OzForex is now OFX, which has branched out into several new foreign exchange brands to support a variety of money transfer options. Read our review and learn how to get a better exchange rate and $0 fees.
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OFX (formerly Ozforex) foreign exchange rates
OFX was founded to provide better rates to those who felt they were not getting a fair deal from the banks. They do this by combining the huge amount of customer deals they process and using this large number to get wholesale rates in the interbank market.
This basically means that rather than negotiating based on your individual transaction they’ll group you with others and used the combined power to get a better rate. This is combined with a smaller margin which is reported to be as low as 0.3% – compared to the average bank rate of 4%.
Rates are updated every 30 seconds on their website so you’ll always have a clear idea of what your money’s worth. This is in contrast to banks, which usually update their rates once per day but leave the door open for sudden rate changes.
How much does it cost to transfer money?
A good exchange rate is only half the story when it comes to international funds transfers – there’s also the fees attached to the transfer itself.
OFX charge their fees in the currency you’re selling and will waive the fee completely if you transfer over a certain amount.
|USD to||Fee||Fee-free threshold|
Minimum transfer amount and available countries
OFX allows you to transfer money into more than 50 currencies, including the currencies listed above and many others such as the Mexican Peso, Thai Baht, Chinese Yuan Renminbi and the Indian Rupee.
There are a few limitations to OFX’s service. They won’t transfer cash, nor allow cash to paid into their accounts and they don’t accept cheques or credit card payments.
You also can’t send funds to the following countries;
- Cote d’ Ivoire
- North Korea
- Sierra Leone
- South Korea
- South Sudan
- Sri Lanka
The registration and transfer process
Before you can transfer your money overseas you need to register for an account with OFX. Registration is free and involves you completing three steps. These will involve you entering in your personal details including contact details, address and occupation and details surrounding your proposed money transfer.
Once this is completed you’ll get both an email and a phone call to verify your identity and if this is successful you can log onto your account.
At this stage you’ll get a rate quote for your transfer and from here all you need to do is add the receiving account details. OFX will contact you to confirm the transaction and you can then track the status of the transfer.
Transfers can reach the destination account the day after sending your money to OFX, but you should allow up to two days on top of this depending on where it’s going.
Why choose OFX?
Apart from getting a better deal on your transfers in terms of both rates and fees, OFX has a number of benefits which you wouldn’t necessarily get at a bank or anywhere else for that matter.24 hour service. You can contact a member of OFX dealing team whenever you need assistance with something related to your transfer.
Personal contact. As stated above, you can call a member of OFX when you want to speak to someone. Not every service can boast of having this degree of personal contact in their transfer service.
They’re regulated. OFX is regulated by the Australian Securities and Investment Commission (ASIC) and is able to safely transfer your money using Macquarie Bank’s global risk management policies. It has a low risk business model and state-of-the-art website security measures in place including minimum 2048 bit Secure Sockets Layer (SSL) certificates for protective encryption of your transfer.
What other products and services does OFX (formerly Ozforex) offer?
OFX has a range of products and services for travellers, businesses and those wanting to keep a close eye on foreign currency developments. Here’s a bit more about each.
- OzForex Travel Card. The OzForex Travel Card gives you the opportunity to load selected currencies onto it and then spend without having to pay foreign transaction fees. It also keeps you money safe and separate from your bank accounts back home. You can load up to nine currencies on one card and can use the internet to load more money onto it or swap between currencies wherever in the world you are.
- Business transfers. OFX also work with businesses to give them a way to pay vendors or suppliers located overseas and to receive money. Working with OFX means you’ll get your own dedicated foreign exchange dealer and 24-hour service.
- Forex tools. There’s a large range of free tools available on the OFX website. You can convert currencies, compare currencies, read news and the latest reports about selected currency markets, generate charts and view raw data and more.
- Limit Orders. This allows you to let OFX buy and sell one currency, for another at a rate that is better than the current rate. OFX will monitor the exchange rate for you and when your chosen rate is detected, the transfer will occur.
- Forward Exchange Contract. This feature allows you to minimize the risks involved by locking in an exchange rate even if your funds need to transfer at a future date.
Pros and cons of an international money transfer with OFX
- Better exchange rates than those offered by banks
- Lower fees than those charged by banks and other services (free when you transfer over certain thresholds)
- A suite of free forex tools available to help you make better informed decisions
- 24-hour service
- Smaller transfers of under $250 not allowed
- They don’t accept credit cards, cheques or cash as payment forms
Frequently asked questions about OFX
- How do I pay funds to OFX?
Transfer funds in any major currency to OFX through Electronic Funds Transfer (EFT). Or, use BPAY, although remember you can’t use cash or cheques.
- How long after booking a rate do I need to transfer money?
You must transfer money to OFX within 24 hours.
- What do I do first: send funds or lock in a rate?
Lock in a rate deal and provide your account details first, and then send the currency you’re selling.
A bit about the history of OFX
OFX began in 1998 and is now a quickly growing company—having been listed on the ASX in 2013.
They enabled customers to transfer $9.1 billion in 2013 and they have two million visitors coming to their website each month.
They’re expanding their global reach too, which offices in Sydney, London, Toronto, San Francisco, Hong Kong and Auckland.
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