Save with OFX bank-beating rates

OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was 20 years ago, and we’re still driven by the same mission today.

So, what do we mean by “bank-beating rates”?

We take a fair approach to prices and work with an independent third party to review bank rates across multiple countries, and in multiple currencies. To make sure our prices are bank-beating, they conduct a monthly price comparison of OFX and 15 banking institutions across the globe.

Which banks are OFX rates compared with?

AU	US	CA	UK
ANZ	Bank of America	CIBC	Barclays Bank
CBA	Citi Bank	HSBC	Lloyds Bank
NAB	JPMorgan Chase	RBC	HSBC
Westpac	Wells Fargo	TD	Natwest

The price comparison looks at how much it costs to send money internationally using OFX and each of the banks listed, between specified currencies on the same day.

What costs are being compared?

To make sure we’re comparing apples to apples, the price comparison takes into consideration the exchange rate, margin and fees. The cost is calculated on a single transfer in the following currencies on a specified date each month. It also shows the amount the recipient gets. 

$20,000 AUD to USD 

$20,000 USD to EUR 

£10,000 GBP to EUR 

$20,000 CAD to USD 

Savings are then calculated by looking at the average amount a customer would receive using the banks within each country and comparing this to the amount a customer would receive making the same transfer using OFX. 

The comparison savings provided is true only for the example given and may not include all fees and charges. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings. These results therefore may not be indicative of actual savings and should be used only as a guide.  

Who conducts the price comparison?

We use an independent third party, FXC Intelligence Ltd.