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.
15.69 MXN = 1 CAD
15.75 MXN = 1 CAD
15.73 MXN = 1 CAD
15.35 MXN = 1 CAD
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.
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:
Head to the OFX website and click on register.
You will need to choose between a personal or business account.
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.
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.
Once logged in to your account, enter your recipient’s details including their full legal name, residential address and their banking information.
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 take
1-2 business days
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.
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?
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.
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.
No. OFX doesn't accept cash, check or credit card payments.
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.
OFX is a global money transfer company that separates itself from the competition by never changing 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.
Yes, OFX is regulated in multiple countries around the world. In Australia, OFX is regulated by ASIC and is a member of the Australian Financial Complaints Authority (AFCA).
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.
Zak Killermann is a publisher at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
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