"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, including AUD to USD and USD to AUD.
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 bottom line is - the less money you receive, the more the Banks and FOREX services are charging you in fees and hidden in teh exchange 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 on AUD to USD and USD to AUD through OFX, with TransferWise, a company that many Australians currently use - and falsely believe are getting 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 December 11, 2019 are in the tables below.
|USD to AUD||OFX||TransferWise||Difference|
|AUD to USD||OFX||TransferWise||Difference|
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.