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Review: OFX international money transfers – May 2022

OFX provides competitive exchange rates when you send money abroad.

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

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.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Online Transfer Fee
OFX - Germany
AUD$250
1-2 days
No fee on transfers over AUD$10,000, AUD$15 fee otherwise.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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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 takeClock icon for transfer speed

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.
*According to OFX and Trustpilot on 21 February 2019.

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?

  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. Add 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 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.

1 - 9 of 9
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Germany
USD$1
1-2 Tage
Varies
Sparen Sie Geld durch den Mittelkurs und durch eine transparente Gebührenstruktur.
CurrencyFair - Germany
EUR€8 or equivalent
1-2 days
0.1% to 0.6% of the amount exchanged plus a EUR€3 (or currency equivalent) transfer fee.
Sonderangebot: Neukunden erhalten in den ersten 3 Monaten unbegrenzt gebührenfreie Überweisungen. Es gelten die AGBs.
CurrencyFair bietet unschlagbare Wechselkurse und schnelle Überweisungszeiten für mehr als 15 gängige Währungen.
Azimo - Germany
GBP 10
Instant
Varies
Azimo ist bekannt für schnelle Überweisungen, wettbewerbsfähige Preise, niedrige Gebühren und eine große Bandbreite an Zahlungs- und Überweisungsoptionen.
Remitly - Germany
EUR 0
1-5 days
EUR 1.49
Remitly bietet schnelle und günstige Überweisungen um die Welt mit Spar- und Expressoptionen.
Revolut - Germany
Revolut - Germany
USD $0
Within minutes
USD $0
Führen Sie von Montag bis Freitag gebührenfreie Überweisungen in über 27 Währungen durch.
XE Money Transfers - Germany
EUR€0
Same day
EUR€2
XE bietet schnelle Überweisungen mit niedrigen Gebühren und eine Reihe von Fremdwährungstools.
Panda Remit - Germany
Panda Remit - Germany
$10
Within minutes
0
Sonderangebot: Unbegrenzte gebührenfreie Überweisungen & 5 EUR Überweisungsgutschein. Es gelten die Bedingungen.
Panda Remit sendet Geld in über 30 Länder mit 24/7-Kundensupport und exklusiven Wechselkursen.
WorldRemit - Germany
USD$1
2 working days
USD$3.99
WorldRemit sendet Geld in über 110 Länder für Bank-zu-Bank-Einzahlungen, Bargeldabholungen oder Handy-Aufladungen.
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
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