Review: OFX international money transfers – December 2019

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OFX provides competitive exchange rates and low fees when you send money abroad.

  • Good for large transfers
  • Not so great paying with card or cash

USD 150

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameOFX International Money Transfers
Min. Transfer AmountUSD 150
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, 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, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR
Online Transfer FeeCAD 0
Phone Transfer FeeCAD 15
Exchange Rate UpdatesReal time

Pros

  • No online transfer fee only available for Finder customers
  • Discounted exchange rates available for Finder customers
  • Quick turnaround time

Cons

  • Not available for transfers below $250
  • Phone transfer fee of $15

OFX exchange rates and fees

Calculate how much your transfer with OFX could cost in our calculator below. OFX does charge a fee for certain transfers, as well as a margin on the exchange rate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.756 USD
7,556
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

OFX sends money to over 75 countries around the world. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include:

  • CNY Chinese Yuan
  • VND Vietnamese Dong
  • GBP British Pound
  • PHP Philippine peso
  • EUR Euro
  • LKR Sri Lankan Rupee
  • THB Thai Baht
  • KRW South Korean Won

What types of transfers can I make with OFX?

OFX only supports bank to bank transfers, so you won’t be able to transfer to your recipient’s mobile wallet or a cash pick-up location. OFX also offers other forex tools and services to help you make your transfer, including:

  • Limit orders. Request a transfer that’s executed only when your desired exchange rate becomes available, at which point OFX will lock it in.
  • Forward contracts. With this tool, you lock in a favourable exchange rate now for a future transfer, avoiding unpredictable movements in the rate.
  • Recurring transfers. Avoid entering the details of your weekly, monthly or quarterly transfers by automating regular payments.
  • Business transfers. OFX helps businesses with a way to pay overseas vendors or suppliers.

How long does a transfer with OFX take?

Transfers from Canada to the US are the fastest, often taking only one business day. Most other currencies will take a bit longer, averaging out at one to two business days.

What payment methods does OFX accept?

OFX only accepts payment through a bank transfer. This means you won’t be able to pay with cash, card, cheque or bank draft.

Transfers typically takeClock icon for transfer speed

1 day

Is OFX safe to use?

  • Security and regulation: Government regulated, phone verification for new accounts, fraud detection.
  • Established: 1998
  • Reviews: Trustpilot gives OFX a score of 8.9* out of 10, based on over 3,300 reviews.
*According to OFX and Trustpilot on 19 November 2018.

How does OFX make money?

OFX makes its money off both the transaction fee it charges for transfers under $10,000 and a margin on the exchange rate.

The margin is what a money transfer provider adds to the exchange rate to cover its own fees. You can see how much this is by checking the exchange rate you’re quoted against what the market rate is on XE or Google.

How to register an account

How do I make an international money transfer with OFX?

  1. Log in to your OFX account.
  2. Use the calculator on your dashboard to calculate how much you want to send and to which currency.
  3. Click “transfer now”.
  4. Create your new recipient. You’ll need their bank account details and address.
  5. Select a reason for your transfer.
  6. Review and confirm your transfer.
  7. Transfer your funds to OFX.
  8. OFX will transfer your money once it’s received and you’ll get confirmation that it has arrived.

What is OFX?

Launched in 1998 in Sydney’s Northern Beaches, OFX has grown from an information-only website to a provider with 24/7 global market access. OFX used to operate under several country-specific names – like Canadian Forex, OzForex, UKForex, USForex – but consolidated under the OFX name in 2015. OFX has offices in Canada, the US, the UK, Australia, New Zealand and Hong Kong.

In a nutshell

Pros
  • No fees on larger transfers. You’ll be paying a $15 flat fee on transfers under $10,000, though.
  • Flexible options. From placing forward contracts to scheduling regular transfers, there’s a range of options to suit your needs.
  • No maximum limit. This makes it good for larger transfers.
  • Options for business use and online sellers. You may be able to lock in competitive business rates.
Cons
  • Only bank account transfers. You’ll need to look elsewhere if you’re after cash transfers or paying by card.
  • No cash pick-up. Your recipient will need to have a bank account to receive the money.
  • Must have an account to get a quote. You’ll need to register to see what rates OFX is offering.

How does OFX compare to other providers?

OFX is just one among many money transfer companies. Use our calculator below to see how OFX stacks up against the competition.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 0.751 USD
3,744
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.756 USD
3,775
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.759 USD
3,759
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.751 USD
3,755
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.751 USD
3,755
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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