Cal11 calculator
Search calculator...

Ofx Money Transfer Calculator

Reviewed by Calculator Editorial Team

Use this OFX money transfer calculator to estimate the total cost of sending money internationally. The calculator accounts for transfer fees, exchange rates, and other charges to give you a complete picture of your transaction costs.

How to Use This Calculator

To use the OFX money transfer calculator:

  1. Enter the amount you want to send in your home currency.
  2. Select the currency you're sending to.
  3. Choose the transfer method (bank transfer, cash pickup, etc.).
  4. Click "Calculate" to see the total cost and amount you'll receive.

The calculator will show you the exchange rate, transfer fee, and total amount you'll receive after all deductions.

Formula Used

The total cost of your OFX money transfer is calculated using the following formula:

Total Cost = (Amount to Send × Exchange Rate) + Transfer Fee Amount to Receive = (Amount to Send × Exchange Rate) - Transfer Fee

Where:

  • Amount to Send - The amount you're sending in your home currency
  • Exchange Rate - The current market rate between your currency and the recipient's currency
  • Transfer Fee - The fee charged by OFX for processing the transfer

Note that actual fees may vary based on your specific account and transfer method.

Worked Example

Let's say you want to send $1,000 USD to a recipient in the UK. The current exchange rate is 0.80 GBP/USD, and the transfer fee is $15 USD.

Using the formula:

Total Cost = (1000 × 0.80) + 15 = 800 + 15 = 815 GBP Amount to Receive = (1000 × 0.80) - 15 = 800 - 15 = 785 GBP

So you would pay a total of 815 GBP, with your recipient receiving 785 GBP.

Tips for Sending Money

When sending money internationally, consider these tips:

  1. Compare rates - Check multiple money transfer services to find the best exchange rate.
  2. Check fees - Some services charge additional fees for certain transfer methods.
  3. Timing - Exchange rates can fluctuate, so sending money during off-peak hours might save you money.
  4. Recipient account - Ensure the recipient has a bank account in the currency you're sending.

Always verify the recipient's details before sending money to prevent errors or delays.

Frequently Asked Questions

How long does an OFX money transfer take?

OFX money transfers typically take 1-3 business days to complete, though this can vary depending on the transfer method and recipient's bank.

Are there any hidden fees with OFX money transfers?

OFX typically discloses all fees upfront, but it's always good to review the terms and conditions before making a transfer. Some banks may charge additional fees for certain transfer methods.

Can I track my OFX money transfer?

Yes, OFX provides tracking information for most transfers. You can usually track your transfer through your online banking account or by contacting OFX customer service.

What currencies does OFX support for money transfers?

OFX supports a wide range of currencies for international money transfers. You can check their official website for the most up-to-date list of supported currencies.