OFX (formerly Ozforex) International Money Transfers

Information verified correct on October 21st, 2016

Send your money overseas with OFX and you'll get a competitive rate and low fees.

Exclusive offer:

OFX are offering exclusive exchange rates to finder.com.au customers – which means your recipient could receive more in their bank. There is also a $0 online transfer fee for all finder.com.au customers. Special rates are applied and will be shown when you are shown the transactional rates. You can also call OFX on 1300 300 424 and quote "finder" to take advantage of the rates.

OFX is one of the leading services of all things related to foreign currency exchange. It's a one-stop shop where you can transfer money to international accounts, get a travel card which allows you to spend safely and cheaply while overseas or if you're running a business, reduce the amount of money you have to spend towards conversion fees and margins.

They also provide currency news and tools so you can always stay informed.

When it comes to transferring money to a foreign country you'll want to know two things: what the exchange rate is and what fees you'll pay. OFX has you covered when it comes to these, as it aims to undercut the banks in both value and service.

Product NameExclusive: OFX (Ozforex) International Money Transfers
Min. Transfer AmountAUD 250
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Banking PartnerOFX
Customer ServicePhone, Email
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 15
Exchange Rate UpdatesReal time


  • No online transfer fee - finder.com.au exclusive
  • Exclusive exchange rates - finder.com.ay exclusive
  • Quick turnaround time


  • Not available for transfers below $250
  • Phone transfer fee of $15

OFX foreign exchange rates

OFX was founded to provide better rates to those who felt they were not getting a fair deal from the banks. They do this by combining the huge amount of customer deals they process and using this large number to get wholesale rates in the interbank market.

This basically means that rather than negotiating based on your individual transaction they'll group you with others and used the combined power to get a better rate. This is combined with a smaller margin which is reported to be as low as 0.3% - compared to the average bank rate of 4%.

Rates are updated every 30 seconds on their website so you'll always have a clear idea of what your money's worth. This is in contrast to banks, which usually update their rates once per day but leave the door open for sudden rate changes.

CountryCurrencyCurrency Code(Bank Buys) IMT
Czech RepublicCzech KorunaCZK18.363577322738
DenmarkDanish KronerDKK5.039119804401
EgyptEgyptian PoundEGP6.7847646699267
FijiFiji DollarFJD1.5211202065251
UKBritish PoundGBP0.58733190709046
KuwaitKuwaiti DinarKWD0.22602383863081
Sri LankaSri Lanka RupeeLKR110.1130806846
MoroccoMoroccan DirhamMAD7.2914119804401
MadagascarMalagasy AriaryMGA2374.6943765281
MexicoMexican PesoMXN14.742665036675
MalaysiaMalaysian RinggitMYR3.1029187041565
NorwayNorway KronerNOK6.0697585574572
NZNew Zealand DollarNZD1.0460727383863
OmanOmani RialOMR0.28873777506112
PeruPeruvian Nuevo SolPEN2.5526436430318
Papua New GuineaPapua New Guinea KinaPGK2.3839394865526
PhilippinesPhilippine PesoPHP36.350244498778
PakistanPakistani RupeePKR78.354981662592
PolandPolish ZlotyPLN2.906173594132
RussiaRussian RoubleRUB48.042481662592
Saudi ArabiaSaudi Arabian RiyalSAR2.8312194376528
Solomon IslandsSolomon Islands DollarSBD5.7664806016198
SeychellesSeychelles RupeeSCR9.7493887530562
SwedenSwedish KronaSEK6.5200183374083
SingaporeSingapore DollarSGD1.0385849633252
ThailandThai BahtTHB26.421149144254
Tonga Pa`angaTOP1.5672998558221
Turkish LiraTRY2.2895820599022
TaiwanTaiwanese New DollarTWD23.505501222494
TanzaniaTanzanian ShillingTZS1663.3557457213
USAUS DollarUSD0.76214853300733
VenezuelaVenezuelan bolvar fuerteVEF7.6214853300733
VietnamVietnamese DongVND16702.590158924
VanuatuVanuatu VatuVUV79.316931540342
SamoaSamoa TalaWST1.8371211342451
SenegalCFA Franc (BCEAO)XOF445.66014669927
New CaledoniaPacific FrancXPF79.58435207824
South AfricaSouth African RandZAR10.482885085575

Rates accurate as of 30 September 2016

How much does it cost to transfer money?

A good exchange rate is only half the story when it comes to international funds transfers - there's also the fees attached to the transfer itself.

OFX charge their fees in the currency you're selling and will waive the fee completely if you transfer over a certain amount.

Look below to see what these fees and fee-free thresholds are.

CurrencyFeeFee-free threshold

Minimum transfer amount and available countries

OFX allows you to transfer money into more than 50 currencies, including the currencies listed above and many others such as the Mexican Peso, Thai Baht, Chinese Yuan Renminbi and the Indian Rupee.

There are a few limitations to OFX's service. They won't transfer cash, nor allow cash to paid into their accounts and they don't accept cheques or credit card payments.

You also can't send funds to the following countries;

  • Afghanistan
  • Belarus
  • Burma
  • Democratic Republic of Congo
  • Republic of Congo
  • Cote d'Ivoire
  • Cuba
  • Iran
  • Iraq
  • North Korea
  • Lebanon
  • Liberia
  • Libya
  • Rwanda
  • Sierra Leone
  • Somalia
  • Sudan
  • Syria
  • Zimbabwe

The registration and transfer process

Before you can transfer your money overseas you need to register for an account with OFX. Registration is free and involves you completing three steps. These will involve you entering in your personal details including contact details, address and occupation and details surrounding your proposed money transfer.

Once this is completed you'll get both an email and a phone call to verify your identity and if this is successful you can log onto your account.

At this stage you'll get a rate quote for your transfer and from here all you need to do is add the receiving account details. OFX will contact you to confirm the transaction and you can then track the status of the transfer.

Transfers can reach the destination account the day after sending your money to OFX, but you should allow up to two days on top of this depending on where it's going.

Why choose OFX?

Apart from getting a better deal on your transfers in terms of both rates and fees, OFX has a number of benefits which you wouldn't necessarily get at a bank or anywhere else for that matter.

24 hour service. You can contact a member of OFX dealing team whenever you need assistance with something related to your transfer.

Personal contact. As stated above, you can call a member of OFX when you want to speak to someone. Not every service can boast of having this degree of personal contact in their transfer service.

They're regulated. OFX is regulated by the Australian Securities and Investment Commission (ASIC) and is able to safely transfer your money using Macquarie Bank's global risk management policies. It has a low risk business model and state-of-the-art website security measures in place including minimum 2048 bit Secure Sockets Layer (SSL) certificates for protective encryption of your transfer.

What other products and services does OFX offer?

OFX has a range of products and services for travellers, businesses and those wanting to keep a close eye on foreign currency developments. Here's a bit more about each.

OzForex Travel Card - The OzForex Travel Card gives you the opportunity to load selected currencies onto it and then spend without having to pay foreign transaction fees. It also keeps you money safe and separate from your bank accounts back home.

You can load up to nine currencies on one card and can use the internet to load more money onto it or swap between currencies wherever in the world you are.

Business transfers - OFX also work with businesses to give them a way to pay vendors or suppliers located overseas and to receive money. Working with OFX means you'll get your own dedicated foreign exchange dealer and 24-hour service.

Forex tools - There's a large range of free tools available on the OFX website. You can convert currencies, compare currencies, read news and the latest reports about selected currency markets, generate charts and view raw data and more.

Limit Orders - This allows you to let OFX buy and sell one currency, for another at a rate that is better than the current rate. OFX will monitor the exchange rate for you and when your chosen rate is detected, the transfer will occur.

Forward Exchange Contract - This feature allows you to minimise the risks involved by locking in an exchange rate even if your funds need to transfer at a future date.

Pros and cons of an international money transfer with OFX


  • Better exchange rates than those offered by banks
  • Lower fees than those charged by banks and other services (free when you transfer over certain thresholds)
  • A suite of free forex tools available to help you make better informed decisions
  • 24-hour service


  • Smaller transfers of under $250 not allowed
  • They don't accept credit cards, cheques or cash as payment forms

Frequently asked questions about international money transfers with OFX

How do I pay funds to OFX?

You can transfer funds in any major currency to OFX through Electronic Funds Transfer (EFT). You can also BPAY, although remember you can't use cash or cheques.

How long after booking a rate do I need to transfer money?

You must transfer money to OFX within 24 hours.

Do I need to send funds before I lock in a rate?

No, you lock in a rate deal and provide your account details and then send the currency you're selling.

A bit about the history of OFX

OFX began in 1998 and is now a quickly growing company—having been listed on the ASX in 2013.

They enabled customers to transfer $9.1 billion in 2013 and they have two million visitors coming to their website each month.

They're expanding their global reach too, which offices in Sydney, London, Toronto, San Francisco, Hong Kong and Auckland.

Was this content helpful to you? No  Yes

International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

50 Responses to OFX (formerly Ozforex) International Money Transfers

  1. Default Gravatar
    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.

    • Staff
      Clarizza | 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.


  2. Default Gravatar
    Kate | July 28, 2016

    Hi OFX,

    I would like to send about USD 10,000 to my Etrade acccount 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 somthing you can do? Or do all transfers have to be from Bank Account to Bank Account? I look forward to answer. Thanks, Kate

    • Staff
      May | 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.


  3. Default Gravatar
    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.

    • Staff
      Shirley | 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.

  4. Default Gravatar
    Alex | May 9, 2016


    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?

    • Staff
      Shirley | May 10, 2016

      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.

  5. Default Gravatar
    Kevin | March 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

    • Staff
      Shirley | March 23, 2016

      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.

  6. Default Gravatar
    keith | March 17, 2016

    why can’t i use poli any more

    • Default Gravatar
      Harry | March 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.

  7. Default Gravatar
    Sherman | March 4, 2016


    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.


    • Staff
      Shirley | March 8, 2016

      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.

  8. Default Gravatar
    Kay | February 22, 2016


    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

    • Staff
      Shirley | February 23, 2016

      Hi Kay,

      Thanks for your question.

      OFX usually processes transfers within 1 business day.

      I hope this helps.

  9. Default Gravatar
    Dave | February 8, 2016

    Are we able to transfer a large sum of money from Croatia to Australia? Moving permanently to Australia.



    • Staff
      Shirley | February 9, 2016

      Hi Dave,

      Thanks for your question.

      Unfortunately OFX can’t take Kuna, but we can take Krona or Euro’s. Alternatively, you may want to speak to one of our FX experts about your situation.

      Hope this helps.

  10. Default Gravatar
    roger | December 29, 2015

    I wish to transfer $au 60,000 to a bank in Bangkok Thailand.To receive the best exchange rate and lowest fee, would opening an account with HSBC be a suitable option for me ?l am living in Bangkok a but do not have a bank account here.I am an Australian citizen and will be transferring the funds from my NAB savings account.Regards,Roger.

    • Staff
      Shirley | December 30, 2015

      Hi Roger,

      Thanks for your question.

      You may want to reconsider using an international money transfer service for your transfer, as our research has shown that you can save up to $63 for every $1,000 transferred.

      To continue on that point, to receive the best exchange rate and lowest fees you may want to consider using a service such as OFX to facilitate this transfer for you.

      You just need to provide the details of the recipient bank (it doesn’t necessarily need to be a HSBC account to get these benefits).

      I hope this helps,

Ask a question