In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Our verdict

Reliable money transfer provider with low exchange rate markups, great coverage and no maximum transfer limit.

Based on our experience reviewing providers, OFX is among the top choices for making large transfers overseas. They support more than 55 currencies and send to over 170 countries. This gives them an edge over close competitors like TorFX who don't provide the same level of coverage.

Similar to other currency brokers, OFX provides the standard forex tools such as forward contracts and limit orders to hedge your risk. We like that OFX has no maximum transfer limits and the percentage-based fee will work out better the more you transfer. This is ideal for people relocating overseas, buying property or inheriting money.

While you can create a free account online, you'll need to speak to OFX on the phone to verify your details before making your first transfer. You'll want to look elsewhere if your recipient doesn't have a bank account or you only plan on making small transfers.

  • 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.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name OFX
Pay By Bank transfer, BPAY
Receiving Options Bank account
Customer Service Phone, Email
Maximum Transfer Amount Unlimited
Number of Currencies 54

What we like

  • Wide range of currencies. OFX supports over 55 currencies, including many exotic ones.
  • No fees. There are no transfer fees for transfers over $10,000.
  • Fix your rate. You can fix your FX exchange rate for up to 12 months and transfer later.
  • Flexible options. Pick from one-off transfers, limit orders, forward contracts and recurring transfers.
  • Large bank network. With more than 115 banks in the OFX network, chances are good you'll be able to transfer locally to avoid unwanted bank fees.
  • ATO approved. OFX is one of two providers approved to pay ATO from overseas.

What we don't like

  • 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.
  • Minimum transfer. The minimum transfer amount is $250 per transfer for Australian users.
  • Limited Payment options. OFX doesn't accept cash, check or credit card payments.

How are OFX's fees and exchange rates?

OFX charges a flat $15 fee for Australians on transfers under $10,000 and waives its fee above that amount. Based on data gathered by FXC Intelligence Ltd, avoiding the banks will save you up to $394 when exchanging AU$20,000 to USD with OFX.

It is important to remember that while OFX doesn't charge a transfer fee, it charges a margin of 0.5% to 3% on top of the mid-market rate. Typically, the larger your transfer, the smaller the percentage taken by OFX.

Markups on exchanging AUD $10,000 into major currencies (June 20, 2023)

We signed up for an account with OFX and used their figures to calculate the markups. Based on our results, OFX offers better exchange rates on Euros and adds a higher markup to more volatile currencies such as the Indian Rupee.

  • AUD to USD - 0.51%
  • AUD to Euro - 0.47%
  • AUD to GBP - 0.49%
  • AUD to NZD - 0.49%
  • AUD to INR - 2.67%

OFX reviews and complaints

OFX reviews are mostly positive online but they do have some complaints. On Trustpilot, OFX is rated as a "great" service with a score of 4.3 out of 5 based on 6,158 customer reviews. Positive reviews highlight their customer service and competitive rates on large transfers. Negative reviews focus 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.

OFX responds to the majority of negative reviews in less than a week with details on how to contact customer support to solve their issue. 78% of customers gave them 5 stars and 14% rated them 3 stars or lower. OFX has a lower rating on ProductReview.com.au as customers rated them 2.9 stars out of 5 based on over 312 customer reviews. Here negative reviews also mention OFX's compliance policies.

Is OFX safe to use?

OFX is regulated in Australia, US, UK, Canada and Europe, and is a publicly listed company on the Australian Stock Exchange. In Australia, OFX is regulated by ASIC and is a member of the Australian Financial Complaints Authority (AFCA). It is one of two providers that are approved to pay the Australian Tax Office (ATO) from overseas.

OFX has served over 300,00 customers with a global network of 115 banks and has helped customers transfer over $84 billion. Also, banks such as Macquarie International trust OFX's platform to power international money transfers for their clients.

As part of Finder's customer satisfaction awards for 2023, we asked 883 Australian's to rate their favourite money transfer providers. This was based on value for money, customer service and more. OFX scored a respectable 4.31/5 and 81% of customers said they would happily recommend OFX.

What would your OFX transfer look like?

Use the table below to find out more details about what making a money transfer with OFX looks like. Click the Go to site button to visit OFX's site and get a quote for your transfer.

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
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Alanna Glenn

I use an international money transfer service to move money from my Canadian bank account to my Australian account when the exchange rate is favourable. I've found it to cost less than bank transfers and the fees and exchange rates are fair.
— Alanna Glenn, lead publisher (money)

What are the ways I can send money abroad with OFX?

OFX's 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: 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 or "Spot deals" allow you to lock-in an exchange rate when you confirm your transfer.
  • Recurring Transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfers you need to send. You need to make a minimum of 4 transfers, but you can set up a direct debit and take advantage of Zero OFX fees.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. Once again there are two options:

  • Buy now, transfer later. Lock in your exchange rate by using a forward contract, then schedule your transfer between two days and 12 months from the time you have locked in your rate.
  • Set your target rate. Target Rate Transfers, or limit orders, allow you to set a target rate for your transfer. Once your target rate is triggered, OFX will contact you to complete your transfer. Your target rate can be valid for up to six months.

OFX also has specialised accounts for online sellers and businesses, which you can read more about in our reviews. It is currently one of the only approved PSPs with Amazon and is shortly launching its receive option in JPY - further expanding its corporate offering in its global currency account.

How to make your first money transfer with OFX?

Firstly you will need to set up an account with OFX, we took the five steps below to get started:

What are OFX's payment options?

OFX has multiple payment options including BPAY, Electronic Funds Transfer and Direct Debit. 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, cheque or debit card.

How long does an international transfer with OFX 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 business days
  • Exotic currencies: 3-5 business days

Both transfers may have additional time added on depending on how long it takes for your bank to transfer the money to OFX.

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.
Go to site

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 55 currencies in more than 180 countries worldwide.
Ratings accurate as of May 30, 2023
Google Play Store4.5 out of 5, based on 3,590 customer ratings
Apple App Store4.8 out of 5, based on ‎3,905 customer ratings

How does OFX compare to other money transfer services?

1 - 25 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Compare OFX vs. Wise and TorFX

OFX vs. Wise

Wise is more suited to people moving small sums of money at a time while OFX caters to larger transfers of $10,000 and above. Wise's minimum transfer is just $1 while OFX has a minimum of $250. Both are great providers but target different customers.

OFX vs TorFX

Based on our research, TorFX is a better option for large money transfers as they charge no transfer fees, similar exchange rates and slightly faster transfers. Despite this, OFX supports over 50 currencies and TorFX only offers around 40 currencies. They also both provide dedicated account managers, FX tools and have a strong reputation in Australia.

Frequently asked questions

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Rosie Finder

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Avatar

John

November 15, 2018

Can I transfer from Thailand to Australia.


Avatar

Nikki Angco

November 15, 2018

Hi John,


Thanks for reaching out. You may certainly transfer funds from Thailand to Australia using OFX. Head over to their website regarding international money transfer. It will show different ways how to do a transfer whether its a Rapid Transfer (to lock in exchange rates) or Risk Management.

Hope this was helpful. Don’t hesitate to message us back if you have more questions.


Best,

Nikki


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Rosnani

January 18, 2017

Hi my friend from Australia did use your service transfer the money via my bank in Malaysia almost 7 days. Who I suppose to check the transfer clearing in my accounts. Because I check from My Maybank is no fund cleared. My friend said the fund is in my accounts. Please advise me what I suppose to do and with who to check for the clearance money.


TQ

Rose


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Anndy Lou Finder

January 18, 2017

Hi Rosnani,


Thanks for your question.


With OFX, transfers can reach the destination account up to two days depending on where the money is sent.


If the money is not yet available in your account after 7 days, it is best to contact OFX directly. They offer a 24-hour service so you can call them anytime on +61 2 8667 8090 (if you are calling from outside Australia).


Cheers,

Anndy


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Mo

October 12, 2016

Regarding the special offer “There is also a $0 online transfer fee for all finder.com.au customers.”, is this a one off or ongoing special? How does OFX know to apply this offer to Finder customers? Thanks.


Avatar

Clarizza Fernandez Finder

October 13, 2016

Hi Mo,


Thanks for your question.


Only users who use the finder.com.au link are able to take advantage of the $0 fee offer.


If the $0 offer hasn’t been applied, please let us know and we’ll pass on your details to OFX.


Cheers,

Clarizza


Avatar

Kate

July 28, 2016

Hi OFX,


I would like to send about USD 10,000 to my Etrade account in the USA. It has to go from my NAB account (an AUD account) to Wells Fargo Bank, Routed to Etrade Clearing LLC to be deposited into my Etrade Brokerage Account. Is this something you can do? Or do all transfers have to be from Bank Account to Bank Account? I look forward to answer. Thanks, Kate


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Avatar

May Finder

July 28, 2016

Hi Kate,


Thank you for your inquiry.


Please note that you have come through to finder.com.au we are an Australian financial comparison website and general information service, not actually OFX.


If you want to send money using OFX, please register on OFX by clicking the ‘Go to Site’ button above. You can also find more about the transfer process by reading the topic “The registration and transfer process” outlined above.


In the meantime, aside from OFX, you also have the option to send money via wire transfer – that is from your NAB account to Wells Fargo Bank via online banking of NAB. You can complete the process when you visit and check NAB international funds transfer page.


Hope this has helped.


Cheers,

May


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Bill

May 10, 2016

Hi, We are an Australian business that would like to make payments to our suppliers and contractors in New Zealand. Can you confirm if the money sent via OFX goes direct to our suppliers bank account or is there a Correspondent in the middle that charges an additional fee for handling the transaction between ourselves and our supplier? We are happy to pay a transfer fee from our end but need to make sure the money we are sending to our supplier is paid in full into their account less any fees their own bank might charge to handle transfer of fx. Let me know when you can. Thanks.


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Shirley Liu Finder

May 11, 2016

Hi Bill,


Thanks for your question.


The funds sent via OFX goes directly to the bank account you’ve specified, so there are no additional fees for handling the transaction.


Hope this helps.


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