OFX is a huge player in the global money transfer market and is also Australia’s largest non-bank FX money transfer company.
They are extremely well established, offer some of the best rates in the industry, and have an award-winning digital platform supported by a huge team of financial experts.
So, it should come as no surprise that we believe OFX is one of the best choices for international money transfers in Australia, or globally for that matter.
This OFX review provides a clear breakdown of the company’s services, highlighting its strengths and weaknesses, based on our experience working with the payment provider.
We’ll also comment on our analysis of verified OFX customer reviews, which for the most part, are extremely positive.
By the end of this review, you will understand when OFX is the right fit for your money transfer needs, and when it isn’t.
But generally speaking, if you have a requirement for any mid-to-large sized transfer, it’s likely OFX will be among the top companies in your short list.
|Pros – What we liked
|Cons – What could be improved
|No fees and great rates – OFX offers some of the best rates of any currency broker in the industry, particularly for larger transfers
|Better orientated for large transfers – This is only a negative for those looking to send smaller amounts, who will likely receive better rates using an app only alternative
|Local accounts – With local accounts in so many countries, OFX helps provide faster transfers that avoid intermediary or receiving fees
|Customer service wait times – This has only been reported by a minority of customers, but is worth noting that some people have found it difficult to get hold of their customer service team
|Dedicated dealer – you’ll be assigned your own Australian based currency expert
|Slow transfers – a small minority of customers encountered transfer delays.
OFX is one of the most well established names in the industry, having recently celebrated their 25th birthday in October 2023.
They are a true Australian success story, from humble beginnings in a northern Sydney garage, growing into a global money transfer giant.
Today, their annual turnover exceeds A$30 billion and they serve more than 1 million customers globally, across 9 offices strategically placed in key international destinations.
OFX Australia accounts for 35% of the company’s revenue, so there remains a very strong presence and focus in the region, headed by a large head office in Sydney.
Australian customers can still benefit from OFX’s global infrastructure, as they have over 100 international accounts, meaning customers can almost always avoid having to pay any receiving or intermediary fees.
Their international presence also enables them to offer 24/7 customer service. An extremely rare feat in the industry.
Whilst you might not have access to your dedicated account manager around the clock, if your local office is closed, you’ll be automatically redirected to an open office, where an OFX expert will be waiting to help.
OFX is one of the few money transfer providers that is a publicly traded company on the Australian Securities Exchange.
This provides full transparency to customers about how the company is performing and how much money OFX is making from its clientele.
OFX currency exchange services
One off & recurring international transfers
Payments can be funded via bank transfer, most frequently via an Electronic Funds Transfer (EFT) or BPAY.
They also accept payments via debit cards for personal transfers, another rare benefit not offered by most other providers.
Minimum transfer limits for spot transfers are equivalent to £100 GBP, approximately $195 AUD.
Unlike many other providers, OFX does not impose any maximum transfer limits.
A forward contract locks in an exchange rate for future payments for up to 2 years.
This provides financial certainty for the entirety of the contract, making it a great option for those purchasing a property overseas.
OFX claims that minimum limits for forward contracts typically start at $10,000 AUD, but they will consider lower amounts in certain situations.
OFX offers two ways to target specific exchange rates.
Limit orders allow you to automatically buy currency when your desired rate is achieved.
Stop loss orders do the opposite, protecting you from sudden drops in the exchange rate.
Business FX services
All the services listed are also available to business clients.
OFX has a very strong business offering, with a number of tools and services available to help you manage forex risk, including an FX risk scorecard and currency exposure tool.
Is there an OFX app?
Yes, OFX offers a fully functioning app on both the App Store and Google Play.
4.8/5 on the App Store, based on 4.4K reviews.
4.5/5 on Google Play, based on 3.8K reviews.
They have continued to evolve this app over time based on customer feedback, which is reflected in its high ratings, both of which have increased since their first 1,000 reviews.
OFX has a similar look and feel to many other money transfer apps, but also offers a tailored service for those looking to make larger transfers.
OFX fees & exchange rates
OFX charges no fees for international transfers.
With no hidden costs or commissions, your beneficiary can expect to receive the exact amount that you’re quoted either online or by your account manager.
The only exception being any handling fees deducted by an intermediary or beneficiary bank.
Whilst there is nothing that can be done about these fees when they are incurred, OFX does greatly help to mitigate this by having so many local accounts in various currencies.
So, if OFX doesn’t charge any fees, you’re possibly wondering how they make a profit?
OFX adds a small percentage markup to the mid market exchange rate, also referred to as a ‘spread’.
This is something most money transfer providers and banks do, regardless of whether or not they charge any other fees.
The majority of ‘big five’ Australian banks typically apply a high fx markup, in the region of 3.7-4.5%.
The markup applied by OFX will vary depending on the amount you’re sending and which currencies you’re converting.
Handily, they have a calculator on their website that clearly displays the rate you’ll receive for your transfer.
Seeking some general guidance on how much you can expect to save by choosing OFX over one of the ‘big five’ Australian banks?
Thankfully, OFX provides a number of representative examples that are updated monthly and conducted by an independent third party.
As of February 1st 2024, for a $20K AUD to USD transfer, by choosing OFX versus a bank, your beneficiary could receive up to $332 USD more.
Is OFX safe?
Yes, we can confidently say that your funds will be safe by choosing OFX.
OFX is one of the most regulated companies in the entire industry due to their strong international presence.
Authorised and regulated by ASIC in Australia, OFX is also regulated in 7 other major countries.
Not to mention the added scrutiny of being a publicly traded company.
Having transferred more than $100 billion for customers in total, OFX has retained an excellent reputation as a trusted provider, so safety should not be a concern.
As of February 2024, OFX has a total of 6,638 TrustPilot reviews, 78% have been five stars, earning the firm a place in TrustPilot’s excellent category.
They are regularly praised for their simplicity and speed.
Customers have also commented on OFX offering very competitive exchange rates, and being extremely easy to use.
A high number of specific staff members have been complimented in reviews for their friendliness and quality of service.
Many customers are also impressed by the good security measures implemented by OFX.
In contrast, a total of 9% of OFX reviews have been rated 1 star.
The most common theme throughout the firm’s negative reviews is customers having trouble getting hold of customer service.
This includes experiences of long hold times or being unable to leave a message, which seems a stark contrast to OFX heavily promoting 24/7 customer service.
It is worth noting that these TrustPilot reviews are a collection of OFX reviews across all territories, so it’s difficult to directly compare these reviews to another provider operating solely in Australia.
For the most part though, OFX and the OFX app are very highly rated which reflects our own experiences any time we have used them ourselves.
How does OFX work?
Create an account – Once you’ve compared alternative providers and you’re happy with the OFX rate for your specific transfer, you’ll need to register for an account.
You can get started on their website and once you’ve submitted your form, someone will be in touch to provide details on the final steps.
Signing up with OFX is most often a quick and painless process, though you may need to provide some proof of ID to verify your identity for anti-money laundering purposes.
Confirm the details of your trade – Work with your account manager to specify your requirements and decide on whether you require any additional services.
Once you’re happy it’s a good time to complete your money transfer, lock in your rate over the phone and your account manager will enter you into a legal contract for the funds to be transferred.
Alternatively, you can do this yourself online using the OFX digital portal or mobile app.
Enter your beneficiary’s details – The details required for your international transfer will vary depending on the country corridor, but this will all be clearly explained by your dedicated currency expert.
In addition to the recipient’s full name, bank name, and bank address, you will also need some form of international bank identification code like a BSB (New Zealand), IBAN (UK and Europe), or routing number (USA).
Now, simply sit back and wait for your funds to hit the beneficiary’s account.
How long does it take OFX to transfer funds?
Thanks to OFX’s global network of banks, transfers through certain popular payment corridors like Australia to the U.S. can arrive the same day.
Generally speaking, most major currency transfers arrive within 1-2 days, with more exotic currencies taking anywhere from 3-5 days.
How does OFX compare to alternative providers?
OFX vs XE Money Transfer
XE Money Transfer is a reliable provider that offers a similar suite of services.
Like OFX, they are very well established, having been in business for close to two decades.
So, XE may appeal to risk averse customers who prefer to work with very well established companies.
OFX certainly takes the edge when it comes to customer service, as XE only offers a personal account manager for transfers over $90,000 USD or equivalent.
XE also has upper transfer limits depending on the currency you’re converting, so they may not be suitable if you’re looking to transfer large amounts.
OFX vs Send Payments
Send Payments is a relatively young but fast-growing, Australia-based currency broker.
Both firms offer a similar suite of services, although OFX does have a slightly more comprehensive offering to business customers.
So depending on your requirements, you may benefit from OFX’s wider range of services.
For personal customers, it may be worth getting a quote from both providers and speaking to someone over the phone to get a feel for the friendliness and quality of service.
Send Payments has a very slick online platform, so they could be a good option if you’re looking to automate some of your own transfers.
With that said, Send Payments does not currently have a mobile app, whereas OFX has one of the best apps in the industry, so they certainly have the edge in regards to convenience.
OFX vs Wise (Transferwise)
Wise operate in a slightly different niche within the money transfer market.
As an online only solution, Wise is better suited to those sending lower value transfers.
Those sending larger amounts are better off choosing OFX.
You’ll benefit from frequent contact with your personal account manager as well as access to useful hedging tools like forward contracts.
You’ll still be able to make transfers yourself using the OFX portal or mobile app.
If your requirements are for lower value transfers only and you’re happy using a more streamlined solution, then Wise is certainly worth your consideration as they offer some of the most competitive fees in the market.
When should you use OFX for money transfers?
OFX has a very versatile product suite and we recommend using them for almost any money transfer.
Very small transfers equivalent to less than $2,000 AUD are perhaps the only exception.
For transfers of this size or less, you’ll likely not get the most competitive rate so you’d be better off choosing an app only provider like ‘Wise’.
For everything else, by choosing OFX, you’ll have access to a great range of fx services and fantastic exchange rates.
Having a dedicated account manager is always helpful, especially for those less knowledgeable or confident about international money transfers.
OFX excels here, with a large team of local specialists in all of their operating territories.
Simultaneously having access to a market leading mobile app and digital platform, that helps further streamline smaller value transactions, makes OFX’s offering particularly valuable.
Whether you’re a personal or business customer, you’ll have access to a good suite of FX tools and highly competitive exchange rates.
OFX has built and maintained a fantastic reputation over the course of 25 years in business.
They focus on doing the basics extremely well, but have proven their ability to remain relevant to modern customers with a market leading mobile app, and award-winning digital platform.
OFX are unique in many ways, offering 24/7 customer service, and having the largest number of local accounts in the industry, which is a huge benefit to their customers.
They also offer a fantastic service for business customers, with several specific tools to help businesses manage their forex risk, and a team of experts that can help develop your strategy.
Compared to traditional banks, OFX will not only save you money but will add value in numerous ways.
Whether you’re an individual or business, it is well worth opening an account with OFX to make better informed and more cost-effective international money transfers.