How to Send Money Overseas with OFX: A Beginners Guide

If you’re transferring money overseas for the first time, you might be a bit overwhelmed with the process.

We’ve compiled this step by step guide for using money transfer company, OFX so you can see how easy it is. It’s the perfect resource if you haven’t used OFX before, or if you haven’t transferred money overseas at all.

OFX logo

Learn more about OFX

Overview of transferring money overseas using OFX

Let's have a brief look at the steps involved in transferring money overseas with 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. Fill in the details of your recipient.

These details will include their name, contact details, currency and the details of the account where they want to receive the money.

 

3. Pay for your transfer

With OFX you can pay for your transfer by bank transfer or BPay. Once this is done, your recipient should receive the money in 2 to 5 business days.

 

How much it costs

There is no transfer fee from OFX to send money 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 your recipient.

How to transfer money overseas with OFX

Now that we know the process, we have broken it down into detailed steps so you can effectively get on your way.

 

Step 1: OFX Website

Click through to the OFX website. Once you’re here, select ‘Get Started’ and you’ll be taken to a page asking the nature of your transfer. Here you’ll let OFX know whether you’re going to be making a transfer for personal or business reasons.

Register with OFX through personal account business account

Step 2: Registration

This is where you’ll fill in details about yourself, and provide your identification. In your registration you’ll need to fill in details such as where you live, and your email address. From here you’ll start to fill in some more specific details, such as the currency you’re transferring from and to and the amount you estimate you will send each year. After you’ve answered these querstions you’ll need to fill in all the details about yourself. You can see these below.

Screenshot of registration form when signing up for an account

Step 3: Account Set Up

This is where you’ll organise your login details so you can access your account in the future. You’ll use your email address as your username, and create a secure password. OFX will also ask how you heard about them. Here you can also customise the kind of information you would like to receive from OFX such as email newsletters and industry news.

Screenshot on how to set up an account online

Step 4: Account Access

Once your account is verified, you’ll have access to your customer portal. On the left hand side you can see where you’ll be able to get a quote for the transfer you wish to make. You’ll also be able to see your pending transactions, if you have any.

Money transfer with OFX homepage

Step 5: Beginning Your Transfer

This is where you’ll enter the details of your currency to obtain a quote. You’ll enter the currency you currently have and the currency you’re transferring to. OFX also provide a comparison with Australian banks to show you the benefits of the rate they are providing.

Step one to making a spot deal online

Step 6: Recipient

This step is so you can specify who will be receiving the funds. Selecting “new recipient” will allow you to input details for them, or if you have transferred to them before you can select an existing one from the drop down menu.

Step 2 to making a Spot Deal transfer

Step 7: Confirmation

Once you have entered all the details, select “Finalise Transfer”. This will take you through to a confirmation page and provide you with information on how you can transfer your funds to OFX. They have a number of payment options available to you. These include;

  • Electronic Funds Transfer (EFT)
  • Internet or phone banking
  • BPay

Here, OFX will also provide final information about their fees and charges.

Learn more about OFX

Additional information for sending money with OFX

There is a lot of numbers and pieces of information you hear about when it comes to international money transfers. Below there are some extra details you might need 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 but if you are sending money to a bank account in Europe you will need one. Other parties with an IBAN field on their overseas payment form can simply leave this field blank.

OFX routing number

You may require a National Clearing Code, Routing Number, BSB Number or Sort Code depending on where you are sending the money to. You should request the first six digits (bank and branch codes) of the recipient's account number for which they 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 you will get does vary from moment to moment.
  • You 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 you transfer online together with your transfer history.
  • If your bank has daily transfer limits, OFX can take partial payment as long as you tell OFX upfront.
  • The maximum amount of money you can transfer with OFX depends on where they are sending the money to and can also depend on government regulations in the receiving country. OFX do not place arbitrary limits on how much you can send.
  • The minimum transfer amount with OFX is $150 USD.
  • OFX also provides a mobile app where you can make and track your transfers. You 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 your payment is received without any issues.

 

How long it takes to get your money

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

 

Time it takes for OFX to receive funds from you

  • 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 your recipient

  • 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 sending 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.

How OFX can help you send more money

You might wonder why you wouldn’t send money via your 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 being able to send more money.

 

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

 

Converting $1,000 USD to AUD

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

 

Converting $10,000 USD to AUD

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

 

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

 

If you use a dedicated money transfer service like WorldFirst, TransferWise, OFX, HiFX or another dedicated currency exchange provider, you could save hundreds of dollars on a transaction. To see how much you could save, have a look at our free online comparison tool.

VIDEO: OFX Review