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 0.4000 AUD » AED 2.5002
AZN » AUD 0.8930 AUD » AZN 1.1198
BGN » AUD 0.8083 AUD » BGN 1.2372
BHD » AUD 3.9479 AUD » BHD 0.2533
BND » AUD 1.0931 AUD » BND 0.9148
BRL » AUD 0.2908 AUD » BRL 3.4382
CAD » AUD 1.1413 AUD » CAD 0.8762
CHF » AUD 1.5373 AUD » CHF 0.6505
CNH » AUD 0.2202 AUD » CNH 4.5421
CNY » AUD 0.2226 AUD » CNY 4.4919
CZK » AUD 0.0631 AUD » CZK 15.8520
DKK » AUD 0.2091 AUD » DKK 4.7835
EGP » AUD 0.0806 AUD » EGP 12.4100
EUR » AUD 1.5530 AUD » EUR 0.6439
FJD » AUD 0.6787 AUD » FJD 1.4735
GBP » AUD 1.8044 AUD » GBP 0.5542
HKD » AUD 0.1875 AUD » HKD 5.3344
HUF » AUD 0.0039 AUD » HUF 257.0296
IDR » AUD 0.0001 AUD » IDR 9957.7876
ILS » AUD 0.4359 AUD » ILS 2.2939
INR » AUD 0.0189 AUD » INR 52.7962
JPY » AUD 0.0109 AUD » JPY 91.8300
KRW » AUD 0.0012 AUD » KRW 856.9867
KWD » AUD 4.8077 AUD » KWD 0.2080
LKR » AUD 0.0042 AUD » LKR 240.2396
MAD » AUD 0.1499 AUD » MAD 6.6717
MGA » AUD 0.0004 AUD » MGA 2706.0721
MXN » AUD 0.0743 AUD » MXN 13.4588
MYR » AUD 0.3373 AUD » MYR 2.9645
NOK » AUD 0.1495 AUD » NOK 6.6882
NZD » AUD 0.9289 AUD » NZD 1.0765
OMR » AUD 3.8565 AUD » OMR 0.2593
PEN » AUD 0.3943 AUD » PEN 2.5362
PGK » AUD 0.4271 AUD » PGK 2.3412
PHP » AUD 0.0271 AUD » PHP 36.9201
PKR » AUD 0.0072 AUD » PKR 138.3319
PLN » AUD 0.3307 AUD » PLN 3.0242
SAR » AUD 0.3965 AUD » SAR 2.5219
SBD » AUD 12.1065 AUD » SBD 0.0826
SCR » AUD 0.1134 AUD » SCR 8.8172
SEK » AUD 0.1455 AUD » SEK 6.8745
SGD » AUD 1.0617 AUD » SGD 0.9419
THB » AUD 0.0416 AUD » THB 24.0429
TOP » AUD 0.6746 AUD » TOP 1.4824
TRY » AUD 0.0883 AUD » TRY 11.3206
TWD » AUD 0.0506 AUD » TWD 19.7799
TZS » AUD 0.0006 AUD » TZS 1539.5246
USD » AUD 1.4697 AUD » USD 0.6804
VND » AUD 0.0001 AUD » VND 15185.0278
VUV » AUD 0.0133 AUD » VUV 75.1313
WST » AUD 0.6090 AUD » WST 1.6421
XOF » AUD 0.0024 AUD » XOF 416.9258
XPF » AUD 0.0132 AUD » XPF 75.8060
ZAR » AUD 0.0930 AUD » ZAR 10.7494

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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