Review: OFX international money transfers – March 2019

Australia’s own OFX provides competitive exchange rates and low fees when you send money abroad.

Quick verdict

Good for
  • Large transfers
  • Flexible transfers with OFX’s forex tools
  • Personal and business use, as well as for online sellers
Not so great for
  • Paying with card or cash
  • Cash pick-up
  • Recipients without a bank account

Product NameOFX (Ozforex) International Money Transfers
Min. Transfer AmountAUD 250
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Available CurrenciesAED, 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 FeeAUD 0
Phone Transfer FeeAUD 15
Exchange Rate UpdatesReal time

Pros

  • No fees on larger transfers
  • Forex tools available
  • No maximum sending limit
  • Can use for personal use, as well as business or for online sellers

Cons

  • Can only pay through your bank account
  • No cash pick-up
  • Must have an account with OFX to get a quote

OFX exchange rates and fees

Calculate how much your transfer with OFX could cost in our calculator below. OFX does charge a fee for certain transfers, as well as a margin on the exchange rate.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 0.711 USD
7,112
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Check to see if there are any OFX promo codes on offer

Available currencies

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:

  • CNY Chinese Yuan
  • VND Vietnamese Dong
  • GBP British Pound
  • PHP Philippine peso
  • EUR Euro
  • 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?

Transfers from Australia to the US are the fastest, often taking only one business day. Most other currencies will take a bit longer, averaging out at 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 takeClock icon for transfer speed

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 8.9* out of 10, based on over 3,300 reviews.
*According to OFX and Trustpilot on 19 November 2018.

How does OFX make money?

OFX makes its money off both the transaction fee it charges for transfers under $10,000 and a margin on the exchange rate.

The margin is what a money transfer provider adds 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?

  1. Log in to your OFX account.
  2. Use the calculator on your dashboard to calculate how much you want to send and to which currency.
  3. Click "transfer now".
  4. Create your new recipient. You'll need their bank account details and address.
  5. Select a reason for your transfer.
  6. Review and confirm your transfer.
  7. Transfer your funds to OFX.
  8. 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 Canada, Hong Kong, New Zealand, the UK and the US.

In a nutshell

Pros
  • No fees on larger transfers. You'll be paying a $15 flat fee on transfers under $10,000, though.
  • 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.
  • Options for business use and online sellers.
Cons
  • 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.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.711 USD
7,112
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.711 USD
7,112
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.711 USD
7,112
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.714 USD
7,109
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 1 Within an hour AUD 3.99 0.711 USD
7,102
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.711 USD
7,111
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 0 1 day AUD 0.00 0.711 USD
7,112
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.714 USD
7,104
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers

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The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Frequently asked questions

Was this content helpful to you? No  Yes

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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54 Responses

  1. Default Gravatar
    JohnNovember 15, 2018

    Can I transfer from Thailand to Australia.

    • finder Customer Care
      NikkiNovember 15, 2018Staff

      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

  2. Default Gravatar
    RosnaniJanuary 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

    • finder Customer Care
      LouJanuary 18, 2017Staff

      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

  3. Default Gravatar
    MoOctober 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.

    • finder Customer Care
      ClarizzaOctober 13, 2016Staff

      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

  4. Default Gravatar
    KateJuly 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

    • finder Customer Care
      MayJuly 28, 2016Staff

      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

  5. Default Gravatar
    BillMay 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.

    • finder Customer Care
      ShirleyMay 11, 2016Staff

      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.

  6. Default Gravatar
    AlexMay 9, 2016

    Hi,

    I am planning to transfer money around AUD5000 to a bank in Turkey. The money transferred is to be deposited in USD currency at the receiving end as the account hold in the bank in Turkey is a USD account.
    I wonder would there be a bank fee to the receiving account in Turkey in addition to the transfer cost here (if any) and if so, what would be the approx. total cost in AUD?

    • finder Customer Care
      ShirleyMay 10, 2016Staff

      Hi Alex,

      Thanks for your question.

      Unfortunately we’re unable to tell you what the receiving fees are, this will depend on the Turkish back and it’s terms and conditions. I’d recommend that you get in touch with them directly.

      In terms of sending, there are no fees charged by OFX for sending funds overseas.

      Hope this helps.

  7. Default Gravatar
    KevinMarch 22, 2016

    “OFX are offering exclusive exchange rates to finder.com.au customers”
    I am trying to find these “exclusive rates” but there appears to be no difference whether I go straight to your site or through finder.com. I wish to transfer AUD100,000 to NZD. finder.com says i will get NZD111,536 but your site offers a customer rate of only NZD111,210. Can you tell me how to claim this higher rate please

    • finder Customer Care
      ShirleyMarch 23, 2016Staff

      Hi Kevin,

      Thanks for bringing this to our attention, it seems that it’s a technical issue.

      All finder customers should be receiving the exclusive rates and your accounts should be reflecting this.

      Please call OFX directly as it will be rectified through them.

  8. Default Gravatar
    keithMarch 17, 2016

    why can’t i use Poli any more?

    • Default Gravatar
      HarryMarch 18, 2016

      Hi Keith, thanks for you question.

      According to OFX’s FAQ page, acceptable payment methods include BPAY, EFT, Poli and Direct Debit. Please get in touch with OFX directly to troubleshoot why Poli isn’t working for your specific account.

      Hope this helps.

  9. Default Gravatar
    ShermanMarch 4, 2016

    Hi,

    I’m planning to transfer money from here to UK. I wonder would there be bank fee charge to the receiving account in UK? Would the transaction count as an international transaction made from Australia or the transaction are made by ofx UK counterpart and therefore the transaction is a locally made transaction.

    Thanks

    • finder Customer Care
      ShirleyMarch 8, 2016Staff

      Hi Sherman,

      Thanks for your question.

      The UK transfer is local, ie: OFX pay pounds sterling from Barclays London to the UK beneficiary bank, so there should be no transfer fees.

      You’ll pay AUD to your OFX (AUD) account in Sydney and once funds clear, OFX pay Sterling to the nominated (UK) account, from our London (GBP) account.

      There shouldn’t be recipient fees, but it’s best to check with the recipient bank.

      Hope this helps.

  10. Default Gravatar
    KayFebruary 22, 2016

    Hi,

    I have just made a transfer for the first time and have been notified that I will be contacted shortly to finalise the payment. I am needing this transfer done as soon as possible so was wondering could you please give an indication of when this would usually be? Eg. within an hour, next business day etc.

    Thank you

    • finder Customer Care
      ShirleyFebruary 23, 2016Staff

      Hi Kay,

      Thanks for your question.

      OFX usually processes transfers within 1 business day.

      I hope this helps.

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