To transfer money overseas without paying hefty fees:
- Create an account with OFX to get a live quote on the exchange rate.
- Enter your bank details and those of your recipient.
- Lock in your single transfer, or set up recurring transfers.
- Send OFX your funds and track your money every step of the way.
- We charge no fees on transfers over $10,000. We do charge a $15 flat fee on smaller transactions.
The problem with using a bank to transfer your money
When sending money abroad through your bank, you will usually be charged an international money transfer fee that could be up to $30, depending upon the bank that you use. Your fee might even be based upon the currency in which your money is being sent, and you might also incur an extra fee to expedite your transfer. But it doesn’t end there. When you send money through your bank, you’ll probably pay a margin of up to 5% on the daily exchange rate. Ouch.
Banks use something called the interbank rate to trade money with each other. This rate fluctuates by the second, and it is the rate that you’ll see if you do a basic Google search like ‘1 AUD to USD’. But that’s not the rate that the banks give you, they usually add up to 5% on the daily exchange rate, so on a $10,000 transfer, you could be paying $500 on top of the fees charged to send the money. At OFX, we think that’s too much.
Avoid the fees associated with International Money Transfers
OFX gives you a better way to send your money abroad. Using our 24/7 online platform, you can send your money on your schedule, not your bank’s.
With OFX, customers from around the globe can use an easy online service to make international money transfers without incurring any fees on transfers over $10,000. No catch, and no gimmicks. There are no setup fees to get started or monthly fees to keep your account open. And you can book transfers 24/7, so you don’t have to waste any time waiting.
We do charge a small margin on the exchange rate, but it’s less than what the banks charge.* On transfers under $10,000, we charge a flat fee of $15. To see how much you’ll save when you make the smart switch, just login and get an instant live quote.
Other perks that come with an OFX account include:
- Sending recurring transfers
- Locking in a great exchange rate but transferring your funds later through a Forward Exchange Contract
- Setting a target exchange rate with a Limit Order so you won’t miss out when the rate is triggered
Once you know about the better options that are out there, sending money internationally doesn’t have to be a headache. With OFX, you can get started anytime, and you can save more money on your overseas transfers.
*Average savings based on published rates of ANZ, Westpac, NAB and CBA on a single transfer of AUD$10,000 to USD between 21.2.17 and 2.3.17. Transaction costs excluded. Quoted savings are not indicative of future savings.
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.