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 0.3892 AUD » AED 2.5695
AZN » AUD 0.8825 AUD » AZN 1.1331
BGN » AUD 0.8876 AUD » BGN 1.1266
BHD » AUD 3.8344 AUD » BHD 0.2608
BND » AUD 1.0778 AUD » BND 0.9278
BRL » AUD 0.2811 AUD » BRL 3.5570
CAD » AUD 1.0710 AUD » CAD 0.9337
CHF » AUD 1.5555 AUD » CHF 0.6429
CNH » AUD 0.2055 AUD » CNH 4.8657
CNY » AUD 0.2087 AUD » CNY 4.7908
CZK » AUD 0.0640 AUD » CZK 15.6129
DKK » AUD 0.2252 AUD » DKK 4.4413
EGP » AUD 0.0927 AUD » EGP 10.7825
EUR » AUD 1.6739 AUD » EUR 0.5974
FJD » AUD 0.6782 AUD » FJD 1.4744
GBP » AUD 1.8587 AUD » GBP 0.5380
HKD » AUD 0.1848 AUD » HKD 5.4121
HUF » AUD 0.0049 AUD » HUF 205.7462
IDR » AUD 0.0001 AUD » IDR 10127.6825
ILS » AUD 0.4205 AUD » ILS 2.3782
INR » AUD 0.0192 AUD » INR 51.9569
JPY » AUD 0.0134 AUD » JPY 74.6655
KRW » AUD 0.0012 AUD » KRW 810.4959
KWD » AUD 4.7170 AUD » KWD 0.2120
LKR » AUD 0.0079 AUD » LKR 125.8743
MAD » AUD 0.1568 AUD » MAD 6.3774
MGA » AUD 0.0004 AUD » MGA 2613.8968
MXN » AUD 0.0637 AUD » MXN 15.7087
MYR » AUD 0.3437 AUD » MYR 2.9096
NOK » AUD 0.1584 AUD » NOK 6.3138
NZD » AUD 0.9348 AUD » NZD 1.0698
OMR » AUD 3.7523 AUD » OMR 0.2665
PEN » AUD 0.4067 AUD » PEN 2.4588
PGK » AUD 0.4313 AUD » PGK 2.3185
PHP » AUD 0.0297 AUD » PHP 33.7086
PKR » AUD 0.0087 AUD » PKR 115.2448
PLN » AUD 0.3797 AUD » PLN 2.6338
RUB » AUD 0.0205 AUD » RUB 48.8883
SAR » AUD 0.3861 AUD » SAR 2.5902
SBD » AUD 0.1865 AUD » SBD 5.3605
SCR » AUD 0.0828 AUD » SCR 12.0716
SEK » AUD 0.1630 AUD » SEK 6.1338
SGD » AUD 1.0406 AUD » SGD 0.9610
THB » AUD 0.0459 AUD » THB 21.7888
TOP » AUD 0.6745 AUD » TOP 1.4826
TRY » AUD 0.1980 AUD » TRY 5.0499
TWD » AUD 0.0496 AUD » TWD 20.1519
TZS » AUD 0.0006 AUD » TZS 1550.4597
USD » AUD 1.4265 AUD » USD 0.7010
VND » AUD 0.0001 AUD » VND 15520.4276
VUV » AUD 0.0133 AUD » VUV 74.9393
WST » AUD 0.5847 AUD » WST 1.7103
XOF » AUD 0.0026 AUD » XOF 389.0917
XPF » AUD 0.0143 AUD » XPF 70.1562
ZAR » AUD 0.0814 AUD » ZAR 12.2798

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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