For the third consecutive year, OFX has been awarded a 5-star rating from Canstar for Outstanding Value in International Money Transfers.The award confirms OFX’s continued commitment to building on our products and services in an increasingly competitive foreign exchange market; bringing our customers the best value in money transfers, coupled with personalised customer support, time and time again.
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.
1Survey conducted by Galaxy Research on behalf of OFX (August 2016). Sample size: 1000 Australians.
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.