“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.
Bottom line: The more money you receive when you transfer determines who has the better rate!
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.
In a 12 month comparison between the two rates, The Australian Community’s FOREX rate was better than the TransferWise rate every time!
Note: This latest comparison was taken on April 15, 2019. Currencies fluctuate up and down, so the rate you receive may be different to the chart.
|USD to AUD||OFX||TransferWise||Difference|
|$500||$694.20||$691.46||$2.74|AUD to USD OFX TransferWise Difference
$10,000 $7,137.00 $7,136.45 $0.55
$1,000 $713.70 $712.68 $1.02
$500 $357 $355.91 $1.09
How do Australian Banks stack up?
On April 15, 2019 we also compared The Australian Community Preferred Rate with leading Australian banks when transferring $10,000 from AUD to USD.
The Australian Community received US$7,137
Westpac Bank Global Currency Card received US$7,032
Commonwealth Bank Travel Money Card received US$6,850
National Australia Bank customers received US$6,866
ANZ Bank customers received US$6,917
US $105 more than Westpac (before Westpac fees)
US $287 more than CBA (before CBA fees)
US $271 more than NAB (before NAB fees)
US $220 more than ANZ (before ANZ fees)
Click here to register and access The Australian Community’s Preferred Rate with OFX. There are no fees to register, and receive The Australian Community preferred rate!
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, The Australian Community rate is not limited just to AUD and USD transfers. Most popular currencies are covered which greatly assists Australian businesses who transfer money around the globe.
“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 fees.”