Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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OFX money transfers review
Get a competitive rate and pay no fees when you send your money overseas with OFX.
- 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.
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Our Verdict
OFX is a great choice for low-cost transfers in more than 50 currencies to over 170 countries from Singapore. You’ll also have your pick of forex tools including forward contracts, limit orders and recurring transfers. Although there’s a high minimum transfer amount, the percentage-based interest rate will work out better the larger your transfer is. So you’ll typically get a better deal for smaller transfers if you look elsewhere.
While you can create a free account online, you’ll need to speak to OFX on the phone to verify your details before making your first transfer. You’ll want to look elsewhere if your recipient doesn’t have a bank account or you only plan on making small transfers.
Why should I consider OFX?
- Wide range of currencies. OFX supports over 50 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 115 banks in the OFX network, chances are good you’ll be able to transfer locally to avoid excessive 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 with cash or cheque options.
- High minimum transfer. You must transfer a minimum of $250 per transfer (or other currency equivalents) to use OFX’s services.
What is OFX best for?
OFX is probably best for users or businesses in Singapore who are looking to keep their transfer costs low but are not too bothered by speed. On the other hand, if you are looking to make a larger transfer, OFX could be a good fit due to its lack of transfer fees and competitive exchange rates.
How much are OFX’s fees?
OFX doesn’t charge fees for transfers for customers in Singapore. Because OFX doesn’t charge fees, it adds a margin on top of the mid-market rate to make money.
What are OFX’s exchange rates?
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. For example when we checked the exchange rates when converting $10,000 SGD to USD, OFX added a markup of 1.2%.
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.
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 50 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
What type of money transfers does OFX support?
OFX money transfer 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, or “Spot Deals”, lock in the exchange rate when you confirm the transfer.
- 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 $500 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.
- Set your target rate. Use this option to set a target rate by utilising a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer.
OFX also has specialised accounts for online sellers and businesses.
How to make your first transfer with OFX
First, you will need to sign up an account with OFX, but this is simple to do. To start, have the following information on hand to sign up for a free account with OFX in Singapore:
- Name, email address, address and phone number
- Date of birth
- Nationality and country of origin
- Driver’s licence
- Occupation
Take the following steps to get started:
What are OFX’s payment options?
In Singapore, OFX is limited to transfers to and from bank accounts.
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.
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.
Is OFX safe to use?
OFX operates and is regulated in multiple countries and jurisdictions around the globe. In Singapore, it is regulated and licensed by the Monetary Authority of Singapore(MAS).
Additionally, 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.
OFX reviews
A breakdown of OFX reviews on various trusted websites — accurate as of 16 March 2023.
| Trustpilot score | 4.2 out of 5, based on 5,718 customer reviews |
| ValueChampion | 4.3 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 responds to nearly every negative review with details on how to contact management and help the customer solve their issue.
Does OFX have a mobile app?
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 50 currencies in more than 180 countries worldwide.
| Ratings accurate as of 16 March 2023 | |
|---|---|
| Google Play Store | 4.6 out of 5, based on 3,507 customer ratings |
| Apple App Store | 4.8 out of 5, based on 3,832 customer ratings |
More on the best money transfer apps
How does OFX compare to other money transfer 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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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 +65 6817 8747
Bottom line
OFX provides fast and secure transfers from Singapore in over 50 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.
