Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

OFX (formerly Ozforex) review

Last updated:  

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.

SGD 250

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameExclusive: OFX (Ozforex) International Money Transfers
Min. Transfer AmountSGD 250
Max. Transfer AmountNo limit
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
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
Exchange Rate UpdatesReal time

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

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 excess 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 in-store with cash.
  • High minimum transfer. You must transfer a minimum of $250 per transfer to use OFX’s services.

OFX’s exchange rates and fees

OFX doesn’t charge any fees, but it still needs to make money to stay in business. Because OFX doesn’t charge fees, it adds a margin on top of the mid-market rate to make money.

OFX’s rates

The exchange rate offered by OFX is not what you’ll see on Google since OFX adds a margin on top of the mid-market rate. To understand how a mid-market margin markup factors into your transfer, consider the following example.

Example: Sending money to Mexico

Because OFX doesn’t charge any fees, you must pay attention to the exchange rate offered on your transfer. Here are a few example transfers using OFX rates from 24 September 2020, compared against a company using the mid-market rate but charging fees.

OFXNot OFX
Sending amount1,500 SGD1,500 SGD
Exchange rate16.145 MXN = 1 SGD16.319 MXN = 1 SGD
Fees0 SGD11.79 SGD
Total received24,217 MXN24,286 MXN
OFXNot OFX
Sending amount10,000 SGD10,000 SGD
Exchange rate16.254 MXN = 1 SGD16.322 MXN = 1 SGD
Fees0 SGD73.39 SGD
Total received162,540 MXN162,022 MXN

In this example, OFX is the better choice when sending larger amounts of money. It offers exchange rates that typically beat those offered by Singapore banks. OFX’s exchange rates are usually 1.5% or less above the mid-market rate when you transfer funds. The larger your transfer, the smaller the percentage taken by OFX.

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.

Data indicated here is updated regularly
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.

No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
loading
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

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

Is OFX safe to use?

OFX operates and is regulated in multiple countries and jurisdictions around the globe and is listed on the Australian Stock Exchange. In short, OFX regulations include the following:

  • Monetary Authority of Singapore (MAS) — Payment Service Provider License
  • Australian Securities & Investments Commission (ASIC) — Australian Financial Services License
  • Financial Conduct Authority (FCA) — Authorised Payment Institution
  • Financial Crimes Enforcement Network (FinCEN) — Federally registered US Money Services Business
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) — Money Service Business

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.

What type of money transfers does OFX support?

OFX money transfers 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 lock in the exchange rate when you confirm the transfer and have a minimum transfer amount of $2,000.
  • 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. A minimum transfer amount of AUD 50,000 (or currency equivalent) is required for this OFX transfer option.
  • 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. A minimum transfer of AUD 30,000 (or currency equivalent) is required to set your target rate online.

OFX also has specialised accounts for online sellers and businesses.

What do I need to 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

How to make your first transfer with OFX

Take the following steps to get started:

  1. Go to OFX’s website.
  2. Choose a personal or business account. Enter your country, state and email address. Click Next.
  3. Enter estimates of your transferring needs. These amounts don’t have to be exact and can be changed later. Click Next.
  4. Enter your personal and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
  5. 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.
  6. Add your recipient’s information. After verification, log in to your account to enter your recipient’s details. Click Recipients and then Add new recipient. Enter their full legal name, residential address and their banking information.
  7. 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.
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.

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

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

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.

Compare OFX to similar 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 2,000 1 - 2 days SGD 0.00 0.735 USD
7,354
Send 35+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it. Go to site Show details
SGD 250 1 day SGD 0.00 0.735 USD
7,354
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.735 USD
7,354
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
Go to site Show details
SGD 1 Same day SGD 3.99 0.735 USD
7,348
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
SGD 250 1 day SGD 0.00 0.735 USD
7,354
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.738 USD
7,351
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.734 USD
7,342
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.738 USD
7,352
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 is based locally in Singapore.
Go to site Show details
SGD 200 2 days SGD 50.00 0.732 USD
7,288
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. 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

Can I pay for my OFX transfer with cash?

No. OFX doesn’t accept cash, check or credit card payment.

Will I be notified when my OFX transfer is complete?

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.

What is OFX?

OFX International Money Transfers & Currency Exchange is a global money transfer company that separates itself from the competition by never charging fees on transfers. OFX was founded in Sydney, Australia in 1998 and was previously known as OzForex. Before a brand consolidation in 2015, there were territory-specific brands around the world under the OFX umbrella: UKForex, CanadianForex, USForex, NZForex, ClearFX and Tranzfers.

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Privacy Policy.
Go to site