“If there is a better rate on International wire transfers, 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.
Below is a currency converter showing the Interbank or Market rate. The difference between this rate and the rate you are being quoted from your Bank or FOREX service, is the fee they are charging you.
There is a lot of noise about which company has the best rate so we decided to compare The Australian Community’s preferred rate through OFX, with TransferWise, a company that many of our members currently use – and claim has the best rate.
Every time we have conducted a comparison, The Australian Community’s FOREX rate beats the TransferWise rate.
Note: This table is a comparison of rates on Oct 16, 2018. Currencies fluctuate up and down, so the rate you receive today will be different.
|USD to AUD||OFX||TransferWise||Difference|
|$500||$697.50||$693.54||$3.96|AUD to USD OFX TransferWise Difference
$10,000 $7,294 $7,292.09 $1.91
$1,000 $729.40 $728.23 $1.17
$500 $364.75 $363.67 $0.83
How do Australian Banks stack up?
We also compared our Preferred Rate with leading Australian banks when transferring $10,000 from AUD to USD. The AUDUSD Spot Rate was trading at .7846 at that time.
Westpac Bank customers received US$7,437
Commonwealth Bank customers received US$7,456
National Australia Bank customers received US$7,527 (Fees not included)
ANZ Bank customers received US$7,567 (Fees not included)
TAC Members received US$7,805
US $368 more than Westpac
US $349 more than CBA
US $278 more than NAB (before NAB fees)
US $238 more than ANZ (before ANZ fees)
Click here to register and access The Australian Community’s Preferred Rate with OFX.
After registering, you will be contacted by an OFX representative who will confirm your identity, and then associate your account with The Australian Community’s rate.
Once your account is associated with the preferred rate, you can directly compare your existing rate with ours.
“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.”