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Do I need to pay a deposit for a recurring transfer?
For recurring transfers, or fixed payment plans, an advance payment (deposit) is necessary to cover any market risk exposure we may face. No deposit is necessary for non-fixed payment plans.
The deposit is the equivalent of one instalment and you’ll need to transfer it together with your first instalment. Please note that the deposit is not a fee and we’ll use it to pay off the last instalment of your recurring transfer plan.
More Ways To Transfer FAQs
- Can I cancel a recurring transfer plan anytime? Are there any conditions?
- Can I extend the maturity date of my transfer?
- Can I lock-in a rate before I send you my funds?
- How do I set up a recurring transfer?
- How much does it cost to set up a recurring transfer?
- How to Transfer Money from One Bank Account to Another
- What are the different ways to transfer money?
- What is a single transfer?
- What’s the best way to send money online?
- Do I still need to remember any security questions associated with my OFX account?
- I received an SMS text message but I was not trying to access my account. What do I do?
- I am overseas and am unable to receive the SMS verification code. What should I do?
- My mobile number has changed or OFX doesn’t have my mobile number, so how can I receive the SMS verification code? What should I do?
- What is a wire transfer?
- What is peer-to-peer money transfer?
- What is the difference between a Forward Exchange Contract, a Limit Order and an FX Option?
