Unfortunately, you can’t send any money overseas from South Africa with OFX. If you reside in another country, you may be able to, but it’s best to check with OFX first. For services that do send from South Africa, check out our full list of international money transfer companies.
1 - 2 days
Transfer Speed
AUD 250
Min. Transfer Amount
No limit
Max. Transfer Amount
| Min. Transfer Amount | AUD 250 |
|---|---|
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone, Bank Account to Bank Account |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Online Transfer Fee | AUD 0 |
| Available Currencies | AED, AUD, AZN, BGN, 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 | AUD 0 |
|---|---|
| Phone Transfer Fee | AUD 15 |
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.
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, compare the rate displayed on Google and the one OFX provides.
OFX separates its transfers into two categories: major currencies and exotic currencies. In general, these two categories have the following transfer speeds:
Both transfers may have additional time added on depending on how long it takes for your bank to transfer the money to OFX.
OFX sends money to over 50 currencies around the world, covering most major and a lot of exotic currencies. You can check out a full list of the currencies you can send with OFX here, but some of the more popular ones include the following:
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:
A breakdown of OFX reviews on various trusted websites — accurate as of May 19, 2020.
| Trustpilot score | 4.2 out of 5, based on 3,871 customer reviews |
| CompareRemit | 3.2 out of 5, based on 20 customer reviews |
| BBB rating | A+, accredited since 2013 |
| NerdWallet | 4 out of 5, staff reviewed |
OFX reviews are fairly positive across the board, with many negative reviews focused on 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.
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.
Rapid Transfers are the most common way to send OFX money transfers. When sending a Rapid Transfer, you have two options:
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:
OFX also has specialized accounts for online sellers and businesses, which you can read more about in our reviews.
To start, have the following information on hand to sign up for a free account with OFX:
Take the following steps to get started:
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:
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 +1 (888) 288-7354.
Yes, OFX has an app on both Google Play and the App Store. The OFX app makes it possible to do the following:
| Ratings accurate as of May 19, 2020 | |
|---|---|
| Google Play Store | 4.6 out of 5, based on 2,210 customer ratings |
| Apple App Store | 4.8 out of 5, based on 674 customer ratings |
OFX provides fast and secure transfers 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 before deciding which is best for your specific needs.
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.
