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Fastest Transfer Speed
24 hours
Minimum Transfer Amount
Maximum Transfer Amount


Take advantage of being able to fix your exchange rate in advance when you make a money transfer with OFX.

  • Good for low-cost transfers as no transfer fees are attached to your transaction.
  • Not so great if your recipient doesn’t have a bank account.


  • Support for 55+ major and exotic currencies
  • Competitive rates and no transfer fees
  • Multiple transfer options include forward contracts and limit orders

In this guide

  • Review
  • Details
    • Features
  • Your reviews
  • Ask a question



Customer Service Phone, Email
Pay By Bank transfer
Receiving Options Bank account

Our Verdict

OFX is a great choice for low-cost transfers and you won’t pay any transfer fees. You’ll also have your pick of forex tools including forward contracts, limit orders and recurring transfers. Although there’s a high minimum transfer amount, the percentage-based markup will work out better the larger your transfer is. So you’ll typically get a better deal for smaller transfers if you look elsewhere.

While you can create a free account online, you’ll need to speak to OFX on the phone to verify your details before making your first transfer. You’ll want to look elsewhere if your recipient doesn’t have a bank account or you only plan on making small transfers.

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 attached when sending an OFX money transfer.
  • 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

  • Recipient must have a bank account. You won’t be able to send to a mobile wallet or a cash pickup location.
  • Only online. You can’t visit an agent location to make a transfer.
  • High minimum transfer. OFX has a minimum transfer limit of $1,000.
  • Unavailable in some states. Residents in Montana, Nevada and Wisconsin won’t be able to use OFX’s services as the company is not licensed in these states.
  • 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.

How much are OFX’s transfer fees?

OFX often proves to be cheaper than banks when transferring money overseas as it doesn’t charge a transfer fee. You may find that your recipient’s bank will charge a fee to receive money from overseas. However, OFX tries to limit this cost by using its global network of local bank accounts where possible.

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.

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What are the ways I can send money abroad with OFX?

OFX has two distinct ways to send money; through a Rapid Transfer or by taking advantage of OFX Risk Management features.

OFX Rapid Transfer

Rapid transfers are OFX’s most commonly used service. With it 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 for up to six months.

OFX reviews and complaints

OFX reviews are mostly positive online but they do have some complaints. On Trustpilot, OFX is rated as a “great” service with a score of 4.2 out of 5 based on 5,677 customer reviews. Positive reviews highlight their customer service and competitive rates on large transfers. Negative reviews focus 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. OFX responds to the majority of negative reviews with details on how to contact management and help the customer solve their issue.

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:

  1. Visit the website. Head to the OFX website and click on register.
  2. Choose account. You will need to choose between a personal or business account.
  3. Enter transfer estimates. 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.
  4. Enter personal details. 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.
  5. Add your recipient’s details. Once logged in to your account, enter your recipient’s details including their full legal name, residential address and their banking information.
  6. Talk to an OFXpert. 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 takeClock icon for transfer speed

1-3 days

How much money can I send with OFX?

OFX has no maximum transfer limit, which makes it a strong contender if you are looking to make a large transfer.

Remember, though, that your bank may have a daily transfer limit in place. OFX cannot make the transfer until it has received the full amount. So if your bank does have a limit in place, this may delay your money being sent and add to your transfer time.

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.

In the US, OFX is registered as a Money Service Business with the US Treasury’s Financial Crimes Enforcement Network. It is also regulated by the banking divisions of the individual states where it has a license.

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.

How does OFX compare to other money transfer services?

If you want to see how OFX compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

1 - 12 of 12
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
Increase business efficiency with zero transaction fees and same-day transfers.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
24 hours
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.

Frequently asked questions

What is OFX?
OFX International Money Transfers & Currency Exchange is a global money transfer company that separates itself from the competition by never charging fees on transfers. It was founded in Sydney, Australia in 1998 and was previously known as OzForex.

Is OFX legitimate?
Yes, OFX is regulated in multiple countries around the world. In the US it is a registered Money Service Business and is also regulated by the banking divisions of individual states where it holds a license.

Is OFX a good way to send money?
As a specialist money transfer service, OFX is likely to be cheaper than using your bank to send money abroad. While it doesn’t charge a fee, it does apply an exchange rate markup. It is worth comparing what rate OFX has on offer with other specialist money transfer providers.

Which is better, OFX or Wise (TransferWise)?
Both OFX and Wise (TransferWise) have competitive fees and stellar customer service. They are very similarly matched in terms of service, so ultimately you will need to weigh up your specific transfer needs against what each provider is offering. To view a deep dive as to how they stack up against each other, take a look at our OFX vs Wise guide.

How much does OFX cost?
OFX doesn’t charge a transfer fee. However, it does apply a margin to its exchange rate, which is usually 1.5% or less above the mid-market rate.

Is OFX a bank?
No, OFX is an international money transfer specialist. As a result, you will most likely find its rates and fees are considerably lower than what your bank will offer.

How do I contact OFX customer support?
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 +1 (888) 288-7354. You can also email them at

How can I track my OFX transfer?
You can track your transfer online by signing into 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.