OFX Review [Uncovered] – 7 Must Knows

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.

OFX was the first service I signed up to after losing thousands to banks and over a decade later after reviewing and using much of their competition I think they are still number one for large transfers from most people.

In my opinion, OFX is the best money transfer service for most people who want to transfer large amounts (over $7000 USD) and are happy setting up transfers online.

Of course, overpaying on fees can be frustrating and OFX reduces the percentage fees taken as amounts increase.

But having your account frozen mid-transfer can be way worse and most people don’t this does occurs pretty regularly, even with the best services.

To help minimise any frozen money issues, OFX does a lot to help minimise this happening but sometimes you or your bank are the cause and OFX’s 24/7 phone number is essential to helping with these instances.

In this OFX review I will show you what works and some great alternatives. I will also share some insights on how to make the most out of OFX should you choose to use them.

Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.

Pros

1. Very competitive exchange rates

2. Physical offices globally (inc. US) = better service/confidence

3. Wide base of receiving countries (190+ countries, 55 currencies)

4. Top ranked service by 3rd party reviewers.

5. Online platform + offline service option

Cons

1. Smaller amounts can be relatively expensive (but still much cheaper than a bank)

2. Slower bank–to–bank transfers only (but speed comes at a cost)

3. No cash pickup

1. Low Down on OFX

On Trustpilot, OFX reviewers rate it 4.2/5 with over 5500 reviews which is considered “Great”. The reviews indicate that OFX is easy to use, transfers are processed fast, and they have low service fees.

3rd Party Reviews

Most customer review sites are pretty positive on OFX and this has been the case for many years we have covered them.

But are they legit?

We believe the vast majority are, because when you read them it is pretty clear these are real people with individual needs. Also if the review is negative, OFX personally contacts people.

And there is a lot to be learned from these negative reviews as we will discuss below.

First, let’s see if OFX is right for you

🏦 Established	1998 in Sydney, Australia
💁 Clients	Personal and Business (Worldwide)
💱 Currencies	55 currencies
🏛️ Physical Offices	US, UK, Canada, Australia, New Zealand, Singapore, and Hong Kong
💻 Availability	Online, mobile and phone
⚖️ Regulation	Regulated in the US, UK, Canada, Australia, Europe, Singapore
🔒 Security	Publicly listed company (Australian Stock Exchange), Security questions and automatic time-outs, Fraud prevention technology, SSL certification.
⭐ Reviews	“Excellent” – 4.3/5 on Trustpilot with 5400+ reviews (Jan 2024)
💰 Fees	Potential $15 fixed fee for transfers below $10,000 USD (use links on page to remove). Margin on the exchange rate reduce down to below 0.5% as amounts increase.
🌐 Official Website	Visit OFX and have $15 fee removed forever (if applicable)

2. Is OFX Right for You? (And When It’s Not)

Here’s a quick summary of when it works best and when it doesn’t:

With OFX, you can:

• Send money globally: 190+ countries in over 55 currencies.
• Set up recurring payments: like tuition fees or mortgage payments without hefty bank fees.
• Access flexible transfer options (like forward contracts) and save money in the long term.
• Get a powerful business multi-currency account that lets you pay and get paid like a local by opening local currency accounts in USD, EUR, AUD, HKD, SGD, CAD, or GBP.
• Integrate with other business tools like Xero.

2.1 When OFX Works

Sending Large Bank-To-Bank Transfers Affordably

(above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)

When we compared international money transfer services we found it is really tough to beat OFX for larger transfers since it’s specifically designed for this.

This means fees are excellent and actually improve (in percentage terms) as the amounts increase.

So that OFX can make money on smaller transfers they sometimes add a $15 fee (below $10,000) however we organised to have this fee removed (opens a new tab) so you can avoid this fees all together – if applicable.

Here is a chart we created to show how the fees reduce as amounts increase:

We all want the cheapest international money transfers, as mentioned OFX really comes into its own because their whole system is designed for transferring large amounts.

Why this is important:

Many services and banks can have issues transferring large amounts due to regulations. The problem for you is that frozen funds and cancelled accounts happens all the time.

To help avoid this, OFX are focused on the right things for large transfers.

This starts with gathering enough information to ensure things like frozen funds and cancelled accounts don’t occur.

Because of their sign-up requirements and 24/7 phone support, they eliminate many issues you could encounter or resolve them quickly.

And there is something else they do that banks and some money transfers services don’t do.

Having international bank accounts all around the world (115 in total) means that there are usually no extra costs charged by banks at either end. This in itself can save $30 – $60 per transfer quite easily.

Also for many people OFX charges a fixed fee of $15 for amounts below $10,000 USD, however you can use the links on this page you will get this fee removed – for every transfer.

Excellent online experience with 24/7 telephone support as needed

Possibly the best thing about OFX is their simple online platform with 24/7 phone support.

It is the best of both worlds – online ease with human support.

And 24/7 phone support can make a world of difference.

You see, international money transfers are relatively complex. There are a lot of moving parts and 3rd parties.

And as many 3rd party review sites suggest using some services can turn into a nightmare with frozen funds and blocked accounts.

OFX seems designed to help avoid these issues starting with the sign-up process but most importantly backed up by a network of offices around the globe which means 24/7 support (if needed).

You Need Flexible Options

Whether you want to send money immediately, set up recurring large payments, choose your own exchange rate, or secure a favorable rate for future transfers, OFX has you covered.

For example, their Forward Contract (wiki) can be particularly useful if you’re moving overseas and want to secure a good rate for your large fund transfers.

Dedicated Multi-Currency Account for Business

Setting up and maintaining local bank accounts when you’re expanding into new regions can be complicated and expensive.

But with OFX’s multi-currency account, businesses (including online sellers) can pay and get paid in different currencies where they conduct business.

2.2 When OFX Doesn’t Work

You Want to Send Small Amounts or Cash Worldwide

While you can transfer relatively small amounts (above $1000 USD / £100 GBP / $250 AUD/CAD) with OFX, they are not the cheapest below$7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD.

But just as OFX exchange rate has extremely low margins for larger transfers, for smaller amounts the margins on the exchange rate increase in percentage terms as the amounts get smaller.

The reason for charging these extra fees is understandable because they have 24/7 phone support and many offices worldwide.

But the reality is that for smaller transfers, you very rarely (if ever) need telephone support for smaller transfers.

Fees aside, OFX also only supports bank-to-bank transfers.

So if your recipient needs a cash payout or simply wants to save the most in fees possible, you can do better than OFX. (Fortunately, we’ve got OFX alternatives below).

That said, if you want to send the occasional small amount or want telephone support you can avoid a fixed fee of $15, if you click here (opens a new tab).

You Need Support for Exotic Currencies

OFX supports 55 currencies, which covers most major and some exotic currencies.

But if you’re looking to convert and transfer in other exotic currencies, OFX can fall short in some situations (see alternatives in the next section).

You Need a Multi-Currency Account for Personal Use

Currently, OFX only offers multi-currency accounts to businesses.

So it may be a great option if you’re an expat that only needs to save on a few large transfers during and after moving abroad.

But it may not be ideal if you’re a frequent traveler or international freelancer that wants to have a personal account to hold different currencies(see alternatives below).

You Need Fast Personal Transfers

International transfers with OFX typically take 2-4 days to be completed mostly just due to the times it takes banks at each ends to clear funds.

OFX itself holds you funds usually for no time at all in practical terms.

However if speed is a high priority and you are happy to pay extra for this, other services will work better.

So if you’re looking to support your friends and family during an emergency with an instant (or same day) transfer, OFX is not the right currency transfer service for you(see alternatives next).

2.3 Best OFX Alternatives

#1 Wise – Affordable Bank Transfers for Small Amounts (With Personal Multi-Currency Account)

Wise is our top choice for most people because of its transparent and affordable fees structure for smaller transfers (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD).

They let you move money at the inter-bank rate and without a margin on the exchange rate (unlike any other service out there).

Plus, you can see the exact amount your receiver will get right now on the Wise calculator here — no sign-up required! This eliminates any surprise fees after your transfer has taken place.

Here’s what else we like about Wise:

• It works in many places: Sign up from 66 countries (including the US, Canada, the UK, Australia, and Eurozone) and set up transfers in 40+ currencies.
• Powerful multi-currency account for individuals and businesses: Hold, manage, and convert between 55 currencies.
• Get local bank account details from different countries like a US routing number, Euro IBAN, and more.
• One of the best international prepaid debit cards linked to the multi currency account: Spend different currencies easily when shopping online or traveling.
• Business accounts features: Invoicing features, make bulk payments, and manage different currencies at affordable exchange rates.
• Debit and credit cards supported for funding transfers.

If you’re looking for a robust multi-currency account for personal use, you can’t go wrong with Wise.

You can learn more about Wise from our in-depth reviews about its the Wise multi currency account (review) and money transfer features from our Wise review.

You might also like OFX Vs Wise

#2 WorldRemit — Small Transfers in Cash Worldwide

WorldRemit is our top choice if your recipient doesn’t have a bank account or prefers to receive small amounts in cash (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD).

Here are the 3 reasons why we like them for this purpose:

• Their excellent network of cash collection centers in all areas they service. This includes places like banks, pawnshops, and other third-party agents, so you can be sure that your recipient will be able to find a WorldRemit agent where they live.
• Their fees are quite competitive compared to banks and traditional cash transfer services like WesternUnion, MoneyGram, and Ria.
• You can easily set up your transfer online.

Here’s the best bit:

If you sign up here, you will get your first four transfers fee-free (using the code ‘3FREE‘*).

WorldRemit available for registration worldwide (including the UK, US, Canada, Australia, and Eurozone) and let you send money to 130 countries worldwide.

*Offer available in selected countries – click “sign-up” for details.

Learn more about sending small amounts in cash with WorldRemit review.

#3 Remitly — Near Instant Personal Transfers of Small Amounts

Remitly is a great choice for those that need speedy transfers especially for smaller amounts.

In fact, your recipient can expect the funds within minutes when you fund with a debit card.

Here are some of its other top features:

• Two sending speed options — Economy (slower and more affordable) and Express (near-instant and more expensive).
• Send money from 16 developed countries (including the US, Canada, UK, and Australia) to over 50 developing countries worldwide.
• Affordable rates
• Fund your transfer with a credit or debit card to speed up the transfer process. While more expensive, it’s worth paying a premium when you need to send money during an emergency.

Heads up: Remitly is only available for personal transfers.

Learn more about transferring small amounts fast from our Remitly review.

3. OFX Fees

For large transfers the bottomline is, OFX gets more affordable as the transfer amount increases.

While OFX doesn’t benefit directly from the sending fee (1) and receiving fee (4) they can be costly.

This is just one way OFX shines.

The sending fee (1) and the receiving fee (4) are usually zero (or very low), because OFX has a network of 115 local bank accounts at the sending and receiving ends for most major currencies.

The transfer fee (2), that most money transfer services charge (to help pay for smaller transfers) can be avoided when you can use the links on this page.

The only other fee left is usually the largest for any money transfer service – the exchange rate margin (3) – which in the case of OFX we found to be very competitive especially for larger amounts.

Take note: OFX has country and currency-specific minimum limits for transferring with them. (For USD it’s $1,000 USD, for AUD it’s $250 AUD, etc.)

Many money transfer companies charge a small fixed fee. OFX does sometimes charge a small fee of $15. However, you can simply use one of the links on this page to remove this.

4. Tips to Use OFX

Using OFX is pretty simple and basically comes down to these 4 steps:

Other key things to note about using OFX:

• OFX sign-up countries: US, Canada, UK, EU, Australia, New Zealand, Singapore, and HongKong.

• Main ways of funding your OFX account depending on your country and bank:
  – Electronic Bank Transfer (Australia, Canada, US, and UK)
  – Wire Transfer (Canada and US)
  – ACH Direct Debit (US)
  – BPay (Australia)
  – Debit Card (UK)
  – Electronic Bank Transfer is used by businesses in most cases.

• They offer other flexible transfer options depending on your needs: Spot Deal, Forward Contract, or Limit Order.
  • For Spot deals and Limit orders, you need to transfer money from your bank account to OFX’s account right away (based on your location, there may be other ways to fund your transfer. For example, Australian users can use BPay to fund their transfer).
  • For Forward Contracts, you can rest easy knowing that your chosen rate will be valid for the next 12 months.

• You can transfer up to $2 million USD or equivalent with OFX to 190+ countries in 55 currencies. However, your country or your recipient’s country may have limits for international transfers.

Pro Tip: Set up alerts so you can track the progress of your funds. You can “Choose to receive notifications when funds are received by OFX and funds are paid out to your recipients.”

4.1 Does OFX have an app?

OFX has a mobile app for both Android and iOS users (both apps are rated 4+ in the respective app stores).

You can use this app to sign up for OFX, set up rate alerts, initiate transfer easily, and track your payments.

5. What do OFX Customers Say (including Negative Reviews)?

We dug through hundreds of real OFX reviews (both positive and negative) and found out that OFX is rated 4.2/5 on Trustpilot with over 5500 reviews (up from 4/5 with 4800 reviews).

89% of the reviewers has a positive experience (3,4 or 5 stars) with OFX rated as “Great”, while 11% had a negative experience. OFX reviews on reddit are also complimentary.

While a relatively small percentage of users were dissatisfied with the service, we find that a lot can be learned from the negatives.

Here’s what we found:

Overall, OFX is great for large sum transfers at affordable rates that do not need to be received quickly.

But, do not choose it if you want same-day or instant transfers.

Remitly will be the best alternative in this case, and you can read more about it in our alternatives section here.

6. Is OFX Safe?

If you’re curious, OFX is regulated by:

• FinCen in the US (and relevant state regulatory agencies)
• FCA in the UK
• FINTRAC in Canada
• ASIC in Australia
• The Central Bank of Ireland in Europe
• MAS in Singapore

OFX is also licensed as a Money Service Operator with the Customs and Excise Department of Hong Kong.

As a licensed and regulated money transfer company, OFX is held to the same regulatory and compliance standards as any high street bank — this helps to prevent fraud, theft, and money laundering.

According to public documents (they are listed on the ASX Stock Exchange) OFX has zero debt generating profits year on year with strong growth particularly in North America with their recent acquisition of Firma.

7. How Long Do Transfers Take with OFX?

Bonus: OFX for Business

Verdict

OFX is our top choice for international transfers of large amounts (over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD) due to its affordable fee structure and its 24/7 phone support, which is often overlooked.

However, there may be certain situations where OFX may not meet your needs. (Don’t forget to check out our “Is OFX Right for You? (And When It’s Not)” section).

If you’re making smaller transfers below $7000 USD, Wise is usually our #1 recommendation because of its transparency and cost-effectiveness. (It also offers a multi-currency account and prepaid debit card)

For smaller international transfers in cash, you can’t go wrong with WorldRemit.

And for those prioritizing speed (e.g. in an emergency), Remitly can facilitate almost instant transfers.

We hope this will help you narrow the best service for you.

Happy transfers!

FAQs