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 0.3646 AUD » AED 2.7428
AZN » AUD 0.8115 AUD » AZN 1.2323
BGN » AUD 0.8299 AUD » BGN 1.2049
BHD » AUD 3.6010 AUD » BHD 0.2777
BND » AUD 1.0339 AUD » BND 0.9672
BRL » AUD 0.2445 AUD » BRL 4.0904
CAD » AUD 1.0705 AUD » CAD 0.9341
CHF » AUD 1.4526 AUD » CHF 0.6884
CNH » AUD 0.2040 AUD » CNH 4.9013
CNY » AUD 0.2077 AUD » CNY 4.8150
CZK » AUD 0.0615 AUD » CZK 16.2478
DKK » AUD 0.2150 AUD » DKK 4.6502
EGP » AUD 0.0869 AUD » EGP 11.5052
EUR » AUD 1.5964 AUD » EUR 0.6264
FJD » AUD 0.6637 AUD » FJD 1.5066
GBP » AUD 1.8369 AUD » GBP 0.5444
HKD » AUD 0.1724 AUD » HKD 5.7995
HUF » AUD 0.0045 AUD » HUF 224.1116
IDR » AUD 0.0001 AUD » IDR 10684.6340
ILS » AUD 0.4097 AUD » ILS 2.4408
INR » AUD 0.0181 AUD » INR 55.2458
JPY » AUD 0.0122 AUD » JPY 81.6766
KRW » AUD 0.0012 AUD » KRW 816.7099
KWD » AUD 4.4944 AUD » KWD 0.2225
LKR » AUD 0.0069 AUD » LKR 143.9110
MAD » AUD 0.1518 AUD » MAD 6.5881
MGA » AUD 0.0004 AUD » MGA 2764.3626
MXN » AUD 0.0667 AUD » MXN 14.9874
MYR » AUD 0.3275 AUD » MYR 3.0538
NOK » AUD 0.1581 AUD » NOK 6.3237
NZD » AUD 0.9436 AUD » NZD 1.0598
OMR » AUD 3.5162 AUD » OMR 0.2844
PEN » AUD 0.3735 AUD » PEN 2.6771
PGK » AUD 0.3905 AUD » PGK 2.5607
PHP » AUD 0.0281 AUD » PHP 35.6333
PKR » AUD 0.0090 AUD » PKR 110.9650
PLN » AUD 0.3520 AUD » PLN 2.8413
RUB » AUD 0.0179 AUD » RUB 55.9421
SAR » AUD 0.3616 AUD » SAR 2.7652
SBD » AUD 0.1755 AUD » SBD 5.6987
SCR » AUD 0.0673 AUD » SCR 14.8657
SEK » AUD 0.1574 AUD » SEK 6.3550
SGD » AUD 0.9999 AUD » SGD 1.0001
THB » AUD 0.0426 AUD » THB 23.4541
TOP » AUD 0.6314 AUD » TOP 1.5838
TRY » AUD 0.1645 AUD » TRY 6.0798
TWD » AUD 0.0480 AUD » TWD 20.8178
TZS » AUD 0.0006 AUD » TZS 1690.3477
USD » AUD 1.3396 AUD » USD 0.7465
VND » AUD 0.0001 AUD » VND 16598.8493
VUV » AUD 0.0132 AUD » VUV 75.7045
WST » AUD 0.5617 AUD » WST 1.7804
XOF » AUD 0.0025 AUD » XOF 405.3190
XPF » AUD 0.0136 AUD » XPF 73.6740
ZAR » AUD 0.0919 AUD » ZAR 10.8807

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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