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Locked-In Rates: With Locked-In exchange rates, the value of a nation's currency is fixed against the value of another single currency. The government or the central bank sets this exchange rate in order to maintain the official currency value within a narrowband and keep interest rates down.
OFX (previously known as Forex, Forex, Forex, CanadianForex, Clear, Forex and Transfers) is one of the world's largest foreign exchange companies and Australia's largest non-banking FX provider.
1.2 OFX mostly generates income by offering a different exchange rate to the mid-market or interbank rate. ... With OFX for larger amounts the exchange rate improves. The logic here is simple: the more money you transfer, the better the exchange rate you'll receive making OFX hard to beat.
OFX has been operating since 1988 and has transacted over $100 billion since then, making it one of the most experienced and largest foreign exchange businesses in the world. ... Overall, OFX is probably one of the most trustworthy companies in the foreign exchange and international payments business in the world.
OFX is an online money transfer provider that delivers to more than 80 countries from the U.S. via its website and mobile app.
Most other major currency transfers may arrive within 1-2 days (from the time OFX receives your funds). With most exotic currencies, this process may take anywhere from 3-5 days. While banks require that you submit your money transfer orders during their business hours, OFX operates 24 hours a day, 7 days a week.
Safety and Security. 5.1 When it comes to sending your money abroad, OFX is just as safe and secure as any bank, maybe safer Because OFX has offices worldwide it is regulated in the Australia, UK, NZ (registered), Canada and the USA making it one of the most regulated financial companies in the world.
Instead, OFX makes their money by charging an exchange rate markup fee, which generally runs between 0.4% and 1.5%. ... Mid-market rates are the rates that banks use to transfer currencies between themselves, and they're notably lower than the rates you'll have to pay as an individual or business owner.
Register, get verified and login. Enter your recipient's bank account details and lock-in your transfer. Simply send your funds to us via PAY or Electronic Funds Transfer, and we'll do the rest!
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