If you’re looking for the best way to transfer money internationally, then OFX is your answer. OFX was started in 1988 by two Australians under the name OzForex. The company quickly grew to become one of the largest currency exchange companies in the world with six offices globally. In 2015, the company rebranded as OFX.
What makes OFX popular, besides being a local brand that Australians can trust, is that OFX exchange rates are typically significantly better than what banks and currency exchange offices offer. Meaning they can save you a lot of money on your global transfers. But are they easy to use for an average consumer to use? Read my OFX review now to find out how much you can save and how you can get your transaction fees waived with my referral link.
- No transaction fees when using my referral link
- Some of the lowest exchange rates
- More than 80 countries served
- $250 AUD minimum transfer, no maximum
- 24/7 global support team
- Bank account to bank account transfers
With OFX, you would normally pay a fee of $15 AUD for transactions under $10,000 AUD. However, when you sign up for my referral link, that fee is waived on your account, and you get a preferential exchange rate which is even better than the standard OFX rate. This referral link works regardless of which country you live in.
When making transfers, the minimum amount is AUD $250, but there is no maximum. As you can imagine, the rates get better the more money you transfer.
OFX is beneficial for people who are transferring large amounts of money since there are no OFX fees (with my referral link), and transactions are performed from bank account to bank account. Keep in mind that since these funds are going from bank to bank, it can take a few days for the transfers to complete
What’s nice about OFX and one of the reasons why my OFX review is positive is that everything is done digitally. When you’re ready to make a transfer, you simply input your information online or through the mobile app. All the rates and fees are clearly displayed so there will be no surprises once you complete your transfer.
OFX exchange rates
The OFX exchange rates follow the interbank rate and therefore change daily. In general, you would save about 2% on your transfers compared to banks. All currency exchange providers put a mark-up on the interbank rate or charge fees on the transfer in order to make money. OFX margins are as low as 0.4% – ridiculously low when compared to other money transfer providers who can add as much as 3%!OFX offer huge savings for people who are looking to exchange a large sum of money into a different currency.
It’s also worth noting that OFX doesn’t charge any additional transfer fees. With most banks, you’ll be charged about $40 AUD to send an international money transfer. The recipient would also be charged on average $15 AUD so you could easily spend a small fortune on fees.
To put things into perspective, let’s say you need to transfer $10,000 AUD into USD. A standard bank adds a margin of 3% to the interbank rate of 0.7072. Once the transfer completes you’d end up with $6,860 USD in return. But if you signed up with my referral link, you’d get the considerably better exchange rate, and end up with $7,000 USD. That’s $140 USD that you keep in your pocket.
OFX will never give you the exact interbank rate since those are simply the rates at which banks trade volumes between themselves. OFX will always add their margin to the rate to earn a profit. Still, since you can lock in a transfer rate with OFX, you’ll always know how much you’re paying and what exchange rate you’re getting. By understanding what you’re paying and how it compares to regular banks, you’ll know how much you’re saving.
My OFX review is positive. It’s crazy to think that OzForex which was one of the original fintech companies in Australia has grown to become one of the biggest currency exchange companies in the world.