Sending money overseas doesn’t have to be expensive or confusing.
Save time and money on your overseas money transfers with OFX.
Our OFXperts could help you save more on overseas money transfers. Register online or speak to an OFXpert
Contact us
USD – US dollar
OFX fee
+ $0.00 USD
Amount to be converted
$10,000.00 USD
Your customer rate
0.886
Converted to
€8,860.00 EUR
EUR – euro
What’s on this page
• Find the best way to transfer money internationally
• How much does it cost to send money overseas?
• How to send a cheap money transfer
• What to consider when comparing the cheapest ways to send money overseas
• What is the easiest way to send money with OFX
• How to minimize costs when making international money transfers
• How to make a cheap money transfer with OFX
• Stayed informed with currency tools that could help you save when sending money overseas
• Send money to over 170+ countries
Find the best ways to transfer money internationally
There are several ways to transfer your money overseas. Here are the different methods:
- Online money transfer services
Compared to traditional banks, online money transfer services like OFX could offer better exchange rates with no (or low) transaction fees, depending on the amount of your transfer and currency pair. Opening an account is quick and easy. Plus, you have the flexibility of moving money in your own time. - Banks
You could send money from your bank account into an overseas bank account through a transfer (also known as a telegraphic transfer or SWIFT transfer). Banks may offer reliability and familiarity, but they may not provide you with the best exchange rates. - Third-party payment services
A third-party payment service (peer-to-peer transfer) is when you send and receive money directly into a linked bank account or card through a third-party website or mobile app. There could be fees involved for overseas transactions, depending on which provider you choose. - Cash pick-up
Opting for a cash pick-up allows your recipient to collect funds in a physical location. If the transfer involves currency exchange, senders may need to pay a transaction fee and an exchange rate margin. - International or overseas money order
An international money order is a paper document that is used as a form of payment. You buy the amount you wish to send, and mail it to your recipient’s country. Your recipient then exchanges the document for cash when they receive it.
Run an eCommerce or international business? Our multi-currency account can help
If you make regular online payments such as to overseas employees, vendors or suppliers, a multi-currency account allows you to manage multiple currencies in a single platform. Get to know our Global Currency Account.
How much does it cost to send money overseas?
Did you know that sending money overseas could cost you an average of 6% of the amount sent. This can be broken down into two main costs:
1. Fees
To send money in another currency from United States, you may need to pay a fee depending on the service you choose to go with and your type of transfer. The fees also vary from bank to bank, and the account of your recipient.
At OFX, you receive fee-free transfers when you send money internationally in USD. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
2. Exchange rate margin
When you trade currencies, banks and money transfer companies typically charge a margin (or mark-up) on the rate they offer to cover their operational costs and make a profit.
This margin is the difference between the rate banks or companies obtain from the wholesale foreign exchange market (i.e. the Market Rate), and the rate that is quoted to you (i.e. the Customer Rate).
Our OFX margin is based on the currency exchanged and your transaction amount. If you’re planning to send large amounts of money, OFX could be a cheaper option. We offer customized rates for large money transfers and corporate customers.
Enjoy extra savings on your first transfer
New to OFX? Take advantage of a great introductory rate across 7 currencies (USD, CAD, AUD, NZD, GBP, EUR, SGD) on your first personal transfer. Terms and conditions apply.
Calculate your rate
How to send a cheap money transfer
1. Find the cheapest rate
possible
Compare the rates and fees from different money transfer providers. Going with a dedicated money transfer service like OFX could be cheaper, with better exchange rates and low (or no) fees.
2. Mode of
payment
Explore the different payment methods available. A direct transaction straight from your bank account (EFT electronic fund transfer) could be the cheapest way to fund your money transfer.
3. Send USD and receive in 50+ currencies
Submit your transfer, track it online and receive the selected currency straight into your recipient’s bank account. OFX offers over 50 currencies for international money transfers.
What to consider when comparing the cheapest ways to send money overseas
1. Fees
Transfer fees for sending money overseas varies, depending on the banks or money transfer providers you go with. Choosing to go with a bank may incur a high international or foreign transaction fee. Some banks may even charge your recipient a fee to receive money from overseas.
- Cheaper alternative
Using a non-bank money transfer service could mean minimal or no fees. At OFX, you receive fee-free transfers* for sending USD internationally. We use our global network of 115 local bank accounts to make our transfers within the same country, so you won’t be hit by any international transaction fees.
*Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
2. The exchange rate
Banks use the wholesale rate (also known as the market or interbank rate) to trade currencies with each other. It is what you’ll see if you do a search online for ‘1 USD to GBP’. But that’s not the rate that the banks will give you.
Instead, you’ll be given a ‘retail’ or ‘Customer Rate’. Most banks and currency exchange providers may add a margin to the market rate. For personal transactions, most banks could charge up to a 5% margin on the interbank rate. This could cost you thousands depending on the size of your transfer.
- Cheaper alternative
OFX Customer Rate is an estimated rate that is based off the current Market Rate and includes our margin but excludes any fees (if applicable). Enjoy great rates, especially if you’re sending large sums of money. Speak to an OFXpert to lock in a customized quote.
Don’t forget to take advantage of our special intro rate when you make your first personal transfer on one of 7 eligible currencies. Terms and Conditions apply.
3. Transaction and time limits
Some banks and money transfer services may impose a maximum transaction limit. They could also limit the amount of money you can send in a 24-hour timeframe, over the course of a week or a month.
This could impact your transfer as you may need to split your transaction in multiple transfers, which may not be the most cost-effective solution. It could also prevent your recipient from receiving all of the money at once quickly, especially in an emergency.
- Better alternative
When you choose to use OFX to transfer money, you can send as much as you need to. There is no limit to how much you can send over a specific period of time.
If you’re using a bank to fund your OFX transaction, your bank could impose a maximum daily transfer limit, and this may impact the speed of OFX receiving your funds. Contact your bank to enquire about your maximum daily transaction limit.
Sending a large amount of money overseas? Our team of dedicated OFXperts are available 24/7 to guide you through the process.
4. Delivery times
Delivery times vary depending on the money transfer service that you use. While some may be nearly instantaneous, others may require several days to reach their destination, including up to 1-5 business days.
- Better alternative
Most money transfers with OFX in major currencies such as AUD, USD, SGD, GBP, NZD, EUR, HKD, CAD are typically completed on the same day, from the time we receive your payment. Sometimes, it may be completed within 1-2 business days. Less popular currencies could take around 3-5 business days.
You can track the status of your transfer by logging in to your account, or by choosing to receive email notifications along the way when we receive and pay your transfer.
5. Customer support
Banks have fixed opening and closing times. And most online money transfer services generally only offer online customer support. If you need to send money urgently or require extra help with your transaction, having a real person to speak to makes a big difference.
- Personal touch
No matter where you are, our OFXperts are ready to help 24/7. Speak to a real person at your schedule, any time of the day.
What is the easiest way to send money with OFX
After booking your transfer, there are different ways to fund your transfer. Once we’ve received your money in our OFX account, we’ll make the currency transfer on your behalf.
Direct debit
With direct debit, OFX withdraws funds directly from your linked bank account. This is one of the most common ways you could settle your transactions because it is fee-free and seamless. You will need your bank account information to pay by direct debit.
*Please note that direct debit is only available in certain regions. Contact your OFXpert for more information.
Ready to make a transfer? Create your free account to get started.
How to minimize costs when making international money transfers
1. Shop around for the best rates and lowest fees
Compare the best rates and fees online or call the various providers to learn more about their fees and rates structure. At OFX, you can always speak to a real person anytime of the day.
2. Take advantage of promotions or introductory rates
Keep a look out if there are any promotions or introductory rates for first-time users. However, be sure to consider the rates and fees beyond the introductory period.
Did you know? OFX is now offering an introductory rate for first-time users.
3. Choose a fee-free payment method
Some methods like credit cards may come with higher fees. Opt for bank transfers or other online payment methods with no fees to avoid unnecessary charges.
4. Get alerts when the exchange rate moves in your favor
Rates can fluctuate quickly. Using tools like currency rate alerts helps you save time by monitoring the market for you.
Sign up to our OFX Rate Alerts to get notifications straight to your phone or inbox.
Want to stay ahead of market moves?
Subscribe to email currency updates from our OFXperts. We monitor global events and FX markets day and night, so you don’t have to.
* Required information
"*" indicates required fields
How to make a cheap money
transfer with OFX
Create your OFX account
Start your registration online or via the OFX app. We’ll ask for some personal information including your contact details and nationality.
Verify your identity
Verification helps keep our platform safe, so we’ll check your details to ensure everything matches up.
Get your government-issued photo ID. We’ll ask you to submit a photo of yourself and your document and enter your social security number.
One of our OFXperts will call for final verification and to get you ready for your first transfer.
Enter your transfer details
Tell us the amount you want to send or the amount that you want the recipient to receive. See your customer rate.
Next, add your recipient and their account details and choose your payment option.
If everything looks correct, press confirm to lock in your transfer.
Send funds for your transfer
If you’re using Direct Debit we’ll withdraw the agreed amount from your nominated account and send to your recipient.
If you’ve selected a wire transfer, log in to your online banking or visit your branch to make payment. Be sure to follow the instructions in your OFX payment confirmation.
Track your transfer
We will send you email notifications when we receive funds and pay out your transfer to your recipient. You can also opt in for SMS updates or even track your transfer by logging in online or on the app and selecting ‘transfers’ on your home screen.
Stay informed with currency tools that could help you
save more when sending money abroad
Currency Outlook, your monthly overview
Markets can be confusing, so we create a jargon-free guide to what could impact exchange rates each month.
Check your currency’s past performance
See a currency pair’s performance over the last few days, weeks, months, or even years.
Never miss a rate with Rate Alerts
Got a rate in mind? Set up a Rate Alert and we’ll send you an email or SMS if the target is reached.
See exchange rate cost scenarios
Exchange rates can shift between you receiving an invoice and its due date. See the possible cost range.
Send money to over 170 countries
Australia
Germany
Italy
New Zealand
Spain
Canada
Hong Kong
Japan
Philippines
Thailand
China
India
Mexico
Poland
United Kingdom
France
Ireland
Netherlands
South Africa
United States
Quick, secure, global payments in 50+ currencies from the USA
- AUD Australian dollar
- GBP British pound
- JPY Japanese yen
- ILS Israeli new shekel
- CAD Canadian dollar
- HKD Hong Kong dollar
- MXN Mexican peso
- THB Thai baht
- EUR euro
- INR Indian rupee
- NZD New Zealand dollar
- SEK Swedish kronor
- PHP Philippine peso
- SGD Singapore dollar
- PLN Polish złoty
- USD US dollar
See why people and businesses around the world choose OFX
Great customer service
The customer service team was prompt and helpful. I was overseas when the problem I had occurred and they worked with me and my time zone to make things right. I really appreciate the whole team at OFX for their help.
Katelyn, OFX client
Easy process
The process is just so easy. The website is great and easy to negotiate. If need be, making contact by phone is fast and efficient. This is my go to company if I need to transfer money overseas. I would happily recommend them.
Jane, OFX client
Quick transaction
I received a phone call immediately following the exchange agreement which was very helpful and reassuring. The transaction was extremely quick and I received slightly more than I expected and significantly more that I would have received going through a standard bank transfer. I would definitely use this again.
Dawn, OFX client
Reliable and good rates
I have had an OFX account for over 10 years which I only used occasionally up until now. I now use it quarterly to convert USD to AUD. The first transaction took some time to complete, I’ve just completed the second one by putting in a limit order which executed at a very good price this week. OFX rang me to advise me that my strike price had been hit. Once you are set up, transacting is very easy.
Nicholas, OFX client
Easy and better than using banks
I have utilized OFX over several years and again recently to move money from Canada to our home bank here in the USA. Flawless execution every time. Easy and better than using banks and their fees for conversions. Its simply a better alternative.
