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Review: OFX international money transfers
Last updated:
Get a competitive rate and pay no fees when you send your money overseas.
Fees & rates: 3.5 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 3.5 / 5.0
Speed: 4.0 / 5.0
Services: 5.0 / 5.0
User experience: 3.5 / 5.0
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.
USD 1,000
Min. Transfer Amount
No limit
Max. Transfer Amount
1 day
Transfer Speed
Details
| Product Name | OFX International Money Transfers |
|---|---|
| Min. Transfer Amount | USD 1,000 |
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments, Market orders, Forward contracts |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | Phone, Email |
| Available Currencies | AED, AUD, AZN, BGN, 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, VEF, VND, VUV, WST, XOF, XPF, ZAR |
| Online Transfer Fee | $0 |
|---|---|
| Branch Transfer Fee | $0 |
| Phone Transfer Fee | $0 |
| Exchange Rate Updates | Real time |
Pros
- Support for 55+ major and exotic currencies
- Competitive rates and no transfer fees
- Multiple transfer options include forward contracts and limit orders
Cons
- No cash payments or pickup — bank deposits only
- Phone verification required for new accounts
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.
Bottom line
OFX provides fast and secure transfers from the United States in 55 currencies. However, you’ll want to compare the features of a range of money transfer companies before deciding which is best for your specific needs.