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 0.3950 AUD » AED 2.5314
AZN » AUD 0.8930 AUD » AZN 1.1198
BGN » AUD 0.8942 AUD » BGN 1.1183
BHD » AUD 3.8926 AUD » BHD 0.2569
BND » AUD 1.0997 AUD » BND 0.9093
BRL » AUD 0.2660 AUD » BRL 3.7594
CAD » AUD 1.0912 AUD » CAD 0.9164
CHF » AUD 1.5873 AUD » CHF 0.6300
CNH » AUD 0.2167 AUD » CNH 4.6157
CNY » AUD 0.2201 AUD » CNY 4.5427
CZK » AUD 0.0621 AUD » CZK 16.0926
DKK » AUD 0.2278 AUD » DKK 4.3896
EGP » AUD 0.0957 AUD » EGP 10.4488
EUR » AUD 1.6932 AUD » EUR 0.5906
FJD » AUD 0.6907 AUD » FJD 1.4478
GBP » AUD 1.8804 AUD » GBP 0.5318
HKD » AUD 0.1880 AUD » HKD 5.3190
HUF » AUD 0.0046 AUD » HUF 215.6157
IDR » AUD 0.0001 AUD » IDR 9928.7873
ILS » AUD 0.4278 AUD » ILS 2.3375
INR » AUD 0.0196 AUD » INR 51.1436
JPY » AUD 0.0139 AUD » JPY 71.9251
KRW » AUD 0.0013 AUD » KRW 765.4151
KWD » AUD 4.8100 AUD » KWD 0.2079
LKR » AUD 0.0080 AUD » LKR 125.0384
MAD » AUD 0.1607 AUD » MAD 6.2229
MGA » AUD 0.0004 AUD » MGA 2660.4952
MXN » AUD 0.0688 AUD » MXN 14.5320
MYR » AUD 0.3527 AUD » MYR 2.8353
NOK » AUD 0.1526 AUD » NOK 6.5520
NZD » AUD 0.9613 AUD » NZD 1.0403
OMR » AUD 3.8110 AUD » OMR 0.2624
PEN » AUD 0.4066 AUD » PEN 2.4595
PGK » AUD 0.4283 AUD » PGK 2.3350
PHP » AUD 0.0304 AUD » PHP 32.9290
PKR » AUD 0.0093 AUD » PKR 107.5133
PLN » AUD 0.3671 AUD » PLN 2.7237
RUB » AUD 0.0190 AUD » RUB 52.6384
SAR » AUD 0.3919 AUD » SAR 2.5516
SBD » AUD 12.0773 AUD » SBD 0.0828
SCR » AUD 0.0804 AUD » SCR 12.4358
SEK » AUD 0.1637 AUD » SEK 6.1104
SGD » AUD 1.0658 AUD » SGD 0.9383
THB » AUD 0.0466 AUD » THB 21.4402
TOP » AUD 0.6732 AUD » TOP 1.4855
TRY » AUD 0.1754 AUD » TRY 5.7014
TWD » AUD 0.0519 AUD » TWD 19.2720
TZS » AUD 0.0007 AUD » TZS 1534.4349
USD » AUD 1.4518 AUD » USD 0.6888
VND » AUD 0.0001 AUD » VND 15326.6696
VUV » AUD 0.0137 AUD » VUV 72.7496
WST » AUD 0.5949 AUD » WST 1.6809
XOF » AUD 0.0026 AUD » XOF 382.5916
XPF » AUD 0.0144 AUD » XPF 69.5258
ZAR » AUD 0.0896 AUD » ZAR 11.1570

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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