OFX - Independent review

All you need to know before sending money with OFX

8.00/10 Very good
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ZERO transfer fees for Monito users (you only pay the exchange rate margin).


OFX review by Monito

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.


PROS
  • 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
CONS
  • A bit more expensive than other solutions for sending small amounts
  • Only available in English




Transferring a Large Amount Abroad?

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2,943 customer reviews on OFX on Trustpilot


21 hours ago
by Wow London

5 stars

OFX good rates and no issues

Been using OFX for a while as we have a few large payments coming up, decided to do a quick review. Searched the net for some competitors that have been...Read more

Been using OFX for a while as we have a few large payments coming up, decided to do a quick review. Searched the net for some competitors that have been touted as being good value and did side by side spot deal rate checks against two of them that kept coming up as being recommended and OFX worked out cheaper. So far not had a single problem and everything has been pretty seamless and faultless. Would recommend.

1 day ago
by Ashley Foster

5 stars

Customer for 10 years plus

I have used OFX (formerly OzForex) for over 10 years now & found them really easy to deal with. Their website is easy to navigate & use. Their...Read more

I have used OFX (formerly OzForex) for over 10 years now & found them really easy to deal with. Their website is easy to navigate & use. Their support & trading staff have always been very helpful on the phone as well at all hours. Their exchange rates are reasonable & with no additional charges (except for smaller transactions), you know exactly what rate you are getting. I would have no hesitation in recommending OFX.

2 days ago
by Sonia Peruggini

5 stars

Really excellent customer service and …

Really excellent customer service and rates. Will definitely be using your service again. Thank you!


More reviews

2 days ago
by John Iveson

5 stars

EASY

EASY, AND QUICK

5 days ago
by Abid Butt

5 stars

I am really glad that I used OFX

I am really glad that I used OFX. The reason being, the customer service was very helpful in setting up account, login credentials, providing information...Read more

I am really glad that I used OFX. The reason being, the customer service was very helpful in setting up account, login credentials, providing information for the rules and any unexpected fee charged by the intermediatory bank. Secondly, the conversion rate from C$ to US $ was attractive and was very close to the online conversion rate. OFX did not charge any service fee or else. I was not fully sure that the money will be with recipient within 4 days, but it happened. I will use the OFX again whenever needed.

6 days ago
by Bren Conahan

2 stars

Anti Money Laundering and Counter …

Anti Money Laundering and Counter Terrorism Financing Act 2006 Due to this act it is not possible to transfer anymore than $10,000 without a report being...Read more

Anti Money Laundering and Counter Terrorism Financing Act 2006 Due to this act it is not possible to transfer anymore than $10,000 without a report being provided to Austrac and maybe ATO who also supply Centrelink. You may also be reported to the recipient country in case of the USA IRS - US treasury and US Social Security. 1. FATCA - FORM 8938 Statement of Specified Foreign Financial Assets FBAR Form 114 Foreign Bank and Financial Accounts Great for catching cheats and drug people and terrorists funding BUT if you are the normal person who wants to buy a foreclosure in the USA as an investment or invest in other securities in the USA or elsewhere then you will have a long wait in OFX compliance which is that OFX (not their fault) are obligated to report over $10k S 53 of the Act. We will probably miss out on a house deal because the turn around time to make sure you are not tied up with Pablo Escobar or the Bin Laden's or Abū Bakr al-Baghdadi lieutenant's takes so long to clear OFX compliance and the deal and rate you booked have now lapsed. I have had this bad experience twice in a row with legitimate money transactions. Wake up terrorists' would just get numerous people to send less than $10,000 and have a group fly overseas each with less than $10,000 in cash on their person. Hope the average Australian citizen realizes just how much intrusion there is in you life when you want to transact a legitimate activity and don't owe taxes nor are you defrauding anyone.

6 days ago
by minako fukuda

5 stars

I like the opportunity to do so

I like the opportunity to do so, it enables us to avoid pitfalls! rgds Miko

1 week ago
by Louise

1 stars

It’s a bit of a con

It’s a bit of a con, their transfers are not 1-2 business days at all, you’ll be lucky to see your money in 10 business days, USD to EUR anyway. And...Read more

It’s a bit of a con, their transfers are not 1-2 business days at all, you’ll be lucky to see your money in 10 business days, USD to EUR anyway. And if you speak to customer services about the fact this isn’t clear, you’ll be told ‘it’s not their fault you didn’t inform yourself properly about their services’ and ‘no, my managers too busy to talk to you’. Also emails to customer services go unanswered.

1 week ago
by Hian Chan

3 stars

No email contact available

There doesn't seem to be anyway to make contact by email. Even when I try to give feedback, I must join Trustpilot. Clicking on FB or G+ doesn't work...Read more

There doesn't seem to be anyway to make contact by email. Even when I try to give feedback, I must join Trustpilot. Clicking on FB or G+ doesn't work either. I have an issue with my first transfer but there's no way to email them with a document.

01/11/2018
by Judah Kessler

5 stars

OFX: The Actual Meaning Of The Term "Awesome"

From many years of employment in the Finance industry, from Main Street to Wall Street, local to international, I'll base my opinions & statements...Read more

From many years of employment in the Finance industry, from Main Street to Wall Street, local to international, I'll base my opinions & statements from this perspective & open with: I'm all but speechless when it comes to OFX. The sign-up was almost instantaneous, and shockingly brief. What impressed me from the first moment was the immediate telephone call I received from OFX, practically as I clicked "Submit" on the application. SUPPORT! A PERSON! And a person who spoke clearly, with genuine concern... "Is there anything we can help you with?" And it's been the very same ever since. Transactions are as transparent as pure mountain spring water, and EVERY time, with-out exception, that I call for support, assistance, information, the conversation ends with me smiling, assured. Even e-mail correspondence is prompt, courteous, professional, human. I've said it many times to others and will repeat here: OFX is nothing short of BRILLIANT! from wall-to-wall, ceiling-to-floor and beyond. I'm not a mega-million dollar account and every dollar is dear to me. OFX makes me feel secure and important, and in this age of the "It's only my job" attitude and "You can leave and another customer will come along." apathy, OFX is the old banque in the village, with the people you know, who know you and who are there because they actually want to be, and who will help because they want to help. (I remember those days because I was a part of them.) If OFX treats me, the "Little Bucks" customer, with so much respect and care, I'd more than certainly recommend them to everybody, across the spectrum of humanity. Simply... "Awesome", in the truest sense of the word.

01/10/2018
by Claire Jones

5 stars

Why didn't I get onto this years ago!

The fact that it was a bit of a process to set up the first transfer from Australia to Indonesia only made me feel more secure about the organisation. I...Read more

The fact that it was a bit of a process to set up the first transfer from Australia to Indonesia only made me feel more secure about the organisation. I received a phone call by a very nice man who helped step me through everything and answer my questions. Also people were very responsive on email. Transaction got a better rate than I could have imagined and much speedier than my bank (2 days as opposed to 4 or 5 business days) and no fee because I came through a recommendation on a website. Brilliant. Why didn't I get onto this years ago!

01/10/2018
by derek g

5 stars

Would always recommend.

Have used several times. Always good rates and service is second to none.

01/10/2018
by Ken T

5 stars

Fast and less expensive

Fast and less expensive. PERFECT!!

01/09/2018
by Caroline

5 stars

I had to transfer a large sum and it …

I had to transfer a large sum and it went very well! Perfect service!!

01/08/2018
by Henry

3 stars

I have been with OFX for about five years and am used to hassles.

I have been with OFX for about five years. While transfers eventually get done and at a good rate of exchange, I have often, at least half the time, been...Read more

I have been with OFX for about five years. While transfers eventually get done and at a good rate of exchange, I have often, at least half the time, been told that the funds haven't made it to the OFX designated bank in source country when I know it was there. It's gotten to the point where I do all the transfers with the identical amount in a distinctive and odd number so it stands out. And still I occasionally get told I have to send a screenshot from my financial institution proving it. I know the money was there but someone couldn't be bothered looking, even with a note in my file explaining it. Sigh

01/08/2018
by David

5 stars

Good service and great rates

Used them twice to transfer money and everything went smoothly. Much better rate than what the banks give

01/07/2018
by Mohammed Adeel

1 stars

Transfer completed on 15th Dec - AVOID!!!

Transfer completed on 15th Dec, recipient has yet to receive funds (6th Jan). Apparently their bank is holding the funds, nobody from OFX had the courtesy...Read more

Transfer completed on 15th Dec, recipient has yet to receive funds (6th Jan). Apparently their bank is holding the funds, nobody from OFX had the courtesy to contact me to notify me of this and that I would need to provide further information which was very personal and intrusive. Firstly this was not explained to me prior to the transfer that the bank may not release funds immediately otherwise I wouldn't have gone ahead with it as the whole purpose of using OFX was it was done within 1-2 days and I needed payment to go through before Christmas. Each time I ring up I am having to answer the same questions as they can't be bothered to read the notes and I am completely fed up and fuming! I just want my money back so I can send by other means and even that they are saying is not a straightforward process and will take time. Poor customer service as had it been explained at the initial call it would've saved me a lot of time and money by sending using western union instead. AVOID!!!

01/06/2018
by Petr Dzurko

5 stars

Tanks please send mi nonmy

Tanks please send mi nonmy . Thanks

01/05/2018
by Christopher Bianco

5 stars

Thank you for your service I never …

Thank you for your service I never though it would had been so easy transferring money from Malta Europe to Australia. Although I had my doubts, in the...Read more

Thank you for your service I never though it would had been so easy transferring money from Malta Europe to Australia. Although I had my doubts, in the system and lucky for me I was proven wrong as within less then 48 hours my funds where transferred into my Australian bank account. And wasn't charged anything . Thank you OFX

01/04/2018
by David James

5 stars

I stuffed up...deposited funds with OFX …

I stuffed up...deposited funds with OFX without using the reference number sent to my email account. A few email exchanges, polite, quick, and...Read more

I stuffed up...deposited funds with OFX without using the reference number sent to my email account. A few email exchanges, polite, quick, and responsive, and my mistake was fixed and all was well. OFX...a keeper.

01/04/2018
by Brian Arens

5 stars

I have used this service about a dozen …

I have used this service about a dozen times in the last year, for transferring various currencies to various countries. Every single transaction has been...Read more

I have used this service about a dozen times in the last year, for transferring various currencies to various countries. Every single transaction has been smooth and efficient - funds have always appeared in the designated account within 2 or 3 business days (usually sooner). OFX is now the only service I use for foreign exchange - I trust them.

01/04/2018
by Thomas Bourke

5 stars

A trusted and secure site for the …

A trusted and secure site for the transfer of monies, highly recommended.

01/03/2018
by Marco Necchi

5 stars

Excellent service

Excellent service. Easy account set up and quick transfer

01/01/2018
by Michael Osborne

5 stars

Excellent service

Excellent service, easy to do and the funds into my Australian account quicker than between two domestic banks here!

12/30/2017
by Angus Collis

5 stars

These guys are very trust worthy

These guys are very trust worthy, I've never had one single problem. Customer service has been excellent any time of day which is important for...Read more

These guys are very trust worthy, I've never had one single problem. Customer service has been excellent any time of day which is important for international relations. Im not the most computer literate person so I can imagine dealing with someone like myself would have driven them crazy, it didn't. Such a better rate than banks normally give, Ive saved alot. The only criticism I would give is that the transfer takes a few days, maybe a day longer than normal banks because its a third party. That means if you transfer on a thursday don't expect the money until monday at the earliest. Honestly, thats not a big deal. I will stick with these guys because of the service, and they are very trustworthy.

12/29/2017
by Lee Lim

5 stars

I had the pleasure to deal with Julie …

I had the pleasure to deal with Julie Chung from OFX. She was very helpful in the entire process. Thank you Julie, you are amazing. Would recommend using...Read more

I had the pleasure to deal with Julie Chung from OFX. She was very helpful in the entire process. Thank you Julie, you are amazing. Would recommend using OFX!

12/29/2017
by Alex

5 stars

Highly recommend

We've been using OFX for years now and we send money quite regularly. Always very good rates and we've never had any issues whatsoever. Highly recommend!

12/28/2017
by Ken Hatfield

5 stars

I was hesitant to send my actual real …

I was hesitant to send my actual real cash off into the Internet with anyone not a bank, but we have a mortgage on a family home in France and the fees...Read more

I was hesitant to send my actual real cash off into the Internet with anyone not a bank, but we have a mortgage on a family home in France and the fees were 4 - 5 % of each transfer, and then we have to pay for some flood damage repairs. Got a good recommendation from a friend who works at World Bank, so took the plunge. OFX folks were prompt and very professional and money arrived as advertised. They carefully validated the destination account name and numbers, and got it right. Checked the exchange rate on Google finance, and paid about a penny more on the day the transfer was initiated. Nice.

12/27/2017
by Sam

5 stars

secure

secure, quick, comfortable! Good support as well.

12/22/2017
by V Sohn

5 stars

I didn't think you can transfer with such low fee

I for years have been trying to find a way to avoid the exorbitant exchange fees that banks charge to wire money across border to my family. I found OFX...Read more

I for years have been trying to find a way to avoid the exorbitant exchange fees that banks charge to wire money across border to my family. I found OFX and I thought initially this is too good to be true. You get an instant quote of the amount you want to wire, and you can check the spot price on the web to make sure you are not being gouged. I wired from my bank account to OFX in the same country. OFX in turn handle the cross border remittance of the money, which I believe using their interbanking exchange rate and gets a small cut. They do a bank transfer within the same country of my family and deposit the exact amount they quoted me. No hidden fee and is all done withing 2 business days. I am very very impressed. My bank cannot believe this either when I shared with her. My remittance is $100k USD.


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:

Positive
  • 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.
Negative
  • 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.


Can I trust OFX?

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

 







How OFX works


    1. Register by filling in your details online.
    2. After your registration, OFX will call you to complete the account setup and answer any questions you may have.
    3. If additional verification is required, which happens in a minority of cases, OFX will ask you to submit additional documentation.
    4. Login on the OFX platform and get a live exchange rate quote.
    5. Enter your recipient’s bank account details and book your deal.
    6. 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.


 


 

OFX exchange rates and fees

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).


OFX supported currencies

AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP Pound Sterling
HKD Hong Kong Dollar
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
PLN Polish Zloty
SEK Swedish Krona
SGD Singapore Dollar
USD US Dollar
ZAR South African Rand

Exotic currencies (receive only)


AZN Azerbaijani Manat
BGN Bulgarian Lev
BND Brunei Dollar
CZK Czech Koruna
EGP Egyptian Pound
FJD Fiji Dollar
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli Shekel
INR Indian Rupees
KRW South Korean Won
KWD Kuwaiti Dinar
LKR Sri Lankan Rupee
MAD Moroccan Dirham
MGA Malagasy Ariary
MYR Malaysian Ringgit
OMR Omani Rial
PEN Peruvian Nuevo Sol
PGK Papua New Guinea Kina
PHP Philippine Peso
PKR Pakistan Rupee
SAR Saudi Riyal
SBD Solomon Island Dollar
SCR Seychelles Rupee
THB Thailand Baht
TOP Tongan Pa anga
TRY Turkish Lira
TWD Taiwanese Dollar
TZS Tanzanian Shilling
VND Vietnamese Dong
VUV Vanuatu Vatu
WST Samoan Talar
XOF CFA Franc
XPF CFP Franc

 

Additional services

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.

Forward contracts

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.


Business customers

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.


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.


Identification Documents

It should be a copy of your current driver's licence or passport.

Proof of address

In order to verify your address, OFX will need a copy of a document from a reliable institution showing your name and your address. This document can be a a utility bill, current tenancy agreement or a letter from a government body, and must have been issued within the last 3 months and addressed to yourself. In addition, you must provide a bank statement or an address verification code which will be sent to you by OFX.

Contact

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)



Offices

 


Australia

Level 19
60 Margaret St
Sydney
NSW 2000
>

United Kingdom

1st Floor
85 Gracechurch St
London
EC3V 0AA

United States

49 Stevenson St
13th Floor
San Francisco
CA, 94105

Canada

Suite 1002
145 King St West
Toronto, ON
M5H 1J8

New Zealand

Level 27, PWC Tower
188 Quay St
Auckland



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Key facts about OFX

Service information

Time to open an account -
Minimum amount -
Maximum amount -
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents -

Company information

Type of service provider Foreign exchange companies
Active since 1998
Headquarter Sydney, Australia
Regulated by ASIC

Contact information

Contact support -
Service hour -
Twitter @OFX_OZ
Facebook ofx
Youtube OFX-it