In today’s fast-paced world, finding the right international payment method can leave your head spinning. At OFX we make it simple. Let’s dive into the different types of international payment methods.
Our experienced OFXperts weigh in on the advantages and disadvantages of the various payment methods available and how to select the right payment channel for you.
Types of international payment methods
In a highly globalised world, transferring money across borders is important to many people and businesses. Finding the right transfer method can save you time and/or money.
Let’s dive into the different ways OFX helps you send and receive payments in Australia
Sending NZD from your bank account to OFX
There are a few ways you can initiate an NZD payment in New Zealand:
- Bank-to-Bank transfer (EFT)
- An online payment that sends money directly from one bank account to another. Also known as an Electronic Funds Transfer (EFT)
- Please ensure you’ve included your customer reference number or deal ID so we can match the payment to your transfer.
- Direct Debit
- You can authorise OFX to collect payments straight from your linked bank account. Additional information will be required to set this up.
- Please note direct debit is only available to corporate clients, or consumer clients who wish to set-up recurring transfers to make regular payments. Contact an OFXpert for more information.
Good to note: Your bank account may have daily transfer limits. If needed, your bank should provide information in relation to changing your payment limits. If your daily payment limit means you can’t pay the full transfer amount in one transfer, you can pay in instalments over five consecutive business days. Contact an OFXpert for more information.
Sending money from OFX to an NZD recipient
Now that we’ve covered payment options going into New Zealand, let’s discuss the best payment method when sending money out of New Zealand:
- Bank to Bank Transfer (EFT)
- This is a common payment method in New Zealand.
- Sends money directly from one bank account to another. Also known as an Electronic Funds Transfer (EFT).
- Funds are delivered to the beneficiary account either same day or overnight, depending on payment execution time.
- Credit Card Payments
- OFX can pay to NZ based credit cards if the client selects that beneficiary type and completes the required information.
- This payment method is not available for sending money to OFX.
Now that we’ve laid out some of the most common international payment methods for making payments between New Zealand using OFX. Let’s dive a bit deeper into the advantages and disadvantages of each method.
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Advantages and disadvantages of international payment methods
Each of these payment methods have clear advantages and disadvantages, and it all comes down to how and when you need to move your funds and the costs associated with the transfer. Let’s run through both sides of each international payment method discussed above.
Bank to Bank Transfer (EFT)
| Pros | Cons |
| Transfers are usually completed by your bank to OFX, or OFX to beneficiary within the same day, or overnight | Transfers are not traceable |
| No transfer limits | |
| No bank fees for receiving transfers | |
| Available for all currencies |
Direct Debit
| Pros | Cons |
| Set and forget; automated payments for regular payments* | Cannot be used for one-time business transfers, and for all personal transfers |
| No bank fees | Typically take longer to process; 1-day hold period for business transfers |
| Transfer limits; personal transfer maximum is $25,000 Business transfer maximum is $500,000 | |
| Only available for specific currencies. Contact an OFXpert to see if your currency is supported |
*Please note if you have set up Regular Payments, your direct debit will be stopped upon expiration of the recurring payments. We recommend contacting an OFXpert one month prior to renew again.
We know your needs change and our OFXperts are here to help you identify the right payment method each time.
“Understanding the advantages and disadvantages of each type of payment method can be overwhelming. Our team is well-versed in each payment method and will help you find the right method every time,” Customer Service Manager Kristy said.
Now that we’ve run through what each payment method has to offer, let’s discuss selecting the right payment option for you.
It is great to be informed, but don’t feel like you need to know every detail about every payment method. Leave that to us.” – Kristy, Customer Service Manager
Which payment type is right for me?
Choosing the right payment method for you or your business comes down to six main things:
- How much you want to transfer
- Where do you want your money to go
- What currency you are transferring to and from
- How fast do you need the transfer to move
- How much you are willing to pay in transfer fees
- How often you need to make payments
We asked another OFXpert Michael, Corporate Team Lead, to share what he believes are the most important considerations for choosing a transfer type.
- Amount
The first step in selecting the correct transfer method is knowing the amount you need to trade. This is important because some OFX payment methods have minimum or maximum limits depending on the currency pair you are transferring.
- Location
The second step is to know where you want your money to go. Some payment methods are only accepted in certain regions or countries around the world and can incur more fees depending on where you want your money sent.
- Currency
The third step is knowing what currencies you are transferring to and from. As with the location, some currencies can only be transferred via certain payment methods. Contact an OFXpert to learn more.
- Speed
The fourth step is identifying when you want your payment to arrive. If your transfer is urgent our OFXperts would usually suggest using a bank to bank transfer.
- Cost
The final step is knowing how much you are comfortable spending on fees for your transfer. Some international payment methods have higher fees than others.
That should give you a place to start, but if you’d like more help identifying which method works best for your needs contact an OFXpert.
Finding the right payment method for your business can get complicated, at OFX we keep it simple.
In today’s global world, money is being transferred daily across the globe. Knowing the right payment for those transfers can help save you time and money, and prevent any headaches. Understanding the details of each of these payment methods can seem daunting, but our OFXperts will keep it simple. Interested in learning more about our seamless, secure payment methods? Contact your OFXpert today!
Quick, secure, seamless transfers
We help clients move money quickly, safely, and accurately. Whether your business is just getting started or well-established, OFXperts have the experience to help you save time and money on foreign exchange.
Our OFXperts can help you get your money where you need it quickly, safely, and seamlessly. Contact us.
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. UKForex Limited (trading as “OFX”) and its affiliates 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.
