Review: OFX international money transfers – April 2020
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|
What's in this guide?
- OFX exchange rates
- Available currencies
- What types of transfers can I make with OFX?
- How long does a transfer with OFX take?
- What payment methods does OFX accept?
- Is OFX safe to use?
- How to register an account
- How do I make an international money transfer with OFX?
- What is OFX?
- In a nutshell
- How does OFX compare to other providers?
- Frequently asked questions
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.
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 take
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.
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?
- Log in to your OFX account.
- Use the calculator on your dashboard to calculate how much you want to send and to which currency.
- Click “transfer now”.
- Create your new recipient. You’ll need their bank account details and address.
- Select a reason for your transfer.
- Review and confirm your transfer.
- Transfer your funds to OFX.
- 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
- 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.
- 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?
OFX is just one among many money transfer companies. Use our calculator below to see how OFX stacks up against the competition.