OFX Review [Uncovered] – 7 Must Knows
Overpaying on fees and hidden charges while using traditional banks for international transfers can be frustrating.
But there is something worse: having your account frozen mid-transfer, which does sometimes does happen even with the best services.
Fortunately a lot of that can be avoided and OFX is an excellent way to transfer money and in many situations we think they are number one.
Having used OFX for many years, I’ve come to realise that OFX is not be perfect for everyone’s needs.
Even I don’t rely on them for every transaction.
But don’t worry, 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.
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
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||“Great” – 4.2/5 on Trustpilot with 5400+ reviews (Feb 2023)|
|💰 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:
- Sending large bank-to-bank transfers inexpensively (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)
- Excellent online experience with 24/7 telephone support as needed
- Dedicated multi-currency account for business
- You want to send cash
- You need super fast (but more expensive) transfers
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
|Best OFX Alternatives|
|#1 Wise||Transparent with low fees and designed for smaller transfers|
|#2 WorldRemit||Best for making smaller cash transfers|
|#3 Remitly||Fastest small personal transfers|
#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
OFX is known for making large transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD extremely affordable.
So how are they making money?
Through exchange rates and fees.
Here are the costs you need to be aware of:
- Sending fee: Sometimes your bank will charge you a fee to fund the transfer
- Transfer fee: OFX can charge a fixed $15/£10 or equivalent fee for all transfers below $10,000 (but this fee gets waived for all transfers over $10,000 or for every transfer if you use the links on this page). You can see how large transfers are more affordable than smaller transfers.
- Exchange rate margin: OFX charges a margin on the exchange rate they offer (not the interbank rate), which decreases as the amount you transfer goes up. We verified this by logging on to our own account.
- Receiving fees: Sometimes the receiving bank may charge fees (These fees can be $30/£20 but usually about $15/£10 at each end). We refer to these as hidden fees because they do tend to surprise you when you get your bank statement! OFX eliminates these fees for many people!
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:
- Sign up for an account! (Use this link to avoid a possible $15 fixed fee).
- Verify your identity — E.g. Photo of your ID. Verifying accounts can take 2-3 days. But you can speed this up by giving customer service a call (available 24/7)
- Set up the transfer: Select your currency pair and fund your transaction
- Sit back and let OFX complete your transaction! Track your transfer by logging in to your OFX account and click the “Deals & Orders” tab.
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’s service is described as “reliable” and “consistent.”
- Its easy interface
- The great rates
- Fast transfer speeds for commonly traded currencies.
- Helpful and easily contactable customer service (available 24×7 to troubleshoot or help set up your transfer)
We also noted that most of the reviews were written by people who regularly use OFX, which is a good sign.
Here’s what users had to say about her experience with OFX:
“Great service from beginning to end. I have been using OFX for almost five years now. Never experienced a problem.”
“Initially, I experienced a problem with accessing my account. However, one call to your UK office resolved the matter and my transfer was processed in record time. Please convey my thanks to your excellent team.”
The number one reason for dissatisfaction with OFX boiled down to money transfer delays.
Some users tried to send money via OFX to cover emergency expenses and the transfers did not reach on time.
Since OFX only supports bank-to-bank transfers at the moment, transfers usually take longer (2-4 days for major currencies).
Delays can also occur when you set up your transfer on a weekend or a holiday as OFX audits, processes, and transfers money during regular banking hours.
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?
OFX is safe, and is even one of the oldest pioneers of modern money transfers — it’s been operating since 1988 (previously known as OzForex)!
They have a physical presence (offices) all over the world and have facilitated over $100 billion in transactions to date.
Here are the main ways OFX keeps your money and information safe:
- It’s a licensed and regulated money transfer company: OFX is held to the same regulatory and compliance standards as any high street bank.
- SSL certificate on their website makes sure your information is never intercepted when you’re sharing sensitive information (such as your bank details) while setting up your transfer.
- It has multi-layered technology to prevent fraud by detecting phishing, malware, and fraudulent apps that may target its users.
- OFX employs automatic time outs and recommends users to set strong passwords to prevent identity theft while using their website or app
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?
The quick answer is: 2-5 days.
How long it takes to transfer money with OFX depends on:
- Type of service: Spot deals for a popular currency pair can arrive in 2-4 days. But Limit Orders can take up to a week to be completed.
- Your chosen currency pair: Popular currencies can arrive as fast as 2 days. But exotic currencies also take about 5-7 days.
- When you initiate the transfer: Initiating your transfer during the regular banking hours in your country will make the process faster. While transfers set up on weekends, holidays, or outside regular banking hours can take longer.
Bonus: OFX for Business
OFX helps businesses save money on their international transfers.
They’re ideal for small and medium businesses (including online sellers) who transfer up to $1 million USD (or equivalent globally).
OFX’s business account will allow you to:
- Open a multi-currency account to manage different currencies at the same time
- Open local currency accounts in USD, EUR, AUD, HKD, SGD, CAD, or GBP and collect funds from payment gateways, marketplaces, or directly from customers without paying hefty bank fees. (Can also be used to pay tax and other business expenses without currency conversion fees)
- Automate international payments for subscriptions, suppliers, and overseas staff and save time as well as transfer fees
- Integrate with Xero to invoice in foreign currencies directly and sync all of the transactions in a single dashboard
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.
Is OFX better than Wise?
It depends on your needs. Based on analyzing many 1000s of reviews including the negative ones and having extensively used both on regular basis – we think they are both top of their game. Which one you should choose we think should be determined by the amounts you are planning to send.
What makes OFX different to many other money transfer services?
Founded in 1998, OFX has been around longer than most and was the first to introduce 24/7 customer service. OFX is a no-nonsense service which focuses on lowering fees and providing a great experience without the hype.
How much does OFX cost?
OFX charges two main fees. The first is included in the exchange rate, which is based on the currencies being exchanged and the amount. The second fee is a $15 fixed fee (if applicable) for smaller amounts, but it can be waived using partner links. Other fees that may be charged to the sender and receiver are mostly avoided.
Is OFX a good for sending money?
OFX is highly rated by third-party reviewers and comparison websites. It is best suited for transferring larger amounts from one bank account to another due to its combination of offline support and online simplicity, as well as its cost structure. Other services have their own strengths.
Is OFX better than Western Union?
OFX and Western Union are focused on different markets. In general, OFX is designed for large transfers bank to bank while Western Union for decades has been focused on smaller cash transfers.
How does OFX work?
OFX facilitates money transfers from multiple countries by efficiently exchanging currencies on their own books and through bank wholesale rates. This efficiency reduces costs for its customers significantly. At the same time, it prioritizes providing excellent customer experiences.