How to Receive Money from Overseas Using OFX

By the end of this article you should have a much better idea of how to receive an international money transfer with OFX.

It can be confusing, and daunting to receive money from overseas. When it comes to receiving an international money transfer, OFX is a great choice. Dedicated currency providers like OFX provide money transfer services at lower fees and better exchange rates than banks or PayPal.

How to receive money overseas using OFX

1. Create an OFX account

You can easily apply for an OFX account online and it shouldn’t take longer than ten minutes.

Here’s how you can set one up:

  1. Register and fill in your personal details online.
  2. You will need your full name, date of birth, address, occupation, email and a contact number.
  3. Once you have registered, OFX will call you to complete the registration process.
  4. In some cases you may need to provide additional verification details like proof of address or a passport.
  5. Your account will be created and ready to send and receive money.

2. Get their receiving bank account details

If you are transferring US dollars back to Australia, you’ll need to get their US dollar bank details. Likewise, if you are transferring Euros back to Australia, ask for their EUR bank details.

3. Transfer the Foreign Currency to OFX

Once you have their bank details, the person sending you the money will have to transfer your foreign currency to their account.

4. Receive your Australian Dollars

OFX will notify you once they have received your foreign currency and you can finalise the transaction and exchange rate over the phone or online. The Australian Dollars are then transferred to your local bank account.

How much it costs

There is no transfer fee from OFX to receive money from overseas, but they do have a $250 minimum transfer amount.

Receiving bank fees — International money transfers sent to or from an overseas bank may be subject to commissions, fees and other charges applied by that bank. These are typically deducted by the overseas bank from the funds paid to you.

How long it takes to get your money

Depending on the country you’re receiving money from and the currency that the sender is using, funds will normally be deposited into your bank account within 1 – 2 working days. This time can be extended slightly, depending on how long it takes OFX to receive funds from the sender. Below are some examples of how long that might take:

Time it takes for OFX to receive funds from the sender

  • Australia(AUD) – 1 day
  • Canada (CAD) – 1-2 days
  • Europe (EUR) – 1-2 days
  • Hong Kong (HKD) – 1 day
  • Japan (JPY) – 1-2 days
  • New Zealand (NZD) – 1 day
  • Singapore (SGD) – 1 day
  • USA (USD) – 1-2 days
  • UK (GBP) – 1 day

Time it takes for the funds to reach you

  • Australia(AUD) – 1 day
  • Canada (CAD) – 1-2 days
  • Europe (EUR) – 1-2 days
  • Hong Kong (HKD) – 1-2 days
  • India (INR) – 2 days
  • Japan (JPY) – 1-2 days
  • New Zealand (NZD) – 1 day
  • Singapore (SGD) – 1 day
  • Thailand (THB) – 4 days
  • USA (USD)  – 1 day
  • UK (GBP) – 1 day

Advantages of receiving money internationally with OFX

  • You can set up an account with OFX quickly and easily.
  • It’s a fairly simple and straightforward process.
  • You can make transfers online.
  • You can send money in over 55 currencies from 190 countries around the world.
  • You will get much better exchange rates than banks and PayPal, meaning you receive more money.
  • OFX allows for bulk payments and other business features.

Disadvantages of sending money internationally with OFX

  • You can only pay for transfers via a direct debit, bank transfer or wire.
  • You can’t pay via debit card, credit card, cash or check.
  • They have a minimum transfer amount of $250. And a fee if you don't use The Currency Shop's link.

VIDEO: OFX review

Additional Information for Receiving Money with OFX

There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need to receive money and the things you don't.

OFX IBAN number

IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a bank account in Australia via OFX. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. You may need an IBAN with OFX if you're receiving money from Europe and giving the sender their EUR account details.

OFX routing number

If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.

International currencies supported by OFX

Here’s the current list of currencies that OFX supports.

Standard currencies

AED United Arab Emirates Dirham

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DKK Danish Kroner

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Kroner

NZD New Zealand Dollar

PLN Polish Zloty

SEK Swedish Kroner

SGD Singapore Dollar

THB Thailand Baht

USD US Dollar

ZAR South African Rand

Exotic currencies

AZN Azerbaijani New Manat

BND Brunei Dollar

CNY* Chinese Yuan Renminbi

CZK Czech Koruna

FJD Fiji Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupees

KRW South Korean Won

KWD Kuwaiti Dinar

LKR Sri Lankan Rupee

MAD Moroccan Dirham

MGA Malagasy Ariary

MYR Malaysian Ringgit

OMR Omani Rial

PEN Peruvian Nuevo Sol

PGK Papua New Guinea Kina

PHP Philippine Peso

PKR Pakistan Rupee

SAR Saudi Riyal

SBD Solomon Island Dollar

SCR Seychelles Rupee

TOP Tongan Pa anga

TRY Turkish Lira

TWD Taiwanese Dollar

VND Vietnamese Dong

VUV Vanuatu Vatu

WST Samoan Talar

XOF CFA Franc

XPF CFP Franc

*OFX business customers only

View currency exchange rates for OFX

  • Rates for transferring funds internationally through OFX are available through their currency converter. But be careful, this shows the interbank rate.
  • The currency exchange rate your sender will get does vary from moment to moment.
  • They will get the up-to-date, dynamic rate when they are booking the transfer.

Further OFX information from The Currency Shop

  • You can also check the status of your transfer online together with the senders' transfer history.
  • If the senders' bank has daily transfer limits, OFX can take partial payment as long as they tell OFX upfront.
  • The maximum amount of money you can receive with OFX depends on where the money is being sent to and on government regulations in the receiving country. OFX do not place arbitrary limits on how much they can send.
  • The minimum transfer amount with OFX is $150 USD.
  • OFX also provides a mobile app where they can make and track your transfers. They can get it on Apple or Android devices.
  • You can setup recurring payments with OFX if you want to send you similar amounts on a regular basis.
  • You can set a “Target Rate” for the exchange rate they want for transferring money. Once that rate is reached, OFX will contact you and prompt them to carry out the transfer.
  • OFX offers a “Buy Now, Transfer Later” tool (also known as a “Forward Contract”) so you can lock in an exchange rate for a small fee.

To find out more about the company, you can read our OFX review.

OFX disclaimers

OFX does not check payment details.

If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.

How OFX can help you receive more money

You might wonder why your sender wouldn’t send money via their bank instead of a dedicated money transfer provider and the answer is a simple one — cost. Currency exchange specialists like OFX are able to give better exchange rates and lower fees than banks, resulting in you receiving more money.

 

As an example, here’s how much more you will receive if they send money using OFX rather than a couple of popular Australian banks.

Converting $1,000 USD to AUD

  • With OFX, you get $1,285 AUD.
  • With Commonwealth Bank, you get $1,247 AUD — $38 (3%) more expensive.
  • With Westpac, you get $1,245 AUD  — $40 AUD (3%) more expensive.

 

Converting $10,000 USD to AUD

  • With OFX, you get $13,090 AUD.
  • With Commonwealth Bank, you get $12,571 AUD — $519 AUD (4%) more expensive.
  • With Westpac, you get $12,557 AUD — $533 AUD (4%) more expensive.

 

*All details shown above are correct as of November 2017.

Summary

And that’s it! That is everything you need to know about receiving your money from overseas using OFX. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.

If your sender uses a dedicated money transfer service like WorldFirst, TransferWise, OFX, HiFX or another dedicated currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.

The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.

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About TransferWise

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Pros

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