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 0.3608 AUD » AED 2.7718
AZN » AUD 0.8030 AUD » AZN 1.2453
BGN » AUD 0.8345 AUD » BGN 1.1983
BHD » AUD 3.5613 AUD » BHD 0.2808
BND » AUD 1.0298 AUD » BND 0.9711
BRL » AUD 0.2602 AUD » BRL 3.8438
CAD » AUD 1.0356 AUD » CAD 0.9656
CHF » AUD 1.4863 AUD » CHF 0.6728
CNH » AUD 0.2037 AUD » CNH 4.9094
CNY » AUD 0.2079 AUD » CNY 4.8092
CZK » AUD 0.0613 AUD » CZK 16.3238
DKK » AUD 0.2152 AUD » DKK 4.6476
EGP » AUD 0.0863 AUD » EGP 11.5906
EUR » AUD 1.5977 AUD » EUR 0.6259
FJD » AUD 0.6632 AUD » FJD 1.5079
GBP » AUD 1.7937 AUD » GBP 0.5575
HKD » AUD 0.1707 AUD » HKD 5.8571
HUF » AUD 0.0045 AUD » HUF 224.6493
IDR » AUD 0.0001 AUD » IDR 10446.7317
ILS » AUD 0.4025 AUD » ILS 2.4842
INR » AUD 0.0182 AUD » INR 55.0173
JPY » AUD 0.0128 AUD » JPY 78.2501
KRW » AUD 0.0012 AUD » KRW 813.6180
KWD » AUD 4.4287 AUD » KWD 0.2258
LKR » AUD 0.0072 AUD » LKR 139.2718
MAD » AUD 0.1508 AUD » MAD 6.6328
MGA » AUD 0.0004 AUD » MGA 2769.6003
MXN » AUD 0.0668 AUD » MXN 14.9766
MYR » AUD 0.3309 AUD » MYR 3.0221
NOK » AUD 0.1545 AUD » NOK 6.4713
NZD » AUD 0.9427 AUD » NZD 1.0608
OMR » AUD 3.4783 AUD » OMR 0.2875
PEN » AUD 0.3710 AUD » PEN 2.6952
PGK » AUD 0.3898 AUD » PGK 2.5655
PHP » AUD 0.0280 AUD » PHP 35.6618
PKR » AUD 0.0085 AUD » PKR 117.8146
PLN » AUD 0.3521 AUD » PLN 2.8405
RUB » AUD 0.0183 AUD » RUB 54.6901
SAR » AUD 0.3578 AUD » SAR 2.7950
SBD » AUD 0.1872 AUD » SBD 5.3415
SCR » AUD 0.0723 AUD » SCR 13.8294
SEK » AUD 0.1578 AUD » SEK 6.3365
SGD » AUD 0.9932 AUD » SGD 1.0068
THB » AUD 0.0440 AUD » THB 22.7330
TOP » AUD 0.6222 AUD » TOP 1.6071
TRY » AUD 0.1779 AUD » TRY 5.6223
TWD » AUD 0.0483 AUD » TWD 20.7072
TZS » AUD 0.0006 AUD » TZS 1705.6520
USD » AUD 1.3224 AUD » USD 0.7562
VND » AUD 0.0001 AUD » VND 16664.0311
VUV » AUD 0.0130 AUD » VUV 76.8228
WST » AUD 0.5617 AUD » WST 1.7803
XOF » AUD 0.0024 AUD » XOF 408.7575
XPF » AUD 0.0136 AUD » XPF 73.7473
ZAR » AUD 0.0869 AUD » ZAR 11.5115

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.