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 0.3825 AUD » AED 2.6146
AZN » AUD 0.8684 AUD » AZN 1.1516
BGN » AUD 0.8350 AUD » BGN 1.1976
BHD » AUD 3.7707 AUD » BHD 0.2652
BND » AUD 1.0455 AUD » BND 0.9565
BRL » AUD 0.3832 AUD » BRL 2.6093
CAD » AUD 1.0697 AUD » CAD 0.9348
CHF » AUD 1.4152 AUD » CHF 0.7066
CNH » AUD 0.2021 AUD » CNH 4.9490
CNY » AUD 0.2060 AUD » CNY 4.8539
CZK » AUD 0.0624 AUD » CZK 16.0271
DKK » AUD 0.2142 AUD » DKK 4.6693
EGP » AUD 0.0817 AUD » EGP 12.2465
EUR » AUD 1.5936 AUD » EUR 0.6275
FJD » AUD 0.6718 AUD » FJD 1.4886
GBP » AUD 1.7813 AUD » GBP 0.5614
HKD » AUD 0.1793 AUD » HKD 5.5762
HUF » AUD 0.0049 AUD » HUF 202.8752
IDR » AUD 0.0001 AUD » IDR 10200.2279
ILS » AUD 0.3826 AUD » ILS 2.6135
INR » AUD 0.0203 AUD » INR 49.2708
JPY » AUD 0.0127 AUD » JPY 78.7686
KRW » AUD 0.0013 AUD » KRW 787.8948
KWD » AUD 4.6404 AUD » KWD 0.2155
LKR » AUD 0.0089 AUD » LKR 111.8075
MAD » AUD 0.1500 AUD » MAD 6.6650
MGA » AUD 0.0004 AUD » MGA 2309.4458
MXN » AUD 0.0733 AUD » MXN 13.6509
MYR » AUD 0.3465 AUD » MYR 2.8856
NOK » AUD 0.1665 AUD » NOK 6.0063
NZD » AUD 0.9222 AUD » NZD 1.0844
OMR » AUD 3.6536 AUD » OMR 0.2737
PEN » AUD 0.4284 AUD » PEN 2.3340
PGK » AUD 0.4361 AUD » PGK 2.2931
PHP » AUD 0.0267 AUD » PHP 37.5001
PKR » AUD 0.0117 AUD » PKR 85.5726
PLN » AUD 0.3682 AUD » PLN 2.7157
RUB » AUD 0.0214 AUD » RUB 46.7103
SAR » AUD 0.3803 AUD » SAR 2.6293
SBD » AUD 0.1959 AUD » SBD 5.1055
SCR » AUD 0.1101 AUD » SCR 9.0851
SEK » AUD 0.1528 AUD » SEK 6.5430
SGD » AUD 1.0194 AUD » SGD 0.9810
THB » AUD 0.0422 AUD » THB 23.6833
TOP » AUD 0.6689 AUD » TOP 1.4949
TRY » AUD 0.2397 AUD » TRY 4.1720
TWD » AUD 0.0465 AUD » TWD 21.4838
TZS » AUD 0.0006 AUD » TZS 1559.7712
USD » AUD 1.4021 AUD » USD 0.7132
VEF » AUD 0.0000 AUD » VEF 55661.3398
VND » AUD 0.0001 AUD » VND 15963.8012
VUV » AUD 0.0135 AUD » VUV 73.9676
WST » AUD 0.5843 AUD » WST 1.7115
XOF » AUD 0.0025 AUD » XOF 396.4402
XPF » AUD 0.0137 AUD » XPF 72.9320
ZAR » AUD 0.0965 AUD » ZAR 10.3680

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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