If you’re looking to send money from Australia to the US or make any international transfers, OFX is your most reliable choice. To begin, you’ll need to create a free account with OFX, or log in if you already have one. Once logged in, you can request a live quote for your transfer, which shows exactly how much your recipient will receive after fees and currency conversion. Next, gather all necessary banking information for your recipient. Once your payment details are entered, you can specify the amount you wish to send. OFX will automatically calculate the converted amount in US […]
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.
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.
Ordering foreign currency online is generally more cost-effective. Money changers with a retail store have to pay for rent, staff, and insurance, with you covering the cost of these additional third-party charges. Online money changers don’t have these large costs, making it easier to provide better exchange rates and lower fees when you send money. Some stores may also have limited currency availability.
In most cases, it is cheaper to buy your foreign currency at home in Australia before you head overseas, but there are some important exceptions. It’s cheaper to convert Australian dollars into foreign currency if you are travelling to Singapore, Bali, Thailand or Hong Kong.
Unlike booking flights, there is no ‘best day to buy’. Movement in foreign exchange rates depends on the global demand and supply of goods and services, as well as political and economic factors.
