OFX International Money Transfer Review 2024

In today’s fast-paced, turbulent lifestyle, the opportunities that fast, secure, and reliable money transfer companies provide aren’t only a privilege for the few, but a convenience for the many. With more people seeking impeccable money transfer services, the bar has been raised and offering solutions that don’t work as intended is a safe recipe for failure.

With that said, only the most powerful and useful emerge on the top, enjoying the approval and appreciation of the general public. One such international money transfer provider is OFX. Spreading over four continents and boasting an impressive digital platform capable of processing the most complex currency exchange operations, OFX is one of the best choices for making seamless money transfers overseas.

In this review, we’ll discuss every aspect surrounding OFX and see why they’re so successful in striking deals that make their clients ready to come back whenever they need their services. Of course, no provider is suitable for everyone, so with all the information below, we’ll offer you a simple way to get familiar with OFX and help you decide whether this company truly suits your requirements.

Who are OFX?

Throughout their existence of more than 20 years, with the highest level of commitment, and moving side-by-side with the latest trends, OFX managed to build a status of a renowned company known for its convenient, reputable, and responsible international money transfer services. 

OFX counts 650+ employees across their 8 offices located in London, Dublin, San Francisco, Toronto, Auckland, Sydney, Hong Kong, and Singapore. As a part of the same local communities as their clients and connected to a global network of eminent banks, this company is within reach of millions of potential clients.

What makes OFX so reliable is the fact that it’s highly regulated by over 50 regulators around the world, which involves working within industry guidelines, taking part in frequent audits, and following strict legislation. Given even that, this provider, led by an experienced executive team with high professional background, has never been subject to any regulatory or enforcement action.

Numbers show that more than 1 million customers put their faith in OFX when it comes to moving money worldwide. Over the last two decades, OFX handled money transfers worth $140 billion by connecting more than 190 countries, exchanging over 50 different currencies.

OFX offers 24/7 assistance with their global support team, or as they call it OFXperts, via phone and their easy-to-use and secure digital platform, which makes OFX very attainable for different types of customers. For those who prefer to keep their finances in motion only by using their mobile phones, the OFX smartphone app is a state-of-the-art solution with an exceptionally high rating.

OFX Pros & Cons

	Pros	Cons
1.	Flexible business solutions – OFX is one of the best money transfer providers as they are great for businesses that make large money transfers.	Not suitable for small money transfers – OFX is known for handling large money transactions and caters to small businesses and other enterprises.
2.	Amazing customer service – OFX dedicates expert dealers who help each client make the most of their international transactions.	Lack of multiple funding options – OFX customers can only use their bank account to fund their money transfers. Most other providers allow credit or debit cards as payment methods as well.
3.	Fast money transfers – OFX money transfers can go through in 1-3 days if the currencies used in the transfer are major ones.	Some transfer fees – Sending less than $10,000 will usually incur a transfer fee of $15.
4.	Favorable exchange rates – OFX adds a profit margin of 0.4% to 1.9% on the mid-market rate which is a lot better than traditional banks and some similar money transfer providers.	No option for instant custom quotes – Users are required to sign up for an OFX account if they wish to overview the rates and fees associated with their money transfer.
5.	Exchange rate alerts option – Customers can use these alerts to make money transfers at a favorable rate.
6.	Global service coverage – OFX extends their coverage to over 190 countries all over the world.
7.	Solid currency coverage – The company’s currency support is 55 and counting.
8.	Relaxed cancellation policy – OFX allow their loyal customers to cancel most transfer at no additional cost.
9.	Extensive knowledge base – Users can browse OFX’s website and mobile app and discover tons of useful information to help them pick the best options for transferring their money abroad.
10.	Incredible mobile app experience – OFX’s mobile apps are adored by their customers as they’re stable, straightforward, and super convenient.

OFX Key Attributes

• Founded: 1998
• Headquarters: Sydney, New South Wales, Australia
• Other offices: Along with their main offices in Sidney, OFX boasts 7 other offices in Europe, North America, Southeast Asia, and Oceania, including London, Dublin, Auckland, Hong Kong, Singapore, Toronto, and San Francisco;
• Global trading volume: Since its inception, OFX helped move more than $140 billion worth of money transfers around the globe. At present, they’re operating with about $100 million of net income and they hold net cash of over $60 million;
• Number of employees: Constantly expanding their team of financial and customer service experts, OFX employees number have recently breached the 650 mark;
• Trustpilot rating: As an international money transfer service focused primarily on corporate clients, OFX has one of the best ratings on Trustpilot (4.2 out of 5 stars) among companies from the same niche;
• Number of clients: Since their foundation, OFX has served over 1 million customers. If you check out our other international money transfer reviews, you may notice that other companies have served more customers than OFX. However, OFX’s clients tend to make much larger money transfers, so don’t let the numbers fool you;
• Available countries: OFX is one of the money transfer providers that are oriented towards businesses with the widest worldwide coverage. They facilitate international money transfers in over 190 countries on all continents;
• Number of currencies: Currently, OFX currency support numbers 55 different currencies. Just recently, this number was 50, so one can safely assume the company won’t stop expanding their currency exchange coverage any time soon;
• Minimum transfer limit: OFX’s minimum transfer amount regularly changes as they make constant efforts to lower their limits to be more convenient even for those who wish to make small money transfers. Currently, their minimum transfer limit is $1000 USD in the US, £100 in the UK, €2 in the European Union, $150 USD in Hong Kong and Singapore, and $250 AUD and its currency equivalent in the rest of the world;
• Maximum transfer limit: Contrary to their intricate minimum transfer limits, OFX doesn’t impose a maximum transfer limit at all. By using this provider, businesses and corporations can send very large amounts of money – an option that’s not that usual within this industry;
• Transfer fee: OFX enables fee-free transfers for those who wish to send above $10,000 at once. For transfers below $10,000, the transfer fee is AUD $15.00 for Australia, CAD $15.00  for Canada, HK $60.00 (below HK $50,000) for Hong Kong, and NZD $15.00 for New Zealand. Residents from anywhere else in the world, don’t incur any transfer fees on their money transfers;
• Exchange rate markup: Most companies add a markup on the mid-market exchange rates as a way to profit from offering their money transfer services. OFX is one of those and their exchange rate margins range from 0.4% to 1.9%;
• Sending money through: Even though it makes sense to support only bank accounts as a funding method for large transfers, most international money transfer providers allow credit/debit cards, PayPal, Apple Pay, and other additional means of payment. OFX’s only option for funding money transfers are bank accounts;
• Receiving money through: Lacking cash pickup and mobile money options, recipients of OFX money transfers can get their money in their personal or business bank accounts;
• Payments flexibility: Clients can use OFX’s website or their dedicated mobile app to store their personal details and initiate money transfers with great confidence as the company employs strict measures to maintain safety at the highest level;
• Supported languages: The OFX web platform and mobile app are supported only in English;
• Regulated by: There are over 50 different regulators around the world that inspect OFX’s conduct of business and operating means and authorize them for handling international currency exchange and money transfer activities. The most prominent between them include:
  • The ASIC (Australian Securities and Investments Commission) and the AUSTRAC (Australian Transaction Reports and Analysis Centre) in Australia;
  • The MAS (Monetary Authority of Singapore) in Singapore;
  • The CED (Customs and Excise Department) in Hong Kong;
  • The DIA (Department of Internal Affairs) in New Zealand;
  • The FCA (Financial Conduct Authority) and the NCA (National Crime Agency) in the United Kingdom;
  • The CBI (Central Bank of Ireland) in the European Union;
  • The FinCEN (Financial Crimes Enforcement Network) and other state regulators in the United States of America;
  • The FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada.
• Mobile app: OFX offers a praise-worthy mobile app that can completely replace using their website while offering a faster and safer experience. Customers who use iOS devices can find the app at the App Store (with an amazing rating of 4.9 out of 5 stars) and those that own an Android device can download the app on the Google Play store (with a solid rating of 4.6 out of 5 stars);
• Awards: As the most prominent Australian international money transfer service, OFX has collected numerous awards and accolades throughout their 20+ years of existence. Some of their most notable achievements include:
  • Named one of the Fast 50 (Deloitte, 2005 – 2011);
  • Named one of the Fast 500 Asia Pacific (Deloitte, 2005 – 2011);
  • Named one of the BRW Fast 100 (The Australian Financial Review, 2005);
  • Becoming a New Investors Award Finalist (UK Trade and Investment International Business Awards, 2006);
  • Receiving the Australian Growth Company of the Year award (Australian Growth Company Awards, 2013);
  • Receiving the Fraud Prevention Award (Digital Identity Summit, 2016);
  • Scoring Outstanding Value in Money Transfers (Canstar, 2016, 2017, 2018, and 2019);
  • Decorated as an Excellent Brand of Forex Services (Hong Kong Leader’s Choice Award, 2021);
  • Proclaimed the Best International Money Transfer Provider (Finder Customer Satisfaction Awards, 2021/2022).

OFX Features

OFX has developed two options for potential customers that want to use their digital, financial services on their desktop or mobile platforms. Depending on their purpose, OFX users can create a personal or a business account.

• Personal accounts: This type of account serves the personal needs of a customer and is intended for individual use. When registered under a personal account, OFX users can send money to family and friends overseas, pay taxes and bills, purchase goods, sell international shares, and other personal financial necessities by using bank-beating rates;
• Business accounts: Business accounts are optimized for companies, whether small, medium, or large. Like personal accounts, they allow business users to send money and make payments but offer more features designed for business purposes. The options they include on this type of account feature:
  • Dedicated account managers;
  • Hedging tools that support business growth;
  • Mass payments to 500 recipients with just one click;
  • Opportunities to pay staff or suppliers overseas;
  • Currency risk evaluations;
  • Integration with internal accounting departments.

Led by the idea to fulfill all of their customers’ necessities while keeping costs at a minimum, OFX offers a variety of money transfer types as part of their service, such as spot transfers, limit orders, forward contracts, and regular payment. Here’s what each of these transfer types entails:

• Spot transfers – Sending money at today’s rate: These are the regular money transfers every provider facilitates. With a spot transfer, a customer can send money internationally by locking in a favorable, current exchange rate;
• Limit orders – Targeting an exchange rate: This type of transfer allows customers to order currency transactions by setting a desired exchange rate within a time limit of 6 months. At the moment when the customer’s targeted rate is reached, OFX will automatically initiate the transfer, no matter the timezone. Once the money transfer it’s booked, a limit order can’t be canceled, unless the targeted rate isn’t triggered.
  
  Moving money using limit orders is a convenient way for both personal and business clients to save money when the conversion process can wait for the right rate and doesn’t need to happen right away;
• Forward contracts – Fixing a future exchange rate: As a way to protect their customers’ money from the constantly-moving market rates, OFX provides them with this hedging tool as an opportunity to fix a rate for all future transactions that will occur between 2 days and 12 months from the moment of signing the contract. No matter whether the rate improves or declines within the contracted period, the transaction will take place with the defined forward contract rate.
  
  Clients can even cancel their forward contracts if they realize their fixed rate has become less favorable than the current market rate, but note that in such cases, the clients bear the responsibility of paying for any losses incurred during the setup and cancellation of the forward contract;
• Regular payments – Avoid missing payments: Whenever customers need to make international payments on a regular basis such as paying mortgage, rent, tuition, or simply transferring between foreign savings, salary, or pension accounts, OFX suggests using the regular payments transfer type. Recurring payments are a great way to save valuable time and ensure paying on time by setting a payments schedule for up to 12 months from the moment of signing the deal.

Additional OFX Features

In addition to their basic services, OFX adds more features intended to help users in their international financial endeavors, whether personal or business. The different types of FX tools they offer include:

• Daily Currency Updates: OFXperts monitor global events and FX rates day and night and inform their users via the Daily Currency Update for any market movements and forecasts so their clients can always stay up to dated and capable of making informed decisions;
• Monthly Currency Outlook: This tool provides a thorough insight into the key factors that will affect major currencies in the month ahead. This feature is great for clients looking to use OFX’s limit orders or forward contracts features;
• Risk Calculator: Each time when a user is concerned with how certain currency fluctuations will impact a particular transfer, the risk calculator can be a very handy tool. It shows cost scenarios based on the data the user provides related to their business niche, the local currency where the business is located, the amount they wish to transfer, and other relevant factors;
• Exchange Rate Alerts: Rate alerts are basically SMS or email notifications sent to OFX clients when their target rate is reached so they could make money transfers with their desirable rate without monitoring the market all the time;
• Xero Integrations: Companies who pay employees or contractors in other countries can streamline their accounting processes by connecting their OFX global currency account with Xero – a leading accounting platform for small businesses. That way, they can get all of their international money transfers directly in Xero, saving time and manual labor.

OFX International Money Transfer Costs

One of the biggest reasons why customers read online reviews before they decide which international money transfer service to use is to learn the costs associated with making money transfers.

With that in mind, we examined all of the costs and fees that are involved when using OFX and discovered that the company offers a transparent fee structure. To make things brief and easily understandable, here’s a breakdown of all the costs that come with making OFX transfers:

Transfer Fees

OFX may charge a transfer fee depending on the amount of the transfer and the countries involved in it. Certain countries and transfer amounts may incur a transfer fee, while others may not.

All OFX clients who wish to send above $10,000 at once can do so in a fee-free manner. For transfers below $10,000, the transfer fee is AUD $15.00 for Australia, CAD $15.00 for Canada, HK $60.00 (below HK $50,000) for Hong Kong, and NZD $15.00 for New Zealand. Residents from anywhere else in the world, don’t incur any transfer fees on their money transfers;

For instance, if you’re sending money from the UK to South Africa, the transfer fee for a transfer of £3,000 is £0. On the other hand, if you wish to transfer CAD $8,000 from Canada to the Philippines, the transfer fee that you’ll need to pay will be CAD $15.

Exchange Rates

Customers can always monitor the exchange rates that OFX uses as a base to convert the currencies involved in all money transfers. However, the mid-market rates are always altered by a small margin which is added by OFX to cover administrative costs and generate profit. These customer rates are still very competitive compared to traditional banks and other money transfer service providers.

OFX’s exchange rate markup always depends on the currency pairs involved, but the biggest factor is the amount being transferred. That means that their exchange rate markup, which usually ranges from 0.4% to 1.9%, will be higher if the transfer amount is low and vice-versa.

Given that, OFX allows loyal clients who regularly use their services and those who make exceptionally high money transfers to even negotiate their exchange rate markup as a way to save more money.

Additional Fees

While all costs and fees are crystal clear with OFX, there may be additional fees charged by third parties for facilitating parts of the money transfer process. This is beyond the control of OFX and they make every effort to promptly notify clients whenever they may face additional charges by intermediary banks or receiving banks.

How Safe is OFX?

To ensure their customers’ funds and personal details are always safe and secure, this reputable money transfer provider undertakes many strict measures. They use advanced security protocols to protect all financial transactions and users’ data.

OFX takes safety compliances very seriously as they adhere to various counter-terrorist financing laws and anti-money laundering regulations, such as the Bank Secrecy Act and the USA Patriot Act. The company boasts robust internal policies and procedures to prevent money laundering and fraud as well. Their dedicated team of technicians carefully monitors all transactions to detect and prevent any suspicious activities. 

An additional safety measure is their 256-bit SSL encryption, which is the highest level of internet security used by high-profile financial and banking institutions. Basically, this encryption technology prevents unauthorized third parties from accessing any of the data sent between OFX, their banking partners, and their customers. 

Ultimately, there are over 50 different regulators around the world that inspect OFX’s conduct of business and operating means and authorize them to handle international currency exchange and money transfer activities. The most prominent among them include:

• The ASIC (Australian Securities and Investments Commission) and the AUSTRAC (Australian Transaction Reports and Analysis Centre) in Australia;
• The MAS (Monetary Authority of Singapore) in Singapore;
• The CED (Customs and Excise Department) in Hong Kong;
• The DIA (Department of Internal Affairs) in New Zealand;
• The FCA (Financial Conduct Authority) and the NCA (National Crime Agency) in the United Kingdom;
• The CBI (Central Bank of Ireland) in the European Union;
• The FinCEN (Financial Crimes Enforcement Network) and other state regulators in the United States of America;
• The FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada.

How Fast is OFX?

OFX employs a number of methods to ensure fast and efficient money transfers for all of their clients. For instance, they have established partnerships with various payment providers to ensure that customers can use their bank accounts for any bank transfer type. Additionally, the company utilizes a global banking network to make sure that every transfer is followed through in a quick manner, no matter which part of the world it travels to.

Considering the fact that OFX often facilitates the move of outstanding amounts of money, their transfer speeds are considered relatively fast. Their customers can always expect their money transfers to be completed from 1 to 4 days after the company receives their funds. The average time for major currencies can often be a bit shorter though, with transfers arriving to recipients in 1 to 3 days for major currencies, or a bit longer if the currencies used are from less-frequented countries (from 3 to 5 days).

Compared to industry standards, OFX transfer speeds are a bit slower than some similar providers which may offer faster transfer times. However, it should be noted that small money transfers take less time to complete and instant transfers often come at a higher cost.

How to Use OFX

Using OFX for international money transfers is a straightforward and user-friendly process. Let us guide you through all the steps on how to use OFX:

1. Step 1: Sign up for an OFX personal or business account
   
   To be able to make money transfers with OFX, you’ll need to first register for an account on the company’s website or app. The process is super easy and takes only a few minutes to complete. All you need to do is enter your basic personal information and choose your desired username and password;
   
2. Step 2: Enter the transfer details
   
   Once you have your online account ready, you can initiate your money transfer by providing all the required details. That will include the amount you wish to transfer, your bank account’s currency, the currency of the recipient, and the destination country;
   
3. Step 3: Lock in an exchange rate
   
   You will then be presented with the ability to lock in your exchange rate for up to 24 hours. This gives you the opportunity to cancel the transfer and lock in another rate if you notice that the rate has improved. You can do so by simply choosing the “Lock-In” option after your transfer details have been provided;
   
4. Step 4: Fund your payment
   
   After you lock in your desired exchange rate, you’ll need to send your payment to OFX so they can initiate your money transfer. At this moment, you’ll be required to enter your bank account information such as bank account number, IBAN number, SWIFT number, bank address, and more;
   
5. Step 5: Track your transfer
   
   Once your payment is on the way to OFX, you can go to the “Track Transfers” section of your account on OFX’s website or app and track the status of your transfer. There, you can toggle the updates you receive about the transfer’s progress and check its estimated delivery times.

OFX Cancelation Policy

We’ve mentioned several times how OFX is an international money transfer service optimized mostly for large, business transactions. Given that they have many high-profile clients, the company allows for a decent amount of negotiation whenever costs, payments, and transfer times are in question.

That includes canceling transfers as well. For new customers, cancellation is always available before step 4 of the above section. After their payment has been sent to OFX for processing, a cancellation can still be possible upon contacting OFX but may result in paying a cancellation fee. The sender may also bear the costs at which OFX has converted the currencies involved.

However, long-standing clients may enjoy more freedom in this regard and cancel transfers without paying any additional charges. 

In any case, it’s important to note that once the funds have been delivered to the recipient, the chances of refunding the funds back to the sender are very slim. Contacting OFX in this case may still be beneficial as they’ll do everything in their power and try to retrieve the money back.

OFX Customer Service

OFX enjoys a strong reputation as an excellent customer service provider. Their clients often praise their dedicated customer support members for their skillful and professional approach and prompt assistance.

OFX’s customer service is available 24/7 by email or phone. There’s also a comprehensive FAQ section that’s full with a wide range of topics from how-to guides, security tips, and costs and fees breakdowns.

OFX also has a strong online presence, with many followers on their social media pages on Twitter, Facebook, and LinkedIn. This makes it very easy for customers to engage with the company and receive their latest currency market news and company updates.

Below are all the contact details customers can use to get in touch with an OFX representative:

• Email:
  • Personal clients: customer.service@ofx.com
  • Business clients: dealers@ofx.com
• Phone:
  • Australia:
    • Personal: 1300 300 424
    • Business: 1300 300 524
  • United States:
    • Personal: 1 888 288 7354 
    • Business: 1 888 966 6888
  • United Kingdom:
    • Personal: +44 207 614 4194
    • Business: +44 207 614 4195
  • Canada:
    • Personal: +1 800 680 0750
    • Business: +1 855 680 0745
  • Europe:
    • Ireland: 1 800 948 364
    • Germany: 0800 181 7242
    • Spain: 900 838628
    • France: 0805 080584
  • International:
    • Personal: +61 2 8667 8090
    • Business: +61 2 8667 8091

How Does OFX Compare With Its Competitors?

OFX is one of the leading players in the international money transfer space, facing strong competition from more popular providers such as WorldRemit, Remitly, and Wise. These companies may offer some amazing money transfer options, but OFX is still unique in their own way and many different customers can consider it as a right fit for their requirements.

Comparing OFX to these three money transfer providers, we can notice that all of them are a bit faster than OFX, have lower minimum transfer limits, and offer more flexibility in terms of choosing from a wider variety of payment methods.

However, as a money transfer provider for large money transfers, OFX can be far more suitable to businesses and corporate clients looking to utilize a dedicated service that provides a lot of room for personal modifications.

Below, you can see how OFX compares to WorldRemit, Remitly, and Wise, and decide which could be a better fit based on your needs.

OFX vs. WorldRemit

Feature	OFX	WorldRemit
Founded in	1998	2010
Trading Volume	$140 billion	~$10 billion annually
Trustpilot Rating	4.2 / 5	3.9 /5
Suitable for	Large money transfers	Remittances and small money transfers
Transfer Fee	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for rest of the world.	$0.99 – $3.99 depending on the transfer amount and the selected countries and payment methods.
Average Exchange Rate Markup	0.4% – 1.9% added to the mid-market exchange rate	0.5% – 2.5% added to the mid-market exchange rate (1% – 1.6% on average).
Minimum Transfer Amount	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.	$1 (or currency equivalent)
Maximum Transfer Amount	No limit	Depends on the selected countries and method of payments (ranges between $1,000 and $9,000).
Transfer Speed	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).	0-2 business days on average (within minutes in 95% of cases).
Dedicated Dealer	Yes	No
Countries Covered	190+ countries	Sending from over 50 countries; Receiving to over 145 countries.
Currencies Covered	55 currencies	Over 70 currencies
Payment Methods	Bank account	Bank account, credit/debit/prepaid card, Apple Pay, POLi, Interac, iDEAL, Trustly, and Klarna/SOFORT.
Receiving Methods	Bank account	Bank account, mobile wallet, cash pickup, and home delivery.
Cash Pickup Option	No	Yes
Instant Custom Quote	No	Yes
Business Features	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.	No
Flagship Debit Card	No	No
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	Only when the transfer hasn’t been paid out. Bank and mobile wallet transfers may be refunded even after the transfer is completed if the recipient agrees to the refund.

Read our full WorldRemit review.

OFX vs. Remitly

Feature	OFX	Remitly
Founded in	1998	2011
Trading Volume	$140 billion	$20.4 billion in 2021
Trustpilot Rating	4.2 / 5	4.1 / 5
Suitable for	Large money transfers	Remittances (small monthly money transfers to family or friends).
Transfer Fee	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for rest of the world.	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).
Average Exchange Rate Markup	0.4% – 1.9% added to the mid-market exchange rate.	1% – 2.5% on mid-market rates on average (can range between 0.5% and 3.7%).
Minimum Transfer Amount	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.	$1 (or currency equivalent)
Maximum Transfer Amount	No limit	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
Transfer Speed	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).	Within minutes (Express delivery); 3-5 business days (Economy delivery).
Dedicated Dealer	Yes	No
Countries Covered	190+ countries	Over 180 countries
Currencies Covered	55 currencies	Over 75 currencies
Payment Methods	Bank account	Bank account, credit or debit card, Passbook (USA), Klarna (Germany and Austria), SEPA (France), and iDEAL (the Netherlands).
Receiving Methods	Bank account	Bank account, cash pick-up, mobile wallet, and home delivery.
Cash Pickup Option	No	Yes (about 400,000 locations worldwide).
Instant Custom Quote	No	No
Business Features	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.	No
Flagship Debit Card	No	Yes (Passbook card)
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.

Read our full Remitly review.

OFX vs. Wise

Feature	OFX	Wise
Founded in	1998	2011
Trading Volume	$140 billion	£76.4 billion in 2022
Trustpilot Rating	4.2 / 5	4.5 / 5
Suitable for	Large money transfers	Small money transfers
Transfer Fee	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for rest of the world.	Variable fee – 0.4% – 0.6% of total amount (on average); Fixed fee – £0.2 – £0.3 on average.
Average Exchange Rate Markup	0.4% – 1.9% added to the mid-market exchange rate	No markup on mid-market rates
Minimum Transfer Amount	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.	£1
Maximum Transfer Amount	No limit	$6,000,000 USD; $1.8 million AUD; $1.5 million CAD; €6,000,000 EUR; £5,000,000 GBP
Transfer Speed	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).	0-2 days (within minutes for over 50% of the transfers).
Dedicated Dealer	Yes	No
Countries Covered	190+ countries	Over 170 countries
Currencies Covered	55 currencies	Over 50 currencies
Payment Methods	Bank account	Bank account, credit/debit card, Apple/Google Pay, PayPal.
Receiving Methods	Bank account	Bank account or ATM (through online account).
Cash Pickup Option	No	No
Instant Custom Quote	No	Yes
Business Features	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.	Batch payments, invoicing, multi-user access, recurring transfers, digital multi-currency wallet, rate alerts, and API integration.
Flagship Debit Card	No	Yes
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer.

Read our full Wise review.

OFX Customer Reviews

We find online customer reviews a great source of information whenever we evaluate the quality and reliability of any company’s services. In the case of OFX, we discovered that their customer reviews about them are generally positive, with most of their customers raving about the company’s low exchange rate margins, lack of transfer fees, and brilliant customer service.

On Trustpilot, a leading online review platform, OFX scores an average rating of 4.2 out of 5 stars, based on almost 6,000 reviews. There, customers frequently express their satisfaction with OFX’s transparency, ease of use, and convenience, with many noting that OFX has helped them save more money compared to using the services of other money transfer providers.

Regarding the negative reviews, some customers discuss that the transfer process can sometimes take longer than expected, and others note that they have experienced barriers when it comes to providing the right documentation for verifying and tax purposes. However, there are only a few of these complaints compared to the overall number of reviews, as they are outweighed by the many positive reviews.

Let’s see a few examples of positive and negative customer reviews about OFX.

Positive OFX Customer Reviews

Transferring a large sum of money from one country to another is a very scary concept. You need to have absolute faith in the company and the consultant who is helping you manage the transfer. I can not praise Bernadene from OFX enough. From our first contact she put me at ease with her calm and yet professional manner. No question was too trivial and I always felt that she was doing her best to help me feel comfortable with the process, complete the necessary paperwork, and keep me informed of progress. I highly recommend using OFX for your international money transfers.

– James McManus

OFX is true to its word; they are competitive and fast at transferring transactions. I transfer money to Canada from the UK and the next working day the cash is in my account. I didn’t do a review for the first transaction as the whole matter and transaction went so well, to the point that I couldn’t believe it and thought it was a fluke but all other transactions have been exactly the same.

– Kenneth Smith

Taking the plunge and not using a bank is stressful when hard earned savings are involved. Once we set up an account with OFX, one of the questions asked was how much are we transferring. We checked rates on their converter and decided to transfer money over 3 transactions (some peace of mind).

A little background on choosing OFX… Our son works beside someone in Oz who sold his house in the UK and transferred his proceeds using this company with no hiccups. At all stages of each transaction you are contacted with updates which is great. When the monies are received the recipient also receives a Payment Confirmation. Great, speedy service from beginning to end of each transaction.

– Thomas McInnes

Negative OFX Customer Reviews

Long waiting time when calling directly to OFX. Due to the nature of my fund transfers, I have to speak directly to an OFX operator. Unfortunately, I had to wait on hold for over 45 minutes before my call was answered, then I was transferred to another section where I had to wait again for over 10 minutes before I hung up as my call went dead. This is not the first time that I have had to wait on hold for a very long time. Perhaps the length of time a customer has to wait for service could be addressed. Once I do get onto an operator the service is excellent and my enquiry is quickly addressed, thank you.

– David Ritchie

OFX has failed to process my transfer for over two weeks. I have called customer support five or six times and no explanation is offered. The customer support person invariably tells me he will “talk to the team” and get back to me, but nothing ever happens. This is alarming. I am beginning to worry that I have been defrauded by a failing company.

UPDATE: OFX finally contacted me with meaningful information and support soon after the above review was posted. My transaction is now complete. I have changed my rating from one star to two, as my worst fears about the company proved wrong. Nevertheless the long delay and inability to get meaningful support for many days was very frustrating.

– Jacob Warren Levich

This is the second time that I’ve used OFX. I’m confident that my money will eventually get to its destination, but when? Similar to a previous poster, OFX received my money on January 30th and it’s now Saturday night on February 10th. This transfer has been a minor disaster. I’m currently on hold with customer service and this is my third time.

Update: I’ve raised this from a one-star review to three for the following reason – I am very likely to use OFX again. The reasons for this are: The money eventually went through as it did last time, and ultimately this is the most important factor. All of my correspondence with OFX was professional and helpful. Previous to using OFX, I compared their exchange rates with other services and OFX had the best rate. My main criticism with the service is that there needs to be clearer instructions about required documents.

– Brian Rusk

OFX Alternatives

There are several alternatives to OFX that may be worth considering if you think OFX doesn’t tick all of your boxes. Here are some options:

CurrencyFair

Unlike OFX, CurrencyFair is a peer-to-peer money transfer provider which means they use their customers to exchange currencies between them in order to maintain costs at a minimum.

The company provides a variety of business money transfer options, such as forward contracts and limit orders, and other hedging tools which can help companies manage their currency risk more efficiently. Their transfers are quite fast and all of their pricing is completely transparent with customers given the opportunity to obtain instant custom quotes without registering for an online account.

TorFX

TorFX is a suitable option for corporate clients for a number of reasons. They cultivate long-standing relationships with their clients and take pride in providing them with competitive prices and quality service.

This provider always provides dedicated account managers for every customer who are great for getting personalized support and expert advice at any time. Just like OFX, TorFX also offers business features such as market orders, forward contracts, and rate updates so companies can easily automate their financial risk operations.

Wise for Business

Wise is one of the most popular alternatives to OFX. Above, we’ve compared them to OFX and noticed how they may be a suitable option for large money transfers regarding their exchange rate policy. They do not add a profit margin on it as OFX does, but instead, they use the mid-market rate and add a transfer fee that depends on the amount of the transfer. In some cases, this may be a better option than OFX when their exchange rates incur high markups.

Conclusion

To wrap things up, we’re concluding that OFX is a truly efficient and reliable option for businesses looking to make the most of their international money transfer efforts. The company is highly regarded by many for their competitive exchange rates, low fees, and the range of transfer types they provide. As a real business partner, OFX is most certainly well-equipped to meet the needs of most corporate clients.

Of course, the best option always depends on each client’s specific needs and requirements. CEOs and business owners need to stay constantly updated with the latest affairs on the money transfer scene so they can make informed decisions about which international money transfer provider can help them achieve their goals the best.

At the end of the day, by selecting a true and tested provider like OFX, businesses can protect their funds, reduce the risks that come with market fluctuations, and improve their bottom line.

F.A.Q.

Also see:

Western Union vs OFX
Western Union vs VertoFX
XE vs OFX
XE vs VertoFX
Wise vs OFX