"If there is a better rate on exchanging AUD to USD or USD to AUD, we have not seen it!"
Members of The Australian Community transfer millions of dollars every year for business and personal needs. Based on this volume, a preferred rate on International wire transfers has been negotiated with OFX.
Foreign Exchange (FOREX) is confusing. There is the Interbank or Market Rate and then there is the rate that your FOREX service offers you when you exchange money.
The less money you receive, the more the Banks and FOREX services are charging you in fees.
There is a lot of noise about which company has the best rate so we decided to compare The Australian Community's preferred rate on AUD to USD and USD to AUD through OFX, with TransferWise, a company that many of our members currently use - and claim has the best rate.
For more than a year, we have been comparing the final amounts that each service was offering when transferring AUD to USD and USD to AUD.
The most recent comparisons from August 12, 2019 are in the tables below.
USD to AUD OFX TransferWise Difference
$10,000 $14,739.00 $14,708.67 $30.33
$1,000 $1,474.20 $1,470.08 $4.12
$500 $737.00 $734.25 $2.75
| AUD to USD | OFX | TransferWise | Difference |
|---|---|---|---|
| $10,000 | $6,726.00 | $6,722.63 | $3.37 |
| $1,000 | $672.60 | $671.12 | $1.48 |
| $500 | $336.30 | $334.92 | $1.38 |
The numbers tell us that if you use TransferWise, you are paying more in fees than if you use our Member Preferred Rate through OFX, especially when transferring USD to AUD!
Click here to register and access The Australian Community's Preferred Rate with OFX. Your registration will automatically associate with the Preferred Rate.
"It makes absolute sense to combine the purchasing power of our members to negotiate a preferred rate on foreign exchange" said James Boland, President and Founder of The Australian Community, "If there is a better rate on International wire transfers, we have not seen it!"
Under this arrangement, members of The Australian Community are not limited just to AUD and USD transfers. Most popular currencies are covered which greatly assists Australian businesses who transfer money around the globe.
In a podcast interview, Mr. David Nicholls, Global Alliance Manager for USForex, now OFX, stated "The cost savings are significant", "Some banks take up to 8% of the total amount you are transferring, hidden in the rate itself".
Mr. Nicholls further explained the benefits to members who sign up for the service which include 24 hour access to dealers, and a downloadable App that enables members to transfer money to pay bills in other countries.
"Our membership continues to grow, fueled by benefits such as our FOREX rate" said Mr. Boland, "If you are not using our rate to transfer money around the globe, chances are you are paying too much in commissions."
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