This article is more than 7 years old The rise of money trading has made our economy all mud and no brick Alex Andreou This article is more than 7 years old Trillions of dollars change hands every day in the foreign exchange markets. Yet this vast industry profits from peaks and troughs — it has no interest in a stable economy The London Stock Exchange. Photograph: David Levene Wed 20 Nov Occasionally, I stand in front of what I've learned on a subject, like an ant looking up at the Great Wall of China, thinking "how do I begin to explain this to another ant? We all understand currency exchange — one national currency can be exchanged for another based on an agreed rate.
Market News What is a currency converter? Our online Currency Converter is a quick and easy way to see live market exchange rates at the click of a button. Exchange rates change all the time, and our live Currency Converter updates with it, making it the ideal tool to keep your eye on the market rate for any given currency.
The market rate is also known as the interbank rate.
History Ancient Currency trading and exchange first occurred in ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold.
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.
Currency exchange rates
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.
- Since we have calculated the change in the value of the U.
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How OFX works 1. Send us your funds We accept bank transfers from your account e.
BPay, Electronic Bank Transfer. No cash, credit card, cheques or bank drafts.
We'll notify you once we receive your funds. We deliver to your recipient Transfers to most countries take business days.
Foreign exchange market
Track your transfer online or with our mobile app. How do I send my money at a good rate? When the market reaches a rate that you find favourable, simply log into your OFX account and book the transfer with us to get the currency at a low customer rate the market rate, plus our small margin.
We will send you an email confirming your customer rate, leaving you to send us the money locally via your bank. With the ability to see changing market rates in an instant and make overseas money transfers quickly and securely, you can trust us to meet your international money transfer needs.
When it matters, OFX it. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it. Why choose OFX?