OFX review

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

  • 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.

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Details

Product NameOFX
Pay ByDebit card, Bank transfer
Receiving OptionsBank account
Customer ServicePhone, Email
Available CurrenciesAED, AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD

OFX is a digital money transfer service that allows you to send money in more than 50 currencies to over 190 countries from Canada. 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 for transfers over $10,000.
  • 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

  • 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 USD$150.

What is OFX best for?

OFX is best for those who are watching to keep their transfer costs low, but who are not too bothered by speed. If you are looking to make a larger transfer, OFX could be a good fit due to its lack of transfer fees and competitive exchange rates.

How much are OFX’s fees?

proves to be cheaper than banks when transferring money overseas as it doesn’t charge a transfer fee.

However, 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.

Example: Sending money to Mexico

Because OFX doesn’t charge any fees, you must pay attention to the exchange rate offered on your transfer. Here are a few example transfers using OFX rates from September 14, 2020, compared against a company using the mid-market rate but charging fees.

OFXNot OFX
Sending amount1,500 CAD1,500 CAD
Exchange rate15.69 MXN = 1 CAD15.75 MXN = 1 CAD
Fees0 CAD22.50 CAD
Total received23,535 MXN23,271 MXN
OFXNot OFX
Sending amount7,000 CAD7,000 CAD
Exchange rate15.73 MXN = 1 CAD15.35 MXN = 1 CAD
Fees0 CAD105 CAD
Total received110,110 MXN105,838 MXN

In this example, OFX is the better choice, especially when sending larger amounts of money. It offers exchange rates that typically beat those offered by Canadian banks. 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.

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.

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

View details
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 45+ currencies.
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What are the ways I can 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 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 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.

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:

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

1-2 business days

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.
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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 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.

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. 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 50 currencies in more than 180 countries worldwide.
Ratings accurate as of April 4, 2022
Google Play Store4.5 out of 5, based on 3,107 customer ratings
Apple App Store4.8 out of 5, based on 1.8K customer ratings
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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.
1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
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.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0

View details
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Remitly
Within an hour
$1.99

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.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%

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

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0

View details
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Simplii Financial
Within minutes
$0

View details
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Africhange
Within an hour
$0

View details
Send money in CAD to Africa on this blockchain and P2P powered provider.
Instarem
Within minutes
From $0

View details
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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