OFX is the largest money transfer specialist in Australia.
In this video, we're going to show you just how you use them.
We're going to let you know somethings you need to know about OFX,
what you need to make an international money with them,
and show you how to set up an account and make a transfer.
If you can listen for the whole video, at the end we'll share our tip for making sure you get
the best exchange rate, and lower fees with OFX.
Originally OzForex, the company was founded in 2009 and has since grown
to have offices in Sydney, Auckland, San Francisco, London and Hong Kong.
OFX is an extremely secure way to send money overseas as well.
They have an Australian Financial Services Licence and are fully regulated by
the Australian Securities and Investment Commission.
Here are four important things you need to know about OFX:
Firstly, the rate they will offer you will generally be better than the rate you could get from a bank.
And their fees are low as well, $15 for transfers up to $10,000 Australian Dollars
and no transfer fee for anything over.
Their website is really easy to use and it's very quick to get an account set up and a quote for a transfer.
They also offer 24/7 phone support. They aren't licensed to offer you personalised advice.
But they are there to answer any general questions, you have about your transfer.
Finally, keep in mind that it does take a couple of days for OFX to make your transfer.
This could be slightly slower than your bank.
Now that we know a bit more about OFX, let's have a look at exactly what you need
to make an international transfer with them.
You need ID handy. So something as proof of address and photo identification.
You can't use your drivers licence as both.
OFX accept payment in two ways. Either Bank Transfer or BPay.
So you'll need these details with you as well.
Make sure you have the funds, in your account, ready to pay OFX.
Once you have confirm the transfer, it cannot be complete until you have done so.
Finally, make sure you have some time up your sleeve.
The transfer will take 1 to 3 business days to be completed so it's important that you allow for this
when you make the transfer.
Okay, that's everything you need to know so let's get straight into looking at how you
set up an account with OFX. To start, head to their website.
On their homepage you'll be able be able to choose currencies you're transferring from and to
to see the amount you'd receive. Be aware that OFX use the mid market exchange rate here.
Not the rate they would give you for a transfer.
When you're ready, head to the top right hand corner and click; register.
The first thing OFX will do, is ask whether you'll be opening the account for business or personal reasons.
Select the option that is most relevant to you.
Now you'll be asked the country you live in, and to provide you email address.
Before you're asked to fill in your details, you'll be asked about the details of your transfer.
This means the currencies that you need and an estimate of the amount you'll transfer each year.
Now you'll fill in all your personal information. It's really important you make sure
these details are filled in correctly.
You may need to provide identification later, and the details need to match.
When you create your password, make it as complex as possible.
And make sure it is different to any other passwords that you use.
Also, choose a security question that is easy for you to remember. You can use this to reset your account
if you ever forget your password.
Finally, you'll be asked how you heard about OFX. If it was in this video, you can say
thecurrencyshop.com.au
Finally, select if you'd like to receive regular currency updates from OFX
and agree to their terms and conditions. We've linked to these in the description below.
From here, you'll be taken to the login page.
Use your email as your username and type in the password you created.
You will then see your account page.
When you start using OFX, this is where you'll be able to see your transfers, recipients and get quotes.
To start the process of making an international money transfer, you need to get a quote.
So head to the top left and enter the amount and currency you're transferring. Then press go.
The next page will give you the initial quote for your transfer.
You'll be able to see the rate and the amount the recipient account will receive.
OFX also do a comparison with major Australian banks to give you an idea of the cost difference.
When you're happy with these details, press continue.
The next page will be for you to fill in the details of your recipient.
With OFX you can have multiple recipients within one transfer.
Once you have filled in these details, you can see your quote on the right.
OFX generally charge a fee of $15 for transactions under $10,000
but you'll notice here they're not charging a fee.
This is because you are granted one free transfer when you first sign up.
When all the details are correct you can click finalise transfer.
It's really important that you don't do this until you're ready to make the transfer.
It becomes legally binding once you do.
You'll be taken through to a page where you can make your payment to OFX.
They accept payments via either bank transfer, or BPay.
Once all of this is done, your transfer will be complete within in a few days.
We made it! That is how you make an international money transfer using OFX.
If you have any more questions about the process, just leave them in the comments below.
So what's our big tip for making the most out of your money with OFX?
Well they charge a $15 transfer fee if you're transferring less than $10,000 Australian Dollars.
But as we saw, they will waive this fee the first transfer you make.
Our tip is to use the link in the description below. This link will give you two free transfers with OFX.
Now, full disclosure, we do get a referral fee if you use this link.
But it doesn't affect anything else about your transfer like the exchange rate or the services you receive.
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