OFX is a global money transfer service specializing in foreign exchange and international payments, making it a convenient option for expats needing regular currency transfers. With no fees on most transfers and competitive exchange rates, OFX has become a popular choice for people sending money to Australia and other destinations.
OFX Services Overview
Global Money Transfers
OFX supports money transfers to over 190 countries, offering a comprehensive solution for expats and businesses alike.
24/7 Customer Support
OFX offers around-the-clock customer service, allowing you to manage your transfers at any time, which can be convenient when dealing with multiple time zones.
Market Order & Forward Contracts
OFX lets you set a market order, which means you can specify a target exchange rate for future transfers. With forward contracts, you can lock in an exchange rate for up to 12 months, ideal for those looking to secure a rate in advance.
Multi-Currency Accounts for Businesses
OFX also offers multi-currency accounts for businesses, enabling companies to hold and manage funds in various currencies, making it easier to pay suppliers or receive payments in different regions.
Why OFX is Great for Expats in Australia
OFX is a convenient, reliable choice for expats moving to Australia, especially if you’re managing regular payments or need flexibility with exchange rates. Here’s what makes it beneficial for expats:
No Transfer Fees
OFX generally doesn’t charge transfer fees on transactions above a certain amount, which can be helpful for frequent transfers.
Competitive Rates
OFX provides exchange rates that are close to the mid-market rate, making it affordable for larger transfers like property purchases or investment funds.
24/7 Support
Having access to round-the-clock customer service means you can get assistance whenever you need it, regardless of time zone.
OFX Fees Summary
OFX has a straightforward fee structure, with most transfers free from additional fees. Here’s an overview of their fee structure:
Transfer Fees
No fees on most transfers above $10,000 AUD; smaller transfers may have a nominal fee.
Exchange Rate Markup
OFX adds a small margin to the exchange rate, which varies based on the currency pair and transfer amount.
Minimum Transfer Amount
OFX has a minimum transfer amount, typically $250 AUD, so it may not suit very small or infrequent transfers.
