OFX Review

Australia-based OFX offers low-cost international money transfers for both personal and business purposes. Users can send money to recipients in 16 destination countries and economic regions, and OFX uses a rigorous monitoring program to ensure bank-beating prices. OFX works with independent agencies that regularly review foreign exchange rates across many different currencies and countries. OFX then positions its rates to be lower than the prevailing averages offered by major financial institutions, providing enhanced value and savings to its customers.

In this review, we’ll look closer at how OFX money transfers work, examine some pros and cons of the service, and offer our analysis of the service.

Company History

OFX was founded in 1998 and initially operated as a foreign exchange information website. Based in the Sydney, Australia area, OFX gradually morphed into an international money transfer service that leveraged its deep knowledge of foreign exchange markets to provide customers with superior value.

Since its founding, OFX has concluded about $115 billion as of January 2021. It has served more than one million customers and supports more than 55 international currencies. More than 55 financial regulatory bodies endorse OFX, and the company maintains six global offices.

In addition to its Sydney headquarters, OFX has physical locations in San Francisco, Auckland (New Zealand), London, Toronto, and Hong Kong. It currently employs about 250 people globally.

How It Works

Customers follow a secure and convenient three-step process to complete an international money transfer with OFX:

  1. Register and lock in your rate. Begin by creating a free OFX account. After supplying the requested account setup information, you will be able to specify details about your transfer including the amount, the currency, and the recipient. Your rate quote will be locked in while you complete the next steps.
  2. Pay for your transfer. Transfer funds from your bank account to OFX. Note that online bank transfers are the only supported method of payment as of January 2021 as they are optimally secure and deliver the best savings.
  3. Send the money. OFX will then complete the transfer. Most requests can be completed within one to two business days.

Customers can track the status of their transfers on the web by logging into their OFX account, or with their smartphones by downloading and installing the OFX app.

Features and Performance

As of January 2021, customers can send money to recipients in 16 different countries, economic zones, and jurisdictions. These include:

OFX offers service to both personal and business customers. Those sending funds for personal use have a quicker account setup experience, as they need to supply fewer details. However, you should expect to verify your identity to OFX regardless of whether you plan to use the service for personal or business purposes.

Business users need to add some further details related to the legal structure of the company and the amount of money they expect to transfer each year. OFX is capable of handling transactions with high monetary values, and some customers use the service to send millions of dollars to recipients on an annual basis.

Repeat customers can also schedule automatic transfers, and the service supports multiple transfer and fund delivery options. You can specify your preference when ordering a new transfer or setting up a recurring transfer.

Minimum transfer limits apply to all OFX transactions. These minimum amounts vary, depending on the currency in which they are denominated. They may also depend on whether your transfer is for personal or business use.

Costs and Pricing

OFX does not apply transfer fees to any transactions. Instead, the company earns money on the spread between the foreign exchange rates it quotes and the rates the company actually pays when completing transfers. This spread varies, but OFX generates value with its no-fee service, and by ensuring that its rates beat those offered by major banks. OFX also provides value by locking down your rate as you fill in your transfer details, as the foreign exchange market can be volatile and major shifts can occur on short notice.

In some cases, OFX may offer slightly different exchange rates for a given transaction, depending on the transfer options you select and the fund delivery method you choose. Some transfer methods are faster than others, but the fastest options also tend to cost the most.

Pros and Cons

Like all international money transfer services, OFX shines in certain regards and shows room for improvement in others.

Let’s take a closer look at the pros:

On the downside, there are a few cons:

What Others Are Saying About OFX

OFX has been accredited by the Better Business Bureau (BBB) since 2013. As of January 2021, OFX holds an A+ rating from the BBB. On Trustpilot, OFX sported an average rating of 4.3 out of 5 as of January 2021, with more than 4,200 reviews. Of published reviews, 80% gave OFX a perfect 5 out of 5, while 89% scored it 4 out of 5 or better, and 92% gave the company a positive rating.

The Takeaway

OFX has been a trusted source of foreign exchange information for more than two decades, and the company’s international money transfer service provides excellent value at highly competitive rates. The relative lack of payment options is a bit of a downside, but OFX makes up for it by extending its services to both personal and business users and imposing very few restrictions on transfers. OFX delivers convenience, value, security, and an excellent track record of stability and trustworthiness.