Work with an OFXpert to protect your business from currency fluctuation

GBP–EUR €20K
cost comparison

18/02/2020

£16,473

VS
18/03/2020

£18,632

GBP£2,158

potential saving***

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 a better rate before you transfer.

For example, let’s say you needed to pay a €20,000 invoice. You received the invoice on February 18 for payment in a month, when the pound was worth €1.2141. At this rate, your transaction would have cost £16,473. A Forward Contract would have allowed you to lock in this rate for settlement in a month’s time when your invoice is due.

However, if you waited and the pound weakened to €1.0734 by the time your invoice was due for payment on March 18, the same transaction would have cost you £18,632 – an extra £2,158.

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 is no obligation to sign up.

Your money transfer rates could be the difference between profit or a loss. Talk to an OFXpert to make real savings.

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Welcome to OFX

Why OFX for your business?

  • Smart savings

    Smart savings

    Transfer GBP£10K to EUR and you could get up to €238 more than if you used a bank.**
  • fast Transfers

    Fast Transfers

    Move your money in 24 hours.*
  • IMG

    24/7

    Real people, here to help, day & night
  • worldwide

    Worldwide

    Transfer to 197 countries in 55 currencies.

Ready to send money? You can be up and running in minutes.

  • account
    STEP 1
    Open an account

    Complete the registration form in just 5 minutes.

    Register Now
  • found
    STEP 2
    Send the funds

    Enter your recipient’s details and send OFX the money by bank transfer.

  • mail
    STEP 3
    Track the transfer

    Track your transfer online or via our OFX app. Most transfers are delivered within 24 hours*.

Meet our OFXperts

Alex OFXpert
Alex - 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.

Jake OFXpert
Jake - 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.

Harry OFXpert
Harry - 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.

See Wah OFXpert
See Wah - OFXpert

We deliver more than just a money transfer. I work with my clients to develop strategies that help them to take advantage of market opportunities and manage cash flow, even in times of volatility.

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.
  • 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 £80 billion.

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

**Bank-beating rates: The comparison savings are based on a single transfer of GBP£10,000 to EUR. 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.

***The Forward Contract example is based on a single payment of €20,000 from GBP to EUR. It is true only for the example given and is based on the OFX Customer Rate for clients transferring €20K GBP-EUR. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings.

©2020. UKForex Ltd. All rights reserved.

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UKForex Limited (trading as “OFX”) is registered in England and Wales (Company No. 04631395). Our registered office is at 4th Floor, The White Chapel Building, 10 Whitechapel High St, London E1 8QS. We are authorised by the Financial Conduct Authority as an Electronic Money Institution (Firm Ref. No. 902028).

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