• long running

Unlimited FEE FREE Transfers over AUD $250 (Save $15) at OFX - OzBargain Exclusive

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This is an update of their previous offer. OzForex has recently been rebranded as OFX — new website, new sign up links, and new exclusive offer for the OzBargainers! Normally you only get fee-free transfer if you transfer > $10,000 on OzForex/OFX. If you transfer anything under $10k you have to pay $15 transfer fee. However if you sign up using this link you'll get unlimited fee-free transfers when you transfer over $250.

Referral

Do note that this might not work with the current Refer a Friend offer where both referrer and referees get $50 iTunes Gift Cards. You either get the OzBargain-exclusive offer (fee free transfer over $250), or $50 iTunes card. If you are usually transferring large amount overseas ($10k+) then maybe go for the gift card. Otherwise if you do frequent smaller amounts, OzBargain-exclusive would be a better deal.

Another thing — because they changed the URL the referrals, the previous OzForex referrals are scrapped and you need to enter in your new OFX ones to the OzBargain random-referral system.

Disclaimer

Similar to last time — OzBargain does not receive any kickback/commission from OFX. We are simply frequent users of OFX paying our overseas expense each month.

Related Stores

OFX
OFX

Comments

  • +4

    I have transferred money with OFX in the past, good service and better exchange rate than banks. This is based on a 1 off transfer but I personally would use them again.

  • Used them before and got my $50 iTunes gift card. Exchange rate and service is pretty decent, will happily continue to use them.

    If I have an account already, how do I benefit from this deal ?

    • Not sure. OFX is certainly hoping to use this to bring in more customers. For existing customers — you might need to cancel your account and re-apply.

      • +1

        Promotion works with existing account but may have to contact them or create a new one first.
        I created the new account and when they call to confirm I just told them that I actually have an existing account and created the new account for the fee free promotion.
        They then search for my details and told me that they will just apply the promotion to my existing one, so I can just keep using my old one with the new fee free

        • +1

          I had linked the previous deal (Free over $1000) to my account. I notice that the new deal has been automatically added. There was nothing I needed to do.

  • I would think that a $50 iTunes card is much better value than saving $15 for transactions under $10k. I don't really understand why you would only recommend to go for the referral option for transactions above $10k? Why doesn't OFX throw in one fee-free transfer on top of the $50 sign up reward? That would make it a real OzBargain special. OFX/Ozforex is great by the way, have used them a fair bit over the last few years. I love the SMS/email notifications to be alerted when the FX hits a certain rate!

    Edit: I now see that the title says 'unlimited' fee-free transfers, that should be clarified in the post as well then. That makes it a good deal indeed!

    • Basically the contact I had from OFX said that it should be okay, but we have TWAM from people saying they can't get both offer from OFX after contacting their support. So I am just stating that it might not work to avoid the disappointment later on.

      Say if you need to transfer $500 to somewhere every month — that's $15 saved every single month, and you'll be better off after 3/4 months.

      • I get it now, perhaps change the below into 'transfers' and add 'unlimited' as well?

        However if you sign up using this link you'll get fee-free transfer when you transfer over $250

        • Thanks. Updated.

        • @scotty: That makes it a fantastic deal now! I wish they would do this for existing members as well, now I have to ring them every now and then to ask for a few fee-free credits (which they do hand out depending on who answers the phone)!

  • Referral link in the OP isn't working for me, just returns a blank page.

    • Works for me.

    • Same here, turned off ad blocker and it worked

  • May I know is the forex rate negotiable if transfer is in big amount (e.g., >$15k)?

    • +1

      Not sure, if that can help you https://www.ofx.com/en-au/currency-converter/
      But you will see that when you change from $150 to $1,500 and then $15,000 the forex rate updates and you get slightly more as you increase your amount of money.

      • Thanks. In that case it is worth transferring large amount of money in one go than separate ones

  • So, can I use these guys to transfer to a bank account in my name in Cambodia ???

    • You'd have to do it in USD i'd say

  • +5

    Have tried multiple services including OFX, have found Worldremit.com offering the best exchange rates consistently.

  • What type of questions to continue to setup for the account? Do I need to give my bank details now?

    • Just personal details including address, DOB, nationality and username/password. Bank details can be added later.

  • i have got a call from them 1 min after setting up an account for final confirmation.

  • +15

    Finally my grandma can transfer the $2000 deposit to the Nigerian prince fee free.

    • +1

      ROFL!

  • +26

    I used to use OFX all the time but even without the $15 fee their rates are really bad.

    I now use https://transferwise.com/ ($6.96aud fee) or https://www.currencyfair.com/ ($4usd fee)

    Comparing the rates for $1000 AUD to usd:

    Ozforex: 0.6917 ($691.70usd after fees)
    Transferwise: 0.7037 ($698.80usd after fees)
    Currencyfair: 0.7006 ($696.60usd after fees)

    • The rate of transferwise is really great. However the transfer fee increases with the amount, e.g. if 10,000 then the fee would be $69.6, am I right?

      • +1

        Good point - I should've mentioned that.

        Currencyfair would be better in that case because the fee is fixed.

        I use whatever is best for the specific amount at the time.

        Edit: god i'm an idiot - I think this info above in this post is finally correct.

        • Yup even though considering the transfer fee, transferwise is still winning OFX eventually.
          Thanks for the recommendations

        • @chonghe:

          Yeah there are quite a few of these kinds of websites now. Transferwise is good because it has some pretty serious backing (richard branson is an investor) and the CEO is the founder of skype I think.

          I think ozforex and their other companies like usforex etc.. are the incumbents so they can get away with being more expensive, still way better than banks.

        • @chiefbodge: I thought ozforex was a subsidiary of mcquairy bank

    • +1

      Choice has a good comparison:
      We found:

      • OzForex's home page calculator uses the inter-bank rate, but there is a "customer rates" tab on the home page that will reveal what you're really going to get.
      • World First's calculator points out that it uses the inter-bank rate, but it doesn't have a customer rate calculator at all.
      • CurrencyFair's home-page calculator uses customer rates as the default option.

      https://www.choice.com.au/money/banking/foreign-transactions...

    • Thanks for the comparison Chiefbodge. Appreciate it.

      In fairness, though… I think we should >USE< Ofx for this iTunes offer.
      With your comparison, I'd lose US$7, but gain $50 iTunes for myself & someone here… Then I can do it again with my wife, for another US$7. So ~AUD$20 in fees for $150 in iTunes.

      But-yeah, after that… or for normal use: TransferWise looks better.

  • +2

    Registered, however it quotes buy .68xx against current .70xx $USD, indicating charge ~ 2% margin. Doubt it feasible to top-up my PayPal ac. 0.7% Transferwise looks best.

  • OzForex's got some great services

  • +3

    Why am I keep seeing free free

  • Never been too impressed with OzForex's rates. If you're moving more than $20K InteractiveBrokers is still miles ahead (although with significant setup hassle). I've heard currencyfair also offers better spreads.

  • +1

    We have used ozforex and currencyfair. Agree with chiefbodge and following comments that currencyfair hard to beat with the AUD $4 flat rate especially for big amounts. i.e. currencyfair don't take a piece of the fx margin. period. Once you get the hang of currencyfair's Marketplace you effectively negotiate your own exchange rate with someone doing the reverse FX in the currency you seek so no reason why you can't better the interbank rate.

    If no-one takes your offer in the currencyfair Marketplace you can leave it there and wait until the FX rate on the currency sought improves (obviously no guarantees that the rate will bounce back, or at any time soon). No so long ago I sat on an offer which I left in the marketplace seeking EUR with AUD and the offer "matched" (finally) after 3 months after the AUD did a bit of a rebound against the EUR. As I said, great if you need to send big amounts overseas from time to time and you have time to ride out dips in volatile FX rates.

  • +2

    If you are transferring 20K or more often, then you can ask for rate match, but only with customer rates, I have account with OFX, Worldfirst etc., I normally will ask OFX to match or beat worldfirst. On most of the website, AU-US is around 0.6990-0.7010 range, I get 0.7021 if I login. So the rate is negotiable.

    I have transferred more than 500K with OFX and about $400K with worldfirst, both are good and reliable, I just like OFX interface more. But rate wise, currencyfair and world first might be the go.

    For InteractiveBrokers, if you are treading, and sending money often, then it gives you the best rate, especially you send a large amount, rate will overcome the cost very easy. However, there is a learning curve and reasonably complex system to use.

    Just my 2c

    • Seems like you have enough money to not worry about bargains. What are you doing on ozbargain?

      • +2

        Lol, you know nothing about the rich. They are the tightest of all of us.

    • Do you have a referral code for World First I understand that they offer $50 account credit for referrer and referee

  • I have just checked transfer page (trying to transfer some money) after I registered using your link, it says I have 49 free Transfers remaining. it is not unlimited fee-free transfers ??

  • silly q, you obv need a bank account at each end?

  • +1

    Aside from international bank transfers, anyone know if OFX or currencyfair or similar do forex transfers within Aus? I am guessing their exchange rates would be better than the banks/high street Forex kiosks.

    e.g. I open a USD account at a Australian bank (like HSBC foreign current account), deposit my USD funds, and then agree a USD>AUS deal with one of these online forex providers, forward USD to their Australian USD (?) a/c and they forward me the agreed AUD to my Australia everyday AUD account.?

  • At the end of the day, for any decent amount to transfer, the few dollars of fees is nothing compare with the loading on exchange rate. Log into xe.com, this will give the official mid-rate and you will see most of them charges around 2% or more for currency conversion!

  • +1

    I used to use money transfer agencies, but I stopped years ago when I got Citibank plus debit card (free international transfer fee+ free conversion fee+ visa exchange rates+ no minimum account balance) which I sent to my family overseas…Whenever I want to send them money, I just transfer the amount I want to Citibank account from another financial institution, and they can withdraw it from their local ATM for free too.

    Can't beat that.

    • Citibank have fee free transfers to a limited number of countries (Citibank to Citibank offcourse) only so not anyone can benefit

  • I already have an OzForex account… Can I take advantage of this offer?

  • If I make a transfer to an account in the US using OFX or any of the other services, would the person receiving the money still have to pay an incoming wire transfer fee?

    • I don't think so. You wire the money into an OFX bank account - they have several accounts around the world, you typically choose the one that matches the country and currency you hold the money in (eg an AU$ bank account). Then, the beneficiary gets paid out of an OFX account (in the US I would assume in your case), in the currency specified (US$). So for the beneficiary, it's just as if they were paid from a normal US account.

      • +2

        Thanks bozbargain! However, most bank in the US have a fee of around $15 for receiving a domestic wire transfer. It's insane and I'm trying to figure out how to avoid that. I guess I'll have to give it a shot and see

        • I was furious when I sent my mate some money when I was there. I was paying for a dinner. It cost me $20 to transfer $25 bucks! It's awful! Never again! Stupid!

  • +1

    Can anyone recommend the best course of action for transferring AUD2000 to an Irish bank? I have a Citibank Plus account. Thanks.

    • I'm in the same boat. Haven't figured out citibank option for Irish end.

      This deal makes it simple. Just use these guys, this deal, and free $50 is icing on the cake.

      • I went with Citibank to their bank, it was pretty easy, good exchange rate, and no fees either end as it turns out. Fast, too. I have no need of more iTunes $.

        • Did you just neg me?? I only posted to help.

          Citibank to citibank is free, no loss, and instant.

          Doing it your way has worse rate, and $50 free itunes is easy to gift. As good as $.

        • @Utopian: No! It wasn't me…

        • @Sweet3st: Weird.
          I'm the first to comment in 26 days, and within minutes of you replying, I get a neg. Maybe i have a stalker LOL.

          There are some strange cats around these parts!

        • +1

          @Utopian: No worries! I got 6 negs for expressing a wish that Uber would discount trips in Sydney. Still trying to figure that one… just random neggers I guess.

        • @Sweet3st: 5 ;)

        • +1

          @Utopian: Just gave you a + to make you feel better and thanks for the advice btw :)

  • Any recommendations for the best way to receive USD into an AUD account? Thanks

  • The random referral link doesnt seem to be working for me… does any one have a referral code?

  • Does this still work? I mean the free transfers over $250.

    • FYI - just signed up via the link and spoke with a guy on the phone to finalise my registration. He confirmed that any transfer above $250 will indeed be free of charge.

  • I did notice with my signup using this offer, the fee free transactions do appear to be limited to 50, it has a little counter when I make the transfer how many fee free transactions I have left.

    Maybe the terms of the offer have changed, or maybe because I'm signing up as a business account the offer is different. I'll phone them and check at some point but in case I forget, be sure to check.

    • The counter has always been 50. I have asked OFX before and it's a limit with their backend. They said you need to contact them to raise reset the limit.

      • Ahh all good, thanks for clarifying.

    • Hi there - I just signed up - where do I find this counter?

      Sorry for the question but I clicked everywhere - new quote, my account?

      Thanks

      • +1

        Before you confirm a transfer, it would say *xxx free transfers left".

        • Thank you so much for clarifying :)

          Does this mean, in future, should I exceed the 50 transactions, I can just contact them and they will reset the counter?

          Many thanks!

        • +1

          @gi38: yes that's correct.

        • @scotty:

          Thanks so much for clarifying! Much appreciated!!

  • Hi Scotty, I thought I'd ask you (since you're the OP) before I go and register for a new OFX account via this page/link……

    I know this might seem like a bit too much to ask of OFX, but you posted this in early 2016 for transfers over $250, is there any way to find out if this amount/threshold could be lowered considering that it's now late 2018?

    I know $250 is a low minimum amount already, but I'm asking because I have a $150 transfer to do in the next week or so.

    Thanks for your time and I look forward to hearing from you.

    • Minimum transfer has already dropped from $10,000 to $250… Also sorry I am getting these offers from OFX rather than I approaching them. It is best for you to ask them if you want a better rate.

      • Oh yeah, you're definitely right, the minimum transfer amount is already really low, I just thought since it was a 2 year old figure quoted in this post, that it was worth asking you in case you had their ear.

        Thanks for posting about this originally and thanks for following up to my question Mister Scott!

  • Anyone has the referral link for $50 itune gift card?

  • Just to update this - just checked to send £830 to the UK - $4 cheaper with wise.com

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