International Money Transfer Service OFX Review

International Money Transfers can be expensive if you are using the major banks. Often the cheapest way to send money overseas is by using an online international money transfer service. By using a firm such as OFX (the new name for OzForex) you can transfer money faster and for a lot less.

OzForex Limited ABN 65 092 375 703 (trading in Australia as “OFX”) is the parent company reviewed below, however elaborated OFX analysis of their UKForex subsidiary is also available.

OFX Review Summary

Our OFX review confirmed low international transfer fees with OFX is a flat fee of only AUD 15.00 and their foreign currency exchange rates are much better than banks and other providers. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days!

By using OFX Australia (formally OzForex) you will enjoy:

• No receiving bank fees in most countries
• Extremely competitive foreign exchange rates across 50 currencies
• LOW FEES: AU $15 fee for transfers under AU $10,000, no fee for over AU $10,000.
• Online access 24/7
• Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
• Complete exchange rate transparency
• You’re dealing with a highly trusted international money transfer service which was founded in 1998, and is licenced with over 50 global regulators!
  In Australia, OFX is regulated by ASIC under AFSL number 226484.
• Risk management tools through Limit Orders and Forward Exchange Contracts
• Fast online international money wire transfer to chosen international bank account
• Exchange rate alerts via email
• Accessing OFX highly regarded daily and weekly “Market Commentary”

Registering with them is FREE and you can view their live dealing rates immediately.

OFX Minimum Transfer Amount

The minimum amount you can transfer via OFX Australia is very reasonable at AUD 250 (or equivalent).

OFX Fees in Australia

As stated in the OFX money transfer review summary above, OFX’s fee structure is simple and cheap! If you are transferring an amount under AUD 10,000 then there is a flat fee of AUD 15. If you are transferring more than AUD 10,000 then they will not charge you a transfer fee. Its that simple! OFX note on their site that

Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it. If you’re concerned, simply talk to one of our team members to discuss your transfer.

This is standard, and to be expected with all International Money Transfer Services.

OFX Exchange Rates

Supported Foreign Currency

OFX supports the following foreign currencies for payments:

Standard Currencies

AED	United Arab Emirates Dirham	GBP	Pound Sterling	PLN	Polish Zloty
AUD	Australian Dollar	HKD	Hong Kong Dollar	SEK	Swedish Kroner
CAD	Canadian Dollar	JPY	Japanese Yen	SGD	Singapore Dollar
CHF	Swiss Franc	MXN	Mexican Peso	THB	Thailand Baht
DKK	Danish Kroner	NOK	Norwegian Kroner	USD	US Dollar
EUR	Euro	NZD	New Zealand Dollar	ZAR	South African Rand

Exotic Currencies

BND	Brunei Dollar	LKR	Sri Lankan Rupee	SBD	Solomon Island Dollar
CNY*	Chinese Yuan Renminbi	MAD	Moroccan Dirham	SCR	Seychelles Rupee
CZK	Czech Koruna	MGA	Malagasy Ariary	TOP	Tongan Pa anga
FJD	Fiji Dollar	MYR	Malaysian Ringgit	TRY	Turkish Lira
HUF	Hungarian Forint	OMR	Omani Rial	TWD	Taiwanese Dollar
IDR	Indonesian Rupiah	PEN	Peruvian Nuevo Sol	VND	Vietnamese Dong
ILS	Israeli Shekel	PGK	Papua New Guinea Kina	VUV	Vanuatu Vatu
INR	Indian Rupees	PHP	Philippine Peso	WST	Samoan Talar
KRW	South Korean Won	PKR	Pakistan Rupee	XOF	CFA Franc
KWD	Kuwaiti Dinar	SAR	Saudi Riyal	XPF	CFP Franc

*Corporate only

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