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Review – OFX Money Transfers – December 2018

We take a look at OFX and review their exchange rates, service and ease of use plus user reviews.


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.

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.

Exchange Rates 4.6
Customer Service 4.1
Ease of Use 4.1

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.

 

Compare GBP to USD Foreign Transfers vs OFX OFX logo

Foreign Transfer ProvidersAmount USD($)Exchange RateFee GBPTotal CostTransfer ServicesTransfer SpeedReviewsDeal Links
OFX logo
6,213 USD1.2426£0^1.29%Bank Transfers - Online & Phone1-2 days
 
TorFX logo
6,210 USD1.24201.34%Bank Transfers - Online & Phone1-2 days
 
HSBC logo
6,082.86 USD1.2184£7.53.36%Online, Branch, Bank Transfers2-3 days
Natwest Bank logo
6,048.8 USD1.2134153.9%Online, Branch, Bank Transfers2-3 days
 
Banks - Average Rate
Lloyds TSB logo Santander logo Citibank logo Natwest Bank logo HSBC logo
6,022 USD1.2079154.33%Online, Branch, Bank Transfers2-3 days
Citibank
Citibank logo
6,021.51 USD1.2072124.34%Online, Branch, Bank Transfers2-3 days
Santander logo
5,986.96 USD1.2022204.89%Online, Branch, Bank Transfers2-3 days
 
Lloyds TSB logo
5,968.53 USD1.1985205.18%Online, Branch, Bank Transfers2-3 days
 
 
OFX: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£0^ - No fees for BestExchangeRates users (normally 7GBP for smaller transfers)
Exchange Rate:1.2426 (1.29% from mid-rate)
USD amount:6,213 USD
Total Cost:1.29%
Time:
Rate Fetched: Sun Dec 16 2018 16:09:16 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TorFX: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:
Exchange Rate:1.2420 (1.34% from mid-rate)
USD amount:6,210 USD
Total Cost:1.34%
Difference:
$3 less than using OFX
Time:16:46 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
HSBC: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£7.5 GBP (.15%)
Exchange Rate:1.2184 (3.22% from mid-rate)
USD amount:6,082.86 USD
Total Cost:3.36%
Difference:
$130 less than using OFX
Time:16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Natwest Bank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.2134 (3.61% from mid-rate)
USD amount:6,048.8 USD
Total Cost:3.9%
Difference:
$164 less than using OFX
Time:16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 

Banks - Average Rate
Lloyds TSB logo Santander logo Citibank logo Natwest Bank logo HSBC logo

Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.1985 (4.8% from mid-rate)
USD amount:6,022 USD
Total Cost:4.33%
Difference:
$191 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Citibank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:12
Exchange Rate:1.2072 (4.11% from mid-rate)
USD amount:6,021.51 USD
Total Cost:4.34%
Difference:
$191 less than using OFX
Time:16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Santander: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.2022 (4.5% from mid-rate)
USD amount:5,986.96 USD
Total Cost:4.89%
Difference:
$226 less than using OFX
Time:16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
Lloyds TSB: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.1985 (4.8% from mid-rate)
USD amount:5,968.53 USD
Total Cost:5.18%
Difference:
$244 less than using OFX
Time:16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Rates @ 12/16/2018.
Total Cost = Fee + exchange rate margin vs GBP/USD mid-rate: 1.2589
 

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

BestExchangeRates customers get OFX margins for major currency pairs of just 0.4% compared to 4% or 5% with your bank. An additional bonus is that you will also not pay any fixed fees.

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

Visit OFX – zero fee offer

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Timelines

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.

Spot Deals

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 benefits exclusively for Best Exchange Rates users

  • Extremely competitive exchange rate margins (0.4% from market mid-rate for major currencies) and transparent pricing for both individuals and businesses
  • No fees at all when sending over USD10,000 or equivalent (when you use our promo code)
  • 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
  • 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

Customers registering through BER will have all their fees waived.
 

Browse our customer reviews and ratings for OFX, you can also use our TrustPilot rating browser for OFX.

Related Posts

Reviews - Average Rating: 4.5

21 Reviews for “Review – OFX Money Transfers – December 2018”

  1. jeffers43 says:

    Hi am looking to set up a drop-shipping business, do you recommend OFX for handling the currency exchange?

  2. Wilson says:

    Consistently great rates and service. Make sure you write “Referred by BER” when you register to get the $0 fee transfers.

    Exchange Rates 5
    Customer Service 4
    Ease of Use 4
  3. jillj 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

    Exchange Rates 5
    Customer Service 4.5
    Ease of Use 4
  4. Carlos Canada says:

    No Taxes on Bank Transfers Online Between Countries!! Platform Regulated by Canadian Authorities!!! It’s the PayPal of Australia, only Cheaper!!!

    Exchange Rates 5
    Customer Service 4
    Ease of Use 0
  5. 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 OFX (prev UKForex), and have been so happy with the service. Michael Sutherland, guided me through 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 OFX

    Exchange Rates 5
    Customer Service 3
    Ease of Use 4
  6. 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.

    Exchange Rates 5
    Customer Service 5
    Ease of Use 5
  7. kan65 says:

    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

    Exchange Rates 4
    Customer Service 3
    Ease of Use 5
  8. Peter says:

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

    Exchange Rates 4
    Customer Service 5
    Ease of Use 4
    1. BER Team BER Team says:

      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

  9. rob56 says:

    Definitely positive feedback. It is a pleasure to deal with such a friendly and professional company. Setting up the account was very simple. The customer service has been amazing and done a wonderful job. The money did get through on time and without problems.

    Exchange Rates 5
    Customer Service 5
    Ease of Use 4
  10. expat bob says:

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

    Exchange Rates 5
    Customer Service 4
    Ease of Use 4
  11. Suzette 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 OFX again and have already recommended it to a friend who is about to do business in europe.

    Exchange Rates 5
    Customer Service 4.5
    Ease of Use 4
  12. Bronwyn says:

    Thanks for a great rate and easy transaction!

    Exchange Rates 4
    Customer Service 4
    Ease of Use 3.5
  13. rene fr says:

    great works well and good rates & service, I use to send money home to france

    Exchange Rates 4
    Customer Service 4
    Ease of Use 4.5
  14. 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!

    Exchange Rates 5
    Customer Service 3.5
    Ease of Use 4
  15. Carlo 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!

    Exchange Rates 4.5
    Customer Service 4
    Ease of Use 4
  16. peo says:

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

    Exchange Rates 4.5
    Customer Service 4
    Ease of Use 4
  17. gerry says:

    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…????

    Exchange Rates 5
    Customer Service 4
    Ease of Use 4
    1. dyla44 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.

  18. nigel says:

    Worked out great. Ran smoothly, no problems.

    Exchange Rates 4
    Customer Service 4
    Ease of Use 4
  19. pam72 says:

    I will start by saying that I am glad I decided to use ClearFx (edit: now OFX) rather than make a transfer through my bank. The exchange rate was much higher and we avoided all of the fees associated with international transfers. I must admit I was very hesitant at first. There aren’t very many reviews about the clear fx online, so I was a little scared that I was going to send my money away and never see it again. Fortunately it did turn up in my bank account! We spoke to people on the phone numerous times and every person we did speak with was polite and helpful. It took a bit of time to get the identification requirements in order (you have to send certified copies of identification and proof of your bank account via cheque or other means). Once everything was in order it went smoothly from there. They even accomodated our request to change the amount we wanted to send. Overall, good company, good prices, will use again.

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