With its competitive exchange rates OFX, formerly OzForex, has become a go-to for Australians transferring money overseas. It was founded in 1998 and has grown from a foreign exchange information website to a specialist international payments service provider with offices in Sydney, London, Toronto, San Francisco, Hong Kong, and Auckland. OFX has securely transferred over $69 billion worldwide and is regulated by ASIC. Its parent company is listed on the Australian Stock Exchange.
Rates and fees verified as correct at 20 October, 2020. Other information correct at the time of writing.
If you are looking to transfer money internationally there’s a good chance that OFX will be able to assist with your transaction. OFX transfers money to over 197 countries in close to 50 currencies. Here at Mozo we can help you to compare today’s exchange rates with OFX to many of the most popular currencies below.
|Currency||At today's OFX Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7013||USD 7,013||Go to site |
|Euros (EUR) EUR||EUR 0.5937||EUR 5,937||Go to site |
|Great Britain Pounds (GBP) GBP||GBP 0.5413||GBP 5,413||Go to site |
|Canadian Dollars (CAD) CAD||CAD 0.9239||CAD 9,239||Go to site |
|Hong Kong Dollars (HKD) HKD||HKD 5.4353||HKD 54,353||Go to site |
|Japanese Yen (JPY) JPY||JPY 74.0478||JPY 740,478||Go to site |
|New Zealand Dollars (NZD) NZD||NZD 1.068||NZD 10,680||Go to site |
|Singapore Dollars (SGD) SGD||SGD 0.9517||SGD 9,517||Go to site |
|South African Rand (ZAR) ZAR||ZAR 11.5657||ZAR 115,657||Go to site |
|Swiss Francs (CHF) CHF||CHF 0.6365||CHF 6,365||Go to site |
OFX provides money transfer services for both personal and business transactions. There is a minimum transfer amount of $250 and you will need to register and set up an account prior to your first transaction. The set up is easy and can be done online but you should allow time for identity verification. This can generally be done electronically but in some instances you may need to send in your information.
Other important details to know:
Some of the money transfer jargon can be a little confusing if you’re not in the money market transferring funds every day. But the good news is that OFX has a range of products and services that will suit everyone from the person who only needs to make a single small dollar transaction, to a small business needing to set up regular monthly payments to their supplier in Italy or India.
The most popular money transfer options include:
|Spot dealsSpot deals|
Spot deals or “spot rates” are ideal for people who want to send money right away. You tell OFX how much you want to send, when you want it sent and to whom you want the funds sent to and they will quote you a rate based on the price they can on the currency from the banks, and the exchange rate of the day. Once you are happy with the quote and accept, OFX will give you 24 hours to put the funds into their account. Once the funds are received it will be transferred to your recipient. Points to remember about Spot deals:
|Forward contractsForward contracts|
A forward contract is a contract which allows you to lock in the rate now and exchange it sometime in the future. For instance, say you are buying property overseas and you know that you’ll need to transfer money soon but want to lock in today’s rate rather than the date you actually need to transfer the funds. Points to remember about forward contracts:
|FX Options FX Options|
Similar to a forward contract a FX option allows you to lock in a rate, but then also have the flexibility should the rate on the day of the transfer be better than rate you locked in at. Points to remember about options:
|Limit OrdersLimit Orders|
In international money transfer speak a limit order means placing a future order for when the time is right for you. You get to nominate the exchange rate you want and when it hits that point OFX will lock it in. This is a good option for anyone who doesn’t have a specific transfer deadline in mind and doesn’t want to be continually checking exchange rates. Point to remember about Limit Orders:
|Regular PaymentsRegular Payments|
If you’re going to be transferring money internationally on a regular basis you can set up a transfer plan with OFX that will allow you to take advantage of great exchange rates and flexibility to fit your specific needs.
Don’t let the convenience of your existing bank be the excuse for not going with a specialist foreign exchange provider like OFX. When you’re exchanging thousands of dollars internationally you’ll want things like:
And remember that:
Visit OFX websiteGo to site
Step 1: Set up an OFX account.
Step 2: Book your deal online or via the OFX app. You’ll tell OFX how much you want to transfer, which currency you want transferred, and when you want your money transferred.
Step 3: OFX will quote you on that trade.
Step 4: You transfer the funds to OFX by the due date.
Step 5: OFX transfer the funds to your recipient.