These are ideal for recurring payments such as a monthly mortgage, quarterly school fees or any regular payment you need to make. Whatever your needs are, our recurring transfers are scheduled to ensure you’re on time, every time.
Simply set up a transfer schedule and leave the rest to us.
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.
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 wire? 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.
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. 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.
A peer-to-peer money transfer uses a website or app to transfer funds from one person to another over the internet or mobile networks. For international payments, peer-to-peer will match buyers and sellers of different currencies to deliver a competitive exchange rate.
Peer-to-peer (P2P) is a good way to save on the excessively high exchange rates margins charged by banks for international money transfers. Banks often charge 5%, while P2P services usually charge a commission of 0.5 to 1.5%. But there are substantial drawbacks to the P2P model.
At OFX, we focus on making it easy and affordable to transfer money for business or pleasure, and we even provide support to online sellers. Choose the money transfer provider who can adapt to your unique needs.
When you transfer money with OFX, every transaction will be swift and secure, and you can reach us by phone 24/7 if you need to. When it comes to international money transfers, you’ve already got a friend in the business: OFX.
Wire transfers are an electronic method of sending money from one party to another. It’s one of the most efficient ways to transfer money overseas, because a wire transfer is a bank to bank transfer. When speed is crucial, a wire transfer is a good option.
However, all wire transfer providers are not created equal. Now that you know what a wire transfer is, the next question is ‘how much is it going to cost me?’
Did you know that banks often take a margin of 5% over the daily exchange rate when they send your money overseas? That means on a wire transfer of $10,000 you could be paying up to $500 in addition to hefty ‘international transaction’ fees. At OFX, we think that’s too much.
When you send money with OFX, you’ll get bank-beating rates and 24/7 customer service you deserve. Our efficient online platform delivers your funds to most major destinations within one business day of OFX receiving your funds. Plus, it’s free to register with OFX.
You may be aware of other wire transfer providers, but most of the big-name money transfer providers charge similar margins to the banks. To check if you’re getting a decent rate from your money transfer service, just google the daily exchange rate for your currency pair. This will give you the benchmark price for the day. Remember, even a 1-2% difference in the rate can add up to hundreds of dollars in your pocket depending on the size of your transfer. OFX is simply smarter, because you get the savings, speed, and service you need.
So what is a wire transfer? It’s a good way for savvy people to save some money with OFX.
A Forward Contract is an arrangement that allows you to transfer money at some time (up to 12 months) in the future at an exchange rate that you agree to now, so that you know what the exchange rate will be at the time the transaction takes place. This allows you to avoid the risks and uncertainties associated with adverse exchange rate movements.
A Forward Contract may be beneficial for business and individuals if exchange rates are particularly attractive now, and you want to lock in that rate to hedge against uncertainty in the future. This can be especially helpful for small businesses who want to keep their cash flows predictable when buying or selling overseas.
However, a Forward Contract precludes you from taking advantage of further beneficial movements, if your currency pair continues to move in a profitable way. To avoid missing out on further profitable movements, some people use a Forward Contract for a smaller portion of their total payment (say 50%) as a way to hedge against volatility.
OFX offers a number of alternatives that help you manage your business and personal foreign exchange risk.
Talk to one of our dedicated dealers today to develop a currency strategy that’s right for you.
If you want to make a one-off money transfer, our single transfer may be for you. If you’d like to make multiple transfers, perhaps for regular mortgage or business payments overseas, our recurring transfers will allow you to set up an automated transfer schedule.
Beyond our rapid transfer options are Forward Exchange Contracts and Target Rate Orders which help manage your transfer risk. These are suitable for larger transfer amounts and provide you with a degree of rate security with added flexibility to take advantage of the market.
Find out more about our ways to transfer.
Money transfers or wire transfers are the best way to send money internationally. An online specialist money transfer provider can save you a lot of money compared to using a bank. Your money will usually arrive faster when you use a company that has a global network of local bank accounts to send money from one account to another.
When you want to transfer money from one bank account to another, it’s simple to do it domestically. When you want to send money overseas, and you need to exchange currencies, things get a bit more complicated.
You may think it’s easiest just to use your bank to transfer money from one bank account to another--even if the recipient lives overseas. But be careful. Banks often charge high 5% margins above the daily exchange rate when you transfer money internationally. (That’s on top of the usual fee of about $30.)
Our research showed that 80% of consumers were unaware of these high bank margins that equate to roughly $500 on a $10,000 transfer.* When informed of these hidden charges most people (75%) felt the costs were ‘very high’ or a ‘bank rip-off’. We tend to agree.
When you use OFX to transfer money from one bank account to another, you can save substantially when compared to using your bank. Think of it this way: if you were to pay for an overseas wedding using OFX, you might save enough to cover the cost of the cake.
OFX is an international money transfer specialist. All we do is send money overseas at a fraction of the cost of what the banks charge. That’s it. If you’ve ever sent money with them, chances are, you’ve already done business with OFX.
Our online platform and friendly customer service team are available 24/7, so when your bank is sleeping, we’re not. It takes just a few minutes to sign up with OFX, so you can start saving money on all your international money transfers from here on out.
We know that sending money overseas can seem difficult because international banks have different names for different banking codes. From IBANs and SWIFTs to BSCs and NCC, we’ve done it all before, so our forms are simpler to fill out because they use the local code names, not the international ones. If you have any questions, we’re here to walk you through it on your schedule. Nights, weekends, holidays? No problem.
If you’re going to be doing multiple international payments from one bank account to another, we do also help our customers manage their currency exposure. Whether you’re an international business guru or just someone who wants to pay for their kid to study abroad, you get access to our highly-skilled foreign currency specialists, who can help you keep more control over your money.
Make the smart switch to OFX today. And if you’re still on the fence, just ask yourself: does your bank really deserve more of your money?
*Survey conducted by Galaxy Research on behalf of OFX (August 2016). Sample size: 1000 Australians.