Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

OFX Review

&

Last updated:  

Get a competitive rate and pay no fees when you send your money overseas with OFX.

finder.com’s rating: 4.0 / 5.0

★★★★★

How’d we get our score?

Fees & rates: 3.5 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 3.5 / 5.0
  • Pick this if you need to send a lot of money since OFX has no maximum limit.
  • Pick something else if you need to make a fast, time-sensitive transfer.

24 hours

Fastest Transfer Speed

$1,000

Minimum Transfer Amount

Details

Available CurrenciesAED, AUD, AZN, BGN, BHD, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VND, VUV, WST, XOF, XPF, ZAR
Customer ServicePhone, Email
Pay ByBank transfer
Receiving OptionsBank account

OFX is a digital money transfer service that allows you to send money to more than 80 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. OFX has no transfer limits, but only bank account to bank account transfers are supported.

Why should I consider OFX?

  • Wide range of currencies. OFX supports over 55 currencies, including many exotic ones.
  • No fees. There are never any transfer fees when sending an OFX money transfer.
  • 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

  • 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 before you can begin sending money worldwide.
  • Recipient must have a bank account. If you want to send to a mobile wallet or cash pickup location, a different service will suit you better.
  • Only online. You can’t pay in-store with cash.
  • High minimum transfer. You must transfer at least $1,000 within the year and a minimum of $200 per transfer to use OFX’s services.

OFX reviews

OFX reviews are fairly positive across the board, but with many negative reviews focused on OFX’s identity verification process. Because OFX adheres to strict anti-money laundering (AML) protocols, it requires customers to verify their identity by phone as well as submit documents proving their identity. On Trustpilot, OFX has responded to nearly every negative review with details on how to contact management and help the customer solve their issue.

OFX reviews on various trusted websites — accurate as of Jan 1, 2021.

Trustpilot score4.3 out of 5, based on 4,248 customer reviews
CompareRemit3 out of 5, based on 20 customer reviews
BBB ratingA+, accredited since 2013
NerdWallet4 out of 5, staff reviewed
Finder4 out of 5, staff reviewed

OFX’s exchange rates and fees

The exchange rate offered by OFX is not what you’ll see on Google since OFX adds a margin on top of the mid-market rate.

  • OFX doesn’t charge fees, instead it adds a margin to the mid-market rate.
  • OFX’s exchange rates are usually 1.5% or less above the mid-market rate when you transfer funds.
  • The larger your transfer, the smaller the percentage taken by OFX.

If you sign up through Finder, your first transfer will only have a 0.4% margin.

Go to site
Check if there are any OFX promo codes available

How long does an OFX transfer 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 days
  • Exotic currencies: 3–5 days

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

What currencies does OFX support?

OFX sends money to over 55 currencies around the world, covering most major and a lot of exotic currencies. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include the following:

  • GBP British pound
  • CAD Canadian dollar
  • CNY Chinese Yuan
  • EUR Euro
  • INR Indian rupee
  • MXN Mexican peso
  • PHP Philippine peso
  • KRW South Korean won

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 short, OFX regulations include the following:

  • Australian Securities & Investments Commission (ASIC) — Australian Financial Services License
  • Financial Conduct Authority (FCA) — Authorised Payment Institution
  • Financial Crimes Enforcement Network (FinCEN) — Federally registered US Money Services Business
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) — Money Service Business

What type of money transfers does OFX support?

OFX money transfers options come in a few shapes and sizes, with multiple ways to meet your transfer needs. There are two distinct ways to send money with OFX: through a Rapid Transfer or by taking advantage of OFX Risk Management features.

OFX Rapid Transfer

Rapid Transfers are the most common way to send OFX money transfers. When sending a Rapid Transfer, you have two options:

  • Single Transfers. OFX Single Transfers lock in the exchange rate when you confirm the transfer and have a minimum transfer amount of $150.
  • Recurring Transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfer you need to send. OFX requires a minimum of four transfers, and each must be $250 or more.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. You have two options when setting up your OFX Risk Management transfer:

  • Buy now, transfer later. Lock-in your exchange rate now using a forward contract, but schedule your transfer to send in the next two days to twelve months. A minimum transfer amount of $30,000 is required for this OFX transfer option.
  • Set your target rate. Use this option to set a target rate by utilizing a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer. A minimum transfer of $30,000 is required to set your target rate online, but that minimum drops to $10,000 if you set it up over the phone.

OFX also has specialized accounts for online sellers and businesses, which you can read more about in our reviews.

What do I need to send money through OFX?

To start, have the following information on hand to sign up for a free account with OFX:

  • Name, email address, address and phone number
  • Date of birth
  • Nationality and country of origin
  • Driver’s license or other state ID number
  • Occupation

How to make your first transfer with OFX

Take the following steps to get started:

  1. Go to OFX’s website.
  2. Choose a personal or business account. Enter your country, state and email address. Click Next.
  3. Enter estimates of your transferring needs. These amounts don’t have to be exact and can be changed later. Click Next.
  4. Enter your personal and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
  5. Check your email for registration confirmation. OFX may require you to confirm your identity by uploading a scan of your photo ID. You should receive a decision by email within two business days.
  6. Add your recipient’s information. After verification, log in to your account to enter your recipient’s details. Click Recipients and then Add new recipient. Enter their full legal name, residential address and their banking information.
  7. 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.
Blue icon of forms

My experience with signing up

I wasn’t looking forward to signing up for an OFX account because I don’t like speaking with customer service on the phone, but it turned out to be a relatively painless process. After creating my account and submitting my documents online, I called OFX and was connected with a representative within a few minutes. After answering questions about my ID and address, my account was good to go. Here are some key takeaways:

  • Did I have to interact with customer service? Yes, there is no way around this step.
  • How long did it take? The entire process took less than an hour, but only about five minutes of that time was actively spent signing up — the rest was just waiting.
  • What was unexpected? Customer service got straight to the point when I talked to them, so I was on and off the phone in less than five minutes.
Go to site

How do I track my OFX transfer?

You can track your transfer online by signing in to 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.

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.

Does OFX have a mobile app?

OFX app screenshot

Yes, OFX has an app on both Google Play and the App Store. The OFX app makes it possible to do the following:

  • Monitor exchange rates. View current and historical exchange-rate data with a few taps.
  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Track your transfer. See exactly where your transfer is anytime during its transition.
  • Access to dozens of currencies. Transfer between more than 55 currencies in more than 180 countries worldwide.
Ratings accurate as of September 27, 2020
Google Play Store4.4 out of 5, based on 2,420 customer ratings
Apple App Store4.8 out of 5, based on 907 customer ratings

More on the best money transfer apps

Bottom line

OFX provides fast and secure transfers from the United States in over 55 currencies, with diverse transfer options to fit a variety of needs. However, you’ll want to compare the features of a range of money transfer companies before deciding which is best for your specific needs.

Go to site

Compare OFX to similar services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

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.
Dunbridge Financial
Dunbridge Financial
24 hours
$10

View details
Dunbridge Financial offers diverse transfer options to more than 120 countries.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
loading

Compare up to 4 providers

Find out other alternatives to OFX

Want to compare OFX to other services side-by-side?

Frequently asked questions

Can I pay for my OFX transfer with cash?

No. OFX doesn’t accept cash, check or credit card payment.

Will I be notified when my OFX transfer is complete?

Yes. OFX provides notifications through the app, text or by email to keep you up to date at every step of the money transfer process.

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. OFX was founded in Sydney, Australia in 1998 and was previously known as OzForex. Before a brand consolidation in 2015, there were territory-specific brands around the world under the OFX umbrella: UKForex, CanadianForex, USForex, NZForex, ClearFX and Tranzfers.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

6 Comments

    Default Gravatar
    John
    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
      Joshua
      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!

      Cheers,
      Joshua

    Default Gravatar
    Alvin
    March 25, 2018

    Does sending money requires US bank account?

      Avatarfinder Customer Care
      May
      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.

      Best,
      May

    Default Gravatar
    Sanghan
    February 20, 2017

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

      Avatarfinder Customer Care
      Anndy
      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.

      Cheers,
      Anndy

Go to site