If you’re transferring money overseas for the first time, you might be a bit overwhelmed with the process involved.
We’ve compiled this step by step guide for using money transfer company, OFX so that 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.
Learn More About OFX
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.
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.
Step 3: Account Set Up
This is where you’ll organise your login details so that 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.
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.
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 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 7: Confirmation
Once you have entered all the details, select “Finalise Transfer” as you can see in the image above. This will take you through to a confirmation page and provide you information about 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
Here, OFX will also provide final information about their fees and charges.