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General & Other

Yes. Once the funds have been received into the local currency account, we will send you an email to notify you.

When you transfer your funds to us via a bank transfer, you need to include your Client Reference number so we can tell who the money has come from. This number will be included in the confirmation e-mail sent to you after your lock-in your transfer.

You can also find it by logging in online and going to the “Our Account Details” tab and selecting an available currency. Your unique Client Reference number will be next to “Reference” on the last line of every bank account.

We've made it easy and this number is unique to you for all your transfers and every currency. Once you save the details on your online banking, it is the same every time.

Our OFX Customer Rate is an estimated rate that is based off the current market rate and includes our margin but excludes any fees (if applicable). 

Each OFX Customer may get a different rate depending on the market rate; the value of their transfer; how often they transfer; and or the currency pairing of their transfer.

To see what rate we can offer you on a currency exchange transfer with OFX, please login to your OFX account. If you do not have an OFX account, register now

An NCC is a National Clearing Code. It’s required for any payments that are made to bank accounts that don’t have an International Bank Account Number (IBAN). Also referred to as a Routing Code, you won’t usually need to submit an NCC if you have an IBAN or a SWIFT/BIC.


National Clearing Codes are most often used to make payments outside of the EU, including to the United States, South Africa, New Zealand, and Australia.

When Do You Need to Use an NCC?

You don’t always need to provide an NCC. In fact, there are several scenarios in which you won’t need it at all. When you’re transferring funds to countries where the NCC is preferred, however, you’ll need to provide it, along with the receiving bank’s name and address. You can ask the payee for their account details, which they can get from their bank.


When you’re making payments to South Africa, Australia, or New Zealand, you may be asked to enter a BSB (Bank State Branch) code, so you won’t need to enter an NCC. Also, if you’re making payments to the United States, you’ll be asked to enter a routing number or ABA (American Bankers Association) code, so you won’t need to enter the NCC. And if you’re asked to provide a SWIFT/BIC, you can’t submit an NCC as well, so you should only use the SWIFT/BIC.


Take the Guesswork Out of Transfers with OFX

At OFX, we understand that transferring money internationally can get confusing with all of the various codes required for sending payments to different countries. That’s why we’ve designed a form that’s simple to fill out.  


Just create an account and let us know how much money you want to send and where you want to send it. We’ll take care of letting you know exactly what codes you need to submit to ensure your transfer goes through securely and swiftly.


NEFT stands for the National Electronic Funds Transfer, an nationwide payment system in India that facilitates the electronic transfer of funds from one bank to another within the country. In order to participate in the NEFT system, banks and their branches must be members of the NEFT network. A list of participating banks can be found on the Reserve Bank of India website.


Payment options have gotten much more sophisticated over the years. Today in India, a standardized banking system is making sense of money transfers and bringing regularity and reliability to a booming emerging market. Here’s how it works.

What’s the difference between NEFT and RTGS?

Money sent via the NEFT system is usually transferred the same day, commonly within a few hours, barring unexpected or extraordinary delays. Using a DNS (Delayed Net Settlement) system, funds are settled and cleared in batches rather than immediately. These batches are processed every hour on the hour from 8AM to 7PM on weekdays, and from 8AM to 1PM on Saturdays.


An RTGS (Real Time Gross Settlement) transfer gets transferred when the order comes in (as opposed to at regular times) and may result in an expedited payment, though an RTGS payment may carry additional fees.

NEFT Limits

There is a single-transaction limit of ₹50,000 per NEFT transfer, though there is no overall limit to how much money may be transferred across the entire system.

How Does a NEFT Transfer Work?

First, any entity, whether individual, corporate or other, wishing to transfer funds across the NEFT system must fill out an “application” - essentially, a transfer request. They must provide the recipient’s name, name of their bank, the bank’s IFSC (Indian Financial System Code) number, their account information, and the amount to be transferred.


The sender’s bank (also known as the “originator’s bank”) sends the information in a message to the NEFT Service Center, the national pooling center. The pooling center then forwards the message to the NEFT Clearing Center, operated by the Reserve Bank of India in Mumbai, to be included in the next available batch.


The Clearing Center then sorts of the transactions by bank and creates the necessary accounting entries to receive the funds from the originating bank, and to send the funds to the receiving bank.


Finally, the destination banks receive the messages from the Clearing Center and credits the recipients’ accounts.

Are There NEFT Service Fees? 

There are usually no fees to receive funds via NEFT.


There is a tiered system of fees to send funds via NEFT. Transactions up to ₹10,000 incur a fee of ₹2.50. Transactions between ₹10,000 and ₹100,000 incur a fee of ₹5.00. Transactions between ₹100,000 and ₹200,000 incur a fee of ₹15.00. Transactions greater than ₹200,000 incur a fee of ₹25.00.

* * *

The NEFT system is a clever, standardized way to reliably send money between Indian bank accounts. For money transfers on the subcontinent, it is an excellent choice.



  1. Reserve Bank of India

CHIPS stands for Clearing House Interbank Payments System, and it’s the largest private-sector, US dollar-based, money transfer system in the U.S. It’s a privately operated, and bank owned, system for electronic payments that are transferred and settled in US dollars.


As a competitor and customer of the Fedwire service of the Federal Reserve, CHIPS allows banks to make transfers of international payments efficiently, as there’s no need for bank checks.


When it comes to large transactions, CHIPS is the main clearing house in the United States. By using electronic bookkeeping entries, it settles, on average, more than $1 trillion USD every day. The average transaction using CHIPS is over $3,000,000.


Many people prefer CHIPS to the Fedwire service because it’s more affordable, even though it isn’t as fast. Transfers could be made internationally or domestically, but they’re usually very large sums.

The limitations of CHIPS

One of the main limitations associated with CHIPS is the fact that it only operates from 9:00 a.m. to 5:00 p.m. Eastern Time. As of 2016, there were just 48 member banks in CHIPS whereas roughly 50,000 member banks use the Fedwire system.

A Better Way to Transfer: OFX

At OFX, we provide international money transfers at a fraction of the cost of using your bank or traditional wire transfer services. With our online platform, you can transfer any amount, no matter how large or small, and you can do it 24/7, because we’re open all day, every day.


  • We can send to 190 countries using 55 different currencies.

  • Sending more than $5,000 USD? You won’t incur any transaction fee. Sending less than $5,000 USD? You’ll pay a mere $5 fee.

  • Your transfer will go through securely and swiftly, typically anywhere from just 1-2 business days once we receive your funds. Plus you can use our risk management tools, to protect your transfer from currency volatility.


Ultimately, we make it easy and affordable to transfer your money to wherever it needs to go. So rather than relying on systems like CHIPS, take complete control over every transfer by creating an OFX account today.          



IFSC stands for Indian Financial System Code. It’s an 11-digit code written in an alphanumeric format, and it identifies the branches in the National Electronic Funds Transfer (NEFT) network. The Reserve Bank of India (RBI) uses IFSC for electronic money transfers between banks, as the code can quickly identify where the funds are coming from and where they’re going.


What Is Contained in an IFSC?

An IFSC will start with four letters that represent a bank’s name. These letters are followed by six characters that are usually numbers but could also be letters, and they represent the specific branch of the bank. The last character is a 0.


Where Can You Find an IFSC?

Once you know the name of a bank and its branch, you can visit the RBI website and search through its list of banks and codes, or you can simply call the bank and ask for their IFSC. You can also find the IFS Code on your recipient’s bank statement and checks.


Will You Always Need to Use an IFSC?

IFSC is used by the RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) systems in order to efficiently transfer funds between bank accounts in India.


Therefore, you’ll need an IFSC whenever you’re transferring money from one bank to another in India and when you’re transferring money from overseas into an account in India.


To send money, you’ll need to provide the recipient’s bank name and account number, along with the IFSC.   

Transfer Money to India with OFX

Whenever you use OFX to send money internationally, our simple-to-use form will ask you for all of the details to send your money securely and quickly. 


At OFX, we’re open 24/7, so when you need to send money to friends, family, or business contacts in India, you can use our service even when the banks are closed. Open your account today to make transferring money a snap. 





  1. https://www.rbi.org.in/scripts/FAQView.aspx?Id=60  

  2. http://www.itsallaboutmoney.com/did-you-know/what-is-an-ifsc-code/

  3. http://www.ifsccodebank.com

  4. https://www.westernunion.com/us/en/india-to-bank-faqs.html

BSC is short for Bank Sort Code. This is a unique 6-digit code that identifies banks and branches throughout the United Kingdom, and it can be compared to the American Bankers Association Number (ABA) that’s used within the United States or BSB in Australia.


Bank Sort Codes have been used since the 1960s, when the banking industry began automating many of its processes for speed and reliability, and they’re still used today to make money transfers go smoothly.

How Are Bank Sort Codes Used?

Banks in the United Kingdom will use a BSC in order to instantly identify a specific bank and its branch.


The first two numbers in the code indicate the bank, while the remaining four numbers identify the branch. This ensures that your money will go exactly where it needs to go, and it will move swiftly and securely from your bank to your recipient’s bank.

Where Can You Find Your BSC?

You can find a BSC on your bank statement and on the back of your debit card. You should ask the recipient of your funds to provide you with their bank’s BSC so that you can provide all of the information necessary to transfer funds easily and quickly.   

When Do You Need to Provide a BSC?

Whether you are transferring money into the UK from another country or you are transferring money from one bank to another within the UK, you will need to provide the appropriate BSC.

Speedy UK Money Transfers with OFX

At OFX, we know that all of the codes in the banking industry can get pretty confusing. That’s why we’ve designed a system that not only helps you save on transfer fees, but also simplifies international money transfers.


SEPA stands for Single Euro Payments Area, and it is used when making cross-border European bank transfers. The aim of SEPA is to make it even easier to make EUR transfers between the nations in the European Union, to the point that making these transfers would be no different than making any domestic transfer. Plus, just about all SEPA transfers are free.  


Sepa Countries List:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Lichtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • UK

SEPA Payment Charges

At OFX, most of our European payments are made via SEPA. When you send your money to OFX from a SEPA country, it should cost the same as a local transfer (in most cases that means it’s free.) Inter-European transfers processed via SEPA are usually also free from bank charges on the recipient’s end, but as a few banks still do charge a fee to receive a SEPA transfer, you may want to double-check with your bank.

SEPA Transfer Time

With OFX, it usually only takes 1-2 business days for transfers to Europe to be completed.

For these types of transfers, you will probably need the appropriate IBAN and BIC, as well as the recipient’s name and account number.

Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. Spot rates fluctuate by the second. At OFX, a single transfer may also be called a ‘spot deal’. All that means is that you have confirmed your transfer at a certain exchange rate.

What is a Spot Rate in Foreign Exchange?

Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. In plain English, they are the “right now” rate for any given currency. If you choose to make an exchange immediately, your chosen currencies will be exchanged at the current spot rate.


Foreign exchanges executed under the spot rate must be delivered within two business days. They are no-nonsense, simple transactions, and most currency exchanges are executed at the spot rate.


Spot rates are beneficial because they take the guesswork out of currency exchange, and allow for a bit more operational security in the short term. If you are absolutely positive you are comfortable with the spot rate, you can proceed with your transaction immediately with confidence. This is great for people who want to pay for foreign goods, pay foreign contractors, or need and can afford last-second currency exchanges. Running up against a deadline for that invoice? Go ahead and send it at the spot rate; you know what you're getting.

Spot Rates and Forward Rates

But what if you aren't comfortable with exchanging currencies immediately? Perhaps you have a lucrative deal on the horizon in India, but you aren't ready to make a payment yet, and you're concerned the exchange rate will only get worse later in the season? Then forward rates may be perfect for you.


Forward rates allow you to lock-in the current exchange rate for a transaction to be completed at an agreed-upon later date. These contracts are binding, but they can be massively advantageous to certain customers.


Take the India deal mentioned above. There are uncontrollable factors that may affect your exchange rate such as:


  • seasonal weather

  • political instability or

  • market trends


Any number of variables could cause the exchange rate to be more costly at the time you're ready to actually send the money. With a Forward Contact, you can guarantee an exchange rate now for use even at a later date. At OFX, we offer forwards from two days to twelve months in advance.


* * *


If you're ready to make a foreign currency exchange right now, you should know that banks charge excessive margins on the daily exchange rate. OFX gives you a better deal, plaing and simple. Log in to OFX, check the current up-to-date spot rates, and voila! You're off to a world of global financial freedom.

Can’t remember your username or password?

It’s ok. There are ways to retrieve it – simply click “Login” on our homepage and under the blue login button click “Forgotten your username or password?”.

A routing number is a 9-digit code. It will identify where your bank account was first opened. To locate your routing number, you can simply look at one of your checks. You’ll notice that the bottom of your check has three sets of numbers. The first set is the routing number, which is found on the bottom left side.

How to find your U.S. account number:

Unlike the routing number, your account number will be unique, as it will identify your bank account.

To locate your account number, you can look at your bank statements, or you can look at your checks again, as it will be the second set of numbers at the bottom. Usually, an account number will be 10-12 digits long, but its length could vary from one bank to another.

Sometimes, the account number and check number are reversed, so your account number will be found on the right side of the bottom of your check, as opposed to in the middle. You’ll know the difference because the check number will be shorter.

When in doubt, contact your bank

If you have any difficulty locating your U.S. account and routing numbers for an online transfer, you can also log into your online banking site or you can contact your bank for more support.

Alternatively, you can use these links to confirm your routing number via your bank’s website:

Bank of America routing number

Capital One routing number

Chase routing number

Citibank routing number

PNC routing number

SunTrust routing number

US Bank routing number

Wells Fargo routing number


Live exchange rates are constantly in flux while the market is open, because of the non-stop trading of currencies and futures by banks. The validity of a published exchange rate depends on on your money transfer provider.


Banks publish a daily rate, which means they need to build in a margin in order to protect their profits from currency volatility. Unfortunately, this margin is high--often 5% of your transfer, so on a transfer of $20,000, you could be paying $1,000 to your bank. That seems excessive doesn’t it?


At OFX, our customer rates are tied to the live interbank or market rate. So we don’t have to build in a wide margin, which means you could save up to 75% on your money transfer when you send money overseas with us.*

Why do exchange rates change so much so fast?

There are several reasons why exchange rates are always fluctuating. Interest rates, inflation, geopolitical stability, and export and import levels are some of the factors that play a role.

The benefits of live exchange rates

Live exchange rates are becoming increasingly popular compared to daily quoted rates. Increasing numbers of foreign exchange providers, including OFX, are choosing to work with live exchange rates instead of daily quotes. This is because live rates are accurate and transparent, while daily quotes will give you an exchange rate for the whole day, even if the actual rate is lower or higher than what you’re quoted.  

Know exactly how much to send

So how do you know how much money you should send internationally and how much your recipient will receive? Before you make a transfer on OFX, use our handy currency converter to learn the current market rate. Then check your bank’s rates. We’re pretty sure you won’t like what you see.


Because we aren’t publishing a daily rate, OFX can adapt to the changes occurring in the market from one minute to the next. That lets us transfer your funds at substantially lower margins, saving you money. End of story.


Register with OFX today and keep more of your money.









*Average savings based on a sample of OFX Customer deals between 5 July and 9 August 2016 on an AUD$10,000 to USD single transfer against published rates of ANZ, Westpac, NAB and CBA for the same period. Fees and transaction costs excluded. Quoted savings are not indicative of future savings. Please consider OFX’s PDS and your circumstances before making a decision about any financial product.  



Need to change or edit your details? Easy.

  1. Simply log in into your account and click “Your Profile.”
  2. Enlarge the profile category that you want to edit by clicking on the “+” symbol.
  3. Edit away.

ACH stands for Automated Clearing House. To find your ACH routing number, first check your checkbook. It may be the nine-digit number to the left of your account number. ACH is an electronic money transfer system that lets individuals receive or send payments via the Federal ACH network of banks in the United States. 

What’s the difference between ABA and ACH?

While many banks will use the same code for their ABA routing number and their ACH routing number, you may want to confirm your ACH routing number by checking your bank’s website. To do so, log in to your online banking platform or use Google to search something like ‘ACH routing number bank of america”. This should take you to the info you need (just make sure you’re on your bank’s site, not someone else’s).

Alternatively, you can use these links to confirm your ACH routing number via your bank’s website:

We offer 55 currencies including all the majors and a wide variety of exotics.

A full list of our available currencies can be found in our currency converter.

They’re also listed here. You can add any of these to your profile by selecting them from the drop down list when you start a transfer online.

If the currency you want to deal in does not appear on the drop-down list when you are trying to make a transfer, please call us on 207 614 4194 (Local call) and one of our expert team members will assist you.

We understand that in some circumstances (like when banks impose daily transfer limits) you might not be able to make a full payment for your transfer. Your bank may be able to temporarily increase your transfer limits.

So, depending on the circumstances, we’ll accept part payments for your transfer. But it’s important that you tell us when you book in the transfer. 

Once we receive the full amount you have transferred, we will then deliver the funds to your recipient bank account.