Quick verdict
Good for
- Large transfers
- Flexible transfers with OFX’s forex tools
- Personal and business use, as well as for online sellers
Not so great for
- Paying with card or cash
- Cash pick-up
- Recipients without a bank account
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Review: OFX international money transfers – May 2022
OFX provides competitive exchange rates when you send money abroad.
See our full list of pros and cons below.
Learn more about:
OFX exchange rates and fees
OFX doesn’t charge a fee for European customers but it does add a margin on the exchange rate. Calculate how much your transfer with OFX could cost in our calculator below.
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Available currencies
OFX sends money to over 75 countries around the world. 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 in major currencies generally take between 1-2 business days from the moment your funds are received. Most other currencies will take a bit longer, averaging out at 3-5 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 take
1 - 2 days
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 8.8* out of 10, based on over 3,442 reviews.
How does OFX make money?
OFX does charge a transaction fee for its European customers however, it will add a margin on the exchange rate it offers.
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?
- Log in to your OFX account.
- Use the calculator on your dashboard to calculate how much you want to send and to which currency.
- Click “transfer now”.
- Add your new recipient. You’ll need their bank account details and address.
- Select a reason for your transfer.
- Review and confirm your transfer.
- Transfer your funds to OFX.
- 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 OzForex, UKForex, USForex – but consolidated under the OFX name in 2015.
As well as Sydney, OFX has offices in Canada, Hong Kong, New Zealand, the UK and the US.
In a nutshell
Pros
- No fees. As a European customer, you can enjoy fee-free transfers.
- 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.
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 have 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.
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