Absolutely!
These are ideal for recurring payments such as a monthly mortgage, quarterly school fees or any regular payment you need to make. Whatever your needs are, our recurring transfers are scheduled to ensure you’re on time, every time.
Simply set up a transfer schedule and leave the rest to us.
Need to send money swiftly and securely right now? Our single transfer option may be right for you.
Also known as a “Spot Deal,” a single transfer means you can lock-in the current exchange rate and start sending your money to your recipient.
Legally you’re required to send your funds to us within 24 hours of locking-in the deal. Then we’ll send your funds to your recipient using our global network of bank accounts.
You can choose from 50+ major and exotic currencies to transfer with. Select a currency pair and enter your transfer amount in our currency converter to start a single transfer today.
A peer-to-peer money transfer uses a website or app to transfer funds from one person to another over the internet or mobile networks. For international payments, peer-to-peer will match buyers and sellers of different currencies to deliver a competitive exchange rate.
Peer-to-peer (P2P) is a good way to save on the excessively high exchange rates margins charged by banks for international money transfers. Banks often charge 5%, while P2P services usually charge a commission of 0.5 to 1.5%. But there are substantial drawbacks to the P2P model.
At OFX, we focus on making it easy and affordable to transfer money for business or pleasure, and we even provide support to online sellers. Choose the money transfer provider who can adapt to your unique needs.
When you transfer money with OFX, every transaction will be swift and secure, and you can reach us by phone 24/7 if you need to. When it comes to international money transfers, you’ve already got a friend in the business: OFX.
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A Forward Contract is an arrangement that allows you to transfer money at some time (up to 12 months) in the future at an exchange rate that you agree to now, so that you know what the exchange rate will be at the time the transaction takes place. This allows you to avoid the risks and uncertainties associated with adverse exchange rate movements.
A Forward Contract may be beneficial for eligible businesses if exchange rates are particularly attractive now, and you want to lock in that rate to hedge against uncertainty in the future. This can be especially helpful for small businesses who want to keep their cash flows predictable when buying or selling overseas.
However, a Forward Contract precludes you from taking advantage of further beneficial movements, if your currency pair continues to move in a profitable way. To avoid missing out on further profitable movements, some people use a Forward Contract for a smaller portion of their total payment (say 50%) as a way to hedge against volatility.
OFX offers a number of alternatives that help you manage your business and personal foreign exchange risk.
Talk to one of our OFXperts today to find out if a Forward Contract is right for your business.
Note: Forward Contracts in Hong Kong are only available for specific business purposes, please read the T&Cs for forward contracts.
Whether you’re looking to transfer for personal or business needs, OFX has a transfer option for you.
If you want to make a one-off money transfer, our Spot Transfer option may work best for you. If you’d like to make multiple transfers, or set up recurring payments on a fixed schedule our Regular Payments option will allow you to set up an automated transfer schedule. If you’d like to make mass payments in just one click, our Multipay function is a great payroll solution.
Beyond our rapid transfer options are Forward Contracts and Limit Orders, which help manage your currency risk. These options are better suited for larger transfer amounts and help provide you with rate security.
Find out more about OFX's transfer options.
*Forward Contracts are not available for personal clients in Hong Kong. If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. Read more. Terms and conditions apply.
Money transfers or wire transfers are the best way to send money internationally. An online specialist money transfer provider can save you a lot of money compared to using a bank. Your money will usually arrive faster when you use a company that has a global network of local bank accounts to send money from one account to another.
When you want to transfer money from one bank account to another, it’s simple to do it domestically. When you want to send money overseas, and you need to exchange currencies, things get a bit more complicated.
You may think it’s easiest just to use your bank to transfer money from one bank account to another--even if the recipient lives overseas. But be careful. Banks often charge high 5% margins above the daily exchange rate when you transfer money internationally. (That’s on top of the usual fee of about $30.)
Our research showed that 80% of consumers were unaware of these high bank margins that equate to roughly $500 on a $10,000 transfer.* When informed of these hidden charges most people (75%) felt the costs were ‘very high’ or a ‘bank rip-off’. We tend to agree.
When you use OFX to transfer money from one bank account to another, you can save substantially when compared to using your bank. Think of it this way: if you were to pay for an overseas wedding using OFX, you might save enough to cover the cost of the cake.
OFX is an international money transfer specialist. All we do is send money overseas at a fraction of the cost of what the banks charge. That’s it. That’s why we’re the preferred provider of Macquarie bank and MoneyGram. If you’ve ever sent money with them, chances are, you’ve already done business with OFX.
Our online platform and friendly customer service team are available 24/7, so when your bank is sleeping, we’re not. It takes just a few minutes to sign up with OFX, so you can start saving money on all your international money transfers from here on out.
We know that sending money overseas can seem difficult because international banks have different names for different banking codes. From IBANs and SWIFTs to BSCs and NCC, we’ve done it all before, so our forms are simpler to fill out because they use the local code names, not the international ones. If you have any questions, we’re here to walk you through it on your schedule. Nights, weekends, holidays? No problem.
If you’re going to be doing multiple international payments from one bank account to another, we do also help our customers manage their currency exposure. Whether you’re an international business guru or just someone who wants to pay for their kid to study abroad, you get access to our highly-skilled foreign currency specialists, who can help you keep more control over your money.
Make the smart switch to OFX today. And if you’re still on the fence, just ask yourself: does your bank really deserve more of your money?
*Survey conducted by Galaxy Research on behalf of OFX (August 2016). Sample size: 1000 Australians.
Nothing! There are no extra transaction costs or fees involved when you set up a recurring transfer, just the added peace of mind knowing your payments will always be made on time. You simply pay your regular instalments and the advance payment (deposit) as agreed in the transfer plan and we’ll complete the transfer at the agreed exchange rate.
Yes, if you want to lock in a rate up front for your Regular Payments.
If you are happy to accept a rate on the scheduled day of the payment then no deposit would be required.
For more information about Regular Payments or deposit amounts, contact an OFXpert.
Simple!
Yes, the maturity date (the date we make the transfer to your recipient) can be extended by changing your single transfer to a Forward Contract. If you’d like to switch your single transfer to a Forward Exchange Contract, you will need to speak with one of our transfer experts.
This is only available for transfers made with major currencies and the exchange rate will change according to the interest rate differentials between your currencies. Once you’ve made the switch we’ll require a deposit, and the balance is due a few days before the maturity date of the contract. Then all that’s left is for us to complete your transfer on your chosen date.
If a recurring transfer is cancelled or terminated, we’ll sell the balance of the purchased currency (if any) and buy back the balance of the original currency. Your advance payment (deposit) will be returned minus any losses that may have occurred due to exchange rate variations. If the deposit doesn’t cover losses, you’re obligated to transfer the owed amount.