We turn international wire transfers upside down. Why use a traditional bank? RBC, TD, CIBC, and BMO could charge you as much $40 for a basic international wire transfer. We’ll give you a fair price and provide you options you rarely find at a traditional brick and mortar bank.
- Basic spot money transfers – (For making an immediate money transfer/wire overseas.)
- Limit Order – (Wait for the exchange rate you want & automatically lock it in. Use this if you have a large transfer and the time to wait around for your ideal exchange rate.)
- Recurring Transfers – (Avoid the hassle of booking a money transfer every time you need it by scheduling ahead of time.)
- Forward Contracts – (If you like the current exchange rate and want to lock it in for the future, we can freeze time. Great for business wires and real estate purchases.)
Basic international money transfers
International money transfers with OFX are fast, secure and will save you money. Whether you need to transfer money to purchase property abroad, pay for university tuition, plan to move overseas, or send money back home, OFX has you covered. With OFX you can transfer money to the US, UK and many other countries and get great rates and outstanding customer service 24 hours a day. Our maximum fee is $15. And If you make a transfer of $10,000 or above, we charge you zero fees!
Forex target rate transfer (Limit Orders)
A target rate transfer (limit order) lets clients instruct OFX to buy or sell one currency for another currency at a target rate that is better than the current market rate. Clients leave target rate transfer with us to take advantage of exchange rate movements during the times at which they cannot monitor the rates themselves such as overnight market movements.
As foreign exchange markets are open 24 hours and volatility often occurs during overnight sessions, you may miss out on the best rates if you are unable to monitor movements all the time.
Target rate transfers can be left with any of our staff and these are in turn left with our overnight traders. If the rate nominated is triggered overnight, you will be notified and asked to provide beneficiary details and organize timely payment to OFX.
Target rate transfers that are triggered overnight become binding. You will be notified by phone and/or email if your target rate have been triggered.
When leaving a target rate transfer with us, you must instruct us of the currency to sell, the amount to sell, and the desired exchange rate. You also need to tell us for how long the target rate transfer is valid (between 2 and 365 days in the future).
Business and private clients can leave target rate transfers – but generally the amount needs to be greater than $1,000 if booked via phone or online to be accepted. Please note that you need to speak to one of our dealers to be set up for target rate transfers.
Recurring international payments
Setting up recurring International payments with OFX is easy and can save you time and money. Take advantage of our great exchange rates and flexible set up options to accommodate your specific needs.
You have two ways of sending recurring payments:
1. Fixed Payments: This is best suited for a fixed amount that you need transfer regularly (bi-weekly, monthly, quarterly) such as mortgage payments. If you are working in the U.S. and need to pay off your Canadian mortgage each month for example, you can lock in your rate and transfer the same amount every month in U.S. dollars and receive the same specified Canadian Dollar amount to pay off your mortgage.
You can save time and money and eliminate risk by using our fixed regular payments option.
2. Non Fixed Payments: This option is best suited for periodic money transfers that are not fixed.
As an example, If you are temporarily living in France and want to send €2,000 of savings back home to Canada every month, you can take advantage of this option.
You can benefit from favorable rate fluctuations using the non-fixed payment option.
Examples of recurring transfers for individuals:
- Overseas mortgage payments
- Transfer of retirement funds abroad
- Foreign salary transfers
- Overseas rental income transfer
- Overseas school tuition payments
- Overseas debt repayments
- Transfer money/savings back to your home country
Examples of reoccurring payment plans for businesses:
- Paying or receiving overseas wages
- Paying or receiving royalties
- Paying or receiving fees for services
Frequently Asked Questions for recurring payments
Which currencies do you offer for recurring payment plans?
We accept all major currencies. For your specific currency, please speak to one of our accredited dealers. We currently accept direct debit instructions for AUD, GBP, CAD and USD (for USD accounts based in Canada only). For recipient payments, we will pay funds in most currencies – however this is subject to any third party fees that may be applied to these receipts. The client is responsible for these fees which must be considered when entering into a regular payment agreement.
Do I need to pay a deposit?
No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one installment. You will need to transfer it together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last installment of your regular payment plan.
How much does it cost to set up a recurring payment with OFX?
There are no transaction costs or fees involved. You simply pay your regular installment and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.
How much is the deposit?
The deposit is in the amount of one installment. You need to transfer it together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last installment of your regular payment plan.
How do I set up a recurring payment plan with OFX?
- Call us today and one of our dealers will offer you a quote and a payment plan according to your individual needs
- Once you accept the quote, you pay the first installment and a deposit in the amount of one installment
- We will then transfer the agreed amount to your recipient account
- You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments
- As soon as we have received your payments, we will in turn pay out to your recipient account as agreed in the payment plan
Can I cancel a recurring payment plan anytime? What are the conditions?
If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.
How many payments can we enter into?
Recurring payment plans can be set up for a maximum of 12 months and they can recur bi-weekly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.
Which currencies do you offer for recurring payment plans?
We accept all major currencies. For your specific currency, please speak to one of our accredited dealers. We currently accept direct debit instructions for AUD, GBP, CAD and USD (for USD accounts based in Canada only). For recipient payments, we will pay funds in most currencies – however this is subject to any third party fees that may be applied to these receipts. The client is responsible for these fees which must be considered when entering into a regular payment agreement.
Do I need to pay a deposit?
No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one installment. You will need to transfer it together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.
How much does it cost to set up a recurring payment with OFX?
There are no transaction costs or fees involved. You simply pay your regular installment and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.
How much is the deposit?
The deposit is in the amount of one installment. You need to transfer it together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last installment of your regular payment plan.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
