The best way to send money online is to use a specialist payments provider. A payments provider with a robust online platform could save you hundreds when compared to using a bank or big-name money transfer company. Make sure you choose a company that can handle heavy market volatility, so you don’t miss out on a great rate.
What to look for when you want the best way to send money online:
Live exchange rates. Currency exchange rates are constantly in flux gaining and losing value by the second. Bank’s publish a daily exchange rate which often leaves customers paying about a 5% margin above the market rate at the time of your transfer. Companies like OFX take substantially smaller margins and give you exchange rates that are based on the live market rate for your currency transfer.
Locked-in rates. Peer-to-peer models may claim to use the live market rate, but sometimes, the rate they publish isn’t the rate you get when your transfer finally goes through. In the terms of service of one peer-to-peer platform, it says the company will only cancel your transfer if the market moves more than 3% before your transfer is completed. That means you could end up paying 2.9% more than you thought you would. And if the exchange rate does move 3% or more? Peer-to-peer companies cancel the transaction altogether, so you have to go through the whole process again. What kind of deal is that? Those types of limitations meant many transfer companies closed during Brexit, so their customers couldn’t move their money at exactly the time when their customers needed to.
If you want to move your money when you want to, use OFX. We’re one of the few providers who stayed open during Brexit, because our robust platform can handle even heavy market turmoil. When you transfer with us, your exchange rate is locked in, so you always know exactly how much you’ll be getting on the other end. It’s simply a better system to help you retain more control when you send money online.
No to low fees. You know that margin that the banks charge on your international money transfer? Well, they usually charge a hefty fee on top of that (usually around $30 depending on your bank.) But that’s not the end of it. Your recipient may also pay a similar fee to receive the money. In an effort to reduce those fees, OFX uses our network of 115 global bank accounts to send your money. Basically, you pay into our account in your home country, and we pay out from our local account in your recipient’s country. By using local banking networks, your recipient is less likely to have to pay a fee when you use us. We can’t guarantee it, but we can guarantee that we’ll keep working hard to help you save more of your money. So you can make an informed choice, we do want to let you know that OFX charges a small $15 fee to send transfers that are less than $10,000. If you want to learn more about how OFX saves our customers thousands of dollars everyday, click here.
Instant 24/7 access. One of the advantages of sending money online is 24/7 access. When your bank is sleeping, you can use an online payments provider to book a transfer on your schedule. Nights, weekends, holidays? No problem.
Security. Choose a reputable vendor. You don’t have to pay the premium that the banks charge just to get peace of mind when sending your money overseas. OFX is a listed company on the Australian Stock Exchange. We handle the international payments for the likes of MoneyGram and Macquarie Bank. Plus, we use SSL encryption and recently won an award for our outstanding fraud prevention efforts. When you transfer with us, you can rest easy knowing your money will be delivered safely and swiftly.
Speed. You need your money moved fast. We get it. OFX processes most major currencies transfers within one business day from the time we receive the money from your bank. Exotic currencies may take a bit longer, but our network of local banks all over the world usually expedites every single transfer we make.
So what is the best way to send money online? Well, 600,000 savvy customers think OFX is the smarter way to move money internationally, but you should decide for yourself. If you have any further questions about our service, contact our customer service support anytime.