OFX – A review of the international money transfer provider
Take advantage of flexible transfer options and fee-free transactions when you send money overseas with OFX.
OFX (formerly UKforex) is a specialist provider of online international money transfers, and the largest Australian-owned money transfer service in the world. The OFX UK branch was known as UKForex, but all subsidiaries are now coalescing under the global brand name.
In business for almost 20 years, OFX offers competitive exchange rates to customers in 55 currencies. With more than 100,000 customers across six continents, OFX has handled over £50 billion in foreign exchange transactions. Read our review of their services below.
Min. Transfer Amount
Max. Transfer Amount
|Product Name||OFX International Money Transfer|
|Min. Transfer Amount||GBP 2,500|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Phone|
Minimum transfer time
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, AZN, BGN, BHD, BND, CAD, CHF, 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, ZAR|
|Online Transfer Fee||GBP 0|
|Branch Transfer Fee||GBP 0|
|Phone Transfer Fee||GBP 0|
|Exchange Rate Updates||Real time|
OFX exchange rates
OFX offers strong exchange rates that typically beat those offered by US banks. It publishes live exchange rates on its Customer Exchange Rates page, so you can check the rate that will apply to your transaction at any time.
How much does OFX cost?
OFX dominates with its revolutionary transfer fee cost: nothing at all. There may be a fee with a third-party bank, but none of that money goes to OFX.
- Currency support. Supporting 55 major and exotic currencies, you can send funds to a large selection of countries worldwide.
- No transaction fees. With OFX you don’t pay any transfer fees.
- Flexible options. From placing forward contracts to scheduling regular transfers, there’s a range of options to suit your needs.
- No cash payment or pickup. OFX delivers funds through bank deposit only.
What types of transfers can you carry out with OFX?
OFX is a solid option for immediate, one-off transfer overseas. But it also offers a selection of other transfer options:
- Limit orders. Choose your desired exchange rate and when that rate becomes available, OFX will automatically place your transfer.
- Forward contracts. Lock in an attractive exchange rate now for a future transaction.
- Recurring transfers. Avoid entering the details of your transfer every week or month by scheduling regular transfers.
The registration and transfer process with OFX
- Your identification details.
- Your country of origin and nationality.
- Your occupation.
- Your transfer details: how much you’re sending and to where.
- Whether you’re opening a personal or business account.
- Before you can send money overseas with OFX, you’ll need to sign up for an account with:
Once approved, you enter the details of your transfer, review the exchange rate and fee and send your funds. After that, the transfer will take up to two days to be completed.
What currencies can be exchanged on OFX?
OFX currently supports the following currencies:
|West Africa||CFA Franc||XOF|
|French Overseas Collectivities||CFP Franc||XPF|
|China||Chinese Yuan Renminbi||CNY|
|Czech Republic||Czech Koruna||CZK|
|Hong Kong||Hong Kong Dollar||HKD|
|New Zealand||New Zealand Dollar||NZD|
|Papua New Guinea||Papua New Guinea Kina||PGK|
|Peru||Peruvian Nuevo Sol||PEN|
|United Kingdom||Pound Sterling||GBP|
|Saudi Arabia||Saudi Riyal||SAR|
|Solomon Islands||Solomon Island Dollar||SBD|
|South Africa||South African Rand||ZAR|
|South Korea||South Korean Won||KRW|
|Sri Lanka||Sri Lankan Rupee||LKR|
|United Arab Emirates||United Arab Emirates Dirham||AED|
|United States of America||US Dollar||USD|
|Vanuatu Vatu||Vanuatu Vatu||VUV|
|Venezuela||Venezuelan Bolivar Fuerte||VEF|