Planning ahead could save your business thousands

$20K USD-AUD
cost comparison

06/01/20

AUD$28,864

VS
07/04/2020

AUD$32,258

AUD$3,394

additional cost

When you work with our OFXperts, you'll be able to identify opportunities in the market and develop a plan to provide currency protection - and if time allows, wait for better rates before you transfer.

For example, let’s say you needed to pay a US$20,000 invoice. You received the invoice on January 6, the Australian dollar was worth US$0.6929. At this rate, your transaction would have cost A$28,864.

However, the markets shifted and the US dollar strengthened to US$0.62 on April 7, meaning the same transaction would have cost A$32,258 – an extra A$3,394.

Speak to our team about achieving rate certainty with an OFX Forward Exchange Contract or Limit Order.

Request a free currency consult

Our OFXpert will be in touch within the next business day, it's completely free and there are no obligation to sign up.

At OFX, we make moving money easy, helping you make better decisions and access real savings.

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Welcome to OFX

Why OFX for your business?

How sending money with OFX works

Meet our OFXperts

Rachael OFXpert
Rachael - OFXpert

I get to know my customers and their business, and know they can often be overwhelmed by changes to currency markets. But when I look at the moving currency markets I know how to manage their global money transfers . That’s why I work with my customers to create simple currency plans that protect their profit margins every day.

Brian OFXpert
Brian - OFXpert

My customers need to move money around the world at times that work for their business. It could be 6pm, it could be 4am; it doesn’t matter. Me and the global team are always on hand.I’m always monitoring my customers’ transactions. I love it when I can lock in a great exchange rate to protect them against volatile markets.

Vani OFXpert
Vani - OFXpert

My clients rely on me for their global money transfers. I’m an OFXpert but, really, I work for my customers. Day to day I can be booking in multiple supplier payments or helping my customers understand the currency markets ahead of a transfer. Whatever it is, I’m on their team.

Frequently asked questions

How do I open an account?

It’s easy as 1-2-3:

  • Register. If you’re keen to get started straight away, complete our registration form OR enter your details above and an OFXpert will guide you through the process. Either way, there’s no cost or obligation to make a transfer.
  • Speak to us. An OFXpert will call you to complete setup and answer any questions you have.
  • Verify your identity. This is usually automatic. We’ll let you know if we need any documents.

How do I make a global money transfer?

Once you’ve registered, log into OFX and:

  • Tell us which currencies to transfer between and how much to transfer.
  • Select your recipient. Save their banking details so it’s faster next time.
  • Check the details then click “Finalise Transfer” to lock in the rate and kick off the process.
  • BPay or bank transfer the funds to us – we’ll tell you where to send them.
  • Keep track of your transfers in a way that suits you: online, via the app, email or SMS updates.

How long does a transfer take?

We use a network of global banking partners which means your transfers are kept secure and, it also means we can expedite your payments and deliver funds faster than banks do. 80% of all major currency transfers are completed within 1 business day of us receiving your funds. For more exotic currencies, it can take a little longer – usually 3-5 business days.

What kind of money transfer options does OFX offer?

There are three kinds of money transfers available:

  • Buy now, pay now. With Spot Deals, you can make a quick business transaction at today’s rate.
  • Set and forget. Limit Orders let you set a target exchange rate and, when the market reaches it, your OFXpert will contact you to complete the transfer.
  • Buy now, pay later. Forward Contracts let you lock in a favourable exchange rate for up to 12 months.

Does my recipient need an OFX account to receive money?

No, they don’t. We’ll send the money straight to your recipient’s bank account.

Is my money secure?

Yes. OFX has dedicated fraud prevention teams and sophisticated technology that uses a multi-layered approach to detect and prevent fraud. We also keep your funds within our international network of accounts to keep them secure until they’re delivered to your recipient.

The biggest risk in sending money overseas is not knowing who you’re transferring it to. Once it has been delivered, it’s very difficult to retrieve your money if you discover a problem. So, to keep your business safe, follow these simple guidelines

  • Avoid wiring money to someone you’ve never met in person.
  • Verify the credentials of overseas suppliers to ensure you’re dealing with the company itself.

Can I track my transfer?

Of course. Once you’ve kicked off a payment, we’ll send an email and an SMS to keep you updated at every step in the global money transfer process. You can also track the status in your OFX account online or via the app.

You can set your notification preferences in your OFX settings.

About OFX

OFX grew from the idea that there had to be a better, fairer way to do business. As experienced executives in global forex companies, our founders knew the industry was opaque, dominated by big banks with inflated rates and a lacklustre service that favoured large institutions over smaller businesses. In 1998 our founders launched a foreign exchange information website from Sydney’s Northern Beaches, with a vision to enable businesses of all sizes to compete in the global economy with confidence. A vision that remains true to this day. Since launching over 20 years ago OFX is now an ASX listed company operating internationally, helping over 1 million customers worldwide and has transferred over AU150 billion.

*80% of major currency transfers are processed in 24 hours on receipt of funds to OFX

**The comparison savings are based on a single transfer of AUD$20,000 to USD. Savings are calculated by comparing the exchange rate including margins and fees provided by each bank and OFX on the same day (17 June 2020). Pricing data is provided by an independent third party, FXC Intelligence Ltd. The comparison savings provided is true only for the example given and may not include all fees and charges. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings. These results therefore may not be indicative of actual savings and should be used only as a guide. The rate comparison chart is updated monthly.

IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited ABN 65 092 375 703 (trading as “OFX”) and its subsidiaries make no recommendations as to the merits of any financial product referred to in the website, email or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.

DISCLAIMER: OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website. Read full disclaimer. OFX provides international money transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service. OFX is regulated in Australia by ASIC (AFS Licence number 226 484). Read our Money Laundering Statement and Privacy Policy.

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