As the largest Australian owned money Transfer Company, OFX has done well to grow itself globally. It was started by Matthew Gilmour in 1998, and has headquarters in Sydney along with other global offices in London, San Francisco, Hong Kong, Toronto, and Auckland. Despite not having offices in Singapore, OFX still offers great customer service internationally and are more than able to transfer SGD overseas. We look into making money transfers with OFX.
We’ve put together a review below to help you decide if OFX is a good company to make international payments. It prides itself on five things:
- Cheaper than most banks
- Exceptional customer service
- Global Support Team
- 5* value awarded by Canstar
What will this OFX review cover?
This review aims to give you all the information you need about sending money overseas with OFX. It’s important that when we suggest a money transfer company that they offer value for money, security and timeliness.
- How to make an international transfer from Singapore
- How safe is OFX?
- Fees and Charges
- How long does the transfer take?
- Pros and Cons of OFX
How to make an international transfer
OFX doesn’t have an office in Singapore, however, they are still able to transfer your SGD internationally.
To make an international transfer, then the steps are relatively easy:
- Create an account with them
- Tell them how much you would like to send and where to, and they will give you a rate based on their exchange rate at the time
- Send them the payment via Bpay, bank transfer or debit card
- They transfer your funds for you within 1-2 business days
Ways to make an international transfer
You can make an international transfer in 3 ways:
- Through the OFX app (available to apple and android customers)
- Over the phone (International number)
You can also choose different methods of payments to suit your circumstances:
- Single Transfer: Lock in the exchange rate, send OFX your funds and they will send to the recipient immediately. Minimum transfer for this method is $250.
- Recurring Transfers: Set up a transfer schedule with OFX, and they will do the rest. The minimum number of transfers for this method is 4, and the minimum amount is $500.
- Buy Now, Transfer Later: If you wish to lock in an exchange rate but are not ready to send the funds, then you can do and wait up to 12 months to send the payment. The minimum transfer for this method is $50,000.
- Limit Orders: If you wish to transfer a payment when the exchange rate reaches your target, then OFX will contact you to complete the transfer. Minimum transfer for this method is $10,000 over the phone or $30,000 online.
- FX Option: You can transfer at a time and rate in exchange for an up-front premium. Allows you to lock in your exchange rate but move it if it moves more in your favour. The minimum transfer amount for this method is $50,000.
How safe is OFX?
OFX are licensed in a number of countries to make international transfers. They are extremely trustworthy and put emphasis on keeping your money as safe as possible. They use SSL encryption, identity protection and fraud prevention to give you peace of mind about your transfers.
Fees and Charges
OFX will charge you a fixed fee of $15AUD for any international transfer made under $10,000. This will be subject to conversion as your transferring from AUD to SGD. For transactions over this amount, there is no additional fee.
The OFX website, allows you to view the interbank rate and the fees associated with transferring what you want to transfer. You can do this without even registering. OFX take smaller margins than banks, and the exchange rate they offer is what’s called the ‘OFX Customer Rate’.
This rate is determined by two factors:
- Frequency of transfers with OFX
- How much you are transferring
How long does the transfer take?
Some currencies can be transferred within a business day. OFX can transfer US currency faster than any other. The time taken to process and complete the payment is dependent on where you are sending it. Other currencies, such as AUD, GBP, or EUR are typically completed within 1-2 business days. You can also click here to find out more on how long an international money transfer take.
Pros and Cons of OFX
|Cheaper than most banks||$15SGD transaction fee for all transfers under $10,000|
|Payment methods to suit different circumstances and obtain best exchange rate||Minimum $250 transaction|
|5 Star Canstar Review Rating||You have to create an account with them|
Kevin is currently living in Singapore and wants to transfer some money to his daughter, Jenny, who is living in Auckland for school.
Kevin has used OFX in the past to make transfers to family overseas, and likes the flexibility it offers him. Also, he knows he saves money using OFX instead of his Singaporean bank.
Kevin decides to transfer money with OFX’s ‘Single Transfer’ option, as he wants Jenny to receive the money as quickly as possible. He was happy with the rate they offered, and the small fee he was charged. He relaxed knowing Jenny would now be able to afford her books for the coming semester.