How to Transfer Money Overseas Without Fees

The Problem with Using a Bank to Transfer Your Money

When sending money abroad through your bank, you will usually be charged an international money transfer fee that could be up to $30, depending upon the bank that you use. Your fee might even be based upon the currency in which your money is being sent, and you might also incur an extra fee to expedite your transfer. But it doesn’t end there. When you send money through your bank, you’ll probably pay a margin of up to 5% on the daily exchange rate. Ouch.

 

Banks use something called the interbank rate to trade money with each other. This rate fluctuates by the second, and it is the rate that you’ll see if you do a basic Google search like ‘1 AUD to USD’. But that’s not the rate that the banks give you, they usually add up to 5% on the daily exchange rate, so on a $10,000 transfer, you could be paying $500 on top of the fees charged to send the money. At OFX, we think that’s too much.

Avoid the Fees Associated with International Money Transfers

OFX gives you a better way to send your money abroad. Using our 24/7 online platform, you can send your money on your schedule, not your bank’s.

 

With OFX, customers from around the globe can use an easy online service to make international money transfers without incurring any fees on transfers over $10,000. No catch, and no gimmicks. There are no setup fees to get started or monthly fees to keep your account open. And you can book transfers 24/7, so you don’t have to waste any time waiting.

 

We do charge a small margin on the exchange rate, but it’s 75% less than what the banks charge.* On transfers under $10,000, we charge a flat fee of $15. To see how much you’ll save when you make the smart switch, just login and get an instant live quote.