International Currency

How to keep track of exchange rates

At OFX, we’re constantly working towards bringing you a great rate coupled with excellent customer service and innovative new products. A fundamental part about international money transfers is that the market exchange rate is always in flux, meaning that the customer rate can be different everyday too. This means you’ll want to make sure you’re up-to-date and monitoring market movements so you can get the best rate.

We understand that the reason you’re transferring money is important. It could be for business - transferring revenue or paying suppliers, or for personal reasons - your destination wedding, transferring savings, or maybe you’re supporting your family overseas.

So it’s important that you get a great rate so that as much of the money you’re transferring is received on the other end. We’ve listed some of the best ways to take control of your next international money transfer through our exchange rate monitoring tools.

Rate alerts

OFX rate alerts offer you the ability to set a specific target rate for a chosen currency pair, which is then delivered direct to your inbox. The best part? You don’t have to be your own currency strategist, the team at OFX monitors the market for you. When the target rate is reached, that’s when we notify you.

Learn more about rate alerts and sign up to monitor your favoured currency pair.

Market news

Another great part of having experts in market movements on deck is that they’re constantly updating our Market News page. This page allows you to view the rates for different currency pairs in real time. You can view these real time rates hourly, monthly, weekly and even yearly on an interactive graph.

To view the market rates and find out more about how your desired currency is performing today, head over to the Market News page now.

A fundamental part about exchange rates is that they're always changing, which means the customer rate does too.

This means you’ll want to make sure you’re up-to-date with the best tools for monitoring the exchange rate markets, so you can get the best rate possible.

Daily commentary

We also offer expert Daily Commentary on market movements. Essentially, our currency experts round up the most important market news of the day and provide keen insight and analysis into how the major currencies are performing. This way, you can be informed and engaged with your desired currency pairs and more prepared in the case that market volatility strikes.

Sign up for daily (or weekly) commentary and learn more about how the events happening around the world influence exchange rates of the major currencies.

OFX money transfer app

With the OFX money transfer app, you can track market rates on-the-go wherever you are in the world. The app lets you view fast and reliable live rates with an interactive touchscreen feature where you can view exact times in the rate history. When the time comes, the app also allows you to make and track a transfer seamlessly.

Read more about the app and download it via iOS or Android and start transferring today.

Currency converter

Are you wanting to make a money transfer but aren’t sure what to expect or how much you’ll receive in return when it comes to the exchange rates involved? The OFX currency converter is a quick and easy way to view live market rates with the click of a button.

This won’t give you the exact rate you’d receive on a transfer (that’s a customer rate), but the currency converter can provide an idea of what’s happening with the market and allows you to monitor for a rate that suits your transfer needs.

Use interactive graphs to monitor the rate

Currency charts

To get even more insight into how the market is performing and whether the current rate is something that could work for you, the currency charts on the OFX website provide an in-depth look into current and historical exchange rates for certain currency pairs.

The interactive charts detail the date, time and market rate of particular currency pairs when you hover over the chart with your mouse. This can be viewed hourly, weekly, monthly and yearly with detailed currency profiles.

For whatever reason you need to make a transfer, at OFX, we understand that you want to make sure you’re getting a great rate. This is why we’re constantly improving our offering to bring you new and innovative ways of getting bank-beating rates (saving you up to 70%)¹ on your next transfer.

¹Average savings based on published rates of ANZ, Westpac, NAB and CBA on a single transfer of AUD$10,000 to USD between 6.9.18 and 8.10.18 excluding weekends. 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. 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.

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