OFX review
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.
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.
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.
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.
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 Store | 4.5 out of 5, based on 3,590 customer ratings |
| Apple App Store | 4.8 out of 5, based on 3,905 customer ratings |
How does OFX compare to other money transfer services?
Compare OFX vs. Wise and TorFX
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.
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
Your reviews
Rosie Finder
Writer
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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.
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
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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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.
John
November 15, 2018
Can I transfer from Thailand to Australia.