Frequently asked questions
These FAQs apply to most of our clients in Australia.
If you’re an Australian business client who joined OFX on/after 6 June 2024 or a former Paytron client, you may be using our
new global money management platform. You’ll need to log in to the online platform to find your FAQs.
See the terms and conditions for our new platform here.
Please contact us if you have questions.
Your Recipients
Ways To Transfer
- Can I set up a recurring transfer with OFX?
- What’s the best way to send money online?
- What Is Peer-to-Peer Money Transfer?
- What is a wire transfer?
- What is a Forward Contract, and when is it used?
- What are my transfer options with OFX?
- How to Transfer Money from One Bank Account to Another
- How much does it cost to set up a Recurring Transfer?
- Is a deposit required for Regular Payments?
- Can I Lock In A Rate Before I Send You My Funds
Safety & Security
Registration
OFX Mobile App
OFX for Online Sellers
- Who can send money to my Global Currency Account?
- What currencies can I receive in my Global Currency Account?
- Which online marketplaces are compatible with the Global Currency account?
- What is the transfer process and how long will it take?
- Is there a minimum amount of time I must have an OFX account?
- How long does it take to open a Global Currency Account with OFX and receive my account details?
- How do I add my Global Currency Account details to my online marketplaces?
- How do I set up a Global Currency Account with OFX?
- As a business OFX account owner, how do I enter the bank details for my home account?
- Do the documents need to be notarised or certified?
Making A Transfer
- What is the minimum transfer amount?
- When do I need to enter my recipient details into my OFX account?
- When can I make a transfer?
- Why haven’t my funds arrived yet?
- What happens after I send my funds to OFX?
- What should I do after I’ve locked in my transfer and sent my funds?
- What is the maximum amount of money you can transfer overseas?
- What is the Market Rate?
- What Is a Bank Routing Number, and When Is It Used?
- What Do I Need to Make an International Bank Transfer?
General & Other
- Can OFX help me watch the foreign exchange market?
- Will I be notified when my Global Currency Account receives funds?
- What’s my client reference number for?
- What is the Customer Rate?
- What is an NCC?
- What is NEFT?
- What Is CHIPS: Clearing House Interbank Payments System?
- What Is IFSC?
- What’s BSC, BSB, or ABA when transferring money internationally?
- What are SEPA transfers?
Delivery Times & Tracking
Currencies & Fees
Other
- Your OFX business platform is upgrading
- How does OFX determine the exchange rate I receive?
- What is a telegraphic transfer?
- How is a currency broker different from a bank?
- How long will it take for the funds to get to my recipient?
- What is the maturity date?
- Can I cancel a Spot Transfer?
- How long do I have to send OFX my payment?
- How do I send funds?
- Are my funds secure?
- Is there a minimum amount for a Forward Contract?
- Can everyone set up a Forward Contract?
- What if I no longer need the Forward Contract?
- Do I need to wait until my Forward Contract matures to use the currency?
- What is a credit limit?
- Why do I need to make an advance payment?
- Do I need to pay upfront when I book a Forward Contract?
- How is a Forward Contract rate calculated?
- Is a Forward Contract right for me?
- Can I cancel a Limit Order?
- What does it cost to set up a Limit Order?
- When are Limit Orders used?
- Are there any downsides?
- How much does it cost to set up Regular Payments?
- What happens if I want to cancel my Regular Payments?
- How can I send funds for my Regular Payment installments?
- I have multiple mobile numbers. Which mobile number will the verification code be sent to?
- How does 2-step verification work for businesses with multiple users?
- My mobile number has changed, how do I update it with OFX?
- What do I do if I don’t receive a verification code via SMS?
- How does multi-factor authentication work?
- What should I do if I am overseas and unable to receive the SMS verification code?
- Do I still need to remember any security questions associated with my OFX account?
- Can I turn off multi-factor authentication?
- What banking information does OFX need to make a transfer?
- Who is OFX
- How do I register to transfer money?
- How can I help protect myself from fraud and scams?
- Where can I make a transfer to?
- What recipient information do I need to give to OFX?
- What should I do if my debit card payment results in an unknown error?
- What is the difference between a Forward Contract, a Limit Order, and an FX Option?
- What Is A Single Transfer
- What is an IBAN for transferring money internationally?
- What Are The Different Ways To Transfer Money
- I Have An OzForex Travel Card What Do I Do Now That Its Closed
- What Happens To The Funds On My OzForex Travel Card
- How long will my transfer take?
- How do I set up a recurring transfer?
- Do I need to send a receipt of my payment to OFX?
- Forex Contacts