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What you need to know about currency transfer
Transferring money to Australia or back home again can be a daunting prospect. At first glance there just seems to be so many variables, such as transfer fees and exchange rates which fluctuate by the minute. When moving abroad and in times of uncertainty, saving money on foreign exchange can have a big difference.
Great exchange rates and 24/7 support
Much like our own philosophy here at NexVentur, OFX believes that real help from real people counts. And that’s great, especially since they offer a round-the-clock service where you can speak to one of their currency experts, known as OFXperts personally. You can also make or track payments independently using their seamless digital platform. It’s the best of both worlds: 24/7 phone access to OFXperts and anytime access to the digital platform.
Is OFX secure?
OFX is listed on the Australian Securities Exchange and has recently demonstrated its strong financial position in its Investor Report. With an emphasis on investing in security and fraud prevention technology, you can trust OFX to move your money and keep an eye on it while it moves with advanced global transaction monitoring.
OFX’s Global Fraud and Compliance team is dedicated to researching, developing, and adopting leading digital security technologies to ensure safe and secure global money transfers, driving continual improvements to OFX’s operational structure. OFX is regulated by the Central Bank of Ireland. With 20 years of foreign exchange experience, more than 1 million customers have trusted OFX with transfers in more than 50 currencies to 170 countries.
Easy currency transfer internationally
Managing your money globally doesn’t have to be complicated. OFXperts can help you navigate issues and complexity, breaking foreign exchange down so it’s simple and easy to understand. They have 8 global offices including Dublin and Sydney, so wherever you are you’ll be able to speak to a local OFXpert if you need to.
Transfer money to family and friends
All this is ideal for sending money to family and friends in Australia and, if you run low on cash, you can also receive money from them. The money just goes straight from or into your Irish or UK or Australian bank account. There is no maximum transfer limit.
Top reasons why you would transfer money overseas
• Send money to family and friends overseas.
• Keep more of your hard-earned savings when transferring funds.
• Save money when paying taxes abroad.
How to understand money transfer fees and rates
OFX offers €0 fees on all transfers. They are specialists in high-value transfers at great rates.
The Customer Rate is the current market rate plus a small margin charged by OFX. The market rate, also known as the “interbank rate” or the “mid-market rate,” is the exchange rate used by large financial institutions such as banks. Generally, it isn’t available to consumers, although it is used to benchmark the current value of currency globally.
Each person may get a different rate depending on the market rate, the amount you need to send, how often, and the currency you need. To see your customer rate, you will need to create an OFX account or talk to an OFXpert.
How to get started with your money transfer
Setting yourself up to transfer money globally is easy. Simply follow these steps:
1. Create your OFX account: Prepare to fill in your contact details and nationality.
2. Verify your identity: Have your government issue photo ID at hand, verification helps keep the platform safe.
3. Enter your transfer details: Enter the amount you want the recipient to receive and see your customer rate.
4. Send funds for your transfer: You can do this via Direct Debit or using your online banking. Don’t forget to follow the instructions in your OFX payment confirmation.
5. Track your transfer: You will be able to track your transfer by logging in online or on the OFX app.
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