Update on Big Beautiful Bill – No Impact on OFX Client Transfers

Update on Big Beautiful Bill – No Impact on OFX Client Transfers

The government enacts a law on remitting funds overseas! Hi Zed members, I know that many of us send money home, so I wanted to share with you on this new development: each time you send funds overseas, there will be a 1% excise tax on total funds remitted, and I quote,” Hi Charles,

I hope you’re having a wonderful week so far!

I’m writing to update you on the “One Big Beautiful Bill Act” (H.R. 1), signed into law on July 4, 2025, which includes a new remittance tax. The good news: this tax does not affect your clients using OFX for international transfers.

The final law imposes a 1% excise tax on cash-based remittances (e.g., money orders, cashier’s checks), effective post-December 31, 2025. Bank-to-bank transfers, like those facilitated by OFX, are exempt, as they originate from Bank Secrecy Act-compliant accounts. This arrangement ensures your clients are exempt from this tax when sending funds overseas through our platform.

We remain committed to keeping you informed about national and international developments that could impact your clients’ global transfers. I’ll continue to send updates on any regulatory or economic changes affecting cross-border payments.

For any questions or to discuss your clients’ needs, please reach out. Thank you for your continued partnership!

Kind regards,

Tim Sandroussi

Alliance Manager | AU & NZ Partnerships | OFX

Book in a meeting: https://calendly.com/tim-sandroussi” https://www.ofx.com/en-au/?pid=12152
This platform offers a straightforward and cost-effective method for sending money overseas. The rates are competitive (like 2 or 3% less than banks or even Travelex), and the app is fairly simple to learn and use. Typically transactions between the UK, Europe, and Australia are within 1 working day. Their support is second to none. If you are complaining about the ID requirements, you should direct your complaints towards international law. I’ve found it relatively simple to comply. Rip-off banks can get stuffed! Update: so fast and efficient. ❤

Testimonials

Newsletter Subscription

SIGN UP AND GRAB MY NEW E-BOOK & GIFTS WORTH $100-"Bringing Value,Solving Problems AND Leaving a Legacy," if you want to become a successful entrepreneur.