What’s the cheapest way to send money overseas?

When you’re trying to find the cheapest way to send money overseas, there are three prices you should be aware of:

  1. The fee to send the money. Some banks and currency specialists can charge you a fee to make a transaction. We want you to keep more of your money, so we charge no OFX fees on your global transfers.
  2. The margin taken by the money transfer provider. Shopping around for the best currency exchange rate can save you money. In addition to the international transfer fee, a margin on the daily exchange rate is also tacked on to most foreign transfers. OFX grew from the idea that there had to be a better, fairer way to move money around the world. So, we offer competitive exchange rates that are often cheaper than the bank. Simply log in and check today’s rates or speak to an OFXpert about how you can make the most of your money.
  3. The fee to receive the payment. Some banks may charge your recipient a fee to receive money from overseas. At OFX, we do our best to minimise these fees by sending your money using our global network of 115 local bank accounts. See, banks often don’t charge such fees for local transfers, so whenever possible, OFX uses our local account to make your transfer. It work like this: you pay into our local account in your home country, and we pay out from our local account in your recipient’s country, so your recipient doesn’t have to pay receiving fees. Unfortunately, these fees vary from bank to bank, and they also depend on what kind of account your recipient has, which is why we can’t guarantee that you won’t pay a receiving fee when you make a transfer with us. But at least you do know that we’re doing our best to deliver value for our customers.

When evaluating the cheapest way to send money overseas, there are additional factors to consider beyond fees and exchange rates:

  1. Is the exchange rate guaranteed? Some peer-to-peer money transfer providers do not allow you to lock in a rate before you book your transfer, and you could have to wait 1-6 days for a buyer on the other side. If the currency exchange rate fluctuates dramatically, you could potentially lose big. Even a 1-2% movement in the exchange rate could mean a difference of hundreds of dollars depending on the size of your transfer. When you book a transfer with OFX, your rate is locked-in, so you always know how much your recipient will receive.
  2. Is the service convenient, clear and accessible? Depending on how often you need to transfer money overseas, customer service and automated transfers can be very important. You may want to choose a provider who lets you track your transfer, so you always know where your money is. With OFX, you can lock in an exchange rate for up to a year, so you can protect yourself from currency swings. You can also use our app to follow your money every step of the way, and you’ll always have 24/7 access to our customer service team. When the banks are closed, OFX is open, so you can book a transfer on your schedule–not your bank’s schedule.
  3. Be careful whom you send money to. At OFX, all our employees are trained to look out for unusual activity, and we may say ‘no’ to certain transfers that look very suspicious, but we always encourage our customers to think twice before sending money overseas if the recipient is someone you’ve never met in person.
Currencies & Fees