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 0.3902 AUD » AED 2.5627
AZN » AUD 0.8855 AUD » AZN 1.1293
BGN » AUD 0.8522 AUD » BGN 1.1734
BHD » AUD 3.8476 AUD » BHD 0.2599
BND » AUD 1.0851 AUD » BND 0.9216
BRL » AUD 0.4021 AUD » BRL 2.4868
CAD » AUD 1.0728 AUD » CAD 0.9321
CHF » AUD 1.4424 AUD » CHF 0.6933
CNH » AUD 0.2105 AUD » CNH 4.7506
CNY » AUD 0.2152 AUD » CNY 4.6467
CZK » AUD 0.0638 AUD » CZK 15.6619
DKK » AUD 0.2183 AUD » DKK 4.5813
EGP » AUD 0.0833 AUD » EGP 12.0029
EUR » AUD 1.6268 AUD » EUR 0.6147
FJD » AUD 0.6855 AUD » FJD 1.4588
GBP » AUD 1.8674 AUD » GBP 0.5355
HKD » AUD 0.1830 AUD » HKD 5.4646
HUF » AUD 0.0051 AUD » HUF 195.1838
IDR » AUD 0.0001 AUD » IDR 9698.1341
ILS » AUD 0.3910 AUD » ILS 2.5576
INR » AUD 0.0203 AUD » INR 49.2052
JPY » AUD 0.0131 AUD » JPY 76.4986
KRW » AUD 0.0013 AUD » KRW 771.2728
KWD » AUD 4.7371 AUD » KWD 0.2111
LKR » AUD 0.0081 AUD » LKR 124.0851
MAD » AUD 0.1530 AUD » MAD 6.5379
MGA » AUD 0.0004 AUD » MGA 2433.5233
MXN » AUD 0.0752 AUD » MXN 13.2989
MYR » AUD 0.3501 AUD » MYR 2.8563
NOK » AUD 0.1677 AUD » NOK 5.9628
NZD » AUD 0.9699 AUD » NZD 1.0310
OMR » AUD 3.7244 AUD » OMR 0.2685
PEN » AUD 0.4346 AUD » PEN 2.3012
PGK » AUD 0.4376 AUD » PGK 2.2851
PHP » AUD 0.0276 AUD » PHP 36.2418
PKR » AUD 0.0106 AUD » PKR 93.9662
PLN » AUD 0.3786 AUD » PLN 2.6416
RUB » AUD 0.0222 AUD » RUB 44.9669
SAR » AUD 0.3880 AUD » SAR 2.5776
SBD » AUD 0.1951 AUD » SBD 5.1243
SCR » AUD 0.1116 AUD » SCR 8.9587
SEK » AUD 0.1587 AUD » SEK 6.3006
SGD » AUD 1.0544 AUD » SGD 0.9484
THB » AUD 0.0452 AUD » THB 22.1125
TOP » AUD 0.6909 AUD » TOP 1.4474
TRY » AUD 0.2725 AUD » TRY 3.6696
TWD » AUD 0.0475 AUD » TWD 21.0639
TZS » AUD 0.0006 AUD » TZS 1546.3569
USD » AUD 1.4302 AUD » USD 0.6992
VEF » AUD 0.0000 AUD » VEF 54569.9333
VND » AUD 0.0001 AUD » VND 15572.2498
VUV » AUD 0.0135 AUD » VUV 73.8026
WST » AUD 0.5914 AUD » WST 1.6909
XOF » AUD 0.0026 AUD » XOF 390.1703
XPF » AUD 0.0140 AUD » XPF 71.6202
ZAR » AUD 0.1040 AUD » ZAR 9.6194

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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