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 0.4018 AUD » AED 2.4887
AZN » AUD 0.9122 AUD » AZN 1.0962
BGN » AUD 0.8650 AUD » BGN 1.1561
BHD » AUD 3.9620 AUD » BHD 0.2524
BND » AUD 1.1035 AUD » BND 0.9062
BRL » AUD 0.3853 AUD » BRL 2.5955
CAD » AUD 1.0955 AUD » CAD 0.9128
CHF » AUD 1.4734 AUD » CHF 0.6787
CNH » AUD 0.2131 AUD » CNH 4.6932
CNY » AUD 0.2179 AUD » CNY 4.5883
CZK » AUD 0.0644 AUD » CZK 15.5186
DKK » AUD 0.2215 AUD » DKK 4.5150
EGP » AUD 0.0911 AUD » EGP 10.9787
EUR » AUD 1.6510 AUD » EUR 0.6057
FJD » AUD 0.6893 AUD » FJD 1.4508
GBP » AUD 1.8664 AUD » GBP 0.5358
HKD » AUD 0.1884 AUD » HKD 5.3085
HUF » AUD 0.0051 AUD » HUF 196.8155
IDR » AUD 0.0001 AUD » IDR 9591.1803
ILS » AUD 0.4104 AUD » ILS 2.4364
INR » AUD 0.0214 AUD » INR 46.7082
JPY » AUD 0.0135 AUD » JPY 74.1800
KRW » AUD 0.0013 AUD » KRW 787.2933
KWD » AUD 4.8638 AUD » KWD 0.2056
LKR » AUD 0.0085 AUD » LKR 117.0131
MAD » AUD 0.1556 AUD » MAD 6.4268
MGA » AUD 0.0004 AUD » MGA 2434.8861
MXN » AUD 0.0776 AUD » MXN 12.8938
MYR » AUD 0.3568 AUD » MYR 2.8025
NOK » AUD 0.1693 AUD » NOK 5.9079
NZD » AUD 0.9627 AUD » NZD 1.0387
OMR » AUD 3.8344 AUD » OMR 0.2608
PEN » AUD 0.4511 AUD » PEN 2.2169
PGK » AUD 0.4499 AUD » PGK 2.2229
PHP » AUD 0.0288 AUD » PHP 34.7578
PKR » AUD 0.0100 AUD » PKR 99.5939
PLN » AUD 0.3836 AUD » PLN 2.6072
RUB » AUD 0.0234 AUD » RUB 42.7607
SAR » AUD 0.3995 AUD » SAR 2.5031
SBD » AUD 0.1997 AUD » SBD 5.0074
SCR » AUD 0.1145 AUD » SCR 8.7345
SEK » AUD 0.1540 AUD » SEK 6.4945
SGD » AUD 1.0724 AUD » SGD 0.9325
THB » AUD 0.0464 AUD » THB 21.5637
TOP » AUD 0.7009 AUD » TOP 1.4268
TRY » AUD 0.2427 AUD » TRY 4.1208
TWD » AUD 0.0479 AUD » TWD 20.8758
TZS » AUD 0.0007 AUD » TZS 1492.0067
USD » AUD 1.4728 AUD » USD 0.6790
VEF » AUD 0.0000 AUD » VEF 52998.1546
VND » AUD 0.0001 AUD » VND 15251.1686
VUV » AUD 0.0135 AUD » VUV 74.2131
WST » AUD 0.5998 AUD » WST 1.6672
XOF » AUD 0.0026 AUD » XOF 391.7724
XPF » AUD 0.0142 AUD » XPF 70.6107
ZAR » AUD 0.1023 AUD » ZAR 9.7707

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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