A number of variables determine how long it will take for a money transfer to complete. One of the biggest factors is which company you use for the transaction. For example, an international transfer through a bank can often take two to five business days, but that same transfer through OFX could be completed in only one to two days.
How OFX Speeds up Money Transfers
What sets OFX apart from banks is that they operate 24 hours a day, 7 days a week, so you’re not limited to banking hours to start your transfer. They also use a global network of banks, which helps increase transfer speed. After you register online and provide your recipient’s information, OFX receives funds from your bank, which usually takes half a business day. From there, they move your money to one of their local banks in the recipient’s home country. Not only does this expedite the transfer time, but it’s also likely that the recipient won’t have to pay a fee for a foreign transfer.1
The length of time it takes to complete the transaction wholly depends on the destination country of the transfer. For most major currencies, a money transfer takes only one to two days to complete, while more exotic currencies could take three to five days. Once you’ve registered with OFX, you can download the mobile app to monitor your transaction’s progress.
An added benefit when you transfer funds with OFX through Hudson’s Bay Financial Services is that you can earn up to 5,000 Hudson’s Bay Rewards points2 to spend online or in store. And remember, you’ll never pay any transfer fees on transactions over $10,000 CAD.
With Hudson’s Bay Financial Services and OFX, you can securely and quickly transfer funds with their global network of banks. Easily open a personal or business account online — it only takes a minute.
OFX is a leading global currency exchange service that combines a streamlined digital experience with expert personalized service. In business for over 20 years, OFX has transferred more than $100 billion in 55 currencies around the world.
1 OFX. “How long does it take to transfer money with OFX?” Retrieved March 14, 2019, from https://www.ofx.com/en-ca/blog/how-long-does-a-money-transfer-take.
2 Earn 2,000 Hudson’s Bay Rewards points on currency transactions of $2,000 to $9,999 CAD, 3,000 Rewards points on currency transactions of $10,000 to $15,999 CAD, 4,000 Rewards points on currency transactions of $16,000 to $20,999 CAD and 5,000 Rewards points on currency transactions of $21,000 CAD or more.
Foreign exchange services are provided, and money transfers are arranged for, by OFX Limited. OFX is registered with FINTRAC (registration number M08560392).
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