OFX Review

OFX: A Summary

OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was over 20 years ago, and since then over 1 million customers have trusted OFX with transfers in 50+ currencies to over 170 countries.

OFX don’t just offer great rates, they believe real help from real people counts. That’s why their clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts.

When it comes to moving money, peace of mind is important. OFX is monitored by over 50 regulators globally and work within a network of carefully selected banking partners. So whether you are sending money to friends and family abroad, or doing business across borders, OFX can get your money where it needs to go. Fast, simple, secure.

Positive

• Great rates: Preferential exchange rates and $0 OFX fees* on all FX transfers
• OFXpert support: Talk to an OFXpert 24/7 day and night
• Global reach: Make transfers in 50+ currencies to over 170 countries
• Peace of mind: OFX is monitored by over 50 regulators globally
• Cashflow certainty: Fix FX rates for up to 12 months and transfer later
• Streamlined digital platform: Make and track your global money transfers online or with the OFX app.
• Long Standing company with vast FX experience
• FX forwards, bulk and recurring payments
• Member of Amazon Payment Services Provider Program
• OFX Global Currency Account for Business with Xero integration

Negative

• Transfers to bank accounts only
• Higher minimum transfer sizes than some providers (200USD, 250CAD, 250AUD 100GBP, 100EUR or local currency equivalent)

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 Money Safe with OFX?

The short answer is “yes” — as safe as it can be.

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.

Minimum / Maximum Transfer Size

OFX has low minimums. You can transfer any amount above AUD 250 or GBP 100 or local currency equivalent.

The maximum amount you can transfer depends on the currency being sent. Major currencies like USD, GBP, AUD, CAD, EUR and NZD can usually be transferred freely, and OFX can handle billions worth of these. However, controlled currencies like the Chinese yuan, South African rand and South Korean won might be subject to government restrictions.

A Trusted Foreign Exchange Specialist

As the Official Currency Exchange Provider in the USA and Canada to the NHL®, OFX manages a portion of the NHL’s currency exchange requirements and promises to move NHL fans’ money at hockey speed with great exchange rates. NHL and the NHL Shield are registered trademarks of the National Hockey League. © NHL 2022. All Rights Reserved.

How Long Will My Transfer 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.

Minimum / Maximum Transfer Size

OFX has low minimums. You can transfer any amount above AUD 250 or GBP 100 or local currency equivalent.

The maximum amount you can transfer depends on the currency being sent. Major currencies like USD, GBP, AUD, CAD, EUR and NZD can usually be transferred freely, and OFX can handle billions worth of these. However, controlled currencies like the Chinese yuan, South African rand and South Korean won might be subject to government restrictions.

Support for Online Retailers: Multi-Currency Accounts

OFX is also one of Amazon’s approved Payment Service Providers making it safer to use OFX for all your Amazon store sales. This new program is designed to protect both Amazon customers and sellers from fraud and abuse.

OFX also supports online sellers on other platforms besides Amazon including eBay, Newegg, Buy.com, Shop.com and many other marketplaces.

Visit OFX for Online Sellers.

What is the OFX Global Currency Account for Business and Online Retailers?

A multi-currency account that lets you pay and get paid in the foreign currencies you do business in.

Open virtual currency accounts and collect funds from payment gateways, marketplaces or directly from your customers just like you’re a local.

The OFX Global Currency Account allows you to open local currency accounts in USD, EUR, GBP, CAD, AUD, SGD, HKD, JPY* and PLN* (*Accept payments from marketplaces and payment gateways only), and view all accounts and transactions in a single dashboard.

Funds from your marketplace or payment gateway can be paid straight into a Global Currency Account (GCA) and suppliers can also be paid at the best possible exchange rates.
With such an account, your online business can avoid a great deal of the unnecessary back-and-forth FX charges associated with cross-border trade.

To keep your business accounting simple, the OFX GCA integrates with Xero to sync all of your transactions. You can also invoice overseas suppliers in a foreign currency directly from within Xero.

For more details you can Read our Review of the OFX Global Currency Account.

Advanced Features:  Forwards, Limit Orders, Bulk and Recurring Payments

Forward contracts are an effective way of managing foreign currency exposures for those who stand to lose significant amounts if exchange rates move against them in the coming days or months (up to 12 months). A forward buyer can lock in an exchange rate today for a transfer that will be paid for in future. Once you’ve signed up with OFX, give one of their OFXperts a call to discuss your unique hedging requirements.

Bulk payments, such as those needed for payrolls, are easily done using Multipay, which allows for 500 payments to be sent at once.

Limit orders allow users to convert money at exchange rates better than today’s. Once a desired rate has been specified, OFX systems will monitor the FX market on a user’s behalf, triggering money transfers once the market rate matches the desired rate. A downside of this feature is that it comes with a minimum transaction size of AUD 30,000 or GBP 20,000 (varies by currency).

Regular payments are available, such as those needed for overseas mortgages. With OFX, a payment plan can be set up at a fixed, agreed-upon exchange rate so you know exactly what you’re spending each month.

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. Read more in our Review of the OFX ATO service.

Find out more and register at OFX ATO Payments.
 

 

Customer Service

Customer service at OFX is 24/7 and support options are excellent. These include 10 national phone lines reaching support staff in 7 countries, email support and an extensive FAQ section on the main site.

Though there are disappointed customers to be found online, as there are with any service, the bulk of OFX customers (we estimate 80 percent) report highly professional support when things go wrong, with adjectives like “thorough,” “understanding,” “prompt” and “knowledgeable” used to describe OFX staff.

OFX outlines a complaints policy on its site but be aware that a final response to complaints might take as long as 45 days, which is longer than we’d like.

What Do Users Think of OFX?

At the time of writing this review thousands of Trustpilot reviewers had rewarded OFX a 5-star rating, and that should speak volumes. As you’d expect from any top firm in the payments industry, common themes within reviews relate to: “great exchange rates,” “excellent service,” “better than the banks,” “quick service” and “easy to get hold of,” among others.

BestExchangeRates users who register with OFX through the OFX-BestExchangeRates partner page will receive preferential FX rates and $0 OFX fees on all FX transfers with OFX.

*Minimum transfer US$200 or local equivalent. 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”. ABN 65 092 375 703 | AFSL 226 484.

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Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.