FX Payments FAQs

For individual FX payments, we have partnered with TransferWise. You simply need to set up an account to start sending money abroad for less (as compared to banks and traditional providers). You always get a great exchange rate for a low, upfront fee, and more of your money gets to the other side.

Click here to open a TransferWise money transfer account.

Information that is required for your payment depends on the payment type (local or standard/SWIFT payment), payer country, payer legal entity type, beneficiary country, beneficiary entity type and payment destination country.

To upload a copy of your ID, take a close up photo of your ID in a well lit room. Save the photo to your mobile device or computer. Follow the on-screen instructions for uploading your ID.

• 97% of conversions are available within the same day. All our currencies are converted on the same or next day, from when funds are received.
• 12-month forwards are available for all currencies. You can manage your FX risk for an entire year in advance.

See our cut off times.

No. You are welcome to make transactions of any size on the OANDA FX payments platform.

Our global payments platform processes transactions in the currencies below:

• Canadian dollar (CAD)
• US dollar (USD)
• Euro (EUR)
• Hong Kong dollar (HKD)
• Hungarian forint (HUF)
• India rupee (INR)*
• Indonesian rupiah (IDR)*
• Israeli shekel (ILS)
• Japanese yen (JPY)
• Kenyan shilling (KES)
• Kuwait dinar (KWD)
• Malaysia ringgit (MYR)*
• Mexican peso (MXN)
• New Zealand dollar (NZD)
• Norwegian krone (NOK)
• Omani rial (OMR)
• Philippines peso (PHP)*
• Polish zloty (PLN)
• Qatar rial (QAR)
• Romanian leu (RON)
• Russian ruble (RUB)*
• Saudi riyal (SAR)
• Singapore dollar (SGD)
• South African rand (ZAR)
• Swedish krona (SEK)
• Swiss franc (CHF)
• Thai baht (THB)
• Turkish lira (TRY)
• Ugandan shilling (UGX)
• UK sterling (GBP)
• United Arab Emirates dirham (AED)

* Certain restrictions apply to the trading of this currency. See terms and conditions.

Your payment will be sent out within two hours of the settlement being received.

No. You are free to send funds through your OANDA FX payments account to any individual, company, or corporation that has a bank account.

Local payments are free and we charge on average $10 for OANDA FX payment transfers, depending on the recipient’s location.

You’ll need to set up your international money transfer on OANDA FX payments. Then exit your OANDA FX payments account and pay by bank transfer directly through your bank - either through online banking, telephone banking or in person at a bank branch. To make sure that your transfer isn’t delayed, please ensure that:

• The name on your bank account matches the name on your OANDA FX payments account. If the names don’t match, we won’t be able to process your transfer.
• You’ve included the reference correctly. This helps us identify your deposit and proceed with your transfer.
• You enter the exact amount you’re sending with OANDA FX payments. Paying more or less could delay your transfer.

Below is a list of countries that OANDA FX payments will send and receive funds from.

Argentina, Bolivia, Brazil, Chile, Colombia, Paraguay, Peru, Suriname, Uruguay, Venezuela, Albania, Andorra, Anguilla, Antarctica, Antigua and Barbuda, Armenia, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Botswana, Brunei, Darussalam, Bulgaria, Burkina, Faso, Burundi, Cambodia, Cameroon, Canada Cape, Verde, Cayman Islands, China, Republic of the Cook Islands, Costa Rica, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Djibouti, Dominica Dominican, Republic Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Fiji, Finland, France (including French Polynesia, Guadeloupe), Gabon, Gambia, The Georgia, Germany, Ghana, Greece, Greenland, Grenada, Guam, Guatemala, Guinea, Guinea-Bissau, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Ireland, Republic of Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea and South Kosovo.

The countries below require additional details and invoices from the client on wire instructions:

Afghanistan, Angola, Bosnia & Herzegovina, Ecuador, Guyana, Indonesia, Iraq, Laos (Lao People’s Democratic Republic, LPDR), Panama, Papua, New Guinea, Russian Federation, Sudan, Uganda, Ukraine and Yemen.

Don’t see a country on the list? Contact us.

If a payment fails, then you will be sent an email with the reason that was provided by the recipient’s bank for the failure.

You need to speak with the beneficiary’s bank directly for instructions on avoiding a returned payment again.

The most common reasons are incorrect details (e.g. account number) being submitted on the payment.

On occasion, the banking network may have to route funds via a corresponding bank to reach your destination; these corresponding banks may levy a transaction charge resulting in your funds arriving short.

This is more common with US dollar transactions so we advise you to send additional funds to cover these charges if they occur regularly.

First, we suggest that you double-check the recipient’s bank details against the details in the payment confirmation and make sure they match. Are there any other external factors that could delay the payment such as a bank holiday?

If the money has not arrived and there is no reasonable explanation, the first port of call is to obtain an MT103 message for SWIFT (Standard) payments via theOANDA FX Payments platform or API. The MT103 can be given to the beneficiary bank in order to help them locate the funds.

If the MT103 doesn’t prove to be of use then we can place a trace on the payment to locate where funds are, although this will only be done on a “best endeavours” basis. This will incur a fee (please refer to your contract).

The option to locate local transfers is not available.

To help avoid payment delays, always reference your payments clearly and pass the reference details onto the beneficiary so they know to look for it.

• Funds will be released on the “delivery date” noted on the trade confirmation email.
• Please refer to our Payment Schedules for exact times for currency cut off times.
• Please allow additional time for any payments sent locally.

If you do not settle your payment on time, your payment due date will be changed for the next day and you will be charged for each additional day that it is not settled.

To avoid additional fees, please allow enough time for your bank to send the money to OANDA FX Payments before the cut off times.

In the event that your payment fails and is returned to OANDA FX Payments, you will receive “failed payment” email and have two options to correct it:

Resend the payment

Amend existing beneficiary details or add new beneficiary details, add a new payment to the original trade and resend.

If your payment was returned short, allocate this shortfall to a new user account (you will have to set this up as a new beneficiary prior to the resend).

E.g. original payment of $1,000 sent to ABC Ltd $950 was returned. Add a new payment of $950 to ABC Ltd (after you have amended the details). Add a new payment of $50 to the new USD Account.

Sell back the returned amount

You will need to allocate a new payment against the original trade to OANDA FX Payments for the returned amount and then email support@oandafxps.com giving instructions that this payment is to cover trade reversal (and include the trade ID).

E.g. Original trade: sell GBP, buy $1000 USD. Returned amount = $1000. Add a new payment against the original trade of $1000 to USD account.

New trade: sell $1000, buy GBP and allocate to a GBP account of your choice.

If the funds have been returned short (e.g. $950 in the example above), you must remember to only sell back the returned amount.

Then allocate two payments against the original trade; $950 to OANDA FX Payments USD account to settle the trade reversal and $50 to a USD SHORTFALL account and email support@oandafxps.com with the details.

On Priority payments, we can try to recall funds that have been sent to an incorrect account, however, this option is not available for local payments. Please note, we cannot amend beneficiary details retrospectively once a payment has been released.

Recalls are not always successful as it relies on the co-operation and approval of the receiving bank and the beneficiary. We can only place one recall on a payment and this cannot be cancelled. Once the recall is placed, our banking partner will chase for a response after seven working days. No further chaser will be made until a response is received.

The best way to get funds returned is for the beneficiary to contact the receiving bank directly, inform them of the situation and request that they reject the payment.

If you’ve bought too much, you will need to split the excess amount that you don’t need from the conversion and then cancel it. This can be achieved in two steps:

Using the ‘split’ button on the conversion details page, split the excess amount that you don’t need from the conversion. This will create a new conversion with the specified amount and the existing conversion amount will be reduced accordingly.

Using the ‘cancel’ button on the conversion details page for the new conversion created with the excess amount, cancel this. The relevant cost for this cancellation will be provided both before and after the cancellation. See Conversion Cancellation section for OANDA FX Payments for more details.

If you’ve booked a conversion with the wrong conversion date, you can change this by clicking on the ’Date Change’ button on the conversion details page of the relevant conversion. A screen will be presented where you can define the new conversion date. Before the date change is executed a quote of how much this change will cost will be provided on the screen. After the date change is executed, the confirmed cost will also be presented.

Remember that your login ID, security questions and password are all case sensitive. Make sure you haven’t got Cap Locks on. Login IDs must also be unique. If you have one user with multiple accounts, you must have different logins for each account.

If you still can’t access the platform, click on “Forgot Password?” link on the login page. This will allow you to reset your login credentials via an automated email service.

If you still can’t log in, contact the Support Team.

You will receive an automated email confirmation advising when we have settled a transaction. The status of the transfer will update to “Completed” on OANDA FX Payments in Payment History. This means we have made the payment as per the instructions provided and are now waiting on funds to arrive with the recipient. Please check the email confirmation for specifics as the type of payment (either standard or local) will affect the speed of the delivery. Different currencies may also take longer to clear.

You can reach out to us at support@oandafxps.com.

Or call:

OANDA US/Canada toll-free 888-999-7068
OANDA UK toll-free 0800-029-3010.