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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.
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There are no fees or commission for online money transfers, and they have extremely competitive exchange rates. Taking Advantage of Offers Over and above the normal exchange rate and transfer fees, many service providers will offer you a deal to transfer through them — especially if you send or receive money overseas regularly. Check the Service Provider is Regulated With any international money transfer, trust and security should be top of mind.
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