How to Transfer Money from One Bank Account to Another
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.
Exchange rates matter when you send money internationally
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.
Choose a smarter way to send your money
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.