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. Learn more: Why Every Currency Exchange Offers a Different Rate
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.
Don’t compromise on your international transfers. While bank transfers are usually cheaper and card payments are quicker, OFX delivers both value and security. They offer competitive rates and a straightforward, reliable system, guaranteeing your money arrives safely and maximising the value of your transfer.
When you choose OFX, security is guaranteed. As a tightly regulated financial institution, overseen by authorities like ASIC, OFX protects your transfer from Australia to Vanuatu with bank level encryption, multi factor logins, and constant transaction monitoring. You can transfer your funds with complete confidence and peace of mind.
You can typically expect OFX to complete your transfer within 1 to 4 business days. Please note that the exact time may vary slightly depending on the funding method you choose and how quickly the recipient’s bank processes the incoming payment.
OFX offers significant value by charging zero transfer fees for sending money to Vanuatu, leading to substantial savings, particularly on larger transactions. It is important to note: revenue is generated by adding a small, competitive margin to the mid-market exchange rate, which constitutes the total cost of your transfer.
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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