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OFX – Global Foreign Payment Specialist

Considering using OFX to make a Foreign Transfer?

Read on for our Expert Review of OFX Currency Rates and FX Transfer Services

OFX Group is a Foreign Exchange Payment specialist providing international money transfer services to over 150,000 active customers across 6 continents.

Internationally OFX Group trades as USForex, UKForex, NZForex, CanadianForex, ClearFX and until recently as OzForex in Australia.

OFX employs over 120 staff and has offices in Sydney, London, Toronto, San Francisco, Hong Kong, and Auckland with a dealer always available over the phone 24 hours to help clients.

As a referral customer of BestExchangeRates your first two transfers will be fee free along with the following benefits of being an OFX/BestExchangeRates customer :

  • Extremely competitive exchange rates and transparent pricing
  • Spot deals that let you lock in the current rate even before you have transferred any money
  • Fast, efficient money transfers that can be arranged from anywhere to anywhere in the world (well almost!)
  • Low flat fee and no fees at all when sending over USD10,000 or equivalent
  • Expert dealers who can be contacted 24 hours a day, Monday to Friday
  • Access to a feature rich pricing portal with currency tools and charts
  • Secure and regulated transactions
  • Specialised Currency Market Research and Commentary

If you have used OFX and would like to share your opinion and feedback with other BestExchangeRates users then please leave a review below.

How it Works

After you register via the above affiliate link (to get your two fee-free deals) the steps to transfer via OFX are as follows:

1. OFX will call you to verify your identity and set up your online account, you can then monitor the rate in real-time.

2. When you are ready to do your transfer you simply login into the OFX website and enter the details (Currency, Amount & Beneficiary Account) and then transfer the FROM amount to the OFX bank account.

3. OFX then send the money to the beneficiary foreign currency account at much better rates than you would get using your own bank.

4. OFX notifies you when the funds have been received into the destination account.

Spot Deals

OFX are unique amongst the Online currency payment vendors in that they provide Online Spot Deals (for selected customers) that allow you to lock in the currency rate at deal entry time rather than waiting for your money to get into their bank account. This avoids any uncertainty about what rate you’ll get and is especially useful when the market is moving fast and you want to lock in your rate.

Online Spot Deals

Supported Currencies

Amount

The minimum amount you can send through via OFX is AUD250 (or equivalent).

Currencies

OFX supports the following currencies for payments:

Standard

AED United Arab Emirates Dirham GBP Pound Sterling PLN Polish Zloty
AUD Australian Dollar HKD Hong Kong Dollar SEK Swedish Kroner
CAD Canadian Dollar JPY Japanese Yen SGD Singapore Dollar
CHF Swiss Franc MXN Mexican Peso THB Thailand Baht
DKK Danish Kroner NOK Norwegian Kroner USD US Dollar
EUR Euro NZD New Zealand Dollar ZAR South African Rand

Exotics

BND Brunei Dollar LKR Sri Lankan Rupee SBD Solomon Island Dollar
CNY* Chinese Yuan Renminbi MAD Moroccan Dirham SCR Seychelles Rupee
CZK Czech Koruna MGA Malagasy Ariary TOP Tongan Pa anga
FJD Fiji Dollar MYR Malaysian Ringgit TRY Turkish Lira
HUF Hungarian Forint OMR Omani Rial TWD Taiwanese Dollar
IDR Indonesian Rupiah PEN Peruvian Nuevo Sol VND Vietnamese Dong
ILS Israeli Shekel  PGK Papua New Guinea Kina VUV Vanuatu Vatu
INR Indian Rupees PHP Philippine Peso WST Samoan Talar
KRW South Korean Won PKR Pakistan Rupee XOF CFA Franc
KWD Kuwaiti Dinar SAR Saudi Riyal XPF CFP Franc

*Corporate only

Countries

OFX are unable to 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. 

Cash

OFX does not send cash or allow cash to be paid into its account. Using cash will result in the payment being stopped and the return of funds involves a lengthy process that includes a formal identification process.

Cheques

OFX does not accept cheques under any circumstances, for any currencies.

If you have used OFX and would like to share your opinion and feedback with other BestExchangeRates users then please leave a review below.

Compare OFX Foreign Transfer Rates to using your Bank’s International Services.

Average Rating out of 5

19 Reviews for “OFX – Global Foreign Payment Specialist”

  1. mark says:

    Probably, like many other people, I was a little apprehensive about using a third party to take care of my regular overseas transfers. However this week I took the plunge with UKForex, and have been so happy with the service. Michael Sutherland, guided me throught the procedure, and was on hand to answer any further questions, which has enabled me to set things up and start making the transfers. We all know that the High Street Banks charge the earth for transfers, but I,like many, was nervous about using a different method. However this has proved to be very simple, thanks to UKForex, and the money I am saving is unbelievable. Thanks again UKForex

    4
  2. jm says:

    With the help of Laura at ukforex I recently transferred money from the uk to Australia. Having only previously used banks to exchange currency I was a bit nervous about using a third party however the service from Laura was excellent, the rate was very good and the money only took a day or so to arrive iny Australian account. I would highly recommend ukforex to anyone in need of currency exchanging and overseas transfers.

    4
  3. Davo says:

    I worked for a few years in London and was sending home pounds to Australia on a regular basis, (at around 2.4 to the AUD…those were the days!).

    Initially I was lazy and was just using the international remittance facility of my UK bank until I discovered OZForex, my bank was charging around 3% margin and OZforex only around 1%.

    So OZForex saved me thousands of dollars over the years. Thank you very much!

    5
  4. dyla44 says:

    Great rates, sure beats using the banks…plus you know what you will receive without having to subtract any ‘mysterious’ and unknown bank fees

    4
  5. expat bob says:

    Definitely reccomend these guys, have saved heaps over the last year

    5
  6. peo says:

    Consistently have amongst the best rates and great service, I use them to send money home to Oz. Recommended

    0
  7. Bronwyn says:

    Thanks for a great rate and easy transaction!

    5
  8. Carlos Canada says:

    OZ Forex – No Taxes between Bank Transfers Online Between Countrys!! Platform Regulated by Canadian Autorities!!! Its the PayPal of Australia, only Cheaper!!!

    4
  9. rene fr says:

    great works well and good rates & service

    5
  10. gerry says:

    Still a little apprehensive about using a third party to take care of my regular overseas transfers, need soem more reassurance firstly, before I would use them…what if they go bell up, just as you send them your money…????

    0
    1. admin says:

      Hi Gerry, OzForex is a strategic investment of Macquarie Bank and since its launch in 1998, the Group has grown to be one of the world’s largest foreign exchange companies. The OzForex Group completes over 300,000 funds transfers per year on behalf of 100,000 dealing customers, and has an annual turnover of US$7 billion.

      OzForex holds client funds in accounts with highly rated financial institutions. In addition, OzForex operates an extremely low risk business model whereby OzForex never pays out client funds prior to receipt of the currency the client has sold to them. This ensures OzForex has zero default risk from client dealings.

      0
  11. UKForex says:

    We are sorry to hear of the unsatisfactory experience you had with our service and appreciate your feedback regarding the length of time the code was taken to receive. We will certainly be taking this up with our postal provider. We are currently investigating further efficiencies to help us verify our European clients and hope to have a solution in place shortly to make this as seamless as our UK electronic check. Once again please accept our apologies for any inconvenience this may have caused. UKForex

    0
  12. Carlo says:

    Just did my first test transfer: very easy process and great comparison rates. Took 2 & a half days from pushing the button to money in an Italian account.

    Will be using ozforex again and have already recommended it to a friend who is about to do business in Europe.

    5
  13. Suzette says:

    Just completed my sixth currencey purchase with Ozforex, and I am blown away each time by the deals I receive and the ease of the transaction. I can’t get enough of you guys. Just posted a review on Product Review – you guys rock!

    5
  14. Peter says:

    Great rates, great service and easy transactions .What more could you want? Will definitely use again.

    5
    1. admin says:

      Hi Peter, good to hear you’re happy with the OzForex service and that you found them via BestExchangeRates 🙂 plus took the time to share your positive experiences
      The BER Team

      0
  15. nigel says:

    Worked out great. Ran smoothly, no problems.

    5
  16. kan65 says:

    I suspected RBC were not giving me the best rate for my regular transfer to USD but 6.5% for CAD->USD thats way too much…I mean its only just over the border!
    Switched to CanadianForex much cheaper thx

    5
  17. Stephen Frost says:

    Needed to transfer a large amount from Australia to the UK to buy a property. Bank rates just weren’t competitive. A friend suggested OzForex and I am happy with how it worked out. I got a rate that was much, much better than the bank. OzForex were very helpful and responsive to my questions. The transaction was completed quickly and efficiently, with excellent communication along the way.

    5

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