OFX

OFX

About OFX

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 06 December, 2016. Other information correct at the time of writing.

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* For 10,000 AUD recipient will get
United States Dollars (USD)USD
USD 0.7455 USD 7,455 Go to site
Euros (EUR)EUR
EUR 0.6911 EUR 6,911 Go to site
Great Britain Pounds (GBP)GBP
GBP 0.5852 GBP 5,852 Go to site
Canadian Dollars (CAD)CAD
CAD 0.987 CAD 9,870 Go to site
Hong Kong Dollars (HKD)HKD
HKD 5.781 HKD 57,810 Go to site
Japanese Yen (JPY)JPY
JPY 84.5453 JPY 845,453 Go to site
New Zealand Dollars (NZD)NZD
NZD 1.042 NZD 10,420 Go to site
Singapore Dollars (SGD)SGD
SGD 1.0571 SGD 10,571 Go to site
South African Rand (ZAR)ZAR
ZAR 10.2255 ZAR 102,255 Go to site
Swiss Francs (CHF)CHF
CHF 0.7499 CHF 7,499 Go to site

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:


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 dealsSpot 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 contractsForward 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 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 OrdersLimit 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 PaymentsRegular 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.


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:

And remember that: 

Visit OFX website

Go to site

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:

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* 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.