• Send to Recipient allows you to book both a currency conversion and a payment instruction at the same time. This means you can see and lock in the exchange rate upfront, so you know exactly how much it will cost to send money to an international recipient.

• Convert & Hold allows you to convert funds into another currency and hold the converted balance without creating a payment instruction. This gives you the ability to lock in an exchange rate today, even if the payment will be made later.

  The converted funds are stored in your account in the new currency and can be used for future payments when you’re ready. This option is particularly useful for managing currency risk or preparing for upcoming payments when exchange rates are favourable.

Why is this page important? Understanding the differences between these two options helps customers choose the appropriate method based on their financial needs and timing requirements. It ensures that users can effectively manage their currency conversions and payments.

Next Steps: To use either option:

1. Login into your OFX account.

2. Navigate to Dashboard

   

3. Locate Get a quote component on your Dashboard.

   

4. Select Send to recipient

   1. Select Order type

   2. Pay date

   3. Amount you send or Recipient gets

   4. Review the exchange rate

      

   5. Select Create payment button. If pay date is future the rate displayed will be shown as Current Rate.

      

5. Select Covert & hold

   1. Select Order type

   2. Select Conversion date

   3. Enter Cover amount or To exactly amount

   4. Review the conversion rate

      

   5. Select Covert balance button, If conversion date is future the rate displayed will be shown as Current Rate.

      

Related FAQ Articles:

• What is a guaranteed rate?

• What is a Current rate or Indicative rate?

• How do I create a payment?

• Can I move funds between currency accounts?