Review: OFX (formerly Ozforex) International Money Transfers

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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.

Is OFX available in the Philippines?

Unfortunately, you won’t be able to send money from an account in the Philippines unless you have a bank account in the US or Australia. However, you can still receive money through OFX in most Philippine banks. You can check out the other options you have for sending money overseas from the Philippines here.

Available currencies

OFX sends money to over 50 currencies around the world. The more popular ones include:

  • CNY Chinese Yuan
  • VND Vietnamese Dong
  • GBP British Pound
  • PHP Philippine peso
  • EUR Euro
  • LKR Sri Lankan Rupee
  • 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 to most currencies average 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 day

Philippine banks that accept money transfers from OFX

OFX can transfer funds to most Philippine banks, including:

    • BDO Unibank
    • Metrobank
    • Landbank of the Philippines
  • Bank of the Philippine Islands (BPI)
  • Chinabank
  • Citibank

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 Canada, Hong Kong, New Zealand, the UK and the US.

    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
    PHP 1 1 - 2 days PHP 0.00 0.02 USD
    201
    WorldRemit Philippines lets you use your debit, credit or pre-paid card to send instant mobile airtime top-ups. 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.

    Frequently asked questions

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