How do I transfer funds through OFX?

How do I transfer funds through OFX?

OFX setup steps:

  1. Sign up for a Personal Account here.
    Have your ID ready as this will be required by OFX.
  2. Expect a call from an OFX customer support representative who can:
    • Answer any questions and help you finalise your account setup
    • Help you set up Openmarkets as a recipient (BSB: 033-003, AccNo: 571010)
    • Add your bank account as a recipient for when you need to withdraw funds
  3. You’ll then receive a confirmation from OFX

    Your trading account will be activated the next business day (if completed before 15:00 AEST)


If you already have an OFX account, you can keep that as is, and connect it to your Openmarkets trading account as follows:

  1. Sign into your existing OFX account at https://ofx.com.au (or via the app)
  2. Add a new recipient (this is used to fund your Trading account)
    1. Go to ‘Recipients’
    2. Add Recipient
    3. Enter details:
      1. Name: Openmarkets Trust Account
      2. BSB: 033-003
      3. Account Number: 571010
      4. Recipient Address: 388 George St, Sydney, NSW, 2000, Australia
    4. Click Save

OFX linking steps:

  1. Contact Us to request that your OFX account is linked to your trading account.
    1. Retrieve your OFX customer number from your OFX account


    2. Send the following message to our support team:

      I have recently signed up for a new ‘Non-Resident Trading’ account with you, but I already have an OFX. Could you please link my OFX account to my trading account.

      I confirm that I have already added Openmarkets as a recipient in my OFX account

      • My OFX Customer number is: XXXXXXXXX
      • My Trading account Id is: XXXXXX
You can now begin the process of creating a deal with OFX and transferring funds across to the Openmarkets recipient. Once the accounts are linked and the funds land in Australia, you will be able to see the balance against your trading account.

When you’re ready to fund your trading account:

  1. Get a quote for the amount you wish to convert.
  2. Create a ‘Transfer’ on the OFX app or website.
  3. Nominate Openmarkets as the recipient and confirm.
  4. Send funds in your local currency from the OFX bank account provided to you.

Please note, funds will generally be Available to trade the next business day. For FocusPro subscribers we may be able to manually update your cash balance for you intraday .  If you let us know the trading account you have deposited funds into, with cooperation from Openmarkets, we may be able to update the balance for you manually.  Due to the manual nature, we generally limit the process to deposits above $20K, and we’re unable to provide any guarantees around the timeliness (due to the fact that we rely on Openmarkets and OFX for parts of the process).

    • Related Articles

    • Who are Openmarkets, Macquarie and OFX?

      As outlined below, there are number of parties involved in the transmission, execution and settlement of your orders. Marketech engages Openmarkets Australia Limited (Openmarkets) to facilitate the trading and settlement of transactions from your ...

    • How long does it take to transfer money into my Macquarie CMA

      Cleared funds must be available in your Macquarie account the day before you expect to use the funds. The receipt of funds into your Macquarie CMA is dependent upon your payment method. EFT (electronic funds transfer) - transfers from a Macquarie ...

    • How do I transfer funds into my Macquarie CMA?

      An email from Macquarie will contain your new BSB and Account Number. With these details you will be able to transfer funds into your Macquarie CMA using internet, mobile or telephone banking. Once your account has been finalised, Macquarie will ...

    • Do I need to have funds in my Macquarie CMA before I place an order?

      Funds must be available in your Macquarie CMA before placing a BUY order as the order will not execute if there are insufficient funds.  For funds to be available to trade, they should be available in your Macquarie CMA, as cleared funds, by close of ...

    • How do I amend the cost base?

      For stock that has been transferred in from another broker, or from SRN, it is possible to amend the cost base manually. Click the icon at the top left of the screen. This is divided into 3 section. Your portfolio Summary at the top, which includes ...