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USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3207 Inverse: 0.7572 1.3259 Inverse: 0.7542 0.8932 Inverse: 1.1196 6.8357 Inverse: 0.1463 0.78471 Inverse: 1.2744 64.480003 Inverse: 0.0155 17.9946 Inverse: 0.0556 50.099998 Inverse: 0.0200
1 AUD = 0.7572 Inverse: 1.3207 1.0000 1.0040 Inverse: 0.9960 0.6763 Inverse: 1.4786 5.1758 Inverse: 0.1932 0.5942 Inverse: 1.6830 48.8227 Inverse: 0.0205 13.6251 Inverse: 0.0734 37.9345 Inverse: 0.0264
1 EUR = 1.1196 Inverse: 0.8932 1.4786 Inverse: 0.6763 1.4845 Inverse: 0.6736 1.0000 7.6530 Inverse: 0.1307 0.878537 Inverse: 1.1383 72.18986 Inverse: 0.0139 20.1462 Inverse: 0.0496 56.0904 Inverse: 0.0178
1 GBP = 1.2744 Inverse: 0.7847 1.6830 Inverse: 0.5942 1.6897 Inverse: 0.5918 1.1383 Inverse: 0.8785 8.7111 Inverse: 0.1148 1.0000 82.170498 Inverse: 0.0122 22.9315 Inverse: 0.0436 63.8452 Inverse: 0.0157

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
WorldRemit International Money Transfers
USD 1 Within an hour USD 3.99 17.687 Online, Bank Account to Bank Account, Cash Transfer MXN 88,364 Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site View details
World First Foreign Exchange
USD 1,000 1 day USD 0.00 17.714 Online MXN 88,569 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
Go to site View details
TransferWise International Money Transfers
USD 1 1 day USD 75.00 17.995 Online MXN
88,623
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
OFX International Money Transfers
USD 150 1 day USD 0.00 17.923 Online, Bank Account to Bank Account MXN 89,613 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
HiFX International Money Transfers
USD 100 2 days USD 5.00 17.914 Online MXN 89,479 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
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Some of the financial institutions we compare

Moneygram LogoPaypalRia LogoWestern Union
transferwise logoHIFX logoWorldRemit LogoTravelex
OFX LogoWorld First LogoCurrencies Direct LogoTORFX Logo

International money transfers

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About foreign exchange

Foreign exchange refers to the act of converting the currency of one country to the currency of another. Today, foreign exchange — also called forex or FX — generally refers to dealing with international currencies. It can refer to trading currencies, where investors buy and sell different currencies to make a profit, like a stock trader does with stocks, or applying simple exchanges of currencies for personal or business use. Forex can be particularly important if you live or have family overseas, invest in a foreign country or pay clients or suppliers worldwide.

How does the foreign exchange market work?

Currencies are traded regularly through electronic communications networks (ECNs) and by phone worldwide — to the tune of $1.5 trillion daily. The forex market is the largest financial market in the world, encompassing companies investing in foreign companies or services, tourists exchanging their home currency for trips around the world and experts looking to leverage rates to turn a profit.

Factors that affect how a country’s currency trades against another are the sociopolitical atmosphere, prices and inflation rates, foreign trade and monetary policy and export-to-import price ratios. Less-aggressive factors are consumer confidence about the economy and economic growth, the strength of other currencies, investor speculation and day-to-day news about natural disasters, elections and new government policies.

Converting currency

You have many options when it comes to convert currencies, each appeal to a specific situation.

  • Banks. Nearly all banks offer a selection of currencies that allow you to convert funds. But more exotic currencies may not be available on short notice. Banks typically charge high conversion fees and offer weak exchange rates.
  • International money transfer specialists. More companies are popping up in the US to offer a full range of forex services with larger varieties of available currencies. These companies typically offer transfer services that allow you can send your money worldwide with competitive exchange rates and low fees, sometimes through peer-to-peer trading.
  • Foreign exchange kiosks and post offices. Usually found within airports, kiosks run by such companies as Travelex or banks offer foreign exchange services. Your post office may also convert funds to other currencies. Compare the rates and fees you’ll be charged before converting with these services.
  • Credit and debit cards. Many credit and debit cards automatically convert US dollars into foreign currencies when you’re overseas. You’ll typically pay foreign transaction and ATM withdrawal fees, whereas cards designed for international travel may allow you to lock in currencies at specific rates and waive foreign transaction fees.
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“Hedge” your options to save on currency exchange

Many foreign exchange providers offer flexible tools that can insulate you against rapidly fluctuating market exchange rates — and help you better protect when it’s best to complete your exchange. These hedging and planning tools include:

  • Forward contracts. If the current exchange rate is in your favor, a forward contract could allow you to lock it in for future transaction, sometimes as far as two years into the future.
  • Limit orders. Specify your ideal exchange rate with a limit order, and when the market reaches that rate, it’s locked in for you to complete your transaction.
  • Stop-loss orders. A stop-loss order is nearly the opposite of a limit order: Instead of specifying an ideal rate, you indicate a rate you want to avoid dropping below. If the market falls to that rate, your currency is purchased automatically, giving you the potential to profit when the market rises again.
  • Recurring exchanges. If you need to send regular cross-border transfers — weekly, monthly or quarterly payments to the same recipient — many services will allow you to lock in more favorable exchange rates with lower fees.

How can I hedge with an online forex broker?

To begin hedging your forex trades, you’ll need to:

1. Determine your options. Learn whether your broker offers forward contracts, limit orders, stop-loss orders and hedging tools or find one that does.
2. Assess your risk tolerance. No trade carries zero risk, so you’ll need to determine how much risk you’re willing to take.
3. Choose two currencies to trade. Consider pairing the “majors” — for example, dollars and pounds — against the euro.
4. Contact a forex broker. If you’re a new client or will make ongoing exchanges, ask if you’re eligible for any bonuses or perks.

How do I compare foreign exchange services?

  • Conversion fees. Most banks and exchange companies will charge a fee for converting currencies. Because these fees can vary wildly, find out whether the provider charges a percentage of the total sale amount when buying or a flat fee, which can be as much as $10 or more.
  • Exchange rates. Nearly all providers skew exchange rates for a profit. Some add a large margin to the mid-market rate, while more competitive providers will minimize this margin. Exercise your due diligence before going with one provider and you’ll be sure to get more value out of your exchange. Look for the smallest margin between the mid-market rate and the rate you’re offered.
  • Processing times. Depending on why you’re converting money and how much, how long it takes for your transaction to complete matters. Many companies provide priority services for an extra fee, so be sure to factor this fee into your comparison.
  • Processing options. You might need to conduct regular transactions if you’re making overseas mortgage payments. If so, add the availability of recurring exchanges to your comparison of providers.
  • Extras. A providers may offer one-on-one services to business clients along with the ability to negotiate the rate. You might also be able to take advantage of forex market analysis with your foreign exchange provider.

While some providers offer competitive rates but higher fees, others could offer lower fees but weaker rates. Weigh rates and fees against convenience and compare at least three providers — banks and online specialists — before deciding on a service.

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What are the pros and cons of foreign exchange?

Pros

  • It’s a convenient way to exchange one currency for another.
  • Some companies can organize regular money transfers to pay overseas bills or mortgages easily.
  • Competitive rates and fees are available through specialized money transfer companies.
  • You can trade currencies to turn a profit.

Cons

  • Currencies fluctuate daily, which means trading currencies can be risky.
  • Exchanging currencies can be expensive, depending on the provider.
  • The market can be complicated and difficult to fully understand.

Frequently asked questions

Conversion and transfer speeds depend on the currency you’re exchanging and the service you use. You can typically exchange or transfer major currencies in a few days, while more exotic currencies can take up to four days or more.

Many exchange services advertise what’s called a spot rate. This is the value of the currency you’re buying or selling at that moment in time, different from the “forward rate” you’ll receive when actually initiating your transaction.

When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.

Ensure that your provider is regulated by Commodity Futures Trading Commission (CFTC) and employs online security systems to protect your personal and financial details. If you’re carrying out a money transfer, confirm the service holds your funds in client accounts that are separate from the company’s corporate accounts.

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