OFX Review 2024 for International Money Transfers
OFX - formerly Oz Forex - is a currency specialist with over 25 years in business.
OFX offers international transfers to bank accounts around the world in 50+ currencies for individuals and businesses, as well as more complex currency risk management solutions such as limit orders and forward contracts.
Pros and cons of using OFX
- OFX exchange rates use a small markup which can make them better than banks
- No transfer fees if you're transferring more than 10,000 AUD
- 24/7 customer support
- 50+ supported currencies
- Business customers can open a Global Currency Account to hold and receive foreign payments
- Safe and regulated provider
- 15 AUD transfer fee for any transfer amount less than 10,000 AUD
- Exchange rates include a markup - this can make it harder to calculate the costs of your transfer
- No cash or credit card services
- Personal customers can not hold a currency balance with OFX
To summarise:
Price: No transfer fee for higher value payments - but an exchange rate markup applies to all transfers. 15 AUD fee for transfers under 10,000 AUD in value
Speed: Many payments are deposited within 2 days, exotic currencies may take 3 - 5 days
Safety: Safe to use - regulated in Australia and by 50+ other bodies globally
Support: 24/7 service by phone, as well as online and in app self service options
Learn more
What is OFX?
OFX, formerly known as OzForex, is an Australian money transfer company that may be able to help you make international transfers quickly and more affordably than using your bank. Founded over 25 years ago, and ASX listed since 2013, OFX is a reliable and established option for international transfers to 170+ countries, in 50+ currencies, which are deposited into bank accounts directly. Services are available for personal and business customers, and include currency risk management products as well as payment services.
OFX has a 24/7 phone helpline offering local support in Australia and globally, and an easy to use website. It’s pretty consistently rated as offering excellent customer service, making it a big hit with its customer base.
Is OFX available in Australia
Yes. Australian customers can send money to 170+ countries with OFX, and choose currency risk management products like limit orders and forward contracts where needed. Personal and business services are supported.
Is OFX safe?
OFX is safe and legitimate. They have an Australian Financial Services License and are regulated by the Australian Securities and Investment Commission. OFX has to follow very stringent guidelines to send your money overseas. Being a global company, OFX is also regulated in other countries including the UK, US, New Zealand and Canada.
In terms of online security, OFX protects your personal data from fraud and theft. They encrypt your data and create secure connections with your website browser when you're providing your personal details.
You don't have to worry when you transfer with OFX - they are safe and reliable to use.
How to create an account
You can start to create an account online with OFX, but you’ll need to wait for a call back from a member of the team to complete the process and initiate your first transfer. Here’s what to do:
- Open the OFX website or download the app
- Click register and follow the prompts to enter your personal and contact details
- Wait for a call from OFX to discuss your requirements
- Provide ID and proof of address (the OFX team will confirm exactly what’s needed )
- Once your account is verified you can transfer online or by phone
What documents you'll need
The verification and registration documents you’ll need can vary depending on the type of account you create. The OFX team will talk you through this before your account is verified.
Generally for personal accounts you’ll need:
- Proof of ID, such as a passport or driving licence
- Proof of address, such as a utility bill in your name
For business accounts you’ll need the above documents for yourself and any other directors or major shareholders, as well as business registration information - documents vary based on entity type.
How long does OFX verification take?
OFX can often verify your account quickly - but it can also take a few business days to complete the process for some customers. If you’re in a hurry and need to make a transfer, call OFX to ask if the process can be expedited.
How much does OFX cost?
OFX can charge you in two ways, but it depends on the amount and which country you're transferring your money to. There are a couple of fees you’ll want to know about:
- OFX transfer fee: 15 AUD fee for transfers under 10,000 AUD, waived for higher value payments
- OFX currency conversion fee: A variable exchange rate margin added to the rate used (more on that next)
It’s worth noting that even where there’s no transfer fee - for higher value payments - there is still a cost involved, in the form of an exchange rate markup. There’s also the possibility that third party fees might creep in - charged by intermediary banks or your recipient's own bank. Ask OFX staff when you arrange your transfer if you’re concerned about this.
OFX exchange rates
We’ve mentioned OFX uses a markup on the rate they use to exchange AUD for the currency you need to send. This is common, but can make it harder to spot what you’re paying. The markup OFX uses is likely to be lower than your bank - meaning it’s a cheaper payment method - but still worth comparing to avoid surprises.
OFX provides a currency calculator on their website. However, OFX quotes the market rate, not the rate you will get for your transfer. To get an accurate quote from OFX, you need to sign up to an account with them.
It's tricky to compare the exchange rates and total costs that OFX offer against other banks and money transfer providers. Our comparison table accurately does this for you. You can see the rates OFX offer are more competitive than banks, and you can also compare against alternative non-bank options to see which works best for you.
Other OFX fees
We’ve covered the key OFX fees for sending a payment already. However, some of the other services OFX offers may have their own fees. Services like limit orders and forward contracts for example are likely to come with charges, but these will vary a lot based on the product you select.
You’ll be able to talk through your options - for example, if you’re looking for currency risk management solutions for your business, with an OFX expert before you commit.
How to use OFX
There are three main steps to setting up an account with OFX, which we have outlined below. You can also watch our video tutorial for a complete guide.
Step 1: Register
Register your details through the OFX website. You will choose the type of account you need, your details and the currencies you'll transfer. A member of the OFX team will call you once you’ve started the registration process to confirm what’s needed to complete registration. Usually this will require uploading an ID document and proof of address. Once you provide some ID, OFX will let you know when your account is ready.
Step 2: Transfer
Once you have a quote for your transfer, you will go ahead and fill in the details of the person you're sending the money to. If you're sending it to your own international account, fill in your own details. You can complete this step with an OFX advisor over the phone if you’d prefer.
Step 3: Pay
OFX accept payment via bank transfer or BPay. OFX does not accept credit card, cheque or cash for your transfer.
Ways to send money with OFX:
To send a payment with OFX you’ll need to first register an OFX account online or by phone. However, as funds are deposited to your recipient’s bank account, there’s no need for your recipient to open an OFX account of their own. You can send OFX payments in a variety of ways including:
- Send online
- Send in-app
- Send by phone 24/7
- Send recurring transfers
The details you’ll need when you’re sending money
When you send a payment with OFX your funds are converted from AUD to the currency you need, and deposited in your recipient’s bank account. That means you’ll need to have the following details when you set up your payment:
- Your recipient’s name as shown on their bank account
- Recipient's bank account number and any local details required (for example a sort code for the UK)
- Recipient's bank name and address
- Recipient's bank SWIFT/BIC code
OFX payment methods
Most OFX customers in Australia pay for their OFX transfer using an electronic funds transfer - BPAY. Depending on where you’re sending money to you may find there are alternative options for funding your transfer - OFX will send you a full list of payment options when you set up your transfer. Cash and cheque payments are not accepted.
Payout methods
When you send a payment with OFX your funds are deposited in your recipient’s bank account
How to track OFX transfer
You can track your OFX transfer by logging into your account online or in the OFX app. As there’s also a 24/7 phone service, you can also call and talk to an advisor if you need to.
What do OFX customer reviews say?
Trustpilot TrustScore: 4.2 out of 5 stars, Great, from 6,000+ reviews
Generally customers speak very favourably about the experiences they have using OFX. Most reviews mention the quick speed at which they were able to set up an account and make a transfer. Customers speak highly of OFX's efficiency.
The most common complaints we found were about OFX's stringent ID checking. This means the company has a high focus on safety, but it can be frustrating for customers wanting to set up their accounts quickly.
OFX customer service
Here’s how to reach OFX if you have any questions about your payment or product:
| Support channel | OFX contact information |
|---|---|
| Phone (personal customers)
Phone (business customers) |
1300 300 424 (Local call) +61 2 8667 8090 (International) 1300 300 524 (Local call) |
| Fax | +61 2 8667 8080 |
| Email (personal customers)
Email (business customers) |
customer.service@ofx.com
dealers@ofx.com |
OFX alternatives
Compare OFX against a few alternatives to see which might suit your needs best. Here are some to consider.
- OFX vs Wise - international payments for individuals and businesses, with the real exchange rate and low transparent fees. Free to open online international accounts to send and hold multiple currencies, with a linked debit card
- OFX vs Western Union - domestic and international payment service with a network of agents as well as online and in-app services. Payouts available to bank accounts or for cash collection. Fees tend to be on the higher side
- OFX vs TorFX - send instant payments at home and abroad - convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money
- OFX vs WorldFirst - WorldFirst is a specialist in business services for online sellers, import/export companies and customers looking for risk management solutions
How long does OFX take to transfer funds?
Once you have sent OFX your money, they are able to transfer money overseas securely and quickly.
- If you use OFX's global network of banks, they offer same-day delivery
- For most major currencies it takes 1-2 days to send money overseas
- For exotic currencies this process can take 3-5 days
OFX operates 24 hours a day, 7 days a week so you can submit your money transfer order any time of the day.
Related: How to receive money with OFX
Does OFX have an App?
When you have an account with OFX, you can make transfers through their website or using your OFX mobile app.
The OFX app is available to both iOS Apple and Android users.
It's easy to use and you can access your transfers wherever you are. You can even use TouchID to access the app, making logging in very quick once you have your account set up.
OFX Business Products
OFX can support your business in a number of ways, including with a Global Currency Account you can open to receive and hold 7 currencies.
When you initially set up your account, you will be asked if you need it for business or personal reasons. OFX can help if you're a small or medium sized business or an online seller. They can also help you with a currency exchange platform for your customers if you need it.
Read about the OFX online sellers account here.
Conclusion: Is OFX a good way to transfer money?
While OFX money transfer offers a range of international payment services, its main point of difference from other specialists may be the 24/7 personal broker service available by phone, and the currency risk management products available. If you need to send a high value transfer or buy a complex FX product and want to talk it through with a broker, this could be a good bet.
In our comparisons OFX wasn’t the cheapest option for sending payments overseas - but it did beat the bank we sampled. Use this guide to OFX products and services to decide if it’s right for you - and check out the comparison tools here on Currency Shop to compare OFX vs other services to see which is best for your specific transfer.
OFX money transfer review FAQs
Is OFX legit?
Yes, OFX is regulated in Australia and globally and is a safe and legit provider.
How much does OFX cost?
OFX has a transfer fee of $15 for transfers under $10,000, waived for higher value payments, plus a variable exchange rate margin added to the rate used to convert your dollars to the required currency.
How long does OFX take to transfer funds?
Many OFX payments are deposited within 2 days, exotic currencies may take 3 - 5 days
Is it safe to transfer money with OFX?
Yes. OFX is regulated in Australia and internationally and offers safe transfers which comply with global regulatory standards.
How does OFX apply exchange rates?
OFX uses a small exchange rate margin to set the rate that is used for your transfer. Compare the OFX rate to the mid-market rate for your currency to see this in action.
Does OFX have a mobile app?
Yes, OFX has an app for Apple and Android phones.
How does OFX work?
OFX can be used online, in app and by phone, for arranging transfers to bank accounts globally. You can also get currency risk management products if you call the OFX team on their 24/7 phoneline.
How many currencies does it support?
OFX supports 50+ different currencies and lets you send to over 170 different countries.
Your currency knowledge centre
5 Cheaper Ways to Transfer Money Overseas
Using a bank is one of the easiest ways of transferring money overseas, but can also be the most costly. There are alternatives that can make the whole process cheaper.
- Read more ⟶
- 2 min read
International Money Transfer Comparison and Reviews
Find the best international money transfer exchange rates to send money overseas from Australia. Compare the rates and fees from leading banks and money transfer services.
- Read more ⟶
- 6 min read
5 Good Alternatives to OFX
While OFX is easy to use, and offer good exchange rates, other companies can do the same. In this article, we take a look at companies that offer similar services to OFX to see how they stack up.
- Read more ⟶
- 2 min read
