When it comes to transferring money from Australia to Canada, OFX is a 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 Canadian dollars, factoring in their transparent fee structure. […]
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. Learn more: Why Every Currency Exchange Offers a Different Rate
If you have some leftover currency from a trip abroad or have some US dollars stashed away from a gift, selling it and getting your Australian dollars can be expensive. The best exchange rate when selling currency is the same as when you are buying it. That is, the “mid-market rate” or “live” rate that you see on Google. Most money changers will give you an exchange rate well above this real rate. The closer you can get to this rate, the more Australian dollars you’ll have when you convert your currency.
Compared to the traditional way of buying currency in person, ordering foreign currency online is usually cheaper. Money changers that have a retail store have to pay for rent, staff and insurance. Online money changers like S Money don’t have these large costs, making it easier to provide better exchange rates and lower fees. Buying foreign currency online is also a lot easier. Unlike physical stores, all exchange rates are displayed clearly so you know what you are going to pay. In most cases, you can also get your currency delivered to your door, saving you the hassle of driving […]
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. Learn more: Where is it Cheaper to Buy Foreign Currency, Australia or Abroad?
