There’s a better way to transfer money overseas, and it doesn’t involve your bank.

What to consider before you send money overseas

There are a few things that you need to consider before you send money overseas, but with the right online transfer service, it can be uncomplicated, swift, and secure.
 
Rates – In addition to exchange rates that fluctuate from one minute to the next, you also need to consider the fees that your bank will charge when transferring funds internationally. Banks often charge a fixed fee, along with a margin of up to 5% on the Interbank Rate. And all of that adds up to extra costs that aren’t really necessary.    
 
Timing – How long your transfer will take should also be considered. Most banks typically require 2-5 business days to complete a transfer, and you’re restricted to submitting your transfer orders during their business hours. That could really hold you back, especially when you need to send money sooner rather than later. 

Why choose OFX to transfer money overseas?

OFX has you covered when it comes to transfer fees, exchange rates, and timing.

• We offer bank beating exchange rates. And on some transfers, we waive the transfer fee so you can save even more money. All in all, you could save up to 70%* on the rates banks charge and if you have a target rate in mind you can set an alert to notify you when this is reached.

• We’re open and ready to transfer your money overseas 24/7. Plus, 80% of all major currency transfers are processed within 24 hours on receipt of funds to OFX. No more waiting around for your bank to be open!

OFX transfers vs. bank-to-bank transfers

Why is timing so important when it comes to sending money abroad? Well, a shorter transfer life cycle means that you could get your money to its destination more quickly, and that means that you could also save money along the way. 
 
Here’s an example to put things into perspective:
 
When you send money from Australia to the United States via your bank, it could involve seven steps, starting with your bank account in AUD. After bank account processing, your money moves to the SWIFT payment gateway, SWIFT network, and the intermediary bank, where you might be hit with an extra fee. Next, your money would move into the SWIFT payment gateway before finally landing in the recipient’s bank account in USD. On a transfer over $10,000 AUD, bank fees and margins could add up to hundreds of dollars, meaning less of your money gets to where it needs to be. What’s worse, all of this could take up to 3 business days. 
 
When you opt to use OFX, things move more quickly, yet you can rest assured that the process will be secure from start to finish. After setting up your online account, you can send us your money from your bank account. Then, we’ll move the funds from our AUD bank account to our USD bank account. Finally, the money will land in your recipient’s bank account in USD. Just four steps, and potentially done in the same business day!