Review: OFX international money transfers – July 2020

Last updated:  

Australia’s OFX provides competitive exchange rates and no fees when you send money abroad.

  • 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.

GBP 2,500

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameOFX International Money Transfer
Min. Transfer AmountGBP 2,500
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone
Transfer Speed
Minimum transfer time
1 day
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
Online Transfer FeeGBP 0
Branch Transfer FeeGBP 0
Phone Transfer FeeGBP 0
Exchange Rate UpdatesReal time

OFX exchange rates

OFX offers strong exchange rates that typically beat those offered by UK 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,500 1 day GBP 0.00 1.099 EUR
10,990
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. 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.

Available currencies

OFX sends money to over 50 currencies around the world. 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
  • VND Vietnamese Dong
  • CNY Chinese Yuan
  • PHP Philippine peso
  • LKR Sri Lankan Rupee
  • THB Thai Baht
  • KRW South Korean Won

What types of transfers can I make with OFX?

OFX only supports bank to bank transfers, so you won’t be able to transfer to your recipient’s mobile wallet or a cash pick-up location. OFX also offers other forex tools and services to help you make your transfer, including:

  • Limit orders. Request a transfer that’s executed only when your desired exchange rate becomes available, at which point OFX will lock it in.
  • Forward contracts. With this tool, you lock in a favourable exchange rate now for a future transfer, avoiding unpredictable movements in the rate.
  • Recurring transfers. Avoid entering the details of your weekly, monthly or quarterly transfers by automating regular payments.
  • Business transfers. OFX helps businesses with a way to pay overseas vendors or suppliers.

How long does a transfer with OFX take?

Depending on the currency, the transfer will take one to two business days.

What payment methods does OFX accept?

OFX only accepts payment through a bank transfer. This means you won’t be able to pay with cash, card, cheque or bank draft.

Transfers typically takeClock icon for transfer speed

1 - 2 days

Is OFX safe to use?

  • Security and regulation: Government regulated, phone verification for new accounts, fraud detection.
  • Established: 1998
  • Reviews: Trustpilot gives OFX a score of 4.4* out of 5, based on more than 3,700 reviews.
*According to OFX and Trustpilot on 4 February 2020.

How does OFX make money?

OFX adds a margin to the exchange rate to cover its own fees. You can see how much this is by checking the exchange rate you’re quoted against what the market rate is on XE or Google.

How to register an account

How do I make an international money transfer with OFX?

  1. Log in to your OFX account.
  2. Use the calculator on your dashboard to calculate how much you want to send and to which currency.
  3. Click “transfer now”.
  4. Create your new recipient. You’ll need their bank account details and address.
  5. Select a reason for your transfer.
  6. Review and confirm your transfer.
  7. Transfer your funds to OFX.
  8. OFX will transfer your money once it’s received and you’ll get confirmation that it has arrived.

What is OFX?

Launched in 1998 in Sydney’s Northern Beaches, OFX has grown from an information-only website to a provider with 24/7 global market access. OFX used to operate under several country-specific names – like OzForex, UKForex, USForex – but consolidated under the OFX name in 2015.

As well as Sydney, OFX has offices in the UK, Canada, Hong Kong, New Zealand and the US.

In a nutshell

Pros
  • Flexible options. From placing forward contracts to scheduling regular transfers, there’s a range of options to suit your needs.
  • No maximum limit. This makes it good for larger transfers.
  • No transfer fees. But you do have to register with its legal UK entity.
  • Options for business use and online sellers.
Cons
  • Only bank account transfers. You’ll need to look elsewhere if you’re after cash transfers or paying by card.
  • No cash pick-up. Your recipient will have to have a bank account to receive the money.
  • Must have an account to get a quote. You’ll need to register to see what rates OFX is offering.

How does OFX compare to other providers?

Table: sorted by a combination of service offering and the amount your recipient will receive

OFX is just one among many money transfer companies. Use our calculator below to see how OFX stacks up against the competition.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.099 EUR
10,990
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.099 EUR
10,990
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.099 EUR
10,990
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 Same day GBP 0.00 1.099 EUR
10,990
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.099 EUR
10,990
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.099 EUR
10,990
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.099 EUR
10,990
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.099 EUR
10,990
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.089 EUR
10,888
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.098 EUR
10,979
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
GBP 10 Within an hour GBP 2.00 1.098 EUR
10,973
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.092 EUR
10,920
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

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Back to top

Frequently asked questions

Ask an expert

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 of Use and Privacy and Cookies Policy.
Go to site