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General & Other

Yes, let our OFXperts monitor the market for you. 

When you use our Limit Order tool, OFXperts monitor the market for you. This helps ensure you don’t miss out on your targeted exchange rate if it is hit. Find more details about Limit Orders here. 

If you book a Limit Order, it may mean losing out if the market rate continues to move above your target rate. Read more. There is no guarantee that your desired rate will be reached.

Yes. Once the funds have been received into your Global Currency Account, OFX will send you an email notification. For more information contact an OFXpert.

When you transfer your funds to us via a bank transfer, you will need to include your Client Reference Number when making the bank transfer. This is required so we know who the money has come from. This number will be included in the confirmation email sent to you after you book your transfer. Your Client Reference Number is unique to you for all your transfers in every currency. 

You can also find it by logging into your OFX account, going to the “Account Details” tab, and selecting an available currency. Your unique Client Reference Number will be next to “Reference” on the last line of every bank account. We’ve made it easy to keep track of your Client Reference Number. You can save the details in your online banking biller list. Once you save the details on your online banking, it is the same every time.

Our Customer Rate is the rate that our clients transfer at. OFX determines exchange rates based on the current Market Rate, the amount the client wants to transfer, how frequently the client is transferring, and the currency the client is transferring.

To see what your rate is on a currency exchange transfer with OFX, please log in to your OFX account. If you do not have an OFX account, register now.

An NCC, otherwise known as a National Clearing Code or Routing Number, is an identification code used by banks to ensure accurate and secure money transfers.

NCCs are required when transferring to bank accounts that don’t have an International Bank Account Number (IBAN). National Clearing Codes are most often used when making transfers outside of the EU, including to the United States, South Africa, New Zealand, and Australia.

NEFT stands for the National Electronic Funds Transfer, an nationwide payment system in India that facilitates the electronic transfer of funds from one bank to another within the country. In order to participate in the NEFT system, banks and their branches must be members of the NEFT network. A list of participating banks can be found on the Reserve Bank of India website.

 

Payment options have gotten much more sophisticated over the years. Today in India, a standardized banking system is making sense of money transfers and bringing regularity and reliability to a booming emerging market. Here’s how it works.

What’s the difference between NEFT and RTGS?

Money sent via the NEFT system is usually transferred the same day, commonly within a few hours, barring unexpected or extraordinary delays. Using a DNS (Delayed Net Settlement) system, funds are settled and cleared in batches rather than immediately. These batches are processed every hour on the hour from 8AM to 7PM on weekdays, and from 8AM to 1PM on Saturdays.

 

An RTGS (Real Time Gross Settlement) transfer gets transferred when the order comes in (as opposed to at regular times) and may result in an expedited payment, though an RTGS payment may carry additional fees.

NEFT Limits

There is a single-transaction limit of ₹50,000 per NEFT transfer, though there is no overall limit to how much money may be transferred across the entire system.

How Does a NEFT Transfer Work?

First, any entity, whether individual, corporate or other, wishing to transfer funds across the NEFT system must fill out an “application” - essentially, a transfer request. They must provide the recipient’s name, name of their bank, the bank’s IFSC (Indian Financial System Code) number, their account information, and the amount to be transferred.

 

The sender’s bank (also known as the “originator’s bank”) sends the information in a message to the NEFT Service Center, the national pooling center. The pooling center then forwards the message to the NEFT Clearing Center, operated by the Reserve Bank of India in Mumbai, to be included in the next available batch.

 

The Clearing Center then sorts of the transactions by bank and creates the necessary accounting entries to receive the funds from the originating bank, and to send the funds to the receiving bank.

 

Finally, the destination banks receive the messages from the Clearing Center and credits the recipients’ accounts.

Are There NEFT Service Fees? 

There are usually no fees to receive funds via NEFT.

 

There is a tiered system of fees to send funds via NEFT. Transactions up to ₹10,000 incur a fee of ₹2.50. Transactions between ₹10,000 and ₹100,000 incur a fee of ₹5.00. Transactions between ₹100,000 and ₹200,000 incur a fee of ₹15.00. Transactions greater than ₹200,000 incur a fee of ₹25.00.

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The NEFT system is a clever, standardized way to reliably send money between Indian bank accounts. For money transfers on the subcontinent, it is an excellent choice.

 

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The Clearing House Interbank Payments System (CHIPS) is the main clearing house for large banking transactions in the US. CHIPS and the Fedwire funds service used by the Federal Reserve Bank combined are the main US networks for foreign and domestic large transactions in USD.

IFSC stands for Indian Financial System Code. It’s an 11-digit code written in an alphanumeric format, and it identifies the branches in the National Electronic Funds Transfer (NEFT) network. The Reserve Bank of India (RBI) uses IFSC for electronic money transfers between banks, as the code can quickly identify where the funds are coming from and where they’re going.

 

 

What Is Contained in an IFSC?

 

An IFSC will start with four letters that represent a bank’s name. These letters are followed by six characters that are usually numbers but could also be letters, and they represent the specific branch of the bank. The last character is a 0.

 

 

Where Can You Find an IFSC?

 

Once you know the name of a bank and its branch, you can visit the RBI website and search through its list of banks and codes, or you can simply call the bank and ask for their IFSC. You can also find the IFS Code on your recipient’s bank statement and checks.

 

 

Will You Always Need to Use an IFSC?

 

IFSC is used by the RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) systems in order to efficiently transfer funds between bank accounts in India.

 

 

Therefore, you’ll need an IFSC whenever you’re transferring money from one bank to another in India and when you’re transferring money from overseas into an account in India.

 

 

To send money, you’ll need to provide the recipient’s bank name and account number, along with the IFSC.   

Transfer Money to India with OFX

 

Whenever you use OFX to send money internationally, our simple-to-use form will ask you for all of the details to send your money securely and quickly.

 

 

At OFX, we’re open 24/7, so when you need to send money to friends, family, or business contacts in India, you can use our service even when the banks are closed. Open your account today to make transferring money a snap.

 

 

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A BSC, or Bank Sort Code, is a unique 6-digit code that identifies banks and branches throughout the United Kingdom. It can be compared to the American Bankers Association (ABA) number that’s used in the United States or a Bank State Branch (BSB) number used in Australia. The first two numbers in the code indicate the bank, while the remaining four numbers identify the branch. This ensures that your money will go exactly where it needs to go, and it will move swiftly and securely from your bank to your recipient’s bank.

You can find a BSC either on your bank statement, your online banking account, or on the back of your debit card. You should ask the recipient of your funds to provide you with their bank’s BSC so you have all the necessary information to transfer funds easily and quickly. Whether you are transferring money into the UK from another country or you are transferring money from one bank to another within the UK, you will need to provide a BSC.

SEPA or the Single Euro Payments Area, is a European Union initiative that aims to make cashless euro payments easier within the countries that are part of SEPA.

When you send your money to OFX from a SEPA country, it should cost the same as a local transfer (in most cases that means it’s free.) Inter-European SEPA transfers typically have no bank charges on the recipient’s end as well, however, some banks charge a fee to receive SEPA transfers. SEPA transfers with OFX are usually delivered the same business day or the following business day.

Learn more about SEPA.

SEPA countries list:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Lichtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • UK

SEPA stands for Single Euro Payments Area, and it is used when making cross-border European bank transfers. The aim of SEPA is to make it even easier to make EUR transfers between the nations in the European Union, to the point that making these transfers would be no different than making any domestic transfer. Plus, just about all SEPA transfers are free.  

 

Sepa Countries List:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Lichtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • UK

SEPA Payment Charges

At OFX, most of our European payments are made via SEPA. When you send your money to OFX from a SEPA country, it should cost the same as a local transfer (in most cases that means it’s free.) Inter-European transfers processed via SEPA are usually also free from bank charges on the recipient’s end, but as a few banks still do charge a fee to receive a SEPA transfer, you may want to double-check with your bank.

SEPA Transfer Time

With OFX, it usually only takes 1-2 business days for transfers to Europe to be completed.

For these types of transfers, you will probably need the appropriate IBAN and BIC, as well as the recipient’s name and account number.

Can’t remember your username or password?

It’s ok. There are ways to retrieve it – simply click “Login” on our homepage and under the blue login button click “Forgotten your username or password?”.

A routing number is a 9-digit code. It will identify where your bank account was first opened. To locate your routing number, you can simply look at one of your checks. You’ll notice that the bottom of your check has three sets of numbers. The first set is the routing number, which is found on the bottom left side.

How to find your U.S. account number:

Unlike the routing number, your account number will be unique, as it will identify your bank account.

To locate your account number, you can look at your bank statements, or you can look at your checks again, as it will be the second set of numbers at the bottom. Usually, an account number will be 10-12 digits long, but its length could vary from one bank to another.

Sometimes, the account number and check number are reversed, so your account number will be found on the right side of the bottom of your check, as opposed to in the middle. You’ll know the difference because the check number will be shorter.

When in doubt, contact your bank

If you have any difficulty locating your U.S. account and routing numbers for an online transfer, you can also log into your online banking site or you can contact your bank for more support.

Alternatively, you can use these links to confirm your routing number via your bank’s website:

Bank of America routing number

Capital One routing number

Chase routing number

Citibank routing number

PNC routing number

SunTrust routing number

US Bank routing number

Wells Fargo routing number

 

Live exchange rates are constantly in flux while the market is open, because of the non-stop trading of currencies and futures by banks. The validity of a published exchange rate depends on on your money transfer provider.

 

 

 

Banks publish a daily rate, which means they need to build in a margin in order to protect their profits from currency volatility. Unfortunately, this margin is high--often 5% of your transfer, so on a transfer of $20,000, you could be paying $1,000 to your bank. That seems excessive doesn’t it?

 

 

 

At OFX, our customer rates are tied to the live interbank or market rate. So we don’t have to build in a wide margin, which means you could save up to 75% on your money transfer when you send money overseas with us.*

 

Why do exchange rates change so much so fast?

 

There are several reasons why exchange rates are always fluctuating. Interest rates, inflation, geopolitical stability, and export and import levels are some of the factors that play a role.

The benefits of live exchange rates

Live exchange rates are becoming increasingly popular compared to daily quoted rates. Increasing numbers of foreign exchange providers, including OFX, are choosing to work with live exchange rates instead of daily quotes. This is because live rates are accurate and transparent, while daily quotes will give you an exchange rate for the whole day, even if the actual rate is lower or higher than what you’re quoted.  

 

Know exactly how much to send

 

So how do you know how much money you should send internationally and how much your recipient will receive? Before you make a transfer on OFX, use our handy currency converter to learn the current market rate. Then check your bank’s rates. We’re pretty sure you won’t like what you see.

 

 

 

Because we aren’t publishing a daily rate, OFX can adapt to the changes occurring in the market from one minute to the next. That lets us transfer your funds at substantially lower margins, saving you money. End of story.

 

 

 

Register with OFX today and keep more of your money.

 

 

 

 

 

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*Average savings based on published rates of ANZ, Westpac, NAB and CBA on a single transfer of AUD$10,000 to USD between 1.9.17 and 5.10.17 excluding weekends. Transaction costs excluded. Quoted savings are not indicative of future savings. Please consider OFX’s PDS and your circumstances before making a decision about any financial product.  

 

To edit profile details in your OFX account:

  1. Simply log in into your account and click on “Your Profile”
  2. Enlarge the profile category that you want to edit by clicking on the “+” symbol
  3. Update your information

If you need additional assistance, please contact an OFXpert.

ACH, or Automated Clearing House, is an electronic money transfer system that lets you receive or send payments via the Federal ACH network of banks in the United States.

You can find your ACH routing number in several ways:

  1. Look at your chequebook. It may be the nine-digit number to the left of your account number. 
  2. Look on your bank’s website. Your ACH routing number is associated with our bank and its location so take a look at their site.

    Some major bank’s routing numbers can be found here:
    - Bank of America ACH routing number
    - Capital One ACH routing number
    - Chase ACH routing number
    - Citibank ACH routing number
    - PNC ACH routing number
    - SunTrust ACH routing number
    - US Bank ACH routing number
    - Wells Fargo ACH routing number
  3. Log into your online banking account. Your online bank account will usually have the 9-digit ACH routing number in your banking information.

ACH stands for Automated Clearing House. To find your ACH routing number, first check your checkbook. It may be the nine-digit number to the left of your account number. ACH is an electronic money transfer system that lets individuals receive or send payments via the Federal ACH network of banks in the United States. 

What’s the difference between ABA and ACH?

While many banks will use the same code for their ABA routing number and their ACH routing number, you may want to confirm your ACH routing number by checking your bank’s website. To do so, log in to your online banking platform or use Google to search something like ‘ACH routing number bank of america”. This should take you to the info you need (just make sure you’re on your bank’s site, not someone else’s).

Alternatively, you can use these links to confirm your ACH routing number via your bank’s website:

At OFX we offer transfers in 50+ currencies, including all the major currencies, like USD, AUD, GBP, and a wide variety of exotics. 

View our full list of currencies here. You can add any of these to your profile by selecting them from the drop-down list when you start a transfer online.

If the currency you want to deal in does not appear in the drop-down list when you are trying to make a transfer, please reach out to an OFXpert.

We understand that in some circumstances (like when banks impose daily transfer limits) you might not be able to make a full payment for your transfer. Your bank may be able to temporarily increase your transfer limits.

So, depending on the circumstances, we’ll accept part payments for your transfer. But it’s important that you tell us when you book in the transfer. 

Once we receive the full amount you have transferred, we will then deliver the funds to your recipient bank account.