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OFX review

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Get a competitive rate and pay no fees when you send your money overseas with OFX.

finder.com’s rating: 4.0 / 5.0

★★★★★

How’d we get our score?

Fees & rates: 3.5 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 3.5 / 5.0

  • Pick this if you need to send a lot of money since OFX has no maximum limit.
  • Pick something else if you need to make a fast, time-sensitive transfer.

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

$1,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameOFX International Money Transfers
Min. Transfer Amount$1,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, AUD, AZN, BGN, BHD, BND, CAD, CHF, 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, VND, VUV, WST, XOF, XPF, ZAR
Online Transfer Fee$0
Branch Transfer Fee$0
Phone Transfer Fee$0
Exchange Rate UpdatesReal time

Why should I consider OFX?

  • Wide range of currencies. OFX supports over 55 currencies, including many exotic ones.
  • No fees. There are never any transfer fees when sending an OFX money transfer.
  • 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

  • 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.
  • 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.
  • High minimum transfer. You must transfer at least $1,000 within the year and a minimum of $200 per transfer to use OFX’s services.

OFX’s exchange rates and fees

OFX doesn’t charge any fees, but it still needs to make money to stay in business. Because OFX doesn’t charge fees, it adds a margin on top of the mid-market rate to make money.

OFX’s rates

The exchange rate offered by OFX is not what you’ll see on Google since OFX adds a margin on top of the mid-market rate. To understand how a mid-market margin markup factors into your transfer, consider the following example.

Example: Sending money to Mexico

Because OFX doesn’t charge any fees, you must pay attention to the exchange rate offered on your transfer. Here are a few example transfers using OFX rates from September 27, 2020, compared against a company using the mid-market rate but charging fees.

OFX Not OFX
Sending amount 1,500 USD 1,500 USD
Exchange rate 22.35 MXN = 1 USD 23.76 MXN = 1 USD
Fees 0 USD 12 USD
Total received 33,525.15 MXN 35,355 MXN
OFX Not OFX
Sending amount 10,000 USD 10,000 USD
Exchange rate 22.34 MXN = 1 USD 23.76 MXN = 1 USD
Fees 0 USD 80 USD
Total received 223,395 MXN 235,699 MXN

In this example, OFX is the better choice when sending larger amounts of money. It offers exchange rates that typically beat those offered by US banks. OFX’s exchange rates are usually 1.5% or less above the mid-market rate when you transfer funds. The larger your transfer, the smaller the percentage taken by OFX. And if you sign up through Finder, your first transfer will only have a 0.4% margin.

Check if there are any OFX promo codes available

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
$1,000 1 day USD 0.00 0.834 EUR 4,169 No-maximum limit transfers with competitive exchange rates for 100+ 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, 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
  • CAD Canadian 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. In short, OFX regulations include the following:

  • Australian Securities & Investments Commission (ASIC) — Australian Financial Services License
  • Financial Conduct Authority (FCA) — Authorised Payment Institution
  • Financial Crimes Enforcement Network (FinCEN) — Federally registered US Money Services Business
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) — Money Service Business

OFX reviews and complaints

A breakdown of OFX reviews on various trusted websites — accurate as of October 13, 2020.

Trustpilot score 4.4 out of 5, based on 4,096 customer reviews
CompareRemit 4.3 out of 5, based on 54 customer reviews
BBB rating A+, accredited since 2013
NerdWallet 4 out of 5, staff reviewed
Finder 4 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: 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 and have a minimum transfer amount of $150.
  • Recurring Transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfer you need to send. OFX requires a minimum of four transfers, and each must be $250 or more.

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. A minimum transfer amount of $30,000 is required for this OFX transfer option.
  • Set your target rate. Use this option to set a target rate by utilizing a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer. A minimum transfer of $30,000 is required to set your target rate online, but that minimum drops to $10,000 if you set it up over the phone.

OFX also has specialized accounts for online sellers and businesses, which you can read more about in our reviews.

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 other state ID number
  • Occupation

How to make your first transfer with OFX

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 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 +1 (888) 288-7354.

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 September 27, 2020
Google Play Store 4.4 out of 5, based on 2,420 customer ratings
Apple App Store 4.8 out of 5, based on 907 customer ratings

More on the best money transfer apps

Bottom line

OFX provides fast and secure transfers from the United States 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
GBP 1,000 1 - 2 days USD 0.00 0.834 EUR 4,169 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
$1 Same day USD 0.00 0.838 EUR 4,192 XE offers fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$10 Within an hour USD 1.99 0.825 EUR 4,125 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 40.00 0.842 EUR
4,177
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
$1 Within an hour USD 3.99 0.839 EUR 4,190 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. 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.
Find out other alternatives to OFX

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

Frequently asked questions

Can I pay for my OFX transfer with cash?

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

Will I be notified when my OFX transfer is complete?

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

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. 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.

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6 Comments

  1. Default Gravatar
    John
    November 7, 2018

    Hi I need to transfer from UK £ from a UK bank account to HK HSBC bank account in $US .. how long will this take, is it possible, how much is the cost

    • Avatarfinder Customer Care
      Joshua
      November 20, 2018

      Hi John,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Generally, if you are going to do an international bank to bank money transfer, it takes as much as 5 business days for your money to arrive in Hong Kong. It depends on the amount of money you send and how many people are doing transfers at a given period of time.

      When it comes to cost, it would depend on your bank. Cost may range from $0 to $30.

      It is worth noting that international money transfer service providers can do transfers as fast as 1 day. Not only that, but they cost less compared to a bank to bank transfer. If this is something that interests you, please check your options here.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    Alvin
    March 25, 2018

    Does sending money requires US bank account?

    • Avatarfinder Customer Care
      May
      March 26, 2018

      Hi Alvin,

      Thanks for your inquiry.

      When sending money through OFX, you’d need to go through bank account verification before you can send funds. If you are sending from the US, then yes, you’d need to have a US bank account.

      Best,
      May

  3. Default Gravatar
    Sanghan
    February 20, 2017

    How do I pay money to you? How long does it take?

    • Avatarfinder Customer Care
      Anndy
      June 25, 2017

      Hi Sanghan,

      Thanks for your question.

      OFX accepts bank transfers from your account through. They don’t accept cash, credit card, checks or bank drafts as payment options.

      Transfers to most countries could take 1 to 2 days.

      Cheers,
      Anndy

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