Review of OFX International Money Transfers in NZ: Complete Guide, Rates, Fees, Alternatives

International money transfers have never been more convenient. Whether supporting family abroad or receiving money in New Zealand, online transfer providers allow you to make transfers quickly from your computer or phone. One of these online providers is OFX. Keep reading to learn more about how OFX works, its fees, ways to get started, and how it compares to Wise for global transfers.

What is OFX?

OFX is a well-known money transfer service provider headquartered in Sydney, with branches worldwide. New Zealand residents can use its services to make quick, secure, global payments in over 50 currencies, including U.S. dollars, Euros, Australian dollars, New Zealand dollars, and Singapore dollars.

Overseas users in more than 170 countries can also use OFX to send money to New Zealand.

Sending or receiving money through OFX is simple. Users can create a free account and make international transfers online. You can access OFX through its website or mobile app. Services are available to both individuals and businesses, and fund transfers are allowed to nearly any bank in New Zealand.

If you need any help signing up or making a transfer, OFX customer service representatives are available around the clock to assist with queries or issues.¹

Is OFX safe?

Since international transfers require payments and possibly account details, the security of your information is essential. OFX has several security measures to protect user identity, fraudulent access, and cybersecurity risks:²

• OFX uses multi-factor authentication, passwords, security questions, and automatic timeout features to protect access to your account.
• OFX monitors registrations, transactions, and logins using a multi-layered approach to prevent fraud.
• OFX has a robust cybersecurity framework that meets the highest international standards to identify and mitigate security risks.

OFX New Zealand is registered on the Financial Service Providers Register and Derivatives Issuer License in New Zealand (DIA and FMA).³

International Transfers in NZ

New Zealand residents can use OFX to send payments to accounts overseas. Here’s an overview of OFX's services in New Zealand.⁴

• Sending Money: Individuals can send money in more than 50 foreign currencies to their friends and relatives in 170+ countries worldwide. OFX has no transfer limits. So, you can transfer as much as you want. However, the minimum transfer amount is $250 AUD.
• **Business Payments: **Businesses can benefit from OFX's money transfer services. They can use OFX to pay overseas suppliers in multiple currencies, making international transactions more efficient and cost-effective than bank wire transfers. Additionally, OFX allows for mass payments, which can be a significant time-saver for businesses in New Zealand.
• Receive International Payments: individuals and businesses in New Zealand can receive international payments from more than 170 countries.

In addition to international transfers, OFX offers forward contract booking and rate alert facilities through the OFX app.⁵

• Fix your rate: OFX offers forward contract booking facilities to businesses and individuals, allowing them to benefit from strong exchange rates when possible.
• Get Rate Alerts: OFX allows rate alerts, which notify you by email or SMS. This feature is particularly helpful for forex traders.

How to send money abroad with OFX from NZ

New Zealand residents must sign up and register their details with OFX to start sending money abroad. Here is the step-by-step process of sending money abroad with OFX:

• Register with OFX: You can register for free on the OFX website.⁶

1. Click the Register option and fill in your details online.
2. An OFX representative will call you to complete the setup and answer any questions.
3. Customer verification is usually an automatic process. However, OFX may ask for supporting documents if necessary.

• Transfer Money Abroad: Once you register on OFX, sending money abroad is easy.⁷

1. Log into your account.
2. Provide the recipient’s bank account details and lock in your transfer.
3. Make the payment and transfer the funds.
4. OFX ensures delivery to the recipient.

You can also download the OFX app from the App Store and Google Play Store. Sending money through the app is convenient, especially when you’re away from your computer.

You can pay for your transfer with your bank account using BPAY, Electronic Funds Transfer, and Direct Debit. OFX does not accept debit cards, cash, or checks.⁸

The standard transfer settlement time is one to two days. Some international money transfers with OFX are settled instantly, so the recipient receives the funds the moment you complete the transfer. However, this may depend on the recipient’s country and bank.

How to receive money with OFX in NZ

Receiving money with OFX in New Zealand does not require you to register with OFX.⁹

Instead, the sender registers their details with OFX in the sending country. You will need to provide them with your bank account details. The sender then has to enter them when making the transfer with OFX.

There are no transfer limits for receiving money in New Zealand. However, the sender should check out the outward remittance limits in their respective countries.

OFX Fees in NZ

OFX fees depend on the amount you are sending. Transfers over $10,000 NZD (or its foreign currency equivalent) are fee-free, and transfers under $10,000 NZD are charged at a flat rate of just $12 NZD.

Occasionally, you might encounter a third-party fee, depending on your or the receiver’s bank. ¹⁰

OFX Exchange Rates

OFX sets its own exchange rate for international transfers, which includes a margin. So, although the provider has few fees, you may end up sending less than you think due to the exchange rate you get. Compare different online transfer providers just to make sure you are getting the best deal.¹¹

Sending money internationally? Wise could help you save.

If you’re sending money back home to family, colleagues abroad or for your next holiday, Wise can help you save money on your next transfer. Wise uses the mid-market rate on every transfer, so there is no extra margin or markup on the rate. It is the same exchange rate you see on Google.

This small difference in the exchange rate can add up to big savings when making a transfer. Plus, Wise uses smart tech to ensure your transfers arrive within seconds on popular routes. And with an award-winning app, you can send money wherever you are.

Join Wise now and see how easy and cheap it can be to send international money transfers.