OFX international money transfers

With its competitive exchange rates OFX, formerly OzForex, has become a go-to for Australians transferring money overseas. It was founded in 1998 and has grown from a foreign exchange information website to a specialist international payments service provider with offices in Sydney, London, Toronto, San Francisco, Hong Kong, and Auckland. OFX has securely transferred over $69 billion worldwide and is regulated by ASIC. Its parent company is listed on the Australian Stock Exchange.

OFX Foreign Exchange rates

Rates and fees verified as correct at 18 April 2024. Other information correct at the time of writing. Advertiser disclosure.

If you are looking to transfer money internationally there’s a good chance that OFX will be able to assist with your transaction. OFX transfers money to over 197 countries in close to 50 currencies. Here at Mozo we can help you to compare today’s exchange rates with OFX to many of the most popular currencies below.

Currency At today's OFX Rate, 1 AUD buys* Indicative amount transferred for 10,000 AUD
Mozo logo Canadian Dollars (CAD)
CAD0.8813 CAD 8,813 Go to site
Mozo logo Swiss Francs (CHF)
CHF0.5828 CHF 5,828 Go to site
Mozo logo Chinese Yuan (CNY)
CNY4.5855 CNY 45,855 Go to site
Mozo logo Danish Krone (DKK)
DKK4.4835 DKK 44,835 Go to site
Mozo logo Euros (EUR)
EUR0.6009 EUR 6,009 Go to site
Mozo logo Great Britain Pounds (GBP)
GBP0.5142 GBP 5,142 Go to site
Mozo logo Hong Kong Dollars (HKD)
HKD5.0189 HKD 50,189 Go to site
Mozo logo Indonesian Rupiah (IDR)
IDR10316.9532 IDR 103,169,532 Go to site
Mozo logo Indian Rupee (INR)
INR53.1491 INR 531,491 Go to site
Mozo logo Japanese Yen (JPY)
JPY98.9101 JPY 989,101 Go to site
Mozo logo New Zealand Dollars (NZD)
NZD1.0813 NZD 10,813 Go to site
Mozo logo Philippine Peso (PHP)
PHP36.5281 PHP 365,281 Go to site
Mozo logo Swedish Krona (SEK)
SEK6.9882 SEK 69,882 Go to site
Mozo logo Singapore Dollars (SGD)
SGD0.8717 SGD 8,717 Go to site
Mozo logo Thai Baht (THB)
THB23.5485 THB 235,485 Go to site
Mozo logo United States Dollars (USD)
USD0.6409 USD 6,409 Go to site
Mozo logo South African Rand (ZAR)
ZAR12.2209 ZAR 122,209 Go to site
Coin icon

Key details for transferring money internationally with OFX

OFX provides money transfer services for both personal and business transactions. There is a minimum transfer amount of $250 and you will need to register and set up an account prior to your first transaction. The set up is easy and can be done online but you should allow time for identity verification. This can generally be done electronically but in some instances you may need to send in your information.

Other important details to know:

  • Transfers below $10,000 will have a $15 flat fee.
  • Transfers over $10,000 are free.
  • Transfer times depend on the country you are sending your money to. Same day transfers are available for USA and UK. Most other transfers take between 1-2 days.
  • You can transfer money overseas with OFX via email, through the website, with the app, or over the phone.
  • Customer support 24 hours a day.
  • You can track your transfer through the OFX app or online.
Money transfer icon

OFX Products and Services

Some of the money transfer jargon can be a little confusing if you’re not in the money market transferring funds every day. But the good news is that OFX has a range of products and services that will suit everyone from the person who only needs to make a single small dollar transaction, to a small business needing to set up regular monthly payments to their supplier in Italy or India.  

The most popular money transfer options include:

Spot deals

Spot deals or “spot rates” are ideal for people who want to send money right away. You tell OFX how much you want to send, when you want it sent and to whom you want the funds sent to and they will quote you a rate based on the price they can on the currency from the banks, and the exchange rate of the day. Once you are happy with the quote and accept, OFX will give you 24 hours to put the funds into their account. Once the funds are received it will be transferred to your recipient.

Points to remember about Spot deals:

  • You can’t transfer money until you’ve been registered, so not being registered can hold you up if you want to lock in a spot deal immediately.
  • Once booked, the transaction needs to be finalised over the phone, as this makes it a legally binding contract. So keep your phone on you and make sure it’s not on silent!

Forward contracts

A forward contract is a contract which allows you to lock in the rate now and exchange it sometime in the future. For instance, say you are buying property overseas and you know that you’ll need to transfer money soon but want to lock in today’s rate rather than the date you actually need to transfer the funds.

Points to remember about forward contracts:

  • All forward contracts have maturity dates, which is a date the contract expires. If you make the transaction before “pre-delivery” or after the maturity date “rollover”, you must negotiate this with OFX.
  • Sometimes you will be asked to make an advance payment on a forward contract of 5% to 10% of the funds before the maturity date.

FX Options 

Similar to a forward contract a FX option allows you to lock in a rate, but then also have the flexibility should the rate on the day of the transfer be better than rate you locked in at.  

Points to remember about options:

  • You can only enter into options over the phone.
  • You’ll pay a premium for the flexibility likely to be around 3% to 10% of the total funds you wish to transfer.

Limit Orders

In international money transfer speak a limit order means placing a future order for when the time is right for you. You get to nominate the exchange rate you want and when it hits that point OFX will lock it in. This is a good option for anyone who doesn’t have a specific transfer deadline in mind and doesn’t want to be continually checking exchange rates.

Point to remember about Limit Orders:
  • The minimum amount for a limit order is $30,000, and can only be used for major currencies only.

Regular Payments

If you’re going to be transferring money internationally on a regular basis you can set up a transfer plan with OFX that will allow you to take advantage of great exchange rates and flexibility to fit your specific needs.

thumbs up icon

Why use OFX for International Money Transfers over a bank?

Don’t let the convenience of your existing bank be the excuse for not going with a specialist foreign exchange provider like OFX. When you’re exchanging thousands of dollars internationally you’ll want things like:

  • some of Australia’s most competitive exchange rates
  • low fees
  • fast transfer speeds
  • top notch customer service and support
  • easy sign up
  • expertise in foreign exchange
  • high security. OFX has 2048 bit SSL certificates to encrypt traffic and Thawte online security and protection, so it’s more than secure than other websites.
  • end to end communications. OFX will notify you via SMS or email at every stage throughout the transfer process.

And remember that: 

  • The minimum transfers with OFX is $250 dollars
  • Each transaction under $10,000 has a $15 fee
  • You cannot transfer or pay with cash or cheques
  • OFX cannot provide financial advice
  • The minimum amount for Limit Orders is AU$30,000
  • There are no OFX branches for in-person transactions or face-to-face customer service
  • You may have to pay third party transactions fees. When the funds have been transferred to the final destination, the bank who receives it may charge a fee
  • Currency exchange rates on the OFX website are subject to change until you officially lock your transaction in, even if it’s on the same day you start the process
  • If you make a payment into the wrong account notify OFX immediately. According to the Terms and Conditions, OFX is not obliged to recover the funds if they were sent to the wrong account
  • OzForex reserves the right to say no to a transaction, even without a given reason

Visit OFX website

Go to site
info icon

How the OFX IMT transfer process works

Step 1: Set up an OFX account. 

Step 2: Book your deal online or via the OFX app. You’ll tell OFX how much you want to transfer, which currency you want transferred, and when you want your money transferred. 

Step 3: OFX will quote you on that trade.  

Step 4: You transfer the funds to OFX by the due date.

Step 5: OFX transfer the funds to your recipient.

Compare International Money Transfer from major brands including:


*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.