Currency Converter

The market rate and the customer rate – what’s the difference?

The market rate is also known as the interbank rate. It is the exchange rate at which the banks borrow and lend to each other. This is usually made in large amounts over short-term loan periods. These loans are made at low-interest rates reserved almost entirely for banks, financial institutions and registered money lenders.

The customer rate consists of the market rate plus a margin added by a foreign exchange provider. While the banks may have inflated margins and transfer fees, at OFX, we keep our margins modest to offer competitive customer rates, which can save you money.

How do I send my money at a good rate?

When you see a favourable market exchange rate on our currency converter, simply log into your OFX account to see our customer rate so you can decide whether to book the transfer with us. We will send you an email confirming your customer rate, leaving you to send us the money via your bank.

Our competitive customer rates are often many times better than the banks’, and with low or no fees, OFX makes it easy to send money internationally. Our team of dedicated dealing and customer service agents are available 24/7 to answer any queries you might have and to guide you through the transfer process. 

With the ability to see changing market rates in an instant and make your overseas money transfers quickly and securely, you can trust us to meet your international money transfer needs.