What is OFX Money Transfer App?
Make international money transactions quickly and securely with OFX. Download now to have access to bank-beating exchange rates, currency trends, and 24-hour assistance.
OFX is an online money transfer company that sends money to over 190 countries from the United States via its website and mobile app. Its most significant feature is its low cost: OFX offers comparable rates and does not charge transfer fees. Furthermore, there is no maximum transfer amount.
OFX can be a low-cost choice for transferring money abroad if your recipient is willing to wait a few days. OFX delivery is based on conventional banking hours and processing. Therefore you won’t get same-day or next-day delivery. To make a transfer, you’ll need at least $1,000. Furthermore, both you and the beneficiary will require a bank account.
Main Highlights
- Better exchange rates and lesser fees than banks.
- A safe platform that ensures the security of your funds.
- Simple registration and transfer in a matter of minutes.
Features of OFX Money Transfer App
- With bank-beating rates, you can keep more of your money while it travels around the world.
- Create cash flow predictability by locking in FX rates for up to a year and transferring later.
- OFX is traded on the Australian Stock Exchange (ASX) and is overseen by more than 50 regulators worldwide.
- Contact a live person at any time of day or night for customer service.
- Transfer funds to over 190 countries.
- Online or through our app, you can check rates, make payments, and track transactions.
Why choose OFX Money Transfer App?
It is simple to contact customer service. You can reach someone at any time because OFX has offices in multiple time zones. A well-liked mobile app. The OFX mobile app provides valuable information like current and historical mid-market rates and the status of active or completed transfers. Users have given the app positive comments.
There are no fees for transfers. Unlike some other money transfer providers, OFX does not charge transfer fees regardless of the amount transferred. OFX generates money, like other providers, by assigning a markup on the exchange rate. However, markups above the mid-market rate are frequently less than 0.03 percent for transfers to the countries we studied. Other providers charge up to 0.04 percent for bank-to-bank transfers to specific countries.
OFX Money Transfer App Reviews
Frequently Asked Questions
- How Much Does It Cost to Send Money Abroad?
There are three costs to be mindful of:
The cost of sending money. When sending money internationally through your bank, you may be charged a fee of up to $35 just to complete the transaction. Using an online money transfer provider is usually far less expensive.
The money transfer service provider charges the margin. Searching for the best currency conversion rate can save you hundreds, if not thousands, of dollars on large payments. Banks frequently charge a margin of up to 5% over the daily interbank exchange rate.
So, if your bank informs you that you will spend .77 GBP for every $1 (USD), a quick Google search may reveal that the actual daily exchange rate is closer to.72. That means that if you transfer £10,000 to the US through your bank, you may lose roughly £400. Instead, using OFX gives you access to consistently competitive exchange rates and maybe the cheapest method to send money overseas.
- Is the exchange rate fixed?
Some peer-to-peer money transfer services do not allow you to lock in a rate before booking your transfer, and you may have to wait 1-6 days for a buyer on the other end. You could lose a lot of money if the currency exchange rate moves substantially.
Depending on the magnitude of your transfer, even a 1-2 percent shift in the exchange rate can mean hundreds of dollars. When you book a transfer with OFX, your speed is guaranteed, so you’ll always know how much your receiver will receive.
OFX Money Transfer App Download
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