OFX Money Transfer Review 2024: Is OFX the Best for Your Transfers?

Who is OFX suitable for?

OFX is a global money transfer platform enabling clients to transmit funds to over 190 nations in more than 55 currencies. It provides various services, such as no-fee one-time and recurring transfers, as well as forward contracts to secure exchange rates for up to 12 months.

OFX works well for:
• Big transactions
• Business transfers
• People who can wait 1-2 days for delivery

It’s not ideal if you need to send very small amounts frequently, as OFX has a £100 minimum transfer amount in major currencies.
Both the sender and recipient must have bank accounts to use OFX for money transfers, which may not be ideal for those preferring mobile wallets or cash collection options.
The Financial Conduct Authority (FCA) regulates OFX as an electronic money institution. This means client funds are safeguarded through OFX’s own protective measures rather than the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per individual.

What Makes OFX Stand Out?

• Great exchange rates (best exchange rates)
• No fees for transfers over CAD 10,000
• Supports 55+ currencies in 190+ countries for international transfers

OFX features 

Users can create a free OFX account online or download the OFX application from the App Store or Google Play Store. OFX provides several key services, including:

• One-time transfers: Clients can lock in exchange rates before transferring money, also referred to as ‘spot deals’. After agreeing on an exchange rate, funds must be sent to OFX within 24 hours.
• Scheduled transfers: Users can set up regular transfers for up to 12 months to cover recurring expenses like mortgage or rent payments. A deposit equivalent to a single transfer payment may be required to establish a scheduled transfer.
• Forward contracts: OFX enables clients to secure an exchange rate up to 12 months ahead. This feature can protect against potential losses if exchange rates fluctuate. However, it’s important to note that forward contracts also prevent access to more favorable rates should they occur.
• Limit orders: Clients can place orders for specific amounts of currency at set rates. If the target rate is achieved, OFX automatically purchases the currency on the client’s behalf. Limit orders are also known as ‘target rate transfers’.
• Security measures: OFX provides password protection, multi-factor authentication (MFA), and security questions to safeguard accounts. It also employs fraud prevention and cybersecurity measures to detect fraudulent activities.

OFX Tailored Business Solutions

OFX offers a range of useful tools and solutions for businesses engaging in international transactions:

• Forward contracts to lock in rates: Businesses can secure specific exchange rates for future transactions, protecting against currency fluctuations. This is particularly useful for companies with long-term overseas contracts or regular international payments.

• Global multi-currency accounts: These accounts allow businesses to hold and manage multiple currencies in one place, simplifying operations for companies active in various international markets and reducing conversion fees.

• No fees on large transfers: OFX waives fees for substantial international transfers, making it cost-effective for businesses moving large sums across borders.

• Accounting integration: OFX’s platform can integrate with popular accounting software, streamlining financial record-keeping and reporting for international transactions.

• Mass payment capabilities: Tools are provided for businesses to make multiple payments in different currencies simultaneously, ideal for companies with global payroll or supplier networks.

• Forward contracts to manage FX risk: This feature helps businesses mitigate currency exchange risks, offering options for hedging against potential losses.

• Online platform for easy transfers: A user-friendly interface allows businesses to initiate and track transfers, manage recipients, and view transaction history.

• API integration: OFX provides API access for businesses to integrate currency conversion and international payment capabilities directly into their own systems or applications.

• Dedicated account managers: Businesses receive personalized support from OFX specialists who can provide guidance on international payment strategies and market insights.

• Risk management solutions: OFX offers consultations and strategies to help businesses navigate currency exchange risks effectively.

These comprehensive tools and solutions make OFX a robust option for businesses of all sizes engaged in international trade or with global operations, offering both flexibility and cost-effectiveness in managing international financial transactions.

OFX for larger International money transfers

Payments OFX can save you money on larger international money transfers:
• Best for bigger transfers across borders
• No fees when sending over CAD 10,000 (lower fees)
• Low exchange rates, sometimes 0.4% for large amounts
• Support for 55+ currencies to 190+ countries
• Most transfers take just 1-2 business days

OFX History: From Local Start-Up to Global Giant 

This Australian company has grown hugely since 1998:
• 2001: Launched online money transfer service
• 2003: Opened London office for growth
• 2005: Hit 100,000 money transfers milestone
• 2013: Renamed from OzForex to OFX

Now over 1 million OFX customers use the service in 170+ countries, benefiting from SSL encryption, multi-factor authentication, and easy expansion to new countries.

OFX Fees and Rates 

• No fees on transfers over CAD 10,000 
• Lower fees below CAD 10,000 amount
• Exchange rates as low as 0.4% for large transfer amounts
• No hidden costs, transparent pricing

OFX Robust Security and Compliance

OFX is regulated by the Financial Conduct Authority (FCA) as an electronic money institution. It uses SSL encryption, multi-factor authentication, and fraud prevention measures.

• Regulated by ASIC and FinCEN 
• Regulated by the Financial Conduct Authority (FCA)
• Segregated client bank accounts 
• Strong encryption and authentication

World-Class OFX Customer Support Get help 24/7 via phone, email, fax, or in-person meetings.
OFX has a 4.3/5 rating on Trustpilot.

OFX User-Friendly Mobile App

• Check live rates 
• Initiate transfers on-the-go 
• Track your money’s progress
• Biometric login for security

OFX Pros and Cons

Pros:
 ✓ Great rates, especially for large transfer amounts
✓ No transfer fees over CAD 10,000
✓ Highly secure and regulated

Cons:
✗ £100 minimum transfer amount
✗ Not ideal for very small/frequent payments
✗ Slower transfer time than some other services

In summary, OFX is an excellent choice for individuals and businesses making larger, infrequent international money transfers between different countries. The £100 minimum transfer amount and 1-2 day transfer time may not suit smaller, urgent payments. But for bigger international transfers, OFX’s exchange rates and transfer fee structure are very competitive compared to banks and some other money transfer providers.

How does OFX stack up against competitors?

OFX vs Wise
OFX supports more currencies and operates in more countries than Wise. It also has lower fees for money transfers. However, unlike OFX, Wise allows transfers via Apple Pay or Google Pay.

OFX vs Remitly
OFX generally has fewer transaction limits compared to Remitly. However, Remitly offers cash delivery to homes or businesses, a service not available through OFX. Remitly also provides an ‘express’ transfer option for near-instant transfers, while OFX transfers take at least two business days.

How to set up an OFX account

To set up an account, follow these steps:

1. Create an account: Provide personal details including full name, birth date, address, occupation, email, nationality, and contact information.
2. ID verification: Submit a copy of a valid government-issued photo ID for verification.
3. Confirm transfer details: Specify the amount to send or the desired recipient amount. Add recipient’s account details and choose a payment method.
4. Track your transfer: Receive notifications via email or SMS when your transfer is confirmed and when OFX completes the payout to your recipient.

OFX Frequently Asked Questions (FAQs)