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OFX are committed to helping you make the most of your overseas investments. Awarded with a CANSTAR 5 star rating for outstanding value money transfers, OFX provides better-than-bank exchange rates and 24/7 customer service, making them significantly cheaper and quicker than using a major bank – while being just as secure.
The Problem with Using a Bank to Transfer Your Money
When sending money abroad through your bank, you will usually be charged an international money transfer fee that could be up to $30, depending upon the bank that you use. Your fee might even be based upon the currency in which your money is being sent, and you might also incur an extra fee to expedite your transfer. But it doesn’t end there. When you send money through your bank, you might end up paying a hefty margin on top of the daily exchange rate.
Banks use something called the interbank rate to trade money with each other. This rate fluctuates by the second, and it is the rate that you’ll see if you do a simple Google search like ‘1 AUD to USD’, but the banks will often add up to a 5% margin on that rate. On a $10,000 transfer, you could be paying $500 in fees to make the transfer. OFX think that’s way too much, and their extensive international network of settlement accounts with their banking partners mean that they can afford to charge far lower margins.
Avoid the Fees Associated with International Money Transfers
OFX customers get a better all-round experience. Access to book through their 24/7 online platform means you can send your money on your schedule, not your bank’s, and similarly – no matter where you are in the world – you can get a currency expert on the phone 24/7 to make changes, book further deals or just get piece of mind. There are no registration fees or monthly fees to keep your account open.
Simon Bottomley, General Manager of EJ Engineering Asia-Pacific, says they have saved an average of AUD$5000 a month, compared to the major bank they previously used, since switching to OFX to pay their overseas foundries.
“I would say to anyone operating overseas that if you can pull your head out of the paperwork and register with OFX, your business would benefit immediately. The savings we have made have been reinvested into stock which allows us to better serve out customers and be more competitive”.
How to start transferring with OFX:
1.Create an account with OFX.
2.Enter your bank details and those of your recipient.
3.Lock in your single transfer, or set up recurring transfers.
4.Send OFX your funds and track your money every step of the way. As a bonus - OFX won’t charge Engineers Australia members ANY transaction fees.*
To see how much you could save, register using this link and get a live quote.
Benefits for EA members:
- Zero OFX fees* on ALL transfers for life
- Better-than-bank exchange rates across 55 currencies
- Access to risk management tools like Forward Exchange Contracts and Limit Orders to guard against currency volatility
- 24/7 telephone customer service & online access
- Access to market commentary and exchange rate alerts
Sending money internationally doesn’t have to be a headache. Get started now.
*OFX charges no transaction fees for EA members, however the receiving bank or intermediary bank may charge fees on transactions. Minimum transfer amount AUD$250 or equivalent.