OFX Money Transfer & Currency Exchange

Your Currency

Exchange to

Amount

Compare to bank

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 0.3888 AUD » AED 2.5721
AZN » AUD 0.8825 AUD » AZN 1.1331
BGN » AUD 0.8654 AUD » BGN 1.1556
BHD » AUD 3.8344 AUD » BHD 0.2608
BND » AUD 1.0684 AUD » BND 0.9360
BRL » AUD 0.4069 AUD » BRL 2.4574
CAD » AUD 1.1001 AUD » CAD 0.9090
CHF » AUD 1.4451 AUD » CHF 0.6920
CNH » AUD 0.2063 AUD » CNH 4.8474
CNY » AUD 0.2101 AUD » CNY 4.7593
CZK » AUD 0.0640 AUD » CZK 15.6217
DKK » AUD 0.2217 AUD » DKK 4.5101
EGP » AUD 0.0829 AUD » EGP 12.0571
EUR » AUD 1.6515 AUD » EUR 0.6055
FJD » AUD 0.6790 AUD » FJD 1.4727
GBP » AUD 1.8815 AUD » GBP 0.5315
HKD » AUD 0.1826 AUD » HKD 5.4770
HUF » AUD 0.0052 AUD » HUF 194.1444
IDR » AUD 0.0001 AUD » IDR 10448.4005
ILS » AUD 0.3928 AUD » ILS 2.5460
INR » AUD 0.0196 AUD » INR 51.0718
JPY » AUD 0.0127 AUD » JPY 78.4668
KRW » AUD 0.0013 AUD » KRW 767.7882
KWD » AUD 4.7281 AUD » KWD 0.2115
LKR » AUD 0.0085 AUD » LKR 117.1069
MAD » AUD 0.1546 AUD » MAD 6.4677
MGA » AUD 0.0004 AUD » MGA 2421.6030
MXN » AUD 0.0757 AUD » MXN 13.2023
MYR » AUD 0.3480 AUD » MYR 2.8733
NOK » AUD 0.1754 AUD » NOK 5.6997
NZD » AUD 0.9388 AUD » NZD 1.0652
OMR » AUD 3.7106 AUD » OMR 0.2695
PEN » AUD 0.4329 AUD » PEN 2.3098
PGK » AUD 0.4376 AUD » PGK 2.2853
PHP » AUD 0.0270 AUD » PHP 37.0927
PKR » AUD 0.0113 AUD » PKR 88.7951
PLN » AUD 0.3841 AUD » PLN 2.6033
RUB » AUD 0.0223 AUD » RUB 44.8163
SAR » AUD 0.3866 AUD » SAR 2.5867
SBD » AUD 0.1943 AUD » SBD 5.1457
SCR » AUD 0.1117 AUD » SCR 8.9498
SEK » AUD 0.1603 AUD » SEK 6.2380
SGD » AUD 1.0384 AUD » SGD 0.9630
THB » AUD 0.0438 AUD » THB 22.8321
TOP » AUD 0.6826 AUD » TOP 1.4649
TRY » AUD 0.2471 AUD » TRY 4.0462
TWD » AUD 0.0474 AUD » TWD 21.0826
TZS » AUD 0.0007 AUD » TZS 1536.0778
USD » AUD 1.4253 AUD » USD 0.7016
VEF » AUD 0.0000 AUD » VEF 54755.5434
VND » AUD 0.0001 AUD » VND 15722.0941
VUV » AUD 0.0134 AUD » VUV 74.6035
WST » AUD 0.5853 AUD » WST 1.7086
XOF » AUD 0.0026 AUD » XOF 384.6122
XPF » AUD 0.0142 AUD » XPF 70.3639
ZAR » AUD 0.0998 AUD » ZAR 10.0173

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.

What are you waiting for?

If you need to make an internation payment, look no further. Join the 111,000+ clients around the world who are benefitting from our services.