OFX Review: Is it safe? How does it work? What are the rates?
How can you use OFX to send money abroad? Is their service reliable? Can you trust OFX with your money? How good are their fees and exchange rates?
Our independent review of OFX
OFX (previously known as OzForex, NZForex, UKForex, CanadianForex, ClearFX, USForex and Tranzfers) is one of the world’s largest companies specializing in foreign exchange and international payments. The company was established in 1988 to provide individual and corporate clients with a superior digital alternative to existing foreign exchange services. OFX has transacted over $100 billion in its history, sending money to bank accounts in 197 countries and in over 50 currencies. The company is headquartered in Sydney with 5 other offices around the world, and is listed on the Australian Stock Exchange. This allows OFX to offer 24/7 trading facilities over the phone or online, which might make it the first ever currency trading firm to be open on weekends.
By leveraging network effects, OFX are able to provide pricing and service normally reserved for institutional customers. Their lower fees and better exchange rates will save you plenty of money compared to using traditional solutions such as banks, while their foreign exchange experts will answer all your questions and guide you throughout the entire process.
What we like about OFX
Available 24/7 over the phone or online with teams around the world
One of the largest and most experienced companies in the business
Extensive banking network provides fast and cheap collection and delivery of funds
Outstanding customer service and expertise
What we dislike about OFX
A bit more expensive than other solutions for sending small amounts
Only available in English
Compare OFX fees and exchange rates
Fees & Exchange Rates
OFX transfer fees: OFX charges no transfer fees for Monito users on all their transactions. This means the entire amount, with no deductions, is converted at the agreed-upon exchange rate
OFX Exchange rates: OFX has among some of the best exchange rates in the market. Their exchange rates get even better the more you send, with margins as low as 0.4%. After you agree on an exchange rate with OFX, the rate will be locked so that you know in advance exactly what amount your beneficiary shall receive, regardless of how the exchange rate evolves.
Other fees: In 85% of cases, payments are settled via domestic bank accounts, without any intermediary or receiving bank fees. In other cases, OFX guarantees there won’t be any deductions from intermediary and/or receiving banks when transferring your money to the beneficiary account. The only exceptions are JPY and ZAR, which may attract additional fees due to local regulations (this applies to all providers).
Credibility & Security
OFX (the trading name of OzForex Group Ltd) operates and is regulated in multiple jurisdictions, including Australia where it is headquartered (regulated by ASIC under an Australian Financial Services Licence), the UK (Authorised Payment Institution regulated by the FCA), the US (registered with FinCEN as a Money Services Business on a federal level, and licensed as a Money Transmitter in 49 states), and Canada (Money Service Business registered with FINTRAC federally, and with AMF in Quebec). The company is listed on the Australian Stock Exchange, which requires OFX to respect a strict set of rules including transparent disclosure of certain information.
As per regulations, OFX holds clients’ funds completely separate from its own business accounts in so-called segregated accounts which it holds with highly rated financial institutions. Should the company have any financial difficulties, your money would be safe. OFX is also required to meet strict capital requirements and employ a range of internal procedures including staff training, risk management, audit and accounting.
OFX has been operating since 1988 and has transacted over $100 billion since then, making it one of the most experienced and largest foreign exchange businesses in the world. With over 270 employees spread across 6 offices, OFX certainly has a global footprint.
Overall, OFX is probably one of the most trustworthy companies in the foreign exchange and international payments business in the world.
Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 630685
Service & Coverage
Recurring transfers with OFX
If you have regular needs to transfer money internationally, e.g. to pay for an overseas mortgage, receive your pension abroad, repatriate a foreign salary, or pay for overseas tuition, you can automate your transfers over up to 12 months with OFX. By setting up a direct debit or a regular transfer from your bank account, OFX shall automatically receive your funds, convert them at the agreed-upon rate, and transfer your money to the chosen beneficiary account. You can even set up a fixed payment plan, which locks in the exchange rate so that it remains the same for each of your transfers throughout the plan.
A forward exchange contract allows you to lock in an exchange rate today for a future transaction up to 12 months later. This is particularly interesting if you believe the current exchange rate is favorable, or if you would rather not be exposed to the foreign exchange fluctuations to better manage your cash flow and risk. When setting up the forward contract, you only pay a small deposit, and pay the rest when you make your transfer.
Limit and stop loss orders
A limit order allows you to choose an exchange rate which, when reached by the foreign exchange markets, will automatically trigger a transfer. That way, you don’t need to constantly monitor the exchange rate, and can set a target level which you won’t miss.
OFX FX options
Currency options (also known as FX options) give the right (but not the obligation) to exchange money at a predetermined rate at a future date. They allow you to guarantee a worst case scenario, while potentially benefiting from fluctuations of the exchange rate in your favor.
OFX works with many companies around the world and across industries - from mining to e-commerce - to help them meet their foreign exchange needs. Examples include paying suppliers in China, outsourcing costs to the Philippines, global payroll through bulk payment uploads or Xero integration, international investments, acquisitions of other companies, process receivables through local collection accounts, and their new online seller solution (e.g. to receive Amazon payments).
Daily Market News
Every day, the experts at OFX publish an analysis of how different currencies have been trading. This allows you to always keep up to speed on how the market is evolving, and decide when is the best moment to make your international money transfer with OFX.
OFX are very well reviewed on Trustpilot, with an average rating of 9.2 stars out of 10. Here’s a summary of what OFX customers have to say:
- The exchange rates are much better than the banks, and “the best around” according to certain customers.
- Customers were very happy with how quick the entire process was, with the money being delivered the same day in certain cases.
- Using OFX is easy and simple.
- OFX’s customer service is top notch, friendly and professional.
- A few customers had isolated incidents with OFX, such as the money taking an extra day to arrive due to banking holidays, extra compliance checks, or falsely entered beneficiary account details.
How OFX works
- Register by filling in your details online.
- After your registration, OFX will call you to complete the account setup and answer any questions you may have.
- If additional verification is required, which happens in a minority of cases, OFX will ask you to submit additional documentation.
- Login on the OFX platform and get a live exchange rate quote.
- Enter your recipient’s bank account details and book your deal.
- Send your funds to OFX via bank transfer within 48 hours, and OFX will take care of the rest!
If you prefer, you can set up your transaction with an OFX dealer over the phone, or through the OFX mobile app which is available on both Android and iOS. The OFX app allows you to check live market exchange rates, initiate an international money transfer, and track your money while it’s being transferred, at any time and from anywhere.
The story behind OFX
OFX was launched in 1988 by Matt Gilmour and Gary Lord. It was originally set up as a website providing information on foreign exchange under the name OzForex. When Gilmour lost his job at the foreign exchange department of a bank, he saw the potential to help people get better exchange rates and superior customer service when making their international money transfers. The goal was to bring the entire process of exchanging currencies online to allow significant cost savings. Originally focussing on the Australian market, the company quickly expanded to New Zealand in 2001 under the name NZForex, the UK in 2005 under the name UKForex, Canada in 2007 under the name CanadianForex, Hong Kong in 2011 under the name ClearFX, and the US in 2012 under the name USForex. OzForex became a publicly traded company on the Australian Securities Exchange under the code "OFX" in 2013, and began a brand consolidation in 2015 under the single brand name “OFX”.
Which documents will OFX require to verify my identity?
To comply with anti-money laundering (AML) and know your customer (KYC) regulations, OFX must verify your identity and address. If you reside in the UK, the US, Australia, New Zealand or Western Europe and have not recently moved, they may be able to do this electronically. If not, you will be required to provide verification documents.
Australia: Personal 1300 300 424 (Local call) // +61 2 8667 8090 (International) // Business 1300 300 524 (Local call) // +61 2 8667 8091 (International)
United States: Personal 1-888-288-7354 (Free call) // Business 1-888-966-6888 (Free call)
Canada: Personal 1-800-680-0750 (Free call) // Business 1-855-680-0745 (Free call)
New Zealand: Personal 0800 161 868 (Free call) // Business 0800 161 898 (Free call)
United Kingdom: Personal +44 207 614 4194 // Business +44 207 614 4195
Hong Kong: Hong Kong 9am to 7pm (+852) 2777 7147 (Free Call) // Hong Kong After Hours 800 969 599 (Free Call)
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Why you can trust Monito's reviews
Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.
We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.
We have partnerships with many money transfer providers (OFX included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.
We put a lot of efforts to review money transfer providers like OFX in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.
Compare OFX to 300+ other providers
Questions you may have
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