Sending money with OFX is highly secure. The platform uses bank-level encryption, secure logins, and continuous transaction monitoring to protect your funds and personal information. Additionally, OFX is a regulated financial institution overseen by authorities like ASIC, giving you peace of mind that you can transfer money from Australia to Germany safely.
OFX generally strives to complete transfers within 1 to 4 business days. The processing time can vary slightly depending on the specific transfer method and the receiving bank.
OFX does not charge transfer fees for sending money to Germany, which can result in significant savings, especially for large transfers. Important Note on Cost: While there is no transfer fee, OFX adds a small margin on top of the mid-market exchange rate. This margin is how they generate revenue and should be factored into the overall cost of the transfer.
OFX offers exceptional flexibility with no strict minimum or maximum limits on personal transfers. This makes the service perfectly suited for sending anything from routine personal expenses to substantial amounts.
Compared to the traditional way of buying currency in person, ordering foreign currency online is usually cheaper. Online money changers like S Money don’t have high operational costs, which makes it easier to offer better exchange rates and lower fees. Buying foreign currency online is also a lot easier, providing you with this service at any time, which is very convenient.
Online money transfer services are typically cheaper and more convenient than traditional retail money changers. Retail stores incur high operational costs (such as rent, staffing, and insurance) that are often passed on to customers through wider exchange rate margins. Online providers bypass these large overheads, allowing them to offer more favourable exchange rates and lower overall fees. Learn more: Is It Cheaper to Buy Foreign Currency Online?
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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