OFX Review- Transfer Funds to Over 50 Countries 2020

4 stars based on 4010 reviews

OFX Review by Exchange Rate IQ

Overall rating
7.5 /10

Our experts at Exchange Rate IQ research on every money remittance company to provide independent and unbiased reviews on them. The same procedure has been adopted by them to provide the review on OFX Money Transfer Company which offers remittance services in more than 80 countries from the US via mobile and web.

OFX, which was known as OzForex offers money transfer services to Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals. It also offers money transferring services as expatriates and small businesses. It is one of the world’s largest companies specializing in foreign exchange and international payments. Some of the benefits of using OFX services are:

  • 24*7 customer assistance available
  • Competitive exchange rates
  • Multiple transfer options

Review of OFX :

Launched in the year 1998, OFX is an Australian online money remittance company with headquarters in Sydney. It offers transfers to individuals, small traders and businesses with a minimum transfer amount of USD $1,000 or similar amount in another currency. One can send money for multiple purposes through bank transfer, including property, education, emigration, family transfers, luxury goods, wedding, and for savings without any maximum transfer limit. The company offers multiple types of transfers including:

  • Bank-to-Bank Transfer
  • Online Transfer
  • One Off Payments
  • Spot Transfer
  • Forward Contracts
  • Market Orders
  • Recurring Transfers

One can only send the funds through a bank account as it does not take payments through debit and credit card. It also does not offer cash pick-up service which is a drawback for it.

The company offers 24/7 customer support in various countries for immediate redressal of grievances, so one can contact it anytime. It also allows 24/7 trading facilities over the phone or online, which might make it the first ever currency trading firm to be open on weekends also. The company is highly secured so that one can transfer funds worry-free anywhere.

So, on an overall basis, we rate it 7.5 out of 10.

Pricing : How much does OFX cost?

7 /10

The company charges different fees for transferring funds from different countries and also has a fee-free threshold. Some of the currencies that you transfer and the fee charged are provided under:

OFX Transfer Fees

Currency Fee Fee Free Threshold
AED 50 30,000
AUD 15 10,000
CAD 15 10,000
DKK 20 50,000
GBP 7 3,000
USD 5 5,000
SGD 15 10,000
HKD 60 50,000

OFX Exchange Rates

The company offers the best exchange rates in the market where one will get the rates with a margin as low as 0.4%. Once you agree with the exchange rate and start the transfer process, the rates get locked so you will know what exact amount will be received by the beneficiary. You can check the fee for transferring funds here at OFX Currency Converter

Any Other Fee

In most of the cases, intermediary banks do not charge any fee, but OFX won’t guarantee any deductions from intermediary or receiving bank when transferring your money to the beneficiary account. For example, JPY and ZAR attract additional fees due to local laws.

This fee charged by the company is high compared to many of its competitors, and therefore, we rate it 7 out of 10 under the pricing head.

Transparency: Does OFX have any hidden fees?

9 /10

OFX Transfer Hidden Fee

The company does not charge any hidden fees from its customers. However, some third-party banks can charge fee in-between to complete the transaction so one must check with the bank before transferring funds.

OFX Money Transfer Tracking Details

One can track the OFX transfers on their dashboard. The company also provides the details of transfer to users through SMS and email.

So, for the transparency of OFX, we rate it 9 out of 10, as it is not providing direct tracking procedure for the user.

Transfer Speed: How long does it take to send money through OFX?

7/10

The company offers bank-to-bank transfers as well as online transfers. So they both differ from each other and take different time, according to the country and the currency you are sending.

  • If you are sending money using Bank to Bank transfer services of OFX, then it will take 2-5 business days.
  • In online transfers, it will take 1-2 business days, which is faster in both domestically and internationally.

The company is not offering instant transfer services as many of its competitors. Therefore, we rate it 7 out of 10 for its transfer speed.

Coverage: How many Countries & Currencies does OFX support?

7/10

The company offers transfer from Australia, Canada, Hong Kong, New Zealand, the United States, the United Kingdom and Singapore to over 100 countries in 55+ currencies. Some of the major currencies supported by the company are:

Currencies Supported by OFX Money Transfer

AED AUD CAD PLN THB ZAR
INR USD SGD SEK GBP EUR
DKK MXN CHF NZD NOK JPY
HUF FZD PHP MAD LKR XFP

There are still many countries which are needed to be cover by the company to provide its services worldwide because many of its competitors are providing services to approximately 200 countries. Therefore, we rate it 7 out of 10 for its coverage and for using the services of OFX login here.

OFX Promo Codes & Offers

All Countries
For ExchangeRateIQ visitors, zero fee for money transfer.

OFX Transfer Process

Step-By-Step Guide to transfer funds with OFX

  1. Go to the OFX website.

  2. Click on “Get Started” at the mid of home page.

  3. You will be on a new page. Here select the type of account you want to set up, i.e., Personal Account, Sole Trader account or Business Account.

  4. Enter all the personal or business details as asked by the company.

  5. Enter the banking details and verify your identity.

  6. Submit all the details.

  7. You will get a confirmation email. Click on it.

  8. Enter the details of the recipient.

  9. Submit it and enter the amount you want to send through OFX website.

  10. Recheck all the details and confirm the transfer.

Send money with OFX

OFX send money to Russia

OFX money transfer covers the whole of Russia as it helps people from the USA, Canada, Australia, the UK and many other places. It offers flexible transfer options with 24*7 customer support and no maximum transfer limit. Once you register yourself on the website and company manages to send money to your bank in Russia, you can add documents required for the completion of account registration and send money to Russia. Although it does not offer services in all the banks, it helps you to make the transfer in another bank account if possible which will be received by the recipient within 5 business days.

Send money to Canada with OFX

You can receive and send money from Canada with OFX as it outsmarts the banks by providing higher exchange rates and low transfer fees. Some of the Canadian banks where you can transfer money are Toronto-Dominion Bank, National Bank of Canada, Royal Bank, Bank of Montreal, Bank of Nova Scotia, etc. It takes approximately 2-3 days to transfer money to Canada from any other country where it providing its services.

Send money to Spain with OFX

Whenever you look for transferring money to Spain, go for the low-cost high exchange rate transfers, which provide you with better exchange rates than the bank. So, we have found you the one and that is OFX which offer flexible transfer option with 24/7 customer support. You can send a minimum amount of AUD 250 or similar amount in other currencies with no maximum transfer limit and least transfer fees.

The company offer transfers in 55 currencies where you can also choose forward contacts to schedule the transfers. It also offers business transfers and limits orders on more than 30 currencies with no maximum transfer limit for over 100 countries.

User experience of OFX

8/10

OFX international money transfer has been offering its services from the past 15 years and handled more than $100 billion in forex transactions. The company has overall good reviews on Trustpilot, still, some of the positive and negative aspects as per the users are:

Positive:

  • Better exchange rates compared to most of the banks
  • Easy and simple website
  • Highly secured

Negative:

  • Website available in English only
  • No cash pick-up available

 

OFX Customer Service Details

Country OFX Phone Number (Personal) OFX Phone Number (Business)
International +61 2 8667 8090 +61 2 8667 8091
Australia 1300 300 424 1300 300 524
USA 1-888-288-7354 1-888-966-6888
Canada 1-800-680-0750 1-855-680-0745
New Zealand 0800 161 868 0800 161 898
UK +44 207 614 4194 +44 207 614 4195
Hong Kong (+852) 3008 5721 (+852) 2777 7147


OFX Mobile Apps

The company is offering its Android as well as iOS apps, which you can download here:

  1. OFX Android App
  2. OFX iOS App

You can have a look at the OFX transfer rate by using the apps without logging in, which is good for users who just want to know the exchange rates only.

 

OFX Referral

The company provides a unique link to refer any person through your account. If the person uses the services of OFX through that link and transfers the minimum amount than both of you will be rewarded for it.

OzForex (OFX.com) Promo Code

The company shares promo codes with its users through mobile notification, email and SMS. They can use this promo code for getting better exchange rates.

So, keeping multiple factors in mind, the experts of Exchange Rate IQ have given it 8 out of 10 in user experience head. For using the services of OFX sign up here.

Security : Is OFX Safe?

10/10

OFX provides a higher level of digital security as it is secured by Norton's Symantec SSL certificate so that one can transfer funds with confidence. It has been regulated by various authorities in the countries it is serving. Some of these are:

  • It is a full member of the Australian Financial Markets Association and is regulated by the Australian Securities and Investments Commission.
  • The company is registered as a Money Services Business at a federal level with the Financial Crimes Enforcement Network in the USA.
  • In the UK, it is regulated by the Financial Conduct Authority as an Authorised Payment Institution.
  • In New Zealand, it is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
  • In Canada, it is a BBB accredited business and regulated by FINTRAC.

All these accreditations and regulatory shows that the company is highly secured and offers safe services to its customers, henceforth, we rate it 10 out of 10 under the security head.

Transfer Type And Modes

Pay In Options

Bank

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed

OFX FAQ's

Does OFX offer Forward Exchange?

Yes. OFX offers forward exchange and you can also adjust the date of Forward Exchange Contract for a maximum of 12 months from the date it was originally entered.
Discuss this question

How much fees do I incur with OFX?

With OFX, sending money is not only easier but also cheaper. For amounts of money that do not exceed $10,000, a small standard fee of only $15 is charged. You will not be charged any fee for amounts exceeding $10,000. This is very cheap when compared to banks that charge hefty and exorbitant prices for your transfers. Even more enticing is the fact that you can save up to 75% on the exchange rate margin and get to keep more of your money.

Discuss this question

Does OFX lock-in rates before the completion of the transaction?

Yes. You can yourself lock-in the exchange rates before transferring the funds to the company. So the recipient will receive the amount that is shown in the final transaction page.
Discuss this question

How can I register with OFX to begin making transfers?

Signing up with OFX is very easy. Upon downloading their mobile app, you will need to provide your full name, your date of birth, current residential address, occupation, contact number and email after which you should be contacted concerning the status of your registration after a few business days. You may be required to submit certain documents of yourself for identification and completion of the process.

Discuss this question

How can I track my transfers?

With OFX, you can track your transactions on your dashboard. Besides this, the company also provides notification to you through SMS and email.
Discuss this question

Can I track my transfer with OFX? If yes, how can I do so?

OFX goes out of its way to send notifications along the way until your transfer is paid thanks to the reliable OFX tracking feature. These updates are sent via SMS or E-mail depending on your selected mode of contact. Also, by clicking on the deals and orders tab on this money sending app, you will see the funds received notification that will let you know when they have received your funds from the bank and the funds paid notification upon transferring your funds to your recipient’s bank account.

Discuss this question

Can I cancel a recurring transfer plan when I want to?

It is possible to make errors when making your transfer no matter how keen you are. That is why OFX gives you the option of canceling your transfer plan. However, certain conditions have to be met. For a start, they will sell the balance of the purchased currency and buy back the balance of the original currency. This way, your deposit will be returned minus any losses that may have been incurred due to exchange rate variations.

Discuss this question

Where can I send my money to?

With OFX, it is easier to send money to more than 190 countries as they have almost every corner of the globe covered. To see the full list of currencies that you can transact in with OFX, click here and get to know if your country is eligible for making transfers with OFX.

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Alternatives to OFX

OFX User Reviews and Ratings

reviews powered by trustpilot

Great Company to deal with.

Review published ago

I have been using OFX for many years. I have found this company to be very efficient and trustworthy. Good rates and very easy to deal with. The staff are very helpful via phone or email.

by Janine

Great Company to deal with.

Review published ago

I have been using OFX for many years. I have found this company to be very efficient and trustworthy. Good rates and very easy to deal with. The staff are very helpful via phone or email.

by Janine

First experience with OFX and moving…

Review published ago

First experience with OFX and moving money internationally. Required transfer confirmation over the phone which was a little awkward. However, the representative was pleasant and kept the call brief. Overall positive experience.

by Tony

First experience with OFX and moving…

Review published ago

First experience with OFX and moving money internationally. Required transfer confirmation over the phone which was a little awkward. However, the representative was pleasant and kept the call brief. Overall positive experience.

by Tony

I have just recently signed up with OFX…

Review published ago

I have just recently signed up with OFX And must say that my transfer went very smoothly and I was kept up to date with the the transaction every step of the way by OFX

by Alan

I have just recently signed up with OFX…

Review published ago

I have just recently signed up with OFX And must say that my transfer went very smoothly and I was kept up to date with the the transaction every step of the way by OFX

by Alan

Quick and efficient service

Review published ago

Quick and efficient service. Being my first time using OFX, I appreciated the helpful support from the team.

by Roseanne Van Boheemen

Quick and efficient service

Review published ago

Quick and efficient service. Being my first time using OFX, I appreciated the helpful support from the team.

by Roseanne Van Boheemen

Peace of mind...

Review published ago

Have been trying to get a large amount of money back from USA from house sale. but was being given a hard time by my bank saying I cant do this and cant do that. But they could do it for me at astronomical costs. After some research I called OFX and spoke to a very helpful lady, who explained what the process was. I followed instructions, and today to my huge relief my first transaction came through. Absolute peace of mind knowing that now I can get the rest of the funds, I do not have to deal with the bank at all. So very very easy. Brilliant

by Karan

Simple & easy to set up

Review published ago

Simple & easy to set up. Excellent exchange rates & very efficient transfer. Have used frequently for a long time & cannot find a better, safer service.

by berniebenbow

Great way to transfer money overseas

Review published ago

I have been using OFX for international money transfers for over 3 years. Not only do they give great rates, OFX is very efficient and usually the money is remitted within 24 hours or so. The other advantage is that there are no charges at the receiving end like with many banks. Highly recommended.

by Bandula Gunawardena

Brilliant currency trader

Review published ago

Brilliant currency trader. Use them all the time they are quick, easy and trustworthy.....

by Peter Ingram

Excellent service

Review published ago

Excellent service, good rates, quick and efficient transfers.

by Alan Knight

Ms.Sian Elliott is a great representative of OFX in the UK!

Review published ago

Sian Elliott, Client Manager with OFX-UK has been working with us for a few months now. She always returns email and phone calls in a timely manner. When there is a question, she takes the time to find the correct answer. Our family now has two accounts with OFX, one since July of 2016, and one since March of 2020. Our plan is to continue our working relationship with OFX well into the future. We are loyal and long-term customers with OFX-UK since July of 2016. Marian Honor Tobin

by Marian Honor Tobin

I am very satisfied with OFX

Review published ago

I am very satisfied with OFX. I've transferred more than USD 250,000 over a number of transfers with OFX, and every one has been processed, and at a good exchange rate. And, every single one of the OFX operators to whom I have spoken on the phone has been extremely polite, knowledgeable, and helpful. I would just advise that if you are sending a transfer by OFX for the very first time that you do call them to confirm what the limits are for the type of transfer you want to make and to more generally make sure that your first transfer goes through without a problem. All online transfers afterwards should be no problem.

by Oliver Williamson Jr.

OFX is so easy to use

Review published ago

OFX is so easy to use! I make regular international transfers and it literally takes less than 5 minutes to complete both ends of the transaction.

by Robert Rowcliffe

First time user

Review published ago

First time user. Made a mistake on first transfer but was assisted to rectify problem with no fuss. Will be using again and would recommend to anyone wanting to transfer money from overseas.

by Simon Shaw

Great rates and fast payments.

Review published ago

Great rates and fast payments.

by David Zuker

Excellent service

Review published ago

Excellent service. Would recommend to anyone. Only complaint is they are sometimes slow transferring funds to the recipient after received. Overall, very pleased and will continue to use and promote their service.

by Kev

OFX offer a brilliant service

Review published ago

OFX offer a brilliant service. I use them regularly with confidence. Processes are clear and speedy. Communication is excellent

by B MITCHELL

An Extremely Good First Experience

Review published ago

I live in Costa Rica but bank in Canada. I used OFX for the first time and the experience was exemplary. Fast, easy to facilitate, and I received a confirmation call from an OFX representative during the processing of the transfer. I had one question regarding the set up of my Canadian account information and that was handled over the phone pleasantly and successfully. Thank You! A++++ Terry in Costa Rica

by Terry Smith

OFX are the best

Review published ago

OFX are the best. I've used them for years, always efficient, reliable and the best rates to boot.

by Tony Bramhill

I highly recommend OFX

Review published ago

I highly recommend OFX. I have been using it for 5+ years and they have saved me many thousands of dollars. It is quick and easy for me (or my staff) to set up and make payments and the rates are always competitive. Funds are transferred quickly.

by Michael Kent

I have been using OFX on numerous…

Review published ago

I have been using OFX on numerous occasions for the last three or four years. I have not had one thing go wrong in those years. I highly recommend OFX for their clarity and efficiency in all my dealings.

by Peter Jackson
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Compare OFX With Other Money Transfer Companies

OFX Company & Contact Info

Address:- NZForex Limited Level 26, PWC Tower, 188 Quay Street, Auckland, New Zealand
Email:- -
Phone:- 1-888-288-7354 (USA)
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