What is a currency converter?
Our online Currency Converter is a quick and easy way to see live market exchange rates at the click of a button.
Exchange rates change all the time, and our live Currency Converter updates with it, making it the ideal tool to keep your eye on the market rate for any given currency. You don’t even need an account with us; just select the currency pair you want to see and our inbuilt market Exchange Rate Calculator will give you their latest market values.
The market rate and the customer rate – what’s the difference?
The market rate is also known as the interbank rate. It is the exchange rate at which the banks borrow and lend to each other. This is usually made in large amounts over short-term loan periods. These loans are made at low-interest rates reserved almost entirely for banks, financial institutions and registered money lenders.
The customer rate consists of the market rate plus a margin added by a foreign exchange provider. While the banks may have inflated margins and transfer fees, at OFX, we keep our margins modest to offer competitive customer rates, which can save you money.
How do I send my money at a good rate?
When the market reaches a rate that you find favourable, simply log into your OFX account and book the transfer with us to get the currency at a low customer rate (the market rate, plus our small margin). We will send you an email confirming your customer rate, leaving you to send us the money locally via your bank. This can be done by BPAY, Electronic Funds Transfer and Direct Debit.
Our competitive customer rates are often better than the banks’ and our customers receive fee-free transfers when sending AU$10,000 or over*. Our team of dedicated dealing and customer service agents are available 24/7 to answer any queries you might have and to guide you through the transfer process.
With the ability to see changing market rates in an instant and make overseas money transfers quickly and securely, you can trust us to meet your international money transfer needs.
When it matters, OFX it.
*OFX charges a flat fee for transactions under a specified limit. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
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