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Available Currencies | AED, AUD, AZN, BGN, BHD, 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, VND, VUV, WST, XOF, XPF, ZAR |
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Customer Service | Phone, Email |
Pay By | Bank transfer |
Receiving Options | Bank account |
OFX is a digital money transfer service that allows you to send money in more than 50 currencies to over 190 countries from the US. OFX transfers can be sent online or through the mobile app, with transfer times typically taking a business day or more. One advantage of the service is that you can fix your exchange rates for up to 12 months – and there are no maximum transfer limits. But keep in mind that only bank account to bank account transfers are supported.
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.
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.
OFX has two distinct ways to send money; through a Rapid Transfer or by taking advantage of OFX Risk Management features.
Rapid transfers are OFX’s most commonly used service. With it you have two options:
Risk Management transfers are designed to help you reduce costs and save money down the line. Once again there are two options:
Firstly you will need to set up an account with OFX, but this is simple to do. Take the following steps to get started:
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.
OFX separates its transfers into two categories: major currencies and exotic currencies. In general, these two categories have the following transfer speeds:
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 take
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.
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.
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.
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 customer.service@ofx.com.
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.
6 Comments
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
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 our list of international money transfer service providers.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
March 25, 2018
Does sending money requires US bank account?
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
February 20, 2017
How do I pay money to you? How long does it take?
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