AED 2.6926
AZN » AUD 0.8301 AUD » AZN 1.2047
BGN » AUD 0.8430 AUD » BGN 1.1862
BHD » AUD 3.6697 AUD » BHD 0.2725
BND » AUD 1.0342 AUD » BND 0.9669
BRL » AUD 0.2787 AUD » BRL 3.5884
CAD » AUD 1.0961 AUD » CAD 0.9123
CHF » AUD 1.4824 AUD » CHF 0.6746
CNH » AUD 0.2112 AUD » CNH 4.7357
CNY » AUD 0.2151 AUD » CNY 4.6491
CZK » AUD 0.0635 AUD » CZK 15.7404
DKK » AUD 0.2184 AUD » DKK 4.5786
EGP » AUD 0.0891 AUD » EGP 11.2191
EUR » AUD 1.6213 AUD » EUR 0.6168
FJD » AUD 0.6754 AUD » FJD 1.4806
GBP » AUD 1.8843 AUD » GBP 0.5307
HKD » AUD 0.1760 AUD » HKD 5.6818
HUF » AUD 0.0046 AUD » HUF 218.6620
IDR » AUD 0.0001 AUD » IDR 10350.4680
ILS » AUD 0.4190 AUD » ILS 2.3865
INR » AUD 0.0186 AUD » INR 53.7850
JPY » AUD 0.0124 AUD » JPY 80.5874
KRW » AUD 0.0012 AUD » KRW 811.8997
KWD » AUD 4.5977 AUD » KWD 0.2175
LKR » AUD 0.0071 AUD » LKR 140.7007
MAD » AUD 0.1553 AUD » MAD 6.4396
MGA » AUD 0.0004 AUD » MGA 2694.9153
MXN » AUD 0.0663 AUD » MXN 15.0806
MYR » AUD 0.3333 AUD » MYR 3.0007
NOK » AUD 0.1579 AUD » NOK 6.3322
NZD » AUD 0.9472 AUD » NZD 1.0557
OMR » AUD 3.5817 AUD » OMR 0.2792
PEN » AUD 0.3612 AUD » PEN 2.7685
PGK » AUD 0.4095 AUD » PGK 2.4420
PHP » AUD 0.0286 AUD » PHP 34.9498
PKR » AUD 0.0089 AUD » PKR 112.2728
PLN » AUD 0.3556 AUD » PLN 2.8119
RUB » AUD 0.0194 AUD » RUB 51.5965
SAR » AUD 0.3684 AUD » SAR 2.7144
SBD » AUD 0.1781 AUD » SBD 5.6153
SCR » AUD 0.0896 AUD » SCR 11.1667
SEK » AUD 0.1589 AUD » SEK 6.2919
SGD » AUD 1.0161 AUD » SGD 0.9842
THB » AUD 0.0434 AUD » THB 23.0418
TOP » AUD 0.6535 AUD » TOP 1.5303
TRY » AUD 0.1570 AUD » TRY 6.3675
TWD » AUD 0.0502 AUD » TWD 19.9367
TZS » AUD 0.0006 AUD » TZS 1659.3115
USD » AUD 1.3646 AUD » USD 0.7328
VND » AUD 0.0001 AUD » VND 16232.0223
VUV » AUD 0.0133 AUD » VUV 75.0608
WST » AUD 0.5747 AUD » WST 1.7400
XOF » AUD 0.0027 AUD » XOF 377.0516
XPF » AUD 0.0138 AUD » XPF 72.3872
ZAR » AUD 0.0950 AUD » ZAR 10.5246

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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