OFX money transfers review and calculator

Get a competitive rate and pay no fees when you send your money overseas with OFX from the UK.

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Large range of destinations and currencies
Requires phone verification
OFX is an international money transfer service you can use to send money abroad. By using OFX to convert the currency, rather than your bank (or your recipient’s bank), your transfer will usually work out cheaper.

You can arrange fast and easy transfers yourself online or through the mobile app, but there’s also an army of “OFXperts”, there to guide you through the process 24/7 – that’s one aspect of OFX’s service which sets it apart. OFX might not be the very cheapest service around for small transfers (of hundreds, rather than thousands) and it doesn’t offer cash-pickup services (like say, Western Union) but those OFXperts, in conjunction with some advanced forex tools, mean that it can be a market leader for larger transfers and business transfers.

OFX transfers can be sent in over 50 currencies to over 170 countries. OFX usually won’t charge a transfer fee, instead covering its costs in the exchnge rate it gives. Transfers typically taking a business day or more to execute.

OFX exchange rate calculator

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.

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Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.

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Is OFX safe to use?

All in all, OFX is a very legit business that’s not about to disappear into the night.

“OZForex” was launched in 1998 in Sydney, where it remains headquartered. It now has offices in several cities around the world including London. In its early days operating in the UK, the company traded as “UKForex”, but in 2017 all the sub-brands (“OzForex”, “UKForex”, “NZForex”, “USForex”, etc.) were consolidated under the simple brand “OFX”. It’s publicly traded on the Australian Securities Exchange (ASX).

Because OFX operates and in multiple countries, it falls under the jurisdictions of several different regulators. In the UK, OFX is authorised as an Electronic Money Institution by the Financial Conduct Authority (FCA). If a money transfer service isn’t regulated by the FCA, it should be avoided. As an “e-money account”, rather than a regular “bank account”, funds held with OFX are not protected under the Financial Services Compensation Scheme (FSCS) – which can compensate customers in the event that a bank goes bust. That’s fairly standard stuff for legitimate UK money transfer services.

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.

Pros and cons of OFX


  • Wide range of currencies and a large bank network. OFX supports over 50 currencies, including many exotic ones. With more than 100 banks in the OFX network, chances are you should be able to transfer locally to avoid excessive bank fees.
  • No fees. OFX covers its costs in the exchange rate it offers you, rather than through transfer fees.
  • Advanced forex features. Pick from one-off transfers or recurring transfers, and arrange limit orders or forward contracts.
  • Expert human assistance 24/7. While some transfer services encourage a fully-self-service approach and don’t like to pick up the phone, OFX is all about that expert support.


  • 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.
  • Minimum transfer. The minimum transfer amount is £100 per transfer for users in the UK.

How much are OFX’s fees?

Because OFX charges no or low fees, it adds a margin on top of the mid-market rate to cover its costs. That’s not unusual. To to see of OFX is your best bet in comparison with other transfer services, you should focus on the amount that your recipient will receive.

What are OFX’s exchange rates?

OFX’s exchange rates are usually within 1% of the mid-market rate. Typically, the larger your transfer, the smaller the percentage margin added by OFX.

You can compare the rate displayed on OFX with the current mid-market rate you see on Google to get a sense of the margin being charged. You could then use this as a benchmark for comparing the rates of other money transfer providers. But ultimately, focusing on the figure that your recipient will get is the easiest way to see the best deal going.

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 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 from the UK: 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 from the UK. 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 with this transfer type.

OFX Risk Management

Popular with businesses as well as individuals, “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 with “forward contracts”. Lock in your exchange rate now using a forward contract, but schedule your transfer to send whenever it suits you in the next two days to 12 months. Note that with a forward contract you’re committing to making the transfer at some point.
  • Set your target rate with “limit orders”. 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.

OFXperts can offer support and guidance when setting up forward contracts and limit orders – offering insights into the levels of variance specific currencies have seen recently, and potentially offering market context to help you in your decision making.

In general, these transfers can be made via a telegraphic transfer (also known as SWIFT) or a wire transfer.

OFX also has accounts for online sellers and businesses in the UK. These services could be useful for paying global suppliers, paying overseas staff and mitigating currency fluctuations. OFX further offers Xero integration for more convenient business accounting.

What are OFX’s payment options?

OFX has multiple payment options in the UK including Electronic Funds Transfer and via a debit card. You will receive an email after you have locked in your transfer. This will include the full range of payment options available to you.

However, it is worth noting that OFX doesn’t accept transfers made via cash or cheque.

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, and set alerts on the currencies you’re interested in.
  • 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.

For now, you can’t use some of those advance forex features via the app – namely locking in forward contracts or setting limit orders.

Google Play Store4.5 out of 5, based on around 3,300 customer ratings
Apple App Store4.8 out of 5, based on around 2,000 customer ratings

Ratings accurate as of 18 August 2022

More on the best money transfer apps

OFX reviews

Trustpilot reviewers say that OFX is “Great” (as at 1 August 2022). It rates 4 out of 5, based on about 5,000 reviews.

On Trustpilot, OFX has responded to nearly every negative review with details on how to contact management and help the customer solve their issue – we think that’s a good sign, and it reflects OFX’s “human” approach.

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.

How to make your first transfer with OFX

First, you will need to set 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 the UK:

  • Name, email address, address and phone number
  • Date of birth
  • Nationality and country of origin
  • Driver’s licence
  • Occupation

Next, you can follow these steps to sign up:

Road test: Our experience with signing up

We weren’t looking forward to signing up for an OFX account because speaking with customer service on the phone is rarely fun, but it turned out to be a relatively painless process. After creating an account and submitting ID online, we called OFX and were connected with a representative within a few minutes. After answering questions about the ID and address, the account was good to go. Here are some key takeaways:

  • Did we 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 we talked to them, so we were on and off the phone in less than five minutes.

What is OFX best for?

OFX is probably best for individuals or businesses sending relatively large transfers, where getting the best rate is more important than getting the very fastest transfer speeds. The OFXperts are a fantastic resource for those who like a bit of human guidance.

Bottom line

OFX provides fast and secure transfers from the UK 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 in the UK before deciding which is best for your specific needs.

OFX: further reading

Frequently asked questions

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