OFX (formerly Ozforex) 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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1 day

Transfer Speed

SGD 250

Min. Transfer Amount

No limit

Max. Transfer Amount

Details

Min. Transfer AmountSGD 250
Max. Transfer AmountNo limit
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
1 day
Online Transfer FeeSGD 0
Available CurrenciesAED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, 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, VEF, VND, VUV, WST, XOF, XPF, YER, ZAR
Online Transfer FeeSGD 0

Pros

  • Better exchange rates than those offered by banks
  • Lower fees than those charged by banks and other services (free when you transfer over SGD 10,000)
  • Quick turnaround time

Cons

  • Not available for transfers below AUD $250 or currency equivalent

OFX is an international money transfer provider that helps you send money in over 50 currencies to over 190 countries from Singapore. OFX transfers can be sent online or through the mobile app, with transfer times typically taking a business day or more. One advantage is that OFX does not charge transfer fees, making it an attractive option for businesses and online sellers in Singapore. But keep in mind that only bank account to bank account transfers is supported.

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 more than 100 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.

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. 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. You can then use this as a benchmark for comparing the rates of other money transfer providers.

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days N/A N/A N/A $0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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 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.

Blue icon of forms

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 24 September 2020.

Trustpilot score4.4 out of 5, based on 4,035 customer reviews
ValueChampion4.5 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 has responded 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?

OFX app screenshot

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 24 September 2020
Google Play Store4.4 out of 5, based on 2,413 customer ratings
Apple App Store4.7 out of 5, based on 24 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.708 USD
7,080
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
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SGD 250 1 day SGD 0.00 0.713 USD
7,134
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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SGD 2,000 1 day SGD 0.00 0.713 USD
7,134
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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SGD 250 1 day SGD 0.00 0.713 USD
7,134
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
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SGD 1 1 - 2 days SGD 45.00 0.716 USD
7,130
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.712 USD
7,121
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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SGD 1 1 day SGD 43.00 0.716 USD
7,131
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 Within an hour SGD 50.00 0.71 USD
7,069
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
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Compare up to 4 providers

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.

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