With OFX, there are no strict minimum or maximum limits for personal transfers, although amounts may be subject to verification requirements for larger sums. This flexibility makes it easy to send anything from a few hundred dollars for personal expenses to tens of thousands for tuition, property, or business purposes.
The most cost-effective way to transfer money to the US is usually via an online banking transfer using OFX. Unlike traditional banks, OFX applies a small, transparent margin on the exchange rate instead of charging high hidden fees.
If you’re looking to send money from Australia to the US or make any international transfers, OFX is your most reliable choice. To begin, you’ll need to create a free account with OFX, or log in if you already have one. Once logged in, you can request a live quote for your transfer, which shows exactly how much your recipient will receive after fees and currency conversion. Next, gather all necessary banking information for your recipient. Once your payment details are entered, you can specify the amount you wish to send. OFX will automatically calculate the converted amount in US […]
According to OFX, Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. Spot rates fluctuate by the second. It’s also known as the ‘interbank’, ‘wholesale’, ‘mid-market’ or ‘live’ rate. It’s also the rate that S Money offers for foreign currency in Australia.
Great question! Why don’t all banks, money changers, travel cards and money transfer services just offer the rate you can see online? Well, they offer a different rate to make money. The difference between your rate and the rate you see online is a hidden margin and can add up.
Ordering foreign currency online is generally more cost-effective. Money changers with a retail store have to pay for rent, staff, and insurance, with you covering the cost of these additional third-party charges. Online money changers don’t have these large costs, making it easier to provide better exchange rates and lower fees when you send money. Some stores may also have limited currency availability.
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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