How to transfer money to a foreign bank account
To transfer money to a foreign bank account:
- Create an OFX account to save money on high bank margins and fees
- Log in to check exchange rates and get a live quote for your money transfer
- Collect your banking details and those of your receiver
- Select ‘finalise transaction’ and use the OFX mobile app to track your transfer
Transferring money from your domestic bank account to a foreign bank account is easy with OFX. In just a few simple steps, you can set up a single or recurring international transfers via our website or mobile app, and every transfer is swift and secure.
Why you should choose an alternative FX provider
Often people choose to use their bank for international money transfers, because it seems convenient. Unfortunately, banks typically charge higher margins above the daily exchange rate to account for risk, and they also often add a hefty transfer fee as well. By switching to an alternative provider like OFX you:
- Get a quote based on the live exchange rate of the moment and a customer rate based on a much smaller margin that what the big banks typically offer
- Have access to our global network of local bank accounts meaning your money often arrives faster
- Get 24/7 customer support available across multiple local offices, and a dedicated account manager for business customers
- Get access to our seamless digital platform to streamline your global operations
In addition to providing a more affordable way to transfer your money internationally, OFX also gives you access to risk management strategies, such as Limit Orders and Forward Contracts, which can protect you against currency fluctuations.
A straightforward form for simpler international transfers
Moving money internationally can be confusing because there are so many different names for all of the banking codes used throughout the world. That’s why our online registration form is designed to be easy to use. It will guide you through the entire process so you’ll know exactly what information you need to provide to ensure your transfer goes through smoothly.
Rather than using international code names, our form uses local code names. Whether you need to submit SWIFT and IBAN codes or NCC and BSC numbers, we’ll walk you through it all. And if you do run into questions at any point, you can simply call customer support for assistance 24/7.
Move money in a few easy steps
Once your OFX account is active and you have set up your transfer, send your funds to us from your bank account. Then we will take care of converting the currency and sending the money to the foreign account. This process usually takes anywhere from 1-5 business days, depending upon your destination and the currency pair.
So whether you need to send money abroad for business or personal reasons, use OFX to save money and move your funds securely and efficiently.