Is OFX safe?

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

When it comes to large international money transfers, safety is a big concern no doubt.

OFX has been a major player in this field (20+ years): but is OFX safe as they make out?

Today we’ll uncover whether you can trust OFX for international transfers.

In the process, we consider crucial safety check points such as regulations, website and app security, how soon money arrives, etc.

And of course, we focus on real user reviews – positive and negative – to give you an objective point of view.

Disclosure: This post contains affiliate links. For more information, see my disclosures here.

1. Is OFX Reliable and Trustworthy?

Based on Trustpilot ratings, OFX has a lot of satisfied users. They have earned 4.3 out of 5 stars from over 6,000 reviews. Out of these reviews, 86% were positive. Users mention the ease of use and the efficiency of the OFX team in handling transfers and addressing any issues.

A quick overview of their customer reviews will tell you that OFX needs a lot of documentation to verify user accounts and process transfers (on an ongoing basis).

This may sound inconvenient, but it’s actually a good thing: OFX takes your safety seriously and also needs to satisfy regulators needs in multiple countries.

But possibly more telling:

Over the last 20 years, OFX has processed over 1 million transfers totalling more than $84 billion.

And, over 300,000 customers including individuals and businesses like ING Direct and Macquarie International Money Transfers trust OFX.

For us the best part: you get 24×7 phone support for all your queries before, during, and after setting up a transfer – regardless of its size.

“I am very happy with the service provided. I must have called them at least 7 times before I transferred funds to Europe. The staff were available 24 hours per day and answered my questions. They were very understanding of the urgency of the matter and were accommodating. I highly recommend this service”

Mary Kapogiannis

OFX’s website has the following security measures:

  • Valid SSL certificate
  • Security questions
  • Automatic timeouts
  • Two-factor authentication

The valid SSL certificate makes sure hackers can’t access your data while you’re using OFX’s website.

The two-factor authentication code sent by text makes sure no one else except you is setting up a transfer (even if someone else has your password.)

Automatic timeouts add an extra layer of security by logging you out periodically and preventing ID theft.

But what about when you call OFX on their 24×7 helpline?

That’s where the security questions come in to confirm your identity.

3. OFX Customer Reviews

OFX has been refining their process for the last couple of decades and have managed to build a customer-focused money transfer service.

No wonder they get great reviews everywhere, including on Trustpilot.

OFX rated: 4.1/5 on Trustpilot with over 5000 reviews.

OFX has over 78% “Excellent” or 5-star reviews on the platform – but there is lots to learn from the 8% 1-star reviews too.

On analysing the negative reviews, we saw that most of them are related to OFX’s internal audits that either red flag suspicious transfers or raise the need for additional documents – which is actually a good thing since we are talking about safety.

This means OFX takes their customers’ safety very seriously.

Here’s the full picture.


  • Consistently reliable service
  • Great rates
  • Responsive customer service

“I have been sending money transfers from the US to Spain for many years with OFX and they are an extremely reliable company. I have had 100% success rates on every single money transfer. From start to finish in approximately in 6 or 7 days the transfer is complete, efficient and to my entire satisfaction. They keep me totally informed throughout the process of the transaction and I have always trusted them with assured confidence. Their rates are very good and I highly recommend OFX for anyone as their source for money transfers.”

John Westphal

“Fast, easy and trustworthy. I had to move a significant amount of money to purchase a condo abroad. Marco was assigned to me right away and personally worked me through the process from start to finish.”

Simi Bedford

“I used a different money transfer service for quite a few years before I saw an ad for OFX on the TV and thought it was worth giving them a go. The rates were very competitive but the decider for me was knowing that I was able to pick the phone up to speak to someone who could help advise on timing my transfers or if something went wrong.”

David Nix


  • Too much documentation and too many audits

Sometimes this may not be ideal if you’re transferring money in an emergency.

However, most large transfers over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD are usually well-thought out transactions.

Considering large money transfers abroad are usually for buying or renting property overseas, covering educational fees, sending money to a new overseas bank account after emigrating, etc – there may be an unknown receiver at the other end.

So OFX’s focus on compliance and paperwork is actually a good thing.

The frequent audits prevent transfers being set up without your knowledge (OFX analyzes your past transfer patterns to identify and red flag suspicious activities.

4. Are OFX Apps Safe?

OFX caters to a savvy global audience and their mobile apps make it easy to track rates, transfer on the go, and stay on top of your transfers.

No app is perfect, but the high user ratings prove that the OFX apps provide a smooth and safe experience.

OFX apps rated:

OFX uses the following security features to protect their customers’ data, money, and identity:

  • Finger-print scanner
  • Two-factor authentication

The finger-print scanner makes sure that no one else but you can log in to their app.

So where does the two-factor authentication come in?

If you switch to another app while using OFX, they will send you a secure login code via text when you switch back to the OFX app.

5. Is OFX a Bank (and have Deposit Insurance)?

No, OFX is not a bank even though they do offer some bank like features.

This means they do NOT have deposit insurance.

However OFX is a regulated financial institution in many countries which means they have to do a lot of things to safeguard your money.

6. Who Owns OFX?

OFX does not have just one owner – it’s a publicly listed company in the Australian Stock Exchange (ASX) with many shareholders.

From OzForex to OFX, it has been a long journey for this money transfer giant.

OzForex was started in Sydney by Matthew Gilmour in 1998 as a forex information website, but over the years it became one of the most trusted money companies in the world.

Things started to change in 2007, 51% of OzForex was bought by Macquarie Bank, which fueled its global expansion and rebranding (name changed to OFX).

Currently, OFX has offices in 8 countries, employs 400 people, and offers transfers to 190 countries in 50 currencies.

Finally, as a publicly listed company, OFX is very transparent about their growth path.

If you’re curious whether OFX will be around in the future and can be trusted with your money, you can check out their investor reports on their website.

Bottom Line

OFX takes every measure possible to keep your money and information safe.

They’re also regulated in many countries and have physical presence (offices) globally.

Their 300,000 users highly trust OFX overall with their transfers and we’ve had a great experience with them too!

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