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    OFX 2021 Review – Foreign transfers with OFX compared

    OFX is one of the world’s largest and best providers of international money transfers. This highly regulated firm offers a complete foreign exchange solution complete with 24/7 phone support.

    Review Updated: Jul 14, 2021

    OFX Money Transfers – Reviewed and Compared

    Exchange Rates 4.6
    Customer Service 4.1
    Ease of Use 4.1

    OFX: A Summary

    OFX has a 20-year history and is one of the largest foreign exchange specialists in the world. It offers a complete foreign exchange solution, including discounted money transfers, currency hedging tools, recurring transfers, a multi-currency account for online sellers and much more.

    OFX is highly regulated and its 1 million customers now benefit from true 24/7 phone support.

    Though OFX clearly offers bank-beating FX costs, it is slightly more expensive than some other services in the market, particularly for more exotic currencies.



    • Bank-beating exchange rates
    • Low minimum transfer size (AUD 250, GBP 100)
    • Place transfer orders online or by phone
    • Excellent 24/7 customer service
    • Longstanding company with vast FX experience
    • FX forwards, bulk and recurring payments
    • 80 percent of money transfers completed within 1 business day


    • Transfers to bank accounts only
    • Limit orders for large transfers only (A$30,000, £20,000 etc.)


    What Savings Can I Expect?

    OFX offers exchange rates that put the banks to shame, though they aren’t quite as good value as those offered by the industry’s lowest-cost services.

    With OFX, the cost of sending, for example, 5,000 Australian dollars to the US equates to 0.85 percent of the transferred amount, or roughly AUD42.5. You’d pay roughly 1 percent for the same amount to be sent to Europe but 2 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 is perhaps double what is charged by the industry’s lowest-cost services, although such services might not offer the same benefits as OFX.

    IMPORTANT:  For BER readers, OFX will waive its fixed transfer fee permanently, so be sure to sign up via one of our links.

    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.


    OFX Foreign Transfer Rates & Fees - Compared

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    How Long Will My Transfer Take?

    After OFX receives your funds, these will usually arrive at the destination bank account within 2 business days. 80 percent of OFX transfers are received within 1 business day.


    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.


    Is Money Safe with OFX?

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

    OFX deploys top-notch security systems, is highly regulated and has an inherently low-risk business model, which means that it offers a deliverable-only FX service and does not take positions in the markets, thereby eliminating market risk.

    As for your money, this is held separately from OFX’s own funds in a major financial institution.

    As part of its account-protecting technology, OFX deploys algorithms that monitor registrations, logins and transactions to identify suspicious activity, and other tech includes a multi-layered fraud prevention system that works against phishing, malware and apps that might target customer accounts.

    Needless to say, SSL encryption is used to keep your information safe from prying digital eyes.

    OFX is regulated by more than 55 different financial authorities, including the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA).

    All said, we cannot see any reason why funds would be at risk with OFX.

    Support for Online Retailers: Multi-Currency Accounts

    OFX has recently added support for online sellers on Amazon, eBay, Newegg, Buy.com, Shop.com and many other marketplaces. This support comes in the form of the OFX Global Currency Account, which provides local currency accounts for each of the following: USD, GBP, HKD, EUR, CAD and AUD.

    Funds from your marketplace or payment gateway can be paid straight into a Global Currency Account 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. Visit OFX for Online Sellers.

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

    OFX provides a number of risk and FX management features that businesses will appreciate.

    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 reps 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).

    Recurring transfers 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.


    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 (June 2019), more than 3,000 of the 3,500 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.

    Customers registering through BER will have all their fees waived.


    More OFX Articles

    OFX Global Currency Account – BER Review

    OFX Global Currency Account – Independent BER Review OFX Global Currency Account: A Summary OFX has a 30-year history and is one of the largest foreign exchange specialists in the world. It offers a “Global Currency Account” that allows online sellers to hold, send and receive funds in GBP, EUR, USD, AUD, CAD and HKD. […]

    Posted: 13 Jul, 2020 - Last update: 13 Mar, 2021

    Best Multi-Currency Accounts 2019: WorldFirst vs. TransferWise vs. OFX

    We compare the features, exchange rates and security of the three best multi-currency accounts available today — the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account.

    Posted: 8 Jun, 2019 - Last update: 24 Jan, 2021


    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.

    21 Reviews for “OFX 2021 Review – Foreign transfers with OFX compared”

    1. Avatar jeffers43 says:

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

    2. Avatar Wilson says:

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

    3. Avatar 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

    4. Avatar Carlos Canada says:

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

    5. Avatar 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

    6. Avatar 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.

    7. Avatar 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

    8. Avatar Peter says:

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

      1. Avatar 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. Avatar 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.

    10. Avatar expat bob says:

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

    11. Avatar 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.

    12. Avatar Bronwyn says:

      Thanks for a great rate and easy transaction!

    13. Avatar rene fr says:

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

    14. Avatar 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!

    15. Avatar 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!

    16. Avatar peo says:

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

    17. Avatar 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…????

      1. Avatar 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. Avatar nigel says:

      Worked out great. Ran smoothly, no problems.

    19. Avatar 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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