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, simply register online OR if you’ve got a question leave your details and an OFXpert will be in touch within 24hrs. 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, but if we need additional information, we’ll let you know.

How do I make a global money transfer?

Once you’ve registered, log into OFX and:

  • Enter your recipient banking details (TIP: save them so it’s faster next time).
  • Select the amount and the currencies you would like to transfer between.
  • Check the details are correct then click ‘Finalise Transfer’ to lock in your rate, book in the transfer and kick off the process.
  • In Europe, you can use a bank transfer to send 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?

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:

  • Make a quick transaction at today’s rate.
  • Limit Orders let you set a target exchange rate, if the market reaches it, the transfer is booked and your OFXpert will contact you to complete the transfer.
  • Forward Contracts let you lock in today’s rate for an agreed amount 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?

When you move money around the world you need to know it'll get there. That's why we carefully select our banking partners and are trusted by 50+ regulators globally.

Can I track my transfer?

Of course. Once you’ve kicked off a payment, we’ll send an email or 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.

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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