OFX

OFX

If you are in the market to transfer money internationally, OFX might be a name you’ve come across. OFX transfers 50 currencies to almost 200 countries. Here at One Market Exchange, we provide a comparison on today’s exchange rates with OFX and list the most frequently transferred currencies.


OFX have a wide range of products and services to cater your forex needs. Ranging from personal to business, whether you need to transfer money for a vacation, or send money overseas to business partners in a foreign land. Below you will see the most common form of exchange options with OFX.

Spot deals

These are a good fit for people who want to send money in the moment. You instruct OFX how much you want to transfer and on which day, to the chosen person or business you want to send to. OFX will then quote a competitive rate based on the price of currency they receive from the banks that same day. On the basis you are happy with the quote and accept it, OFX will give you a 24-hour window to transfer the funds to them. Once the funds are received, the money will then be transferred to your recipient.  Note, you will need to register with OFX prior to locking down a spot deal instantly. Also once the booking has been placed, OFX will need to close out the transaction over the phone to ensure its legally binding.    

Forward contracts

This is a contract that gives you the ability to lock in a rate today and exchange the amount of currency sometime in the future. This is a popular option of forex transfers for people looking to invest overseas, as it gives you the option to secure a rate ahead of time and provide assurance that when you make the transfer, the rate will be guaranteed as of that date when you agreed the rate. Be aware that all forward contracts have maturity dates, which is when a contract expires. If you make a transaction before the ‘pre- delivery’ or after the maturity rate, you will need to re-negotiate with OFX. In some cases, you may be asked to make a pre-payment on a forward contract of 5% to 10% of the funds before the maturity rate.          

FX options

An FX option gives you the chance to lock in a rate, but also provides the flexibility to exercise that original rate should the rate on the day of the transfer be better than the rate you initially agreed. This form of foreign exchange is only available over the phone and you’ll pay a premium for the luxury of using this service, somewhere around 3 – 10% of the total funds you wish to transfer.

Limit orders

A limit Order means placing a future order for when the time is right. You get to nominate your ideal rate and when it reaches that point OFX will lock it in place. This tends to be a sensible option for people who don’t have a specific transfer deadline in mind and for those who don’t want to be constantly checking the exchange rates. The minimum amount for a limit order is $30,000, and is only available when exchanging major currencies.

 

 

KEY INFORMATION

Transfer Limits

The minimum transfer amount for both personal and commercial transactions is $250.

Transfer Time

Transfer times vary depending on which country you are sending the funds to. It normally takes no longer than 1-2 business days to receive your cash, however same day transfers are available when sending money to the U.K and U.S.

Transfer Fees

There is a flat fee of $15 for every transfer below $10,000. Any transfer over $10,000 there are no fees.

MORE INFORMATION ABOUT OFX

How a transfer can be made:





The setup time to open an account with OFX is very fast. Once your account has been verified, after submitting two forms of I.D like your proof of address and a passport or drivers licence, you can book a deal straight away online or by using the OFX app, once it’s been downloaded. Once you have instructed OFX on how much, and when you want to transfer, OFX will quote you on that trade. Once confirmed, you then transfer the funds to OFF by the due date and then the funds are transferred to your recipient. 

 

PROS

  • Low fees
  • Customer support 24 hours a day
  • SMS notifications and emails at every stage of the transfer process
  • Some of Australia’s lowest and most competitive rates

CONS

  • $30,000 minimum on Limit Orders
  • Minimum transfer amount is $250

Rates table

AED » GBP 0.2210 GBP » AED 4.5248
AUD » GBP 0.6155 GBP » AUD 1.6248
AZN » GBP 0.4552 GBP » AZN 2.1970
BGN » GBP 0.4577 GBP » BGN 2.1850
BHD » GBP 2.1848 GBP » BHD 0.4577
BND » GBP 0.5845 GBP » BND 1.7110
BRL » GBP 0.2727 GBP » BRL 3.6677
CAD » GBP 0.6135 GBP » CAD 1.6300
CHF » GBP 0.8145 GBP » CHF 1.2278
CNH » GBP 0.1190 GBP » CNH 8.4045
CNY » GBP 0.1205 GBP » CNY 8.2964
CZK » GBP 0.0324 GBP » CZK 30.8998
DKK » GBP 0.1175 GBP » DKK 8.5071
EGP » GBP 0.0439 GBP » EGP 22.7738
EUR » GBP 0.8725 GBP » EUR 1.1461
FJD » GBP 0.4031 GBP » FJD 2.4806
HKD » GBP 0.1049 GBP » HKD 9.5347
HUF » GBP 0.0028 GBP » HUF 354.4342
IDR » GBP 0.0001 GBP » IDR 16076.2407
ILS » GBP 0.2145 GBP » ILS 4.6616
INR » GBP 0.0120 GBP » INR 83.2215
JPY » GBP 0.0072 GBP » JPY 139.0631
KRW » GBP 0.0007 GBP » KRW 1386.6095
KWD » GBP 2.7152 GBP » KWD 0.3683
LKR » GBP 0.0055 GBP » LKR 181.7430
MAD » GBP 0.0826 GBP » MAD 12.0994
MGA » GBP 0.0003 GBP » MGA 3954.8104
MXN » GBP 0.0381 GBP » MXN 26.2407
MYR » GBP 0.1853 GBP » MYR 5.3966
NOK » GBP 0.0973 GBP » NOK 10.2766
NZD » GBP 0.5874 GBP » NZD 1.7024
OMR » GBP 2.1400 GBP » OMR 0.4673
PEN » GBP 0.2500 GBP » PEN 3.9999
PGK » GBP 0.2637 GBP » PGK 3.7924
PHP » GBP 0.0166 GBP » PHP 60.2409
PKR » GBP 0.0079 GBP » PKR 126.5808
PLN » GBP 0.1993 GBP » PLN 5.0176
RUB » GBP 0.0140 GBP » RUB 71.3765
SAR » GBP 0.2197 GBP » SAR 4.5512
SBD » GBP 0.1129 GBP » SBD 8.8552
SCR » GBP 0.0653 GBP » SCR 15.3042
SEK » GBP 0.0920 GBP » SEK 10.8695
SGD » GBP 0.5735 GBP » SGD 1.7437
THB » GBP 0.0231 GBP » THB 43.3802
TOP » GBP 0.3995 GBP » TOP 2.5030
TRY » GBP 0.2167 GBP » TRY 4.6141
TWD » GBP 0.0265 GBP » TWD 37.7116
TZS » GBP 0.0004 GBP » TZS 2707.6230
USD » GBP 0.8103 GBP » USD 1.2341
VEF » GBP 0.0821 GBP » VEF 12.1866
VND » GBP 0.0000 GBP » VND 26833.0387
VUV » GBP 0.0081 GBP » VUV 123.6568
WST » GBP 0.3480 GBP » WST 2.8734
XOF » GBP 0.0013 GBP » XOF 758.0516
XPF » GBP 0.0074 GBP » XPF 134.9455
ZAR » GBP 0.0603 GBP » ZAR 16.5833

ABOUT THE COMPANY

OFX was formed in 1998 and have become a public company since their beginnings as a foreign exchange information website, to a specialist international payments service provider with over 200 employees. With offices in Sydney, London, Toronto, Hong Kong, San Francisco and Auckland. Formerly known as OzForex, the company has transferred over $100 billion worldwide.

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