Review: OFX (formerly Ozforex) International Money Transfers

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

  • Good for large transfers, and it has products specifically designed for personal or business use.
  • Not so great if you need to pay with card or cash, or if your recipient doesn’t have a bank account.

1 day

Transfer Speed

USD 100

Min. Transfer Amount

No limit

Max. Transfer Amount

Details

Min. Transfer AmountUSD 100
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer Speed
Minimum transfer time
1 day
Online Transfer Fee15.00%
Available CurrenciesAED, AUD, AZN, BGN, BND, CAD, CHF, 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, XOF, XPF, ZAR
Online Transfer Fee15.00%

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 HKD$250
  • Phone transfer fee of HKD$15

Why should I consider OFX?

  • Wide range of currencies. OFX supports over 55 currencies, including many exotic ones.
  • No fees. There are no transfer fees when sending an OFX money transfer from Hong Kong, and accounts are free to open.
  • Flexible options. Pick from one-off transfers, limit orders, forward contracts and recurring transfers.
  • Low minimum transfer. The minimum transfer amount is 3 USD/EUR/GBP/AUD etc.

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.
  • The 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, and you can’t pay in credit card.
  • Only major currency pairs at weekend. You can only send non-major currencies during Australian market trading hours (8am-6pm AEST) on weekdays, which is quite inconvenient.

What is OFX?

OFX International Money Transfers & Currency Exchange is a global money transfer company that separates itself from the competition in Hong Kong by not charging 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. People use OFX for a range of reasons — from paying off mortgages abroad to paying foreign taxes.

OFX’s exchange rates and fees

OFX offers no-fee money transfers from Hong Kong. However, it charges a small markup which is added to the mid-market rate. This could range from 0.2 – 0.6% of your transaction.

Calculate how much your transfer with OFX could cost

Enter the amount you want to send and the currency you want to send to then click Calculate to see up-to-date OFX rates.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 100 1 day HKD 15.00 0.125 USD
1,253
非Finder客戶將獲得較昂貴的匯率。 Better exchange rates for Finder customers.
可用45種貨幣匯款。 OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Show details

Compare up to 4 providers

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

How long does an OFX transfer 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 days
  • Exotic currencies: 3–5 days

Both transfers may have additional time added on depending on how long it takes for your bank to transfer the money to OFX.

What currencies does OFX support?

OFX sends money to over 55 currencies around the world from Hong Kong, covering most major and a lot of exotic currencies. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include the following:

  • GBP British pound
  • USD US dollar
  • CNY Chinese Yuan
  • EUR Euro
  • INR Indian rupee
  • MXN Mexican peso
  • PHP Philippine peso
  • KRW South Korean won

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.

CountryRegulated by
AustraliaAustralian Securities & Investments Commission (ASIC)
United KingdomFinancial Conduct Authority (FCA)
CanadaFinancial Transactions Reports Analysis Centre of Canada (FINTRAC)
United StatesFinancial Crimes Enforcement Network (FinCEN)
Regulatory authorities vary by state
Hong KongHong Kong Customs and Excise Department
SingaporeThe Monetary Authority of Singapore (MAS)
New ZealandFinancial Markets Authority (FMA)

OFX reviews and complaints

Here is a breakdown of OFX reviews on various trusted websites — accurate as of December 30, 2021.

Trustpilot score4.3 out of 5, based on 4,7788 customer reviews
ProductReview3.1 out of 5, based on 271 customer reviews
NerdWallet4 out of 5, staff reviewed

OFX reviews are fairly positive across the board, with many negative reviews focused on OFX’s identity verification process. Because OFX adheres to strict anti-money laundering (AML) protocols, it requires customers to verify their identity by phone as well as submit documents proving their identity. On Trustpilot, OFX has responded to nearly every negative review with details on how to contact management and help the customer solve their issue.

What type of money transfers does OFX support?

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 in Hong Kong: 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 lock in the exchange rate when you confirm the transfer.
  • Recurring Transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfer you need to send.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. You have two options when setting up your OFX Risk Management transfer:

  • Buy now, transfer later. Lock in your exchange rate now using a forward contract, but schedule your transfer to send in the next two days to twelve months.
  • Set your target rate. Use this option to set a target rate by utilising a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer.

OFX also has specialised accounts for businesses and online sellers in Hong Kong.

What do I need to send money through OFX?

To start, have the following information on hand to sign up for a free account with OFX:

  • Name, email address, address and phone number
  • Date of birth
  • Nationality and country of origin
  • Driver’s license or passport
  • Occupation

How to make your first transfer with OFX in Hong Kong

Take the following steps to get started:

  1. Go to OFX’s website.
  2. Choose a personal or business account. Enter your country, state and email address. Click Next.
  3. Enter estimates of your transferring needs. These amounts don’t have to be exact and can be changed later. Click Next.
  4. Enter your personal and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
  5. Check your email for registration confirmation. OFX may require you to confirm your identity by uploading a scan of your photo ID. You should receive a decision by email within two business days.
  6. Add your recipient’s information. After verification, log in to your account to enter your recipient’s details. Click Recipients and then Add new recipient. Enter their full legal name, residential address and their banking information.
  7. 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.
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.

How do I track my OFX transfer?

You can track your transfer online in Hong Kong 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.

If you need help with a transfer at any step of the process, OFX customer support is available by phone any time, day or night at (+852) 3008 5721 (personal) or (+852) 2777 7147 (business).

Does OFX have a mobile app?

OFX 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 55 currencies in more than 180 countries worldwide.
Ratings accurate as of 30 December 2021
Google Play Store4.4 out of 5, based on 3,029 customer ratings
Apple App Store4.8 out of 5, based on 1,636 customer ratings

More on the best money transfer apps

Bottom line

OFX provides fast and secure transfers from Hong Kong in over 55 currencies, with diverse transfer options to fit a variety of needs. However, you’ll want to compare the features of a range of money transfer companies before deciding which is best for your specific needs.

Compare OFX to similar services

Use our comparison to see what your transfer could look like with only a few clicks. Enter the amount you want to send, select the destination currency and click Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 Within an hour HKD 140.00 0.127 USD
1,256
以透明的匯率,低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 10 1 - 2 days HKD 25.00 0.126 USD
1,258
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day HKD 42.00 0.127 USD
1,269
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
USD 50 Within an hour HKD 35.00 0.127 USD
1,269
使用優惠碼FINDER去獲取HK$1,500折扣。Use code FINDER to access the HK$1,500 discount.
InstaReM 提供簡單的匯款服務,大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 0.125 USD
1,255
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details
USD 2,000 1 day HKD 0.00 0.125 USD
1,255
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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.

Frequently asked questions

Can I pay for my OFX transfer with cash?

No. OFX doesn’t accept cash, check or credit card.

Will I be notified when my OFX transfer is complete?

Yes. OFX provides notifications through the app, text or by email to keep users in Hong Kong up to date at every step of the money transfer process.

Will I be notified when my OFX transfer is complete?

Yes. OFX provides notifications through the app, text or by email to keep users in Hong Kong up to date at every step of the money transfer process.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Privacy Policy.
Go to site