It can be hard to know which of the many money transfer providers to use when sending money across the globe. With so many options, the best thing you can do is find the one that works best for you. Two main areas to think about is much you are sending and how often. Often providers can give better rates for certain amounts or frequency of use of their platform. So make sure you do all your research before picking a transfer service.
OFX has been a global money transfer provider for individuals and businesses for the last 20 years. They are an online-only portal to transfer and deposit money directly in the recipient’s bank accounts all over the globe, including India. Their ease of use and rates are attractive when moving large amounts of money, but if you are sending amounts below $10,000 AUD, they are unlikely to give you the best deal. Let’s dive into receiving and sending money with OFX, and see how Wise can be a better option when sending family maintenance, gifts or paying bills in India.
In this article, you will find-
Receiving money in India using OFX is fairly easy. OFX allows your sender to send money directly to any bank account in India. This includes the following banks and many more:
You will not need to sign up for OFX to be able to receive money. The process allows for the money to be directly deposited in your Indian bank account. Just make sure you provide the sender all your necessary bank details, including IFSC code and the name on the account, as well as your contact information.
There are no fees to receive money with OFX.
The time it takes to receive the money can be between 1-4 days, depending on the bank. Usually, 80% of all of OFX’s major currency transfers are completed within 24 hours of receiving the payment at OFX¹.
Did you know that over 5 million people have trusted Wise for their global money transfers? With impeccable service, an easy to use website (and app!) and secure transfers, it is no wonder that people keep coming back. And the best part with Wise is that besides the low one-time transfer fee, but the exchange rate to INR that you see on Google is the exact rate you are going to get. As simple as that.
You can start sending money to India with OFX by signing up on the OFX website and creating a profile. At the same time, make sure you gather all the necessary bank information from your recipient including their IFSC code, SWIFT code (if applicable), bank account number, name on the account and address.
To create a profile, you will have to register with OFX on the site and provide two different forms of ID, an identification and address proof, that they will electronically verify. This can be a driver’s license, passport or utility bill for each².
Once you are signed up, you can get a quote directly from the OFX site for your specific money transfer. Enter your details and your recipient’s details, and then select ‘Finalize Transaction’ to process your payment. Keep in mind that OFX does not allow for debit or credit card payments, so you will have to pay by bank account. For your first transfer, someone from OFX will give you a call to confirm your transfer³.
One of the attractive features of OFX is that there is no maximum limit on how much you can send. However, there is a minimum transfer amount of $250 AUD⁴.
OFX has a two-part fee system. First, there is a transaction fee for any transactions below $10,000 AUD. That fee goes away for any transfers above $10,000 AUD.
The second fee they sneak in is with the exchange rate. While they show the mid-market rate on their website, what you will be getting is what they call the OFX customer rate. The customer rate is when OFX adds their own margin on top of the mid-market exchange rate. They decide that margin by looking at the amount of your transfer, how often you transfer and the currency you are transferring⁵. In this way, they are able to get a profit using the cut they take in the exchange rate.
The time it takes will depend on your bank. Bank to bank transfers can take from half a day to 2 days to reach OFX’s account. But once the funds are received, OFX will typically make the transfer of funds to your recipient within 1 day. The overall time for the transfer in total can range from 1-4 business days for the entire process to be complete ⁶.
You can track the status of your transfer on your OFX dashboard, or if you download their mobile app. You will also receive emails or SMS throughout the process to let you know when the funds are received by OFX and when it is sent to your recipient.
OFX has a global support team in Australia, USA, UK, Canada, New Zealand, Hong Kong, and Singapore. Their customer service in any of these countries is available 24/7 and 7 days a week by phone.
With transfer providers like OFX, your rates and fees change depending on how much and how often you send money. Want to save money on your international transfer to India, even if you don’t send money frequently? Try Wise. So even if you use Wise once, you are still getting the best rate we can give you at that time. No matter how much, or how often. It is the Wise way.
There are a number of good reasons to make OFX your money transfer provider. But if we take a look under the hood, it may not be the best for getting your recipient more money in their hands. Let’s take a look at how OFX compares with Wise to see where we are getting the best deal for sending $1000 AUD through a bank transfer:
| OFX | Wise | |
|---|---|---|
| Transfer Fee | $15.00 AUD | $7.23 AUD |
| Transfer Amount | $985.00 AUD | $992.77 AUD |
| Exchange Rate for $1 AUD | ₹47.7060 | ₹48.31280 |
| Amount Recipient Will Receive in INR | ₹46,990.41 | ₹47,963.50 |
| Time | 2 days | Within 8 hours |
June 25 2019
Just by using Wise, your recipient will receive close to ₹2,000 INR more, and the money would arrive within 8 hours from payment. This is thanks to our transparent low-cost transfer fee and using the real mid-market exchange rate, to make the transfer as cost-effective as possible for you.
Want to get more rupees to India? Wise is the smarter, faster and cheaper alternative to send money to India. We are always super clear with our fees, and the exchange rate that you see on the screen is exactly what you get. There are no extra markups or different exchange rates for how much you send. There are a lot of options out there to send money, but Wise is can be your one-stop for easy and transparent money transfers to India.
Sources used for this article
1,3 https://www.ofx.com/en-au/send-money/india/
2 https://www.ofx.com/en-au/faqs/can-my-drivers-license-be-used-as-both-photo-identification-and-address/
4 https://www.ofx.com/en-au/faqs/do-you-have-a-minimum-transfer-amount/
6 https://www.ofx.com/en-au/faqs/how-long-does-a-bank-to-bank-transfer-take/
5 https://www.ofx.com/en-au/faqs/what-is-the-customer-rate/
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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