Canstar awards OFX with 5-star rating for third consecutive year

In 2016, a study conducted by Galaxy Research on behalf of OFX showed that 80% of Australians said they would transfer money internationally with their bank¹. Despite this, people are increasingly turning to specialised services for their financial needs. Platforms like Canstar, considered a trusted and reputable point of call, can provide expert advice for people making the switch from traditional services like banks, as moving away from the familiar can be daunting.

Whether you’re sending money overseas to support family, for your destination wedding or even your retirement, it makes sense that you may assume that your bank is the best way to do this.

This assumption could be costing people millions of dollars a year. In fact, the Galaxy Research survey showed 52% of Australians were unaware of the hidden cost of exchange rate margins charged by most banks. When they were informed of the costs, 75% of Australians considered the costs ‘very high’ or ‘a bank rip-off’.¹ At OFX, we agree. That’s why we keep our fees and exchange rate margins low and transparent, so customers can make an informed decision.

So how do we offer customers such competitive rates? At OFX, we have 16 partner banks (which means 150 bank accounts) in locations around the world, offering over 55 currencies. Rather than using large, expensive networks of intermediary banks, we send the funds directly between our local bank accounts. We call it Global By Local (GBL) processing, and it’s part of why our rates are so competitive. You can use our currency converter to compare live market rates and see how much you can save comparative to the banks.

As a Canstar 5-star rated company, you can trust that you’re getting a better deal with OFX. We aim to continue inspiring our customers to lead global lives through simple, seamless international money transfers.