Review: OFX international money transfers – May 2021

Last updated:  

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

  • 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.

AUD 250

Min. Transfer Amount

No limit

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameOFX (Ozforex) International Money Transfers
Min. Transfer AmountAUD 250
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone
Available CurrenciesAED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, 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
Exchange Rate UpdatesReal time
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 15

Pros

  • No online transfer fee only available for Finder customers
  • Discounted exchange rates available for Finder customers
  • Quick turnaround time

Cons

  • Minimum transfer amount: $250

OFX exchange rates and fees

Calculate how much your transfer with OFX could cost in our calculator below. OFX does charge a fee for certain transfers, as well as a margin on the exchange rate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days NZD 0.00 0.723 USD
7,234
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. 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.

Available currencies

OFX sends money to over 75 countries around the world. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include:

  • CNY Chinese Yuan
  • AUD Australian dollar
  • GBP British Pound
  • PHP Philippine peso
  • EUR Euro
  • GBP British pound
  • 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 from New Zealand to the United States are the fastest, often taking only one business day. Most other currencies will take a bit longer, averaging out at one to two 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 8.9* out of 10, based on over 3,300 reviews.
*According to OFX and Trustpilot on 19 November 2018.

How does OFX make money?

OFX makes its money off both the transaction fee it charges for transfers under $10,000 and a margin on the exchange rate.

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. Create 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 New Zealand, Canada, Hong Kong, the United Kingdom and the United States.

In a nutshell

Pros
  • No fees on larger transfers. You’ll be paying a $15 flat fee on transfers under $10,000, though.
  • 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days NZD 0.00 0.723 USD
7,234
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. Go to site Show details
NZD 250 1 day NZD 0.00 0.723 USD
7,234
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 0 Same day NZD 0.00 0.723 USD
7,227
XE has fast transfers with competitive rates and a range of foreign currency tools. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.723 USD
7,234
Exclusive offer: Discounted exchange rates for all Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
NZD 250 1 day NZD 0.00 0.723 USD
7,234
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
NZD 1 Within an hour NZD 3.99 0.722 USD
7,221
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
NZD 1 1 - 2 days NZD 80.00 0.726 USD
7,205
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.721 USD
7,207
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.721 USD
7,205
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. 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.

Want to compare OFX with other services side-by-side?

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Frequently asked questions

Our review of OFX’s online seller product

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