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 0.3948 AUD » AED 2.5327
AZN » AUD 0.8986 AUD » AZN 1.1128
BGN » AUD 0.8516 AUD » BGN 1.1742
BHD » AUD 3.8491 AUD » BHD 0.2598
BND » AUD 1.0996 AUD » BND 0.9094
BRL » AUD 0.4079 AUD » BRL 2.4513
CAD » AUD 1.1100 AUD » CAD 0.9009
CHF » AUD 1.4689 AUD » CHF 0.6808
CNH » AUD 0.2105 AUD » CNH 4.7501
CNY » AUD 0.2151 AUD » CNY 4.6500
CZK » AUD 0.0636 AUD » CZK 15.7295
DKK » AUD 0.2181 AUD » DKK 4.5861
EGP » AUD 0.0909 AUD » EGP 11.0001
EUR » AUD 1.6255 AUD » EUR 0.6152
FJD » AUD 0.6913 AUD » FJD 1.4466
GBP » AUD 1.7976 AUD » GBP 0.5563
HKD » AUD 0.1859 AUD » HKD 5.3804
HUF » AUD 0.0050 AUD » HUF 199.9647
IDR » AUD 0.0001 AUD » IDR 9435.4164
ILS » AUD 0.4095 AUD » ILS 2.4420
INR » AUD 0.0213 AUD » INR 46.8888
JPY » AUD 0.0134 AUD » JPY 74.6034
KRW » AUD 0.0013 AUD » KRW 795.9535
KWD » AUD 4.7778 AUD » KWD 0.2093
LKR » AUD 0.0084 AUD » LKR 118.5976
MAD » AUD 0.1549 AUD » MAD 6.4560
MGA » AUD 0.0004 AUD » MGA 2444.8450
MXN » AUD 0.0760 AUD » MXN 13.1595
MYR » AUD 0.3575 AUD » MYR 2.7973
NOK » AUD 0.1696 AUD » NOK 5.8975
NZD » AUD 0.9713 AUD » NZD 1.0295
OMR » AUD 3.7707 AUD » OMR 0.2652
PEN » AUD 0.4479 AUD » PEN 2.2324
PGK » AUD 0.4392 AUD » PGK 2.2770
PHP » AUD 0.0290 AUD » PHP 34.4811
PKR » AUD 0.0095 AUD » PKR 105.2180
PLN » AUD 0.3814 AUD » PLN 2.6221
RUB » AUD 0.0236 AUD » RUB 42.3814
SAR » AUD 0.3925 AUD » SAR 2.5476
SBD » AUD 0.1975 AUD » SBD 5.0643
SCR » AUD 0.1132 AUD » SCR 8.8351
SEK » AUD 0.1547 AUD » SEK 6.4653
SGD » AUD 1.0686 AUD » SGD 0.9358
THB » AUD 0.0470 AUD » THB 21.2986
TOP » AUD 0.6964 AUD » TOP 1.4360
TRY » AUD 0.2549 AUD » TRY 3.9236
TWD » AUD 0.0478 AUD » TWD 20.9390
TZS » AUD 0.0007 AUD » TZS 1520.2864
USD » AUD 1.4472 AUD » USD 0.6910
VEF » AUD 0.0000 AUD » VEF 53931.6201
VND » AUD 0.0001 AUD » VND 15392.7852
VUV » AUD 0.0135 AUD » VUV 74.0158
WST » AUD 0.5966 AUD » WST 1.6762
XOF » AUD 0.0025 AUD » XOF 400.9411
XPF » AUD 0.0140 AUD » XPF 71.5864
ZAR » AUD 0.1041 AUD » ZAR 9.6062

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.