Home FAQs Making A Transfer

Making A Transfer

OFX’s minimum transfer amount is AU$250 in all major currencies. This minimum amount is to ensure your recipient doesn’t potentially owe additional funds to the intermediary or bank as they will sometimes take out a receiving fee for lesser amounts. For any transfer that is less than AU$10,000, a fee of AU$15 (or the foreign currency equivalent) will be charged.

For more information visit our transfer fees FAQ or contact an OFXpert. 

You can enter your recipient details into your OFX account before booking your transfer or at the time of booking. 

Once you’ve saved your recipient details, you won’t need to enter them again. They’ll be readily available every time you need to send funds to that recipient. 

It’s good practice to always double-check the recipient details are correct when you’re first adding them. 

Read more about the bank details required. 

For additional help contact an OFXpert.

With OFX you can transfer most currencies 24 hours a day, 7 days a week (even if the foreign exchange market is closed).

Feel free to transfer at any time that suits your needs.

Please note: rates and speed of transfer can change from weekdays to weekends. Learn more about weekend rates

At OFX, we always strive to make your transfers fast and secure. So if your funds haven’t arrived yet, and you believe they should have, the best first step is to ensure you received your Funds Paid email from OFX. This email is to confirm we have sent the funds to your recipient - not that the recipient has received the funds yet.

Once the funds have been sent by OFX, there is a processing time before the funds are available to them.

Major currencies usually take up to 1-2 business days to arrive while exotic currencies typically take up to 1-3 business days. 

If this time has passed, the next step is to reach out to your recipient to confirm they haven’t received the funds. Once you’ve confirmed that your recipient did not receive the funds, have your recipient contact their bank for more details and give your OFXpert a call to help investigate further.

Leave it with us, we’ll take care of the rest and update you each step of the way. Don’t forget, you can also track your transfer in your OFX account. Read more about tracking your transfer. If you need additional information, contact an OFXpert.

Once you’ve booked your transfer and sent your funds to OFX you can rest assured knowing our OFXperts will take it from there.

You will receive email notifications throughout the transfer process including:

  • A deal confirmation email that lets you know your transfer amount and rates are locked. This means the transfer is now legally binding and guaranteed.
  • A funds received email when OFX receives your currency.
  • A funds paid email when OFX sends your funds to your recipient. At this point in the process, the transfer has left OFX’s hands and is on its way to your recipient.

Learn more about what to do if your funds haven’t arrived.

When you choose OFX to transfer money, you can send as much currency as you need to. We do not enforce maximum transfer limits. Bank daily transfer limits may apply, please check with your banking partner.

Don’t let limits hold you back any longer. Transfer what you need to, when you need to, by creating an account with OFX.  

The Market Rate, also known as the “interbank rate” or the “mid-market rate,” is the midpoint between the price to buy one currency and sell another currency in the foreign exchange market. It is essentially a ‘wholesale’ rate, available only to large financial institutions or those who purchase large volumes of currency. Generally, consumers wishing to exchange currency will not be offered the Market Rate, but instead will be provided with a Customer Rate

If you book a transfer with OFX, your exchange rate will not be equal to the current market rate. We do, however, encourage our customers to check the Market Rate when considering a currency exchange transfer. Understanding the current Market Rate will help you determine if you are receiving a competitive rate. View the live market rates to see what rate we can offer you on a currency exchange transfer with OFX, please log in to your OFX account. If you do not have an OFX account, register now.

Your routing number is a 9-digit code that will be used to identify where your bank account was opened. It may also be known as an RTN, an ABA routing number, or a routing transit number. As you prepare to send money internationally, one of the numbers that you’ll want to have on hand is your routing number.

Where to Find Your Routing Number

You can find your routing number at the bottom of your checks, as it will be the set of numbers on the left side of your account number. If you have online banking, you can easily find your routing number information on your account’s page.

 

Because routing numbers don’t need to be kept confidential, a lot of banks will even have them posted on their websites. This makes it a snap to access the routing number you need for wiring money with a simple Google search.

When a Routing Number Is Used

There are several situations in which you’ll be asked for your routing number. For example, if you’re making a payment by phone or online, or if you’re making automatic bill payments, you’ll need to provide your account number and routing number.

 

Also, if you’re processing checks or transferring money internationally, you’ll be asked to provide your routing number, so the banks will know precisely where the money needs to go.

 

Your bank will be able to tell you which routing number to use for the task that you’re hoping to accomplish. Routing numbers on checks might be different from the routing numbers required for performing wire transfers, so it’s a good idea to look them up online in order to avoid processing delays.


To make an international bank transfer:

  1. Collect your banking details and those of your recipient.

  2. Create an account with OFX

  3. Log in to our secure platform or contact us 24/7 for support.

  4. Finalise your transfer and track it with the OFX mobile app.

 

Send money internationally and keep more of your cash

 

Banks charge hefty margins on the exchange rate in addition to large fees for sending money overseas. OFX lets you keep more control of your money while saving you a bundle.

 

  1. Fill out the simple transfer form to let us know how much you need to send, and what currency you need us to convert your money into.

  2. We’ll guide you through all of the banking details that you need to provide, such as your recipient’s name, account number, and SWIFT or BSC code, depending upon your recipient’s location.

  3. OFX accepts transfers from your bank account.

  4. Most transfers to major destinations will usually be completed within 1-2 business days, and you can track it with our handy mobile app.

Choose your preferred transfer method

After you create your account with OFX, you can choose to make a single transfer, or you could set up recurring transfers, so your international payments always arrive on time.

You also have the option of setting up a Forward Contract so you can lock in a great exchange rate for up to 12 months, even if you aren’t ready to transfer your money today. Or you could set up a Limit Order to be notified once your preferred exchange rate has been triggered, so you don’t miss out.  

 

Making an international bank transfer is easier and cheaper with OFX. Get the savings and service you deserve.

After you’ve registered and we’ve verified your identity, you can begin transferring online.

If this is your first transfer, one of our team members will call you to confirm your transfer. Our global team is on hand if you ever need help making a transfer, otherwise you can complete your own transfers online.

We'll also send you an email and/or SMS to keep you updated on the status of your transfer, or you can track your transfer via our mobile app.

Simply log into your OFX account when you expect the funds to be received and see if your transfer has been marked as Funds Received (sometimes we can still match the payment).


If not, please contact an OFXpert for help locating your payment.

Please note if we can't identify your payment, we may request proof of payment in the form of a transfer receipt to identify your funds.

To ensure secure transfers, OFX prefers to receive transfers from US bank accounts via a domestic wire transfer, ACH Credit, or an ACH Debit Payment (direct debit). The ACH Debit Payment Authorisation is fee-free, and transfers for personal clients take up to 3-4 business days to be received. Business transfers usually take 1 business day after the first deal is complete. Wire and ACH Credit transfers are typically received within the same business day, OFX recommends checking with your banking partner to see if they will charge sending fees. For more information contact an OFXpert.

In order for us to complete your transfer, you will need to make a payment to us first. But it’s easy, and all online.

Simply login to your everyday bank account and make a domestic transfer to ours, with your Client Reference number and we’ll complete your transfer. (The Client Reference number is in the e-mail confirmation you get after locking in a transfer).

Most of our customers transfer their funds to us via an Electronic Funds Transfer (which is offered by most banks worldwide).

In Australia the majority of our customers BPAY their funds to us.

If you’re a corporate customer, we can arrange to debit funds directly from your designated account to make the process even easier.

A full list of payment options is sent via e-mail after you’ve locked-in your transfer.

Please note, we don’t accept or send cash or cheques for transfers.

With OFX, Personal and Business customers globally can lock in a transfer without a rate. This is a great feature if you’re anticipating the arrival of funds. There is also no obligation for the transfer to go ahead once you’ve selected this transfer type. 

Once the funds have been received by OFX, you can advise us if you would like the funds transferred on the day that OFX receives them, or you can select to monitor the rate yourself and convert it online at a later date.

This transfer type can be easily made online 24/7 and is available for these selected currencies only:

AED United Arab Emirates Dirham
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Kroner
EUR Euro
GBP Pound Sterling
HKD Hong Kong Dollar
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Kroner
NZD New Zealand Dollar
PLN Polish Zloty
SEK Swedish Kroner
SGD Singapore Dollar
USD US Dollar

Making a personal Spot Transfer with OFX is easy. Simply follow the steps below or watch our quick video guide. 

  • Login to your OFX account
  • The page will open on the “Deal Dashboard” 
  • Select the “Recipient” tab and “Add New Recipient” if needed
  • Once you have added your recipient select “New quote”
  • Enter the two currencies you wish to transfer between and the value you need to transfer
  • Select “Get Quote”`
  • You will be issued a rate on the left under “Quote Details”
  • If you wish to proceed with the transfer select “Continue”
  • Next select the recipient that was previously added or an already existing recipient from the drop-down list
  • Then add your payment reference. Please note that when the recipient receives the funds it will show as OFX so a payment reference is important
  • If all the details are correct and you are satisfied with the information you have provided, select “Finalise Transfer”
  • At this point your rate is locked in and binding
  • We’ll send you a confirmation via email with all the details of your transfer including our bank details
  • We’ll keep you up to date each step of the way with email or SMS

Personal transfers are only available for personal OFX clients, to initiate a business transfer, open a business account with OFX. Interested in one of our other products or transfer types? Feel free to contact an OFXpert today.

It’s easy to OFX your money transfer in 3 simple steps.

  1. Register, get verified and login.
  2. Enter your recipient’s bank account details and lock-in your transfer.
  3. Simply send your funds to us and we’ll do the rest!

Our global network of bank accounts ensures that your funds are converted and delivered to your recipient quickly and securely.

https://www.youtube.com/watch?v=qHndpeWdmYE

Making a Spot Transfer with OFX for your business is easy. Simply follow the steps below or watch our quick video guide

  • Login to your OFX account
  • The page will open on the “Deal Dashboard” 
  • Select the “Recipient” tab and “Add New Recipient” if needed
  • Once you have added your recipient select “New quote”
  • Enter in the two currencies you wish to transfer between and the value you need to transfer
  • Select “Get Quote”
  • You will be issued a rate on the left under “Quote Details”
  • If you wish to proceed with the transfer select “Continue”
  • Next select the recipient that was previously added or an already existing recipient from the drop-down list
  • Then add your payment reference, remember when the recipient receives the funds it will show as OFX so a payment reference is important
  • If all the details are correct and you are satisfied with the information you have provided, select “Finalise Transfer”
  • At this point your rate is locked in and binding
  • We’ll send you a confirmation via email with all the details of your transfer including our bank details
  • We’ll keep you up to date each step of the way with email or SMS

Interested in one of our other products or transfer types? Feel free to contact an OFXpert today.

Adding details for a foreign bank account can be confusing at first. Follow our simple guide below. 

  1. Login to your OFX account
  2. Select the “Recipient” tab, then “New Recipient” or “create a new recipient” on the home page.
  3. Choose if you are sending to your own account or someone else’s.
  4. Next you need to tell us what country and currency you need to send. This will determine what type of bank information is required
  5. Enter the name on the account. Avoid using initials where possible.
  6. The next section will ask for the bank account details. Depending where the account is held this can have many names. If in doubt we suggest you go back to the account holder with the titles on the text field OFX has provided and ask for the information.
  7. The next section is for the bank details. Most time this will be automatically filled for you from the previous information you entered.
  8. Lastly, if you are sending to someone else’s bank account, we will need their address. You can also add their email address if you would like them to receive an email advising when payment has been made to their account. 

Remember if you need further assistance we’re here 24/7. Contact us 

Yes. We’ve recently lowered our minimum transfer amount to AUD 250.00, giving you even more flexibility when it comes to making global transfers.

Absolutely! We can transfer funds from several countries to Australia.

There are a few exceptions as we can’t accept transfers from some countries, but if you have any doubts please contact one of our helpful OFX transfer experts.

Please note we currently are unable to make transfers to the following countries: Afghanistan, Belarus, Burma (Myanmar), Democratic Republic of Congo, Republic of Congo, Cuba, Iran, Iraq, North Korea, Republic of Lebanon, Libya, Somalia, South Sudan, Sudan, Syria, Venezuela, Zimbabwe

No, to ensure each transfer with OFX is as fast and secure as possible we don’t accept transfers made to us via cash or cheque.

Depending on the currency you are sending and the region you are located in, our team of OFXperts will help you identify the best payment method for your transfer. Find out more about payment options in your OFX account under bank details, in our common international payment methods blog, or by contacting an OFXpert.

Yes, either register or log in to your OFX account to see our customer rates and available currencies. Visit our rates page to get started.

OFX offers a range of transfer options to suit your personal and business needs. Find more information in our common international payment methods blog, or by contacting an OFXpert.

If you need to cancel a transfer, or if you are unable to make payment for your transfer, you will need to call us as soon as you can.

Please note that cancelling a transfer may result in a loss you are liable for. If you have any questions about how to make a payment to us, its best to contact us prior to confirming your transfer. Transfers are binding contracts, our specialists buy funds on your behalf so the exchange rate is locked in for you.