OFX is a huge player in the global money transfer market and is also Australia’s largest non-bank 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.
This OFX review provides a clear breakdown of the company’s services, highlighting both its strengths and weaknesses based on our direct experience with the provider and an analysis of verified OFX customer reviews.
By the end, you’ll have a clear understanding of when OFX is the ideal choice for your money transfer needs, and when alternative options may be more suitable.
How did we review OFX?
To assess OFX, we began by registering an account.
Shortly after, we conducted a test transfer, being careful not to make OFX aware of our intentions.
This ensured the service we received was unbiased, allowing us to produce a genuine review.
Throughout the trial transfer, we focused on the key aspects: ease of account setup, the smoothness of transfers, and the various additional features available to us.
This provided valuable insights into the overall user-friendliness and efficiency of OFX’s service.
In addition, we also evaluated their:
- Compliance and regulation
- FX rates and fees
- Service quality
- Customer reviews
- Australia-specific features and feedback
Taking all these factors into account, we’ve rated OFX across five performance indicators, which when combined, create Money Transfer Australia’s overall review score for OFX.
- Supports 190-plus countries, 130+ currencies
- Regulated, long-established & trusted provider
- Transparent pricing – full cost shown upfront
- Good for large transfers, expert support offered
- Limited funding / payout options for cash
- Slower transfers (1-4 business days) sometimes
- Supports 50+ currencies, 170+ countries
- 24/7 customer support via phone/email
- Zero fees on most large transfers
- Less favorable for smaller-amount transactions
- Slower in less common currency corridors
- Funding options limited to bank transfers mostly
Key Information
| Atribute | Detail |
|---|---|
| Established | 1998 |
| Launched in Australia | 1998 |
| Headquarters | Sydney, Australia |
| Offices | UK, Ireland, Australia, Hong Kong, Singapore, Canada, and U.S.A |
| Regulation | ASIC and AUSTRAC (Australia) + over 50 regulators globally |
| No. of customers | 1 million+ |
| No. of currencies | 53 (CNY for business customers only) |
| Transfer fees | None |
| Customer reviews (Overall) | 4.4/5, 10,000+ reviews |
| Customer reviews (Australia) | 4.5/5, 500+ reviews |
| Annual trading volume | AU$39 billion |
| Minimum transfer | AU$250 |
| Maximum transfer | No limit |
| Online platform | Yes |
| Mobile app | Yes |
| Account manager | Yes |
Pros and Cons
- Supports 50+ currencies, 170+ countries
- 24/7 customer support via phone/email
- Zero fees on most large transfers
- Less favorable for smaller-amount transactions
- Slower in less common currency corridors
- Funding options limited to bank transfers mostly
About OFX
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, starting from humble beginnings in a northern Sydney garage and growing into a global money transfer giant.
Today, their annual turnover exceeds $39 billion and they serve more than 1 million customers globally, across 12 offices strategically placed in key international destinations.
OFX Australia accounts for 42% 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, including 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.
The minimum transfer amount is $250.
Unlike many other providers, OFX does not impose any maximum transfer limits.
Forward contracts
A forward contract with OFX locks in an exchange rate for future payments for up to 12 months.
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 AU$10,000, but they will consider lower amounts in certain situations.
Market orders
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?
and effective for international transfers
Yes, OFX offers a fully functioning app on both the App Store and Google Play. The OFX app is reviewed as follows:
- 4.8/5 on the App Store, based on 2.6K reviews.
- 4.4/5 on Google Play, based on 3.9K 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.
Being ‘easy to use’ as well as ‘fast, effective, and reliable’ are all common themes throughout the positive reviews.
From the far smaller pool of negative reviews, numerous customers express frustration with delayed account/identity verification.
Whilst this may impact a minority of customers’ experience, it’s important for all money transfer companies to remain diligent in this process to remain regulated and be considered a safe and trustworthy provider.
Overall, 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 2.5-5%.
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.
OFX also provides a number of representative examples on the amount you can save compared to banks. These are updated monthly and conducted by an independent third party.
As of September 2024, for a $20K AUD to USD transfer, by choosing OFX versus a bank, your beneficiary could receive up to $462 USD more.
Is OFX safe?
Yes, 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.
OFX Reviews
At the time of writing, OFX has a total of 10,212 Trustpilot reviews, and 82% 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 staff members have been personally named 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 7% 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’s heavily promoted 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 online platform 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).
Sit back
Now, simply relax 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 2-5 days.
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 AU$2,000 are perhaps the only exception.
For transfers of this size or less, you’ll likely get a more competitive rate 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.
Simultaneous access to a market leading mobile app and digital platform to 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.
Our Verdict
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, making transfers easier and cheaper.
They also offer a fantastic service for international business money transfers, with several specific tools to help businesses manage their forex risk, and a team of experts that can help develop a suitable risk management 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.
