Best Way to Transfer Money Between Countries

The Best Way to Transfer Money Between Countries

A lot of people immediately think of using their bank to transfer money between countries, but there is a better—and more affordable—way to get the job done.

Banks charge both high fees and high margins on the exchange rate when sending money internationally, so using your bank may be your most expensive option. Make the smart switch to OFX, and you can send your money with little to no fees and a very low margin.

In order to understand how much you can save when you choose OFX, you need to know about the Interbank Rate, or the Market Rate. This is the rate that banks will use whenever they trade currencies with each other, and the rate changes throughout the day every day. But here’s the thing: banks often add a margin of as much as 5% on the Interbank Rate. This is on top of their fixed international transfer fees. So on a $10,000 transfer, you could pay $500 on top of fee to transfer the money. Sounds like a lot doesn’t it?

More Perks That Come with Using OFX for Transfers

In addition to saving money on your international transfers, OFX makes it easy to send your money on your schedule:

• 24/7 customer service means you can move your money nights, weekends and holidays. When your bank is closed, we’re open.

• Single or recurring transfers let you send money swiftly and securely (usually within 1-2 business days).

• Forward Contracts let you lock in an exchange rate today for up to 12 months, so you know what you’ll be paying no matter how the market moves.

• Limit Orders can be used to set your ideal target exchange rate, so you never miss out on a profitable movement.

A Smarter Way to Transfer Money Between Countries

OFX puts you in control when it comes to sending money between countries. You can save money on transfer fees and margins, while also determining the best time to send your money so you can take advantage of exchange rates that work for you. Plus, OFX works in 190 countries and with 55 currencies. With our 24/7 support, we’re just a phone call away if you have any questions concerning your transfer. Start saving by setting up your account today.