OFX Exchange Rates Reviewed

Learn more about OFX

How much does OFX cost?

OFX Exchange Rates - is a very competitive foreign exchange exchange that OFX use to move your money from one currency/country to another. It includes a small (bank-beating) margin. If you register to be an OFX customer through the BestExchangeRates partner page, you’ll receive preferential FX rates.

OFX Fees - OFX has one standard fee of AUD$15 for transfers under AU$10,000. If you’re transferring more than AU$10,000, OFX won’t charge you a transfer fee. 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 register through the BestExchangeRates partner page, your transfers will be fee free *.

What Savings Can I Expect?

OFX offers exchange rates that beat the banks, and are close or equal to the rates offered by the industry’s lowest-cost services.

With OFX, the cost of sending, for example, 5,000 US dollars to Australia equates to 0.5 percent of the transferred amount, or roughly US$25. You’d pay the same 0.5 percent for the same amount to be sent to Europe and around 1 percent if sending to India. This compares with 4–7 percent with the banks.

For other currency routes we looked at (routes involving AUD, INR, GBP, EUR, SGD and USD), the average cost of an international payment with OFX was 0.6 percent of the transferred amount. This is exceptional if compared with banks but can be a little more expensive than what is charged by the industry’s lowest-cost services, although such services do not offer the same benefits and customer service as OFX.

IMPORTANT:  For BestExchangeRates readers, you can get $0 OFX fees* on all FX transfers when you sign up through our partner page.

Be aware that transferred funds might be subject to a third-party bank receiving fee. Such fees are entirely out of OFX’s control and OFX receives no part of them. You can phone OFX’s support line to seek further information on third-party fees.

*Minimum transfer AU$250. Please note that the receiving bank or intermediary bank may charge fees on transactions. There are zero OFX fees on transactions.

Is OFX safe?

Yes they are. OFX is an ASX listed company and is monitored by over 50 regulators globally.

OFX believes everyone deserves peace of mind when moving money globally, so maintaining and improving systems that help protect their clients' money is crucially important to them. OFX is committed to researching, developing and adopting leading digital security technologies to provide their clients with a safe and secure money transfer service.

OFX’s fraud system utilises a multi-layered approach. It monitors registrations, logins, and transactions to identify any suspicious activity, and also detects and prevents fraudulent apps that can target the platform and customers.

Passwords, security questions, and automatic time-outs help to keep customers’ identities and accounts protected from bad actors, and Secure Socket Layer (SSL) encryption creates a secure connection with customers’ browsers to protect personal information from being intercepted.

How long does it take?

OFX's global network of banking partners enables them to move your money efficiently, through some of the fastest payment schemes available globally.

OFX processes most major currency transfers within 1-2 business days from the time funds are received. Exotic currencies may take a little longer, but OFX keeps their clients updated along the way with email notifications when funds are received and paid out to the recipient.

You can also opt-in for SMS updates or even track your transfer with OFX by logging in online or on the OFX app.

OFX Rate Calculator

Note the margin in the below tool is compared to the current mid-rate for the selected currency pair. You can compare OFX rates change the currencies and send or receive amount with our full OFX Foreign Transfer calculator. This shows you how much you could save on your next foreign transfer by using a broker such as OFX rather than your bank.

Great OFX Services for Online Sellers

OFX is an Amazon Payment Services Provider. Also receive payments from Afterpay, Klarna, Zip and more. You can collect your online seller global revenues in USD, EUR, GBP, CAD, AUD, SGD and HKD. Click here to find out more.

*Minimum transfer AU$250. Please note that the receiving bank or intermediary bank may charge fees on transactions. There are zero OFX fees on transactions. OzForex Limited (trading as OFX) regulated by ASIC (AFS Licence number 226 484) | ABN 65 092 375 703 | Member of the Australian Financial Complaints Authority (AFCA).

Cheap & Easy Tax Payments to the ATO

Paying the Australian Tax Office from overseas is easy with OFX. OFX has a connected payment service with the ATO meaning payments can now be paid in multiple currencies and reconciled directly using the ATO’s unique “PRN” (Payment reference Number) straight from the OFX platform.

You no longer have to transfer money back to your Australian bank account, or pay with your credit card, saving money on FX fees and gaining extra convenience. Read more about OFX ATO Tax Payments.