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Review: OFX international money transfers
Get a competitive rate and pay no fees when you send your money overseas with OFX.
Must read: OFX isn’t available in South Africa
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.
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.
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
Why should I consider OFX?
Wide range of currencies. OFX supports over 50 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.
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.
High minimum transfer. You must transfer at least $1,000 within the year and a minimum of $200 per transfer to use OFX’s services.
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.
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.
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.
Financial Crimes Enforcement Network (FinCEN) — Federally registered US Money Services Business
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) — Money Service Business
A breakdown of OFX reviews on various trusted websites — accurate as of May 19, 2020.
4.2 out of 5, based on 3,871 customer reviews
3.2 out of 5, based on 20 customer reviews
A+, accredited since 2013
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.
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 $150.
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 $250 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 twelve months. A minimum transfer amount of $30,000 is required for this OFX transfer option.
Set your target rate. Use this option to set a target rate by utilizing a limit order. Once your target rate is triggered, OFX will contact you to complete your transfer. A minimum transfer of $30,000 is required to set your target rate online, but that minimum drops to $10,000 if you set it up over the phone.
OFX also has specialized accounts for online sellers and businesses, which you can read more about in our reviews.
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 license or ID number
How to make your first transfer with OFX
Take the following steps to get started:
Go to OFX’s website.
Choose a personal or business account. Enter your country, province and email address. Click Next.
Enter estimates of your transferring needs. These amounts don’t have to be exact and can be changed later. Click Next.
Enter your personal and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
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.
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.
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.
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.
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.
Does OFX have a mobile app?
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 180 countries worldwide.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
Yes, OFX has an app that you can download for free from the App Store or the Google Play Store.
You must transfer the money within 24 hours.
No, you lock in a rate deal and provide your account details first. Once this is confirmed, you’ll transfer the money to OFX’s bank account.
Yes, OFX provides notifications to keep you up to date at every step of the transfer process.
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