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Transfers using debit or credit cards tend to be faster than bank transfers, often arriving in one business day.

The best method depends on your priorities. If cost is the main concern, bank transfers are ideal. If speed is essential, debit or credit cards can provide faster delivery times. OFX combines competitive exchange rates with secure, reliable transfers, ensuring your money reaches the recipient safely and efficiently regardless of the method you choose.

With OFX, there are no strict minimum or maximum limits for personal transfers, although amounts may be subject to verification requirements for larger sums. This flexibility makes it easy to send anything from a few hundred dollars for personal expenses to tens of thousands for tuition, property, or business purposes.

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