With EbonFX you can send payments to over 180 countries and territories in 39 currencies. If a currency you wish to transfer with or buy one that’s not being offered, you can still make an enquiry. Have a look at today’s rates in the table below to transfer money using EbonFX:
|At today's EbonFX Rate, 1 AUD buys*
|Indicative amount transferred for 10,000 AUD
Canadian Dollars (CAD)
Swiss Francs (CHF)
Great Britain Pounds (GBP)
Hong Kong Dollars (HKD)
Japanese Yen (JPY)
New Zealand Dollars (NZD)
Singapore Dollars (SGD)
United States Dollars (USD)
South African Rand (ZAR)
It’s good to know all the finer points before choosing an overseas money transfer provider, so here we’ve broken down four major must-knows:
When transferring money overseas with EbonFX there are several ways to do it, depending on the time frame.
Think of a spot contract as the act of spotting a good rate, locking it in, and transferring money immediately. EbonFX has competitive rates and can transfer funds quickly, as long as you deposit your funds before the cut-off time for the country you are transferring funds to.
A forward contract where a spot rate is locked in to be used for a future money transfer. This is handy for when you see a good rate and know you’ll be transferring money overseas in the near future. Because after all, markets are volatile and currencies can lose their value very easily.
When you enter into a forward contract with EbonFX, they too enter into a transaction with another bank. This means that if you don’t transfer your money to arrive on or before settlement, they still have to settle. To protect themselves, you are generally required to give them a deposit between 5-15% of the total amount of funds you want transferred. The deposit amount will depend on the duration of the contract.
The good thing about EbonFX is that they have a flexible forward contract system in place to help you out when circumstances change. For instance, in some circumstances you can arrange for either a “pre-delivery” of the forward contract, where you pay in installments or you can have the option to extend the contract, by agreeing to a new settlement date.
Placing a limit order with EbonFX is something you can do if you don’t like the current exchange rate, but can and are prepared to wait until it improves. EbonFX can monitor rates for you, and when your target rate is reached, they will execute the order for you. For example, say you want to transfer $10,000 into Euros and you think the rate will improve. Rather than having to check the markets constantly, you could place a limit order so when exchange rates improves and hits your target rate EbonFX will carry out the transaction (even overnight!) for you. You just specify how much you want to send when placing the order. You can also cancel your limit order, as long as the target rate hasn’t been reached and the funds have not been transferred.
Another order you can place with EbonFX is a market order, where your spot contract or forward contract becomes binding only when an exchange rate nominated by you (called a “nominated rate”) is reached. Like with limit orders, once your nominated rate has been reached, you can’t cancel your market order. But unlike limit orders, market orders don’t work around the clock. So even if your nominated rate has been reached, the markets can change before EbonFX can carry out the transfer. Market orders are only available for transfers $20,000 or over.
It is easy to transfer money overseas with EbonFX. First, you need to open an account using their website. This includes officially identifying yourself, so have your passport and driver’s licence at hand to punch in the details. You’ll also need to read the Product Disclosure Statement and Financial Services Guide on the EbonFX website to make sure you understand and agree to the terms.
Once you’ve been approved by EbonFX and your account is set up, you’re good to go. Follow these steps to transfer money:
Some extra things about EbonFX:
*The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.