We take a look at OFX and review their exchange rates, service and ease of use plus user reviews.
OFX exchange rates are highly competitive for global money transfers – either the best or very close to the best exchange rates prevailing in the market. Their transactions are transparent, unlike other brokers. Also, as the rates are displayed on the site, customers can see what rates they can expect.
Founded in Sydney in 1998, OFX has since grown to become one of the world’s leading international specialists in foreign exchange transactions and payments. OFX exchange rates are very good, they provide a comprehensive online FX solutions and have great customer support.
OFX Foreign Transfer Rates & Fees - Compared
The below live Foreign Transfer comparison table shows how much you could save on your next foreign transfer by using a broker such as OFX rather than your bank. Note the margins are compared to the current mid-rate. You can change the currencies and send or receive amount with our full Foreign Transfer calculator.
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
OFX - Compare Foreign Transfers
Sending GBP 5,000 to USD
Rate timestamp : Tue Jul 17 2018 21:12:30 GMT+0000 (UTC)
OFX in a nutshell:
- OFX is the new unified brand name for OzForex, USForex, UKForex, NZForex, and CanadianForex
- It is one of the largest and most transparent FX providers
- It offers excellent customer service and advice
- System support is available 24/7 online or by phone with teams working across major time zones
- Rapid funds transfer through OFX as it has a large network of banking partners.
A leading Provider of International Payment Services
As a Foreign Exchange service provider, OFX specialises in international payments. It has a strong presence in Australia, United Kingdom, Canada, United States and various countries in Europe and the Asia Pacific.
OFX employs over 350 people at various levels across its offices in Sydney, London, Toronto, San Francisco, Hong Kong, Singapore and Auckland. It means a dealer is always available over the phone (24/7) to help the clients.
OFX Exchange rates
The OFX margins for major currency pairs will start at just over 1% compared to 4% or 5% with your bank and will get even to better to under 0.5% if you are sending over $100K.
As with most foreign exchange providers, the OFX exchange rates get better with the more money you send. The OFX exchange rates margin for major currency pairs will start at just over 1% compared to 4% or 5% with your bank and will get even to better to under 0.5% if you are sending over $100K. If you opt for Spot Rates, you can lock an exchange rate with OFX so that it remains unchanged even before OFX receive your deposit, regardless of the exchange rate changes.
OFX Smart Global Transfers
OFX – How it Works
It is very easy to start your association with OFX. Once you register (best exchange rate customers can make use of the special promo offer to get all transfers free of cost), the process will be as follows:
- OFX will call you to verify your identity and to finish setting up your online account. Once the account is set up you can monitor the rates in real-time.
- When you wish to do a transaction, all you have to do is log in to the OFX exchange rates website and enter the details (Currency, Amount & Beneficiary Account). Then you can easily transfer the amount from your account to the OFX bank account.
- Once the money is transferred to the OFX account, OFX will then send the money to the beneficiary account at much better rates than those offered by your own bank.
- OFX will notify you when the funds are credited to the beneficiary account.
Other notable features:
No Cash or Cheques Accepted
OFX does not send or accept payments in cash. If you use cash for a transaction OFX will hold on to the cash. The funds would be returned only after a lengthy process, including a formal identification.
Furthermore, OFX does not accept cheques for any currency under any circumstances.
Support to Online Sellers and retailers
OFX has recently focussed on supporting online retailers in the e-commerce sector. With the OFX Online Sellers solution, you get access to local currency accounts across currencies such as USD, GBP, HKD, EUR, CAD or AUD for your marketplace or payment gateway to pay into. It allows you to bring funds home or pay the suppliers at the best possible rates.
OFX Transfer Fees
OFX charges a one time standard fee of $15 for transfers under $10,000 (note this is waived for life for customers who register via BestExchangeRates.com).
For amounts over $10,000 there is always no fee. Sometimes, third-party banks deduct a fee from the transfer amount before crediting the payment to the beneficiary. This fee is solely at the discretion of the third party bank, it may vary from bank to bank and OFX receives no share of the same.
In general, the time it takes for OFX to receive funds from you is between 1 to 2 days for most currencies.
Likewise, most funds will reach your recipient’s account in a day or two (maximum). Fund transfers in certain currencies like THB can take up to four days to be credited to the beneficiary.
OFX is a unique online currency payment vendor as it provides Online Spot Deals (for selected customers). This feature allows you to lock in the currency rate at the time you entered the deal and not at the time your money is credited to the OFX bank account. This is a very useful feature in a fast moving market when you want to lock in a good rate.
OFX Smart Global Transfers
21 customer reviews
OFX Benefits for Best Exchange Rates users
- Extremely competitive exchange rates and transparent pricing for both individuals and businesses
- 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
- No fees at all when sending over USD10,000 or equivalent (when you use our promo code)
- Expert dealers who can be contacted 24 hours a day, 7 days a week
- Access to a feature-rich pricing portal with currency tools and charts
- Secure and regulated transactions
- Specialised currency market research and commentary
Browse our customer reviews and ratings for OFX, you can also use our TrustPilot rating browser for OFX.