Currency Exchange & Forex Blog

How Vinomofo created a global tribe of wine lovers

Vinomofo started off as a small business in Australia, but with a creative approach, and help from services like OFX, they went global.

How one millennial entrepreneur set up 2 successful businesses before the age of 30

OFX customer Matt Gillespie swapped Queensland's white sand beaches for Japan's pristine powder snow to run Hakuba Snow Tours - a ski in, ski out lodge nestled just 20 metres from the slopes.

Looking for inspiration on how to take your business global?

We’ve brought together Ross Greenwood and an expert panel of business leaders to identify some of the common mistakes and strategies for success. Featuring Australian business Compusoft in the inaugural OFX ‘Go Global’ accelerator programme.

Everything you need to know about preparing to move to Singapore

With the right preparation, you could make your dream of living in tropical Singapore a reality before you know it. There might be quite a bit of paperwork and planning involved, but all of these steps will help ensure that the move will go as smoothly as possible.

Building a home for Chi

Sometimes ordinary people do extraordinary things. One of these everyday heroes is David Wilson, a British journalist who started a fundraising campaign to change the life of a family in Vietnam.

Buying US stocks has never been easier

Start-up and OFX partner Stake provides an online platform where anyone can buy US shares – without heavy brokerage or foreign exchange fees. We caught up with co-founder Matt Leibowitz to talk about their start up journey.

Benjamin Siggers - Handmade menswear that truly measures up to sustainability

Benjamin Siggers specialises in bespoke suiting handmade in Italy by traditional producers. Quality, made-to-measure menswear with a low environmental impact.

Celebrating International Women's Day with our female leaders

We are incredibly lucky to have four amazing women on our Global Executive team. Hear some of their insights, and join us as we continue to #PressForProgress.

Melinda escaped the 9-5 grind to discover the ‘Pura Vida’ life in Nicaragua

Our customer Melinda Balazs left her comfortable, settled corporate life in Australia in favour of a stint exploring the world. Melinda had spent most of her adult life in Sydney, Australia, when she realised that the life she was living wasn’t meant for her. So, just like that, she quit, packed up everything and set out to backpack around the world by herself.

The implications of US withdrawal from NAFTA for businesses

As trade talks between the US, Canada and Mexico continue in earnest, much has been written about the impact of a world without NAFTA (The North American Free Trade Agreement). In place since 1994, NAFTA was designed to encourage investment and the freer flow of goods between Canada, Mexico and the US. Under NAFTA the countries pay nothing – no tariffs - on goods that cross the border.

How to pay international contractors

How can you pay international contractors quickly, safely, and reliably? Use OFX to facilitate your international business needs.

Strategies for international online selling success

Have you thought about taking your business global? Use these 10 strategies for selling internationally to help ensure long-term success.

Top 10 marketplaces for selling internationally

Selling products abroad is easier than ever. Here’s a list of the top 10 marketplaces to get started with, or expand onto.

6 tips for how to transfer your inheritance to the USA

As the beneficiary of an inheritance from abroad, you might have questions regarding how to transfer your inheritance to the USA. Here’s what you need to know.

How to pay for invoices in a foreign currency

How can you pay invoices in a foreign currency? International invoice payments may expose your business to currency risk. Here’s what you need to know.

How to pay for an international adoption

Are you hoping to adopt a child from another country? Discover how to pay for an international adoption, so you can ensure it will go smoothly.

Buying overseas shares

Are you planning on buying overseas shares to boost the value of your investments? Check out these tips to make the right choices.

Where can I sell my products online?

There are several different online marketplaces that offer a litany of advantages and disadvantages, like volume selling, inventory management, importing and exporting privileges, and regional exclusivity. OFX takes a closer look at five major marketplaces.

How to invoice international clients

The rise of the internet has given birth to a new, modern global economy. This new economy is digital, on-demand, and virtually unconstrained by the borders drawn on the map. Here’s everything you need to know about invoicing in foreign currencies.

The Expats Guide to Paris

New to Paris and planning to stay a while? Check out our insider tips for how to make the most of your time in the City of Light from the people who have lived it and learned.

How to sell products internationally online

How can you sell products internationally online? What’s the best way to accept international payments? OFX, of course.

How to pay for international grad school

Attending graduate school abroad is a fabulous way to broaden your horizons, but it can also be an opportunity to save money, as there are universities throughout the world where you can get the same quality education at a more affordable price.

Global diversified strategies provide risk-reducing benefits

We’re living through an era of unprecedented global economic synergy. While the overall global trend is up, markets are not moving in tandem with one another making the risk-reducing benefits of diversification even more attractive. Potential risk in emerging markets and bull market pullbacks may be adequately hedged through a global diversification strategy.

Holiday Marketing Ideas

Christmas has always been an important season for retailers looking to capitalize on holiday spending. But nailing seasonal sales requires months of preparation, which means that for most online retailers, Christmas is already in full swing by July.

Is This as Good as It Gets for the AUD?

2017 has been a banner year for global economic growth, and that is putting pressure on central banks to adjust their monetary policies. Just last week, the Bank of Canada (BOC) made the first interest rate hike in nearly seven years. As the Aussie hits a 25-month high against the USD, all eyes are on the impending RBA’s speech on Wednesday around the Q2 Consumer Price Index.

Selling Products Online Without Inventory

Online sellers can start selling products online without inventory by using a method called “drop shipping,” where the seller receives an order, buys it directly from the manufacturer, and ships it straight to the customer.

Tips for Moving Abroad for a Year

There are a host of reasons why people move abroad, even if only temporarily. You might need a change of pace, or a change of scenery. Perhaps you are hoping to spend a couple of semesters studying at a renowned university overseas. If you’re planning on starting a new life in another country, even if it will just be temporary, use these handy tips for moving abroad for a year.

How to Pack Your Life in Two Suitcases

Are you preparing for an international move but aren’t sure how to pack everything? Check out these tips on how to pack your life in two suitcases.

How to Buy Overseas Products

Buying goods from overseas is easier than ever, thanks to the internet, and it could be a great strategy if you are trying to save money. You could shop for your favorite designer brands from the comfort of home without having to travel anywhere.

How to Avoid Foreign Transaction Fees

If you are smart and strategic while traveling and shopping abroad, you could purchase that designer outfit in Paris that you have been eyeing up, without having to worry about how much you will have to pay in additional fees.

What Are Live Exchange Rates?

There are a variety of reasons why a live exchange rate is always changing. For example, the various levels of inflation that occur throughout the world, and the varying interest rates from one country to another will affect a live exchange rate.

How to Pay Online in a Different Currency

With a reliable way to pay for international goods in a different foreign currency, a literal world of possibilities opens up to shoppers, especially those purchasing luxury goods. We take a look at what savvy online consumers need to know, and need to look out for, when buying online in a foreign currency.

Social Media Checklist for Businesses

You run your business online, so why not promote it online? Your customers use social media not only to share pictures with their friends, but more than ever, to keep up with the latest news and events. Here’s how to use social media for business.

How to Pay International School Fees

International education is a wonderful thing. Paying for it should be, too. Let's take a look below at some of the most popular types of international schools, exactly what they offer to curious academics like yourself, and some of the ins and outs of paying for them!

Top 5 Affordable Places to Study Abroad

Five of the most affordable places to study abroad include Mexico, Costa Rica, Malaysia, Germany, and Poland. So whether you want to head off to a tropical location, Europe, Latin America, or Asia, these are destinations that will give you a quality education you can afford.

Cheap International Wire Transfer Options

We turn international wire transfers upside down. Why use a traditional bank? We'll give you a fair price and provide you options you rarely find at a traditional brick and mortar bank.

Stake Your Claim in International Shares

As many economies have largely recovered from the aftermath of the GFC in 2008, we’re entering a new era of economic synergy, which has produced a global rally. So if you’re only investing in your home market, you could be missing out on some of today’s most profitable opportunities.

How Do I Transfer Money to a Foreign Bank Account?

Transferring money from your domestic bank account to a foreign bank account is easy with OFX. In just a few simple steps, you can set up single or recurring international transfers via our website or mobile app, and every transfer is swift and secure

Top 10 Best Places to Study Abroad in Europe

There are a host of attractive and affordable places throughout Europe for university students from around the world who wish to study in another country. Here are our top picks of the best places to study abroad in Europe, so you can narrow down your choices to the ideal fit for your needs, budget, and expectations.

Sending Money to India from US

Whenever you’re planning on sending money to India from US, follow these tips. You’ll save money and send your funds securely and quickly.

How to Effectively Manage Overseas Debt

Jumping on a plane and heading abroad is exciting, but it doesn’t mean that you can leave your debts behind. Preparing yourself before you leave and knowing how to manage recurring payments while you’re overseas is important to ensure that you remain in control of your personal finances wherever you are in the world.

Do I Have to Pay Tax on Money Transferred from Overseas?

Multiple factors affect whether or not you need to pay tax on money transferred from overseas. When you are ready to make your overseas money transfer, use OFX so you don’t get stung by high bank fees and margins.

What’s The Best Way to Transfer Savings Abroad?

Are you planning on moving to a new country? Discover the best way to transfer your savings overseas while saving on exchange rate fees.

How to Transfer Money Overseas Without Fees

Are you tired of being hit with extra costs when you need to send money internationally? Learn how to use OFX to transfer your funds without any fees.

Ways to Fund Study Abroad

Studying overseas is a great way to expand your horizons, but it could get pricey. Here are ways to fund study abroad so you don’t break the bank.

How Will the U.K. General Election Affect the Pound?

When Theresa May called the snap election in April, markets were confident the result would be a significant Tory majority; strengthening May's position and giving her a mandate as Prime Minister of the United Kingdom.

Best Way to Transfer Money Between Countries

Are you planning on moving money internationally? A lot of people immediately think of using their bank to transfer money between countries, but there is a better—and more affordable—way to get the job done. Discover the best way to transfer money between countries easily and swiftly.

Sending Money Overseas Advice

When you’re planning on transferring money internationally, there are a few things you should know. Here’s some helpful advice for sending money overseas.

Sending Money to India from Australia

Whenever you’re planning on sending money to India from Australia, follow these tips. You’ll save money and send your funds securely and quickly.

Sending Money to India from UK

Whenever you’re planning on sending money to India from UK, follow these tips. You’ll save money and send your funds securely and quickly.

5 Easy Steps To Selling Internationally

Businesses that sell online have a tremendous opportunity to capitalize on the explosive growth of eCommerce. Here is a five-step process (complete with recommended guides) for going global that not only won’t break the bank.

A Complete Guide to Doing Business Overseas

Thanks to advanced technology, free trade agreements, and globalisation, it’s easier than ever to expand your business operations into overseas markets.Managing your currency exposure may give you the competitive edge you need to protect your profits abroad.

Inheritance Process Steps

If you’re receiving an overseas inheritance, you might wonder who owes the inheritance tax that is often required. Most of the time, the inheritance tax will be acquired from the estate itself and paid by the executor.

How do I transfer money to a foreign bank account?

To save money when you transfer money to a foreign bank account, you should avoid your bank. Most banks’ daily exchange rates contain a hidden margin of up to 5% over the live exchange rate. Big-name payment providers charge similar high margins. Use a specialist money transfer company to keep more of your cash.

Pound Pummels Commodity Currencies

The kiwi and loonie are crumbling against the British pound. As U.S. President, Donald Trump, continues to threaten critical trade partnership agreements like NAFTA and the TPP, export economies with strong ties to the U.S. including Australia, New Zealand and Canada are paying the price.

OFX’s New CEO Talks Employee Engagement in the Digital Age

OFX appointed a new CEO in February. After 100 days at OFX, Skander Malcolm discusses how to tap employee capability and potential in the modern age.

OFX Appoints a New CEO: Skander Malcolm

OFX appointed a new CEO in February. With more than 23 years’ experience in financial services in both established and emerging markets, Skander Malcolm is focused on driving growth and market share while developing talent and increasing employee engagement.

Foreign Exchange Exposure Definition

Foreign exchange exposure refers to the risk a company undertakes when making financial transactions in foreign currencies.

Man on a plane using a electronic device

How to Send Money to Family Abroad

No matter where you need to send money, OFX understands the demands of an international lifestyle. Whether you’re sending money for study abroad, destination weddings, or as a special gift, our customer service agents are available online or by phone 24/7 to help. Get the service and savings you deserve.

What Is a SWIFT code?

SWIFT codes are 8 to 11 characters long and made of both letters and numbers. You can typically find them on a bank statement or on your bank’s website.

How to Use Forex To Take Charge Of Your Finances

Knowing how to use forex to take charge of your finances is the first step, as not all foreign investments are created equal. When it comes to personal finance, the right decisions will ensure a secure future.

Emerging Market Currencies Deliver Big Opportunities for Investors in Q1

Compared to previous weeks, sales of rand have more than doubled at OFX as savvy customers cash in on the rand’s decline. As an emerging market currency, the rand is also one of the most volatile of the commodity currencies

When Is The French Election And What Does It Mean For The Euro?

The first round of the French election takes place on the 23rd of April wherein 11 candidates are expected to participate followed by a run-off of the top two on 7th of May, 2017. Current opinion polls suggest that far-right candidate Marine Le Pen will face off against Emmanuel Macron in May.

The 5 Biggest Forex Myths You Need to Know

Whether you’re a forex pro or a total newbie, it can be hard to tell the fact from the fiction when it comes to foreign exchange. Check out our list of the biggest forex myths, so you can steer clear of the hype and make an informed decision.

Where Can You Find Jobs Abroad?

If you’re interested in working in another country, knowing exactly where to find jobs abroad will ensure you uncover the best opportunities. From networking to attending job fairs, these are the specific steps that you should take if you want to land a fulfilling and lucrative position in no time.

How we keep our rates so low

A lot of people ask us how we deliver such great rates. Here are the basics...

What's It Like Living Overseas, and Is It Right for You?

The ultimate value of your experience abroad will depend on your willingness to take risks and embrace the newness and uncertainty that comes with living overseas. Ultimately, living overseas can be challenging, but it’s worth the effort.

5 Things No One Tells You About Living Abroad

Heading overseas? Immigrating to another country can be an exciting step to develop your education, career or personal interests. But before you make your move, there are five things you should know that no one tells you about living abroad. Get a reality check before you go, right here, right now.

5 Biggest Expat Mistakes and How to Avoid Them

Ready to make your big move abroad? Before you go, here’s our list of the biggest expat mistakes made by first-timers. Fortunately, there are simple ways to avoid unnecessary headaches while you’re abroad.

Is This as Good as It Gets for the AUD?

2017 has been a banner year for global economic growth, and that is putting pressure on central banks to adjust their monetary policies. Just last week, the Bank of Canada (BOC) made the first interest rate hike in nearly seven years. As the Aussie hits a 25-month high against the USD, all eyes are on the impending RBA’s speech on Wednesday around the Q2 Consumer Price Index.

Married couple walking on the beach at sunset

Destination Wedding Checklist: Budgeting to Partying

If getting hitched in an exotic location sounds like your perfect day, staying organised will streamline the planning process. So even though destination wedding can be a lot of work, with strong planning and a bit of determination, you can have the day you've always dreamt of. To help you get started, we’ve compiled a handy destination wedding checklist.

When Is the Dutch Election and Why Does It Matter?

The Dutch election is scheduled for March 15, 2017 and with the populist, anti-Islam politician Geert Wilders leading the polls, this election may have a profound effect on the future of the European Union.

What is Trump’s effect on the value of the U.S. dollar?

The dollar gained following Trump's election victory in expectation of fiscal stimulus and higher interest rates. To the financial markets’ surprise, since inauguration, the Trump administration has been focused on immigration and trade.

What Are the Best Places to Get Plastic Surgery Overseas?

According to The International Medical Travel Journal, some of the top destinations for medical tourism include Malaysia, Germany, the UK, Greece, India, and Spain, but other nations top the list when it comes to cosmetic procedures, in particular. For plastic surgery overseas, Brazil, Thailand and Malaysia take the top spots.

10 Best Places for Retiring Overseas

Are you ready to spend your golden years in comfort, style, and maybe even a bit of luxury? Then check out this list of the 10 best places for retiring overseas and reinventing yourself and your life.

How to transfer inherited IRA

An inherited IRA is a retirement account that you receive when you become the beneficiary of someone else’s IRA. After someone close to you, such as a family member or friend, has passed away, you might inherit his or her IRA, and your transfer options will depend upon your relationship to the deceased.

How to save money on a destination wedding

Money-saving strategies can be applied to all destination weddings, whether you’re planning on hosting your event on a beach in Bermuda, in the heart of London, or in a remote area of New Zealand. To make your destination wedding come to life without breaking the bank, check out some handy tips.

Currency Risk Management Strategies in 2017

As we look ahead to the remainder of 2017, it makes sense to review the calendar to identify other key events that have the potential to cause significant volatility in currency markets. As it happens, we need to look no further than to Europe where elections in three of the founding member states of the E.U. could dramatically alter the European political landscape in 2017.

Is Forex the Key to Your Property Investment Success?

Investing in real estate overseas, or purchasing big-ticket items like collectibles, helicopters and jets, and gems is a good way to strengthen your personal finances. To help you be certain that every forex investment will move you closer to overall investment success, we’ve compiled a list of helpful tips that you can use to reduce your risk.

Hard Brexit meaning

Hard Brexit means that the UK would likely relinquish access to the EU’s single market including the customs union. Britain would retain sovereign control over trade deals, immigration and law-making within its borders. Future trade partnerships with European nations may be based on World Trade Organisation (WTO) rules.

Article 50 When Will It Be Triggered?

U.K. Prime Minister, Theresa May, hoped to trigger Article 50 of the Lisbon Treaty by the end of March 2017. However, the Supreme Court recently ruled that she must seek parliamentary approval before triggering Article 50. Determined to meet her own March deadline, May has submitted a simplified bill to parliament in an effort to expedite negotiations.

What is article 50?

The Treaty of Lisbon, which came into effect in 2009, brings together two previous treaties to form the constitution of the European Union. Within the Treaty of Lisbon, Article 50 outlines the conditions under which a member country can leave the E.U. Once invoked, Article 50 places a two year deadline on the withdrawal negotiations.

Study abroad benefits

College is a time to learn about yourself while learning about the world, and there really is no better way to do that than by heading off on your own to study abroad.

Chinese New Year Shutdown Preparations

January 28th is rapidly approaching and that means that 1.4 billion people are about to go on holiday. Chinese New Year, or the ‘Spring Festival’ as it’s known in China, is a forty-day festival that spurs the world’s largest human migration.

Italy Referendum

From the sovereign debt crisis to the immigration backlash and Brexit, the EU continues to battle large issues and anti-establishment voices that threaten to tear the union apart. The Italian referendum may send another shock throughout Europe.

OFX wins digital identity excellence award in fraud prevention

At the 2016 Digital Identity Summit, a panel of six security experts and analysts awarded the Fraud Risk Management team at OFX with a Fraud Prevention Award for strong cross-border impact.

Protect yourself against currency volatility in the lead up to the EU Referendum

Whether you’ve seen it on the news, read it in the newspapers or witnessed its dramatic effects on our live Currency Converter page, the EU referendum is beginning to take center stage. As we get closer to June 23, 2016 , many are worried about the volatility of Great British pound, wondering ‘how will it affect me?’, and ‘what can I do about it?’

As we tackle Brexit and its effects on British expats in the U.S., we will also share some of the methods that our customers have adopted to stay one step ahead during these unpredictable times.

Bye-Bye USForex, Say Hello to OFX!

We'd like to introduce OFX, the new name for USForex. We're rolling out a new brand and a new website – we hope you enjoy using it.

So what else is changing around here? Not much, actually! We’ll still be delivering the same great service using the best-in-class payments platform we have been developing over the past 17 years. The only difference is that now we will be known as OFX.