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OFX Review

Take advantage of being able to fix your exchange rate in advance when you make a money transfer with OFX.

  • Good for low-cost transfers as no transfer fees are attached to your transaction.
  • Not so great if your recipient doesn’t have a bank account.

24 hours

Fastest Transfer Speed


Minimum Transfer Amount


Maximum Transfer Amount


Customer ServicePhone, Email
Pay ByBank transfer
Receiving OptionsBank account

OFX is a digital money transfer service that allows you to send money in more than 50 currencies to over 190 countries from the US. OFX transfers can be sent online or through the mobile app, with transfer times typically taking a business day or more. One advantage of the service is that you can fix your exchange rates for up to 12 months – and there are no maximum transfer limits. But keep in mind that only bank account to bank account transfers are supported.

Why should I consider OFX?

  • Wide range of currencies. OFX supports over 50 currencies, including many exotic ones.
  • No fees. There are no transfer fees attached when sending an OFX money transfer.
  • Fix your rate. You can fix your FX exchange rate for up to 12 months and transfer later.
  • Flexible options. Pick from one-off transfers, limit orders, forward contracts and recurring transfers.
  • Large bank network. With more than 115 banks in the OFX network, chances are good you’ll be able to transfer locally to avoid excess bank fees.

What to be aware of

  • Recipient must have a bank account. You won’t be able to send to a mobile wallet or a cash pickup location.
  • Only online. You can’t visit an agent location to make a transfer.
  • High minimum transfer. OFX has a minimum transfer limit of $1,000.
  • Unavailable in some states. Residents in Montana, Nevada and Wisconsin won’t be able to use OFX’s services as the company is not licensed in these states.
  • First transfer requires phone verification. You can sign up for a free account online, but you’ll need to be ready to accept a call from an OFX representative to verify your information.

How much are OFX’s transfer fees?

OFX often proves to be cheaper than banks when transferring money overseas as it doesn’t charge a transfer fee. You may find that your recipient’s bank will charge a fee to receive money from overseas. However, OFX tries to limit this cost by using its global network of local bank accounts where possible.

It is important to remember that while OFX doesn’t charge a transfer fee, it does add a margin on top of the mid-market rate.

How are OFX’s exchange rates?

OFX’s exchange rates are usually 1.5% or less above the mid-market rate when you transfer funds. Typically, the larger your transfer, the smaller the percentage taken by OFX.

It’s usually best to compare the rate displayed on OFX with the current mid-market rate to calculate the size of the margin charged. You can then use this as a benchmark for comparing the rates of other money transfer providers.

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What are the ways I can send money abroad with OFX?

OFX has two distinct ways to send money; through a Rapid Transfer or by taking advantage of OFX Risk Management features.

OFX Rapid Transfer

Rapid transfers are OFX’s most commonly used service. With it you have two options:

  • Single transfers. OFX Single Transfers or “Spot deals” allow you to lock-in an exchange rate when you confirm your transfer.
  • Recurring transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfers you need to send. You need to make a minimum of 4 transfers, but you can set up a direct debit and take advantage of Zero OFX fees.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. Once again there are two options:

  • Buy now, transfer later. Lock in your exchange rate by using a forward contract, then schedule your transfer between two days and 12 months from the time you have locked in your rate.
  • Set your target rate. Target Rate Transfers, or limit orders, allow you to set a target rate for your transfer. Once your target rate is triggered, OFX will contact you to complete your transfer. Your target rate can be valid up to six months.

How to make your first money transfer with OFX?

Firstly you will need to set up an account with OFX, but this is simple to do. Take the following steps to get started:

  1. Visit the website. Head to the OFX website and click on register.
  2. Choose account. You will need to choose between a personal or business account.
  3. Enter transfer estimates. Give an estimate of how much you plan to transfer each year and which currency pair you will use the most. These amounts don’t have to be exact and can be changed later.
  4. Enter personal details. Next, you will need to provide your personal details and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
  5. Add your recipient’s details. Once logged in to your account, enter your recipient’s details including their full legal name, residential address and their banking information.
  6. Talk to an OFXpert. Finally, send your funds to OFX and verify your first transfer. A representative from OFX will call you to verify the details of your first transfer. .

What are OFX’s payment options?

OFX has multiple payment options including BPAY, Electronic Funds Transfer and Direct Debit. You will receive an email after you have locked in your transfer. This will include the full range of payment options available to you.

However, it is worth noting that OFX doesn’t accept transfers made via cash, cheque or debit card.

How long does an international transfer with OFX take?

OFX separates its transfers into two categories: major currencies and exotic currencies. In general, these two categories have the following transfer speeds:

  • Major currencies: 1-2 business days
  • Exotic currencies: 3-5 business days

Both transfers may have additional time added on depending on how long it takes for your bank to transfer the money to OFX.

Transfers typically takeClock icon for transfer speed

1-3 days

How much money can I send with OFX?

OFX has no maximum transfer limit, which makes it a strong contender if you are looking to make a large transfer.

Remember, though, that your bank may have a daily transfer limit in place. OFX cannot make the transfer until it has received the full amount. So if your bank does have a limit in place, this may delay your money being sent and add to your transfer time.

Is OFX safe to use?

OFX operates and is regulated in multiple countries and jurisdictions around the globe and is listed on the Australian Stock Exchange.

In the US, OFX is registered as a Money Service Business with the US Treasury’s Financial Crimes Enforcement Network. It is also regulated by the banking divisions of the individual states where it has a license.

In order to make your transfer safe and secure, OFX has 2-Step Verification through SMS verification codes. If you don’t have a mobile number, but want to perform actions that require verification, you can contact the OFX customer support team.

How does OFX compare to other money transfer services?

If you want to see how OFX compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

1 - 15 of 15
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
24 hours

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Currencies Direct
Within an hour

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Within minutes

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
Currencies Direct
Within an hour

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
24 hours

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Within an hour
From $1.99

View details
Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
24 hours

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Wise (TransferWise)
Within an hour
From 0.41%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Within minutes
From $0

View details
Use code FINDERUSA20 for $20 off your first transfer from the US when you send at least $250. T&Cs apply.
Free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Within minutes
From $0

View details
Use code FINDERUSA20 for $20 off your first transfer from the US when you send at least $250. T&Cs apply.
Free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Within an hour

View details
Instarem offers zero transfer fees on all transfers.
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Currencies Direct (business)
Within an hour

View details
Minimizes costs of international transactions and offers custom solutions for business clients.
OFX International Money Transfers (Business)
24 hours

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours

View details
Increase business efficiency with zero transaction fees and same-day transfers.

Compare up to 4 providers

Frequently asked questions

What is OFX?
OFX International Money Transfers & Currency Exchange is a global money transfer company that separates itself from the competition by never charging fees on transfers. It was founded in Sydney, Australia in 1998 and was previously known as OzForex.

Is OFX legitimate?
Yes, OFX is regulated in multiple countries around the world. In the US it is a registered Money Service Business and is also regulated by the banking divisions of individual states where it holds a license.

Is OFX a good way to send money?
As a specialist money transfer service, OFX is likely to be cheaper than using your bank to send money abroad. While it doesn’t charge a fee, it does apply an exchange rate markup. It is worth comparing what rate OFX has on offer with other specialist money transfer providers.

Which is better, OFX or Wise (TransferWise)?
Both OFX and Wise (TransferWise) have competitive fees and stellar customer service. They are very similarly matched in terms of service, so ultimately you will need to weigh up your specific transfer needs against what each provider is offering. To view a deep dive as to how they stack up against each other, take a look at our OFX vs Wise guide.

How much does OFX cost?
OFX doesn’t charge a transfer fee. However, it does apply a margin to its exchange rate, which is usually 1.5% or less above the mid-market rate.

Is OFX a bank?
No, OFX is an international money transfer specialist. As a result, you will most likely find its rates and fees are considerably lower than what your bank will offer.

How do I contact OFX customer support?
If you need help with a transfer at any step of the process, OFX customer support is available by phone any time, day or night at +1 (888) 288-7354. You can also email them at

How can I track my OFX transfer?
You can track your transfer online by signing into your account and selecting Deals and orders, or by downloading the OFX smartphone app. OFX can also send you automated updates by email or text – select which you prefer under Your profile when you sign in to your account.

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  1. Default Gravatar
    November 7, 2018

    Hi I need to transfer from UK £ from a UK bank account to HK HSBC bank account in $US .. how long will this take, is it possible, how much is the cost

    • Avatarfinder Customer Care
      November 20, 2018

      Hi John,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Generally, if you are going to do an international bank to bank money transfer, it takes as much as 5 business days for your money to arrive in Hong Kong. It depends on the amount of money you send and how many people are doing transfers at a given period of time.

      When it comes to cost, it would depend on your bank. Cost may range from $0 to $30.

      It is worth noting that international money transfer service providers can do transfers as fast as 1 day. Not only that, but they cost less compared to a bank to bank transfer. If this is something that interests you, please check your our list of international money transfer service providers.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    March 25, 2018

    Does sending money requires US bank account?

    • Avatarfinder Customer Care
      March 26, 2018

      Hi Alvin,

      Thanks for your inquiry.

      When sending money through OFX, you’d need to go through bank account verification before you can send funds. If you are sending from the US, then yes, you’d need to have a US bank account.


  3. Default Gravatar
    February 20, 2017

    How do I pay money to you? How long does it take?

    • Avatarfinder Customer Care
      June 25, 2017

      Hi Sanghan,

      Thanks for your question.

      OFX accepts bank transfers from your account through. They don’t accept cash, credit card, checks or bank drafts as payment options.

      Transfers to most countries could take 1 to 2 days.


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