If you’re looking to send money overseas, the many options available can get a bit overwhelming. While OrbitRemit is Australia and New Zealand’s most trusted online money transfer platform, they’re not the only option.
One alternative in the digital money transfer market is OFX. OFX was born in 2001 with the intention to create a better and fairer way to send money internationally1.
In this article, we’ll go through the key features of OFX and how they can help you to send money overseas.
What currencies does OFX support?
OFX customers can transfer money to over 170 countries and make payments in more than 50 currencies2. To see if OFX supports the currencies you want to make a transfer between, enter them into the OFX currency converter. The currency converter will tell you if you can make a transfer and how long it should take.
What does OFX charge for an international money transfer?
International money transfers usually come with two main costs: a transfer fee and an exchange rate margin. With OFX, the total cost also varies depending on the transfer amount.
For transfers below $10,000 AUD (or it’s equivalent in any foreign currency), OFX applies a flat fee of $15. On the other hand, transfers exceeding $10,000 AUD incur no transfer fee3.
The second cost component is the exchange rate margin. This represents the difference between the market rate (used between banks) and the customer rate (offered to customers). OFX determines their exchange rate margin based on the specific currencies being exchanged and the transfer amount4.
What is OFX’s exchange rate?
As mentioned above, like most money transfer providers, OFX’s exchange rate includes a markup on the market rate. The exact exchange rate will depend on your destination country and transfer amount. To find out what it is, enter the details of your transfer into the currency calculator of the OFX app or website.
It’s important to note the rate quoted by the currency calculator is the market rate, not the rate you will actually receive for your transfer5. To see an accurate quote, you’ll need to sign up and create an account with them.
How to sign up with OFX?
To create an account with OFX, start by registering a ‘Personal’ or ‘Business’ account using some personal information such as your contact details, nationality, date of birth, address and email address6.
Like most money transfer platforms, you’ll need to verify your identity by uploading certain identification documents including POI (proof of identity) and proof of address. Expect a member of the OFX support team (known as OFXperts) to call you for a final verification.
Once signed up, you can select the amount of money you want to send in the currency calculator, see your customer rate, add your recipient, choose a payment option and confirm your transfer!
How long does a money transfer with OFX take?
Payments to major markets are typically processed within 1-2 business days from when OFX receives your funds. Transactions to and from less common currencies may require a bit longer, up to 3-5 business days7.
How to contact OFX?
If you need to contact OFX, there are a few ways to reach out depending on your needs. For personal transfers, customers can call 1300 300 424 or email [email protected], while business clients can call 1300 300 524 or email [email protected].
Can I trust OFX with my money?
Yes, OFX is a safe and legitimate money transfer service. In Australia, they have an Australian Financial Services License and are regulated by the Australian Securities and Investment Commission8.
Being an international company, they are regulated by the relevant bodies in all the countries they operate in. As for online protection, OFX uses data encryption and secure connections to keep your personal information safe9.
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If you found this page while comparing options for online money transfer, you’re in the right place! As we already mentioned, OrbitRemit is Australia and New Zealand’s most trusted international money transfer platform, with an excellent 4.9/5 star rating on Trustpilot from over 30,000 reviews. Don’t believe us? Check out what our happy customers have to say about our services here.
- https://www.ofx.com/en-au/about-us ↩︎
- https://www.ofx.com/en-au/currency-converter/ ↩︎
- https://www.ofx.com/en-au/faqs/are-there-any-transfer-fees/ ↩︎
- https://www.ofx.com/en-au/cheapest-way-to-send-money-internationally/#how-much-does-it-cost ↩︎
- https://www.thecurrencyshop.com.au/reviews/ofx ↩︎
- https://www.ofx.com/en-au/personal/ ↩︎
- https://www.ofx.com/en-au/faqs/how-long-do-online-payments-take ↩︎
- https://www.thecurrencyshop.com.au/reviews/ofx ↩︎
- https://www.thecurrencyshop.com.au/guides/ofx-safety ↩︎