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Ways To Transfer

What’s the best way to send money online?

Need to send money swiftly and securely right now? Our single transfer option may be right for you.

Also known as a “Spot Deal,” a single transfer means you can lock-in the current exchange rate and start sending your money to your recipient.

Legally you’re required to send your funds to us within 24 hours of locking-in the deal. Then we’ll send your funds to your recipient using our global network of bank accounts.

You can choose from 55 major and exotic currencies to transfer with. Select a currency pair and enter your transfer amount in our currency converter to start a single transfer today.

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What Is Peer-to-Peer Money Transfer?

A peer-to-peer money transfer uses a website or app to transfer funds from one person to another over the internet or mobile networks. For international payments, peer-to-peer will match buyers and sellers of different currencies to deliver a competitive exchange rate.  

Peer-to-peer is convenient, yet limited

Peer-to-peer (P2P) is a good way to save on the excessively high exchange rates margins charged by banks for international money transfers. Banks often charge 5%, while P2P services usually charge a commission of 0.5 to 1.5%. But there are substantial drawbacks to the P2P model.

  • Estimated rates. When you book a peer-to-peer transfer, the low margins can be enticing, and the rates are certainly competitive. The problem is, the rate you see may not be the rate you get. P2P sites will publish the rate that’s available right now, but by the time your deal is booked and paid for (it can take 3-5 days to find a buyer), the currency rate may have moved substantially. With P2P, you never know how much you’re actually going to get until the deal goes through. At OFX, when you book a deal with us, the rate is locked in. What you see is what you’ll get.
  • Delayed processing. Currencies change rapidly and suddenly and P2P models automatically pause your transfer if the currency has moved 3% from when you booked your deal. When that happens, you may end up waiting an extra week for your money. If you can’t afford to wait, that kind of delay could be problematic.
  • Imbalanced buyers and sellers. P2P transfers rely upon there being the same number of buyers and sellers available at any given time. When this balance doesn’t exist, as happened during Brexit, you may not be able to make the transaction at all, and you could miss out on a great exchange rate. Look for a company with a robust online platform and established banking relationships, so you can keep control of your money. To learn more about how Brexit-style volatility can impact peer-to-peer, click here.

Select a Better Alternative: OFX

At OFX, we focus on making it easy and affordable to transfer money for business or pleasure, and we even provide support to online sellers. Choose the money transfer provider who can adapt to your unique needs.

When you transfer money with OFX, every transaction will be swift and secure, and you can reach us by phone 24/7 if you need to. When it comes to international money transfers, you’ve already got a friend in the business: OFX.


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What Is a Forward Contract, and When Is It Used?

A Forward Contract is an arrangement that allows you to transfer money at some time (up to 12 months) in the future at an exchange rate that you agree to now, so that you know what the exchange rate will be at the time the transaction takes place. This allows you to avoid the risks and uncertainties associated with adverse exchange rate movements.

Forward Contract Pros and Cons

A Forward Contract may be beneficial for business and individuals if exchange rates are particularly attractive now, and you want to lock in that rate to hedge against uncertainty in the future. This can be especially helpful for small businesses who want to keep their cash flows predictable when buying or selling overseas.


However, a Forward Contract precludes you from taking advantage of further beneficial movements, if your currency pair continues to move in a profitable way. To avoid missing out on further profitable movements, some people use a Forward Contract for a smaller portion of their total payment (say 50%) as a way to hedge against volatility.

A Better Way to Manage Risk: OFX

OFX offers a number of alternatives that help you manage your business and personal foreign exchange risk.


  1. Our Forward Exchange Contract lets you buy now but transfer later. This lets you lock in a great rate even if you aren’t ready to transfer your money immediately. Whether you need to book your transfer two days from now or a year from now, you’ll be protected against exchange rate fluctuations.

  2. With our Limit Orders option, you won’t have to miss your target rate if it happens overnight or while you’re busy. Instead, you can set your rate and, once triggered, we’ll get in touch to let you know you can complete your transfer.

  3. With an FX Option, you retain the right but not the obligation to transfer funds at an agreed rate at a later date. You pay a small premium on the option to gain protection against exchange rate shifts while being able to profit if the exchange rate shifts in your favor.


Talk to one of our dedicated dealers today to develop a currency strategy that’s right for you.

Note: Forward Contracts are currently available in Hong Kong for specific business purposes (See Hong Kong's T&Cs for Forward Contracts.), while still being open to our customers in Australia, United States, Canada, New Zealand, United Kingdom and Singapore.

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What Are My Transfer Options With OFX

Whether you’re making a personal or business transfer, we’ve got transfer options to suit your needs. So no matter where, when or what your transfer is for, OFX it.

If you want to make a one-off money transfer, our single transfer may be for you. If you’d like to make multiple transfers, perhaps for regular mortgage or business payments overseas, our recurring transfers will allow you to set up an automated transfer schedule.

Beyond our rapid transfer options are Forward Exchange Contracts and Target Rate Orders which help manage your transfers in advance risk. These are suitable for larger transfer amounts and provide you with a degree of rate security with added flexibility to take advantage of the market.

Find out more about our ways to transfer.

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How to Transfer Money from One Bank Account to Another


Money transfers or wire transfers are the best way to send money internationally. An online specialist money transfer provider can save you a lot of money compared to using a bank. Your money will usually arrive faster when you use a company that has a global network of local bank accounts to send money from one account to another.

Exchange rates matter when you send money internationally

When you want to transfer money from one bank account to another, it’s simple to do it domestically. When you want to send money overseas, and you need to exchange currencies, things get a bit more complicated.


You may think it’s easiest just to use your bank to transfer money from one bank account to another--even if the recipient lives overseas. But be careful. Banks often charge high 5% margins above the daily exchange rate when you transfer money internationally. (That’s on top of the usual fee of about $30.)


Our research showed that 80% of consumers were unaware of these high bank margins that equate to roughly $500 on a $10,000 transfer.* When informed of these hidden charges most people (75%) felt the costs were ‘very high’ or a ‘bank rip-off’. We tend to agree.

Choose a smarter way to send your money

When you use OFX to transfer money from one bank account to another, you can save substantially when compared to using your bank. Think of it this way: if you were to pay for an overseas wedding using OFX, you might save enough to cover the cost of the cake.


OFX is an international money transfer specialist. All we do is send money overseas at a fraction of the cost of what the banks charge. That’s it. That’s why we’re the preferred provider of Macquarie bank and MoneyGram. If you’ve ever sent money with them, chances are, you’ve already done business with OFX.


Our online platform and friendly customer service team are available 24/7, so when your bank is sleeping, we’re not. It takes just a few minutes to sign up with OFX, so you can start saving money on all your international money transfers from here on out.


We know that sending money overseas can seem difficult because international banks have different names for different banking codes. From IBANs and SWIFTs to BSCs and NCC, we’ve done it all before, so our forms are simpler to fill out because they use the local code names, not the international ones. If you have any questions, we’re here to walk you through it on your schedule. Nights, weekends, holidays? No problem.


If you’re going to be doing multiple international payments from one bank account to another, we do also help our customers manage their currency exposure. Whether you’re an international business guru or just someone who wants to pay for their kid to study abroad, you get access to our highly-skilled foreign currency specialists, who can help you keep more control over your money.


Make the smart switch to OFX today. And if you’re still on the fence, just ask yourself: does your bank really deserve more of your money?

*Survey conducted by Galaxy Research on behalf of OFX (August 2016). Sample size: 1000 Australians.

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How Much Does It Cost To Set Up A Recurring Transfer

Nothing! There are no extra transaction costs or fees involved when you set up a recurring transfer, just the added peace of mind knowing your payments will always be made on time. You simply pay your regular instalments and the advance payment (deposit) as agreed in the transfer plan and we’ll complete the transfer at the agreed exchange rate.

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Do I Need To Pay A Deposit For A Recurring Transfer

For recurring transfers, or fixed payment plans, an advance payment (deposit) is necessary to cover any market risk exposure we may face. No deposit is necessary for non-fixed payment plans. 

The deposit is the equivalent of one instalment and you’ll need to transfer it together with your first instalment. Please note that the deposit is not a fee and we’ll use it to pay off the last instalment of your recurring transfer plan.

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Can I Lock In A Rate Before I Send You My Funds

Yes, you can lock-in a rate before you send us your funds. This is how it works:

  1. You lock-in a binding exchange rate and provide the recipient bank account details.
  2. Send us the currency you have sold.
  3. Once we’ve received your funds we’ll send the currency you’ve bought to your recipient.


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Can I Extend The Maturity Date Of My Transfer

Yes, the maturity date (the date we make the transfer to your recipient) can be extended by changing your single transfer to a Forward Exchange Contract. If you’d like to switch your single transfer to a Forward Exchange Contract, you will need to speak with one of our transfer experts.

This is only available for transfers made with major currencies and the exchange rate will change according to the interest rate differentials between your currencies. Once you’ve made the switch we’ll require a deposit, and the balance is due a few days before the maturity date of the contract. Then all that’s left is for us to complete your transfer on your chosen date.

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Can I Cancel A Recurring Transfer Plan Anytime Are There Any Conditions

If a recurring transfer is cancelled or terminated, we’ll sell the balance of the purchased currency (if any) and buy back the balance of the original currency. Your advance payment (deposit) will be returned minus any losses that may have occurred due to exchange rate variations. If the deposit doesn’t cover losses, you’re obligated to transfer the owed amount.

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