OFX review

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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.

£0

Fees (Pay by Bank Transfer)

£100

Minimum Transfer Amount

No limit

Maximum Transfer Amount

Details

Product NameOFX
Minimum Transfer Amount£100
Maximum Transfer AmountNo limit
Pay ByCredit card, Debit card, Bank transfer
Receiving OptionsBank account, Mobile wallet
Customer ServicePhone, Email
Available CurrenciesAED, 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
Bank Account Required?No
Personal Account Manager?Yes

Why should I consider OFX?

  • Wide range of currencies. OFX supports over 55 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.

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 New Zealand

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 22 September 2020, compared against a company using the mid-market rate but charging fees.

OFXNot OFX
Sending amount1,500 GBP1,500 GBP
Exchange rate1.919 NZD = 1 GBP1.912 NZD = 1 GBP
Fees0 GBP2.50 GBP
Total received2,879 NZD2,866 NZD
OFXNot OFX
Sending amount10,000 GBP10,000 GBP
Exchange rate1.919 NZD = 1 GBP1.912 NZD = 1 GBP
Fees0 GBP20 GBP
Total received19,195 NZD19,123 NZD

In this example, OFX is much of a muchness when sending smaller amounts of money and slightly better when sending a larger sum. It offers exchange rates that typically beat those offered by UK banks and usually 1.5% or less above the mid-market rate. The larger your transfer, the smaller the percentage taken by OFX.

And if you sign up through Finder, your first transfer will only have a 0.4% margin.

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.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
Within an hour
£0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Check if there are any OFX promo codes available

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 55 currencies around the world in more than 190 countries. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include:

  • EUR Euro
  • AUD Australian dollar
  • USD US dollar
  • CNY Chinese yuan
  • PHP Philippine peso
  • EGP Egypt pound
  • DKK Dansh krone
  • SEK Swedish krona

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:

  • Financial Conduct Authority (FCA) – Authorised Payment Institution
  • Australian Securities & Investments Commission (ASIC) – Australian Financial Services Licence
  • 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 22 September 2020.

Trustpilot score4.4 out of 5, based on 4,051 customer reviews

OFX reviews are fairly positive across the board, with most negative reviews focused on poor customer service and 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 £100.
  • 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 £300 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 12 months. A minimum transfer amount of £20,000 is required for this OFX transfer option.
  • Set your target rate. Use this option to set a target rate by using a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer. A minimum transfer of £20,000 is required to set your target rate.

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 licence
  • 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.
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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 020 7614 4194.

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 190 countries worldwide.
Ratings accurate as of 22 September 2020
Google Play Store4.4 out of 5, based on 2,412 customer ratings
Apple App Store4.8 out of 5, based on 775 customer ratings

More on the best money transfer apps

Bottom line

OFX provides fast and secure transfers from the UK in over 55 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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Compare OFX to similar services

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

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TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

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CentralFX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Frequently asked questions

Can I pay for my OFX transfer with cash?

No. OFX doesn’t accept cash, cheque 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.

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