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OFX offers flexible transfer methods, including one-off money transfers, recurring transfers, forward exchange contracts and target rate orders.
With $0 transfer fees, OFX can be a good option for large money transfers — just be aware of single-transaction and yearly minimum amount requirements.
Kelly Waggoner is editor-in-chief of Finder US. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma's world domination.
How much will I pay to send money with OFX?
Nothing — there is no transfer fee for OFX transfers. You may need to pay a fee with a third-party bank, but none of that money goes to OFX.
Sending money to Mexico
Let’s say you wanted to send some money to Mexico to help a relative cover the cost of a major purchase. Here’s what it might look like using OFX versus a major bank. All information was pulled on April 27, 2019 and may have changed.
OFX
Bank of America wire transfer
Exchange rate
18.51
18.59
Transfer fee
0 USD
35 USD
Minimum transfer speed
1 day
2 days
Transfer options
Online, by phone; bank-to-bank
Online, at a branch; bank-to-bank
Total sent
1,000 USD
965 USD
Total received
18,511.89 MXN
17,942.66 MXN
In this case, the best choice is OFX. More money arrives to your recipient, it costs less and it’ll get there faster.
How are OFX’s exchange rates?
OFX offers exchange rates that typically beat those offered by US banks. You can check what rate will apply to your transaction at any time on its Customer exchange rates page.
Typically, OFX charges 1.5% or less above the mid-market rate when you transfer funds. The larger your transfer, the smaller the percentage taken.
Calculate your exchange rate
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What types of personal transfers does OFX support?
Your options for sending funds to OFX are limited to a wire transfer or direct debit from your bank account. The minimum amount you can send abroad with OFX is $1,000 per year and $200 per transfer. There’s no maximum to how much you can send.
The delivery method is limited to transferring to another bank account, but you don’t have to send it right away as a one-off. Other transfer options include:
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. Schedule a future transfer within the next 12 months at today’s rate, avoiding unpredictable movements.
Recurring transfers. Avoid re-entering the details of your weekly, monthly or quarterly transfers by automating regular payments.
Benefits and drawbacks
Benefits
Currency support. 55 supported currencies means you can send funds to a large selection of countries worldwide.
No fees. Pay $0 in transfer fees to OFX.
Flexible options. Pick one-off transfers, from limit orders, forward contracts and regular transfers to suit your needs.
Drawbacks
No cash or check payment or pickup. OFX delivers funds through bank deposit only.
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.
High minimum transfer amount. You must transfer at least $1,000 within the year and a minimum of $200 per transfer to use OFX’s services.
Compare OFX to similar services
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I 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
Then, take the following steps:
Go to the OFX. Click the Go to Site button and you’ll be taken to OFX’s registration page.
Choose a personal or business account. Enter your country, state and email address. Click Next.
Enter estimates of your transferring needs. These amounts don’t have to be exact and can be changed later. Click Next.
Enter your personal and contact information. Including your full name, date of birth, phone number, current residential address and occupation.
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.
Add your recipient’s information. After verification, log in to your account to enter your recipient’s details. Click Recipients, then Add new recipient. Enter their full legal name, residential address and their banking information.
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.
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.
No. OFX doesn’t accept cash, check or credit card payment.
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.
It will take between one and two business days for OFX to receive your funds. Depending on where you’re sending to, the transfer will take between one and four business days to reach your recipient once OFX receives the funds.
Methodology
Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:
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.
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.
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