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Minimum Transfer Amount
Fastest Transfer Speed
24 hours
Receiving Options
Bank account

Our verdict

Transfer large amounts of money with no fee, and schedule transfers ahead of time to get the lowest exchange rate.

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OFX is a great choice for low-cost transfers in more than 50 currencies to over 170 countries from Canada. You'll also have your pick of forex tools including forward contracts, limit orders and recurring transfers. There are no maximum transfer limits and the percentage-based fee will work out better the larger your transfer is. So you'll typically get a better deal for smaller transfers if you look elsewhere.

While you can create a free account online, you'll need to speak to OFX on the phone to verify your details before making your first transfer. You'll want to look elsewhere if your recipient doesn't have a bank account or you only plan on making small transfers.


  • 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.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question


Product details

Product Name OFX
Pay By Debit card, Bank transfer
Receiving Options Bank account
Customer Service Phone, Email, In person

What is OFX?

OFX (previously known as CanadianForex), is an international money transfer service headquartered in Sydney, Australia. It has been in business for 25 years and has helped over 1 million customers move more than $261 billion CAD in total around the world. OFX’s Canadian office is located in Toronto, ON.

What we like about OFX

  • Wide range of currencies. OFX supports over 50 currencies, including many exotic ones.
  • No fees. There are no transfer fees for transfers over $10,000. Below that threshold, you’ll have to pay a $15 fee for any transfer.
  • Fix your rate. With certain types of OFX transfers, you can fix your exchange rate for up to 12 months to 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

  • 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. OFX has a minimum transfer limit of $250.

What is OFX best for?

OFX is best for people who want to keep their transfer costs low, but who are not too concerned with transfer speed. It’s also a good option for larger transfers, since OFX does not charge transfer fees for transfers over $10,000 and offers competitive exchange rates.

OFX 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.

Example OFX exchange rate markups

We’ve gathered a selection of OFX exchange rates for some popular destinations. These exchanges assume you’re sending $10,000 CAD, which will be deposited in your recipient’s bank account.

Destination countryOFX exchange rate (per 1 CAD)*Mid-market rate (per 1 CAD)*Estimated OFX rate markup
India62.1937 INR63.0637 INR1.38%
Philippines41.6026 PHP42.1279 PHP1.25%
Mexico12.7094 MXN12.8105 MXN0.79%
Japan106.5808 JPY107.359 JPY0.72%
Poland2.9192 PLN2.94372 PLN0.83%

*Exchange amounts were collected on December 27, 2023

Example: Sending money to Egypt

Because OFX doesn’t charge a fee on transfers over $10,000 CAD, you must pay attention to the exchange rate offered on your transfer. Here are a few example transfers using OFX rates from December 27, 2023, compared against a different company using the mid-market rate but charging fees.

Sending amount10,000 CAD10,000 CAD
Exchange rate1 CAD = 22.6517 EGP1 CAD = 23.3941 EGP
Transfer Fees0 CAD102.39 CAD
Total received226,517 EGP231,545.68 EGP

In this example, your recipient would get just over £5,000 EGP less with an OFX transfer to Egypt even though OFX does not charge transfer fees. That’s why it’s important to still compare your options before deciding which transfer service is right for you depending on where you need to send money.

What would your OFX transfer look like?

Use the table below to find out more details about what making a money transfer with OFX looks like. Click the Go to site button to visit OFX’s site and get a quote for your transfer.

Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Finder Award
24 hours
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.

How much are OFX’s fees?

Transfer amountOFX Fee
Less than $10,000 CAD$15
More than $10,000 CADFree

Because OFX drops the transfer fee for transfers over $10,000 CAD, it often proves to be cheaper than banks when sending large amounts overseas. That said, OFX makes money by adding a margin – typically 1.5% or less – on top of the mid-market rate.

What are OFX’s payment options?

OFX has multiple payment options including Electronic Funds Transfer, BPAY, Direct Debit and perhaps bill payment. You will receive an email after you have locked in your transfer. This will include the full range of payment options available to you, including Debit card, Bank transfer and possibly others. Just note that OFX doesn’t accept transfers made via cash or cheque.

What ways can I send money abroad with OFX?

OFX money transfers options come in a few shapes and sizes, with multiple ways to meet your transfer needs. There are 2 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 2 options:

  • Single Transfers. OFX Single Transfers or “Spot deals” allow you to lock-in an exchange rate for 24 hours from 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’ll need to pay a deposit when setting up a recurring transfer.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. Once again there are 2 options:

  • Limit Orders. 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 for between 2 and 365 days.
  • Forward Contracts. Lock in your exchange rate by using a forward contract – a type of hedging tool to help protect against future price changes – then schedule your transfer between 2 days and 12 months from the time you have locked in your rate. This option is best for business wire transfers and real estate purchases.

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

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.
Go to site

How to register with OFX?

You can sign up for an OFX account easily by following the prompts on either the OFX app or website. You’ll need to provide the following information when registering an account:

  • The country where you live
  • Your email
  • Details about your transfer needs (what currencies you want to transfer between and approximate amount)
  • Personal information (your name, birthday and phone number, along with your address and occupation information)

You’ll then set up your password and security question. Once your OFX account is registered, you’ll have to upload a selfie along with copies of government-issued photo ID (like a driver’s license, passport or provincial identity card) in order to verify your identity.

Blue icon of forms

My experience signing up with OFX

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 5 minutes.

How long does an international transfer with OFX take?

OFX separates its transfers into two categories: major currencies and exotic currencies. In general, these 2 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

1-2 business days

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 Canada, OFX is registered with the Financial Transactions and Reports Analysis Centre (FINTRAC) and holds a money-services business licence issued by the Autorite des Marches Financiers (AMP) to operate as a money service business in Quebec.

In order to make your transfer safe and secure, OFX also has 2-Step Verification through SMS verification codes. If you don’t have a mobile phone number, so you can’t complete the verification steps required through a phone, you can contact the OFX customer support team.

OFX reviews

OFX reviews are fairly positive across the board, with many negative reviews focused on OFX’s identity verification process. That said, as 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 many negative reviews with details on how to contact management and help the customer solve their issue.

Here is a snapshot of OFX reviews from customers online:

SourceOFX rating
Trustpilot4.2 out of 5 (based on 50 OFX reviews)
Google (Canadian headquarters)3.2 out of 5 (based on 19 OFX reviews)
OFX reviews verified as ofDecember 28, 2023

Does OFX have a mobile app?

OFX mobile 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. You can use both face and fingerprint recognition 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 50 currencies in more than 170 countries worldwide.

If you’re getting the OFX app for Apple, just note that the app requires iPhone iOS 17.0 or later or macOS 14.0 or later, and is compatible with Macs that have the Apple M1 chip or later. On Android, the app is compatible with Android 5.0 or later.

The OFX app is also highly rated by users across both iOS and Android.

Apple App Store4.8 – ★★★★★ (851 OFX reviews)
Google Play Store4.5 – ★★★★★ (‎3,625 OFX reviews)
OFX app reviews verified as ofDecember 28, 2023
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OFX customer service

OFX offers 24/7 customer service for personal transfers toll-free at 1-800-680-0750 or via email at Business clients can contact OFX toll-free at 1-855-680-0745 or by email at

OFX has physical office locations in 8 countries around the world in Australia, Canada, Europe, Hong Kong, New Zealand, Singapore, the UK and the US. OFX has 1 office location in Canada at Suite 1002, 145 King Street, Toronto, ON M5H 1J8.

How does OFX compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
Within minutes
From $0
Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
Instarem offers zero transfer fees on all transfers.
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Finder Award
Within minutes
From $0
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.
Finder Award
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
Finder Award
24 hours
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.

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

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