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.

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

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.

Check if there are any OFX promo codes available

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,500 1 day GBP 0.00 1.102 EUR
11,021
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.

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.

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.

Compare OFX to similar services

Use our comparison to see what your transfer could look like with only a few clicks. Enter the amount you want to send, select the destination currency and click Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.102 EUR
11,021
Get bank-beating exchange rates and no fees when you transfer with TorFX. Go to site Show details
GBP 5,000 Same day GBP 0.00 1.102 EUR
11,021
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.102 EUR
11,021
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 5,000 1 day GBP 0.00 1.102 EUR
11,021
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 2,500 Same day GBP 0.00 1.102 EUR
11,021
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 1.102 EUR
11,021
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 1.102 EUR
11,021
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.092 EUR
10,919
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 1.101 EUR
11,010
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 1.101 EUR
11,005
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 1.095 EUR
10,951
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.

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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