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OFX - Review and User Ratings

Considering OFX for Foreign Transfers? Read the BER Review and browse 2374 customer ratings to decide whether they are right for you.


OFX was founded in 1998 in Sydney, Australia and since then has grown to be one of the world's leading international payment specialists. The OFX platform provides a complete online FX solution with market best exchange rates backed up by great customer support.

The Main Points:

  • OFX is the new unified brand-name for OzForex, USForex, UKForex, NZForex and CanadianForex.
  • Is one of the largest and most transparent providers
  • Great customer service and advice
  • System is available 24/7 online or by phone with teams across major timezones
  • Rapid transfer of funds as OFX have a large network of banking partners.

OFX - Reviewed by Best Exchange Rates

OFX is a Foreign Exchange Payment specialist specialist international payments service provider with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in europe and the Asia Pacific.

OFX employs over 350 staff and has offices in Sydney, London, Toronto, San Francisco, Hong Kong, and Auckland with a dealer always available over the phone 24/7 to help clients.

As a special deal for users of Best Exchange Rates you won't pay the usual fees along with the following benefits :

  • Extremely competitive exchange rates and transparent pricing for both individuals and business
  • 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 by using this 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.

OFX - How it Works and FAQS

After you register via this promo link (to get all your transfers fee-free) 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.

OFX Quote Request

No Cash or Cheques Accepted

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.

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

Online Sellers - Amazon, Rakuten, Shop.org, Groupon, ebay, trademe ... etc

OFX have a recent focus in supporting sellers in the ever growing eCommerce sector. With the OFX for Online Sellers solution, you’ll get access to local currency accounts in USD, GBP, HKD, EUR, CAD or AUD for your marketplace or payment gateway to pay into - allowing you to bring funds home or pay suppliers at the best possible rates.


Standard Currencies - Send and Receive

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

Exotic Currencies - Receive Only

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. 

OFX Exchange rates

OFX has very competitive rate margins and generally offers the best or close to the best exchange rates in the market. They have a reputation for transparency compared to other brokers and unlike most other brokers you can see in advance on their website what rate customers can expect.

As with all foreign exchange providers their exchange rates get better the more you send, with margins often going under 0.5% once you are sending over $100K. If you have been enabled for Spot Rates, you can agree an exchange rate with OFX so that the rate will be locked in even before OFX receive your deposit and regardless of how the exchange rate evolves.

OFX Transfer Fees

Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it. If you’re concerned, simply talk to one of the OFX team members to discuss your transfer as you may need to send extra to account for any possible bank imposed fees.

As a promo code special deal for users of Best Exchange Rates you won't pay the usual fees listed below.

OFX transfer fees

Currency Fee Fee Free Threshold
AED 50 30,000
AUD 15 10,000
CAD 15 10,000
CHF 15 10,000
DKK 20 50,000
EUR 10 5,000
FJD 20 15,000
GBP 7 3,000
HKD 60 50,000
JPY 1,500 1,000,000
NOK 20 50,000
NZD 12 10,000
PLN 15 10,000
SEK 20 50,000
SGD 15 10,000
USD 5 5,000
ZAR 50 50,000

Time it takes for OFX to receive funds from you 

From Time
Australia(AUD) 1 day
Canada (CAD) 1-2 days
europe (EUR) 1-2 days
Hong Kong (HKD) 1 day
Japan (JPY) 1-2 days
New Zealand (NZD) 1 day
Singapore (SGD) 1 day
USA (USD) 1-2 days
UK (GBP) 1 day


Time it takes for the funds to reach your recipient

From Time
Australia(AUD) 1 day
Canada (CAD) 1-2 days
europe (EUR) 1-2 days
Hong Kong (HKD) 1-2 days
India (INR) 2 days
Japan (JPY) 1-2 days
New Zealand (NZD) 1 day
Singapore (SGD) 1 day
Thailand (THB) 4 days
USA (USD) 1 day
UK (GBP) 1 day

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

OFX - User Ratings and Feedback

The below star review table make it easy to browse customer feedback from both BER users and Trustpilot so you can get an overall feeling for customer satisfaction with OFX ... the good and the bad!

Browse 2374 OFX user ratings powered by
Great rates service
Jan 10, 2017

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

Jan 15, 2017
Hi Peter, good to hear you’re happy with the OFX service and that you found them via Best Exchange Rates plus took the time to share your positive experiences
The BER Team
very easy process
May 1, 2016

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.

saved heaps
Jul 11, 2016
Definitely reccomend these guys, have saved heaps over the last year
great rate
Aug 2, 2016
Thanks for a great rate and easy transaction!
from france
Aug 2, 2015
great works well and good rates & service
best rates and great service
Jul 27, 2015
Consistently have amongst the best rates and great service, I use them to send money home to Oz. Recommended
very easy process and great comparison rates
Apr 10, 2016

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!

I was lazy
Jul 6, 2014

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!

smooth
Sep 23, 2016

Worked out great. Ran smoothly, no problems.

RBC
Jan 23, 2015

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

Bank rates not competitive
Nov 26, 2015

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.

regular overseas transfers
Feb 06, 2016
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
Canada
Aug 2, 2016
No Taxes between Bank Transfers Online Between Countrys!! Platform Regulated by Canadian Autorities!!! Its the PayPal of Australia, only Cheaper!!!
sure beats using the banks
Jul 11, 2015
Great rates, sure beats using the banks…plus you know what you will receive without having to subtract any ‘mysterious’ and unknown bank fees
need some more reassurance
Nov 12, 2016
Still a little apprehensive about using a third party to take care of my regular overseas transfers, need some more reassurance firstly, before I would use them…what if they go bell up, just as you send them your money…????
Nov 23, 2015

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.

BER Team


We hope this review and user feedback helped you consider whether OFX is right for you. If you would like to suggest how we could improve this review or if you are already a customer of OFX and would like to leave your own feedback for inclusion you can do so here.

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