OFX - Independent review

All you need to know before sending money with OFX

8.30/10 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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Reviews powered by

2,898 customer reviews on OFX on Trustpilot


13 hours ago
by Mr. Norris Short

5 stars

The whole transaction was incredibly …

The whole transaction was incredibly easy.

13 hours ago
by Campbell

5 stars

Excellent service.

Immediate contact with a welcoming, friendly voice was an impressive start to a process that I don't use very often so it can be quite daunting. It seems...Read more

Immediate contact with a welcoming, friendly voice was an impressive start to a process that I don't use very often so it can be quite daunting. It seems that occasional users, transferring small sums of money, can get the same service as the big corporations. Great, will definitely use this firm again, thanks.

13 hours ago
by Steven Taylor

5 stars

Excellent rate of exchange and very …

Excellent rate of exchange and very easy web portal. No problems using OFX and already recommended to friends.


More reviews

13 hours ago
by Kelly Swaine

5 stars

Best Customer Service

OFX has been the best company I have worked with in a very long time. The speed, ease, and easy-going, attentive customer service went well beyond any...Read more

OFX has been the best company I have worked with in a very long time. The speed, ease, and easy-going, attentive customer service went well beyond any other financial institution I have used in the past. I will definitely be relying on OFX services in the future.

13 hours ago
by Jayne Garrow

5 stars

Easy to set up and easy to use!

Easy to set up and easy to use!

1 day ago
by Bennie Thacha

1 stars

Made a payment to transfer money …

Made a payment to transfer money oversea on 27th Nov. The recipient still havent recieved any money (12th Dec).

1 day ago
by Stephen Kovacs

5 stars

Long-term user

Long-term user because exchange rates and service are excellent.

2 days ago
by ANTHONY HAYWARD

5 stars

I was a little cautious but on Thursday …

I was a little cautious but on Thursday I agreed the exchange rate and I sent OLX my euros, on Friday I got an email confirming funds received and will be...Read more

I was a little cautious but on Thursday I agreed the exchange rate and I sent OLX my euros, on Friday I got an email confirming funds received and will be converted to GB Pounds . On Monday the funds were in my UK account with an email confirming the transfer completion. I am delighted. As it says, Excellent, no reservations and I would recommend this company based on my experience with them. No hidden fees.

2 days ago
by Wayne Durrheim

1 stars

Deal took too long to pay over

Deal was concluded on Dec4, and funds get paid only on Dec 10? what happened to the 3 days limit?

5 days ago
by Margaret Dixon

5 stars

Can't fault OFX

Can't fault OFX. I have used this company to transfer funds to the UK numerous times over the years & they've never let me down. Their rates &...Read more

Can't fault OFX. I have used this company to transfer funds to the UK numerous times over the years & they've never let me down. Their rates & speed are par none. Well done OFX.

6 days ago
by Imelda Fagin

5 stars

Great customer service

I wish the transfer could have been faster but better safe then sorry. People on phone very helpful. I had to call a few times and they answered all my...Read more

I wish the transfer could have been faster but better safe then sorry. People on phone very helpful. I had to call a few times and they answered all my questions

6 days ago
by Colin Campbell

5 stars

Too easy

Excellent service, will definately use this service again

1 week ago
by Lana Canterbury

5 stars

OFX are Simply The Best

I signed up with 2 International Money Transfer Companies at the same time. OFX's online signup procedure proved more effective because I had an...Read more

I signed up with 2 International Money Transfer Companies at the same time. OFX's online signup procedure proved more effective because I had an immediate response and in fact had already transferred the money by the time the other Company sent me an email to say I could now transfer. I was extremely happy with the exchange rate at OFX and also the instant communication and quality of customer service provided. But the biggest surprise of all was the speed that it took for the money to be deposited into the beneficiary's account - Eleven hours from the time the funds were received by OFX. OFX are the best International Money Transfer Company that I have used since 2013. Thank You.

1 week ago
by Derek

5 stars

I have used OFX on several money …

I have used OFX on several money transfer for small amounts and am delighted with the service. Thanks to Scott I got taken through the dealing on-line...Read more

I have used OFX on several money transfer for small amounts and am delighted with the service. Thanks to Scott I got taken through the dealing on-line procedure and he showed great patience.

1 week ago
by Bill Velos

5 stars

I have been using OFX for over five(5) …

I have been using OFX for over five(5) years for all my personal and business transactions. I have only had great service with great rates of exchange to...Read more

I have been using OFX for over five(5) years for all my personal and business transactions. I have only had great service with great rates of exchange to boot. I'm not allowing myself to be ripped off by the banks.

1 week ago
by tony jacobs

5 stars

I needed to send over A$20,000 to an …

I needed to send over A$20,000 to an in-law in Poland. My bank do not deal in Polish currency. The Bank that does were going to use an exchange rate that...Read more

I needed to send over A$20,000 to an in-law in Poland. My bank do not deal in Polish currency. The Bank that does were going to use an exchange rate that cost me about 5.5% & i needed to withdraw cash & carry it to that Bank. So I tried a small amount through OFX & later sent the balance. The funds arrived efficiently, I was advised of progress & i saved over $1,000. Tony Jacobs, Hobart, Australia

1 week ago
by Matthew Ryan

5 stars

Excellent service and so easy to arrange overseas transfers

Excellent service and so easy to register and arrange overseas transfers. Upon signing up to OFX I was assigned a private client dealer (Michael Christie)...Read more

Excellent service and so easy to register and arrange overseas transfers. Upon signing up to OFX I was assigned a private client dealer (Michael Christie) who was excellent and always on hand to answer any questions and provide sound advice. Michael really helped and always came bac to me promptly whenever I had a question. The whole process was so easy and I received the transfer so quickly from the UK, it was seamless.

12/05/2017
by Brian Fitzgerald

5 stars

Staff were very helpful & efficient

Staff were very helpful & efficient. First transfer went perfectly & quickly

12/05/2017
by Michael harrison

4 stars

First time trade

First time trade. Was a problem at my banks end with transfer of funds and not telling me about fees which reduced the amount transferred. Called OFX and...Read more

First time trade. Was a problem at my banks end with transfer of funds and not telling me about fees which reduced the amount transferred. Called OFX and they adjusted it for me no problems.

12/04/2017
by Margo Bunt

5 stars

I want to thank all the staff for the …

I want to thank all the staff for the wonderful way they "helped" me with transferring money. I was "very" nervous at taking the...Read more

I want to thank all the staff for the wonderful way they "helped" me with transferring money. I was "very" nervous at taking the chance, but would now not hesitate to proceed forward with many more transfers.

12/01/2017
by Leigh

5 stars

As good as it gets

Once set up it is very easy to transfer money. The rate is good, the information about the stage of the transfer is good, the speed of the transfer is...Read more

Once set up it is very easy to transfer money. The rate is good, the information about the stage of the transfer is good, the speed of the transfer is good and if you have a problem of any sort the support is good. It doesn’t get any better than that.

12/01/2017
by Enrica Fracchia-Miller

5 stars

Great experience

Great experience! Easy, fast and...cheap! I had my money transferred in 3 days from Europe to US and the people who contacted me were very nice and ...Read more

Great experience! Easy, fast and...cheap! I had my money transferred in 3 days from Europe to US and the people who contacted me were very nice and exhaustive. I highly recommend OFX for money tranfers :)

12/01/2017
by Jim

5 stars

Simple and easy to use and with a very …

Simple and easy to use and with a very efficient service and good rates offered

12/01/2017
by Jack Lapszewicz

5 stars

Excellent service

Excellent service. I did seven transfers from Poland to Australia and it worked without any problems. Highly recommended

11/30/2017
by Mr Paul Gebbett

5 stars

Straightforward website

Straightforward website, very helpful on the phone with immediate pick-up

11/30/2017
by Ken Swain

5 stars

I was initially nervous about …

I was initially nervous about transferring funds with OFX, I did it and experienced an easy transaction and a speedy transfer to my friend in UK. Good...Read more

I was initially nervous about transferring funds with OFX, I did it and experienced an easy transaction and a speedy transfer to my friend in UK. Good exchange rate and inexpensive transfer fee of $A15.00 I will certainly use OFX again \ Thanks OFX

11/29/2017
by Geoffrey Doueal

5 stars

OFX has saved me both $'s and time

OFX has saved me both $'s and time. Great support and easy software. Great rates compared to major banks.

11/29/2017
by Mr Garry Goldman

4 stars

Great service and costs

It was a bit of a pain to set-up but no different to other similar services. Once set up though it is a great Offering and very simple. Also some of the...Read more

It was a bit of a pain to set-up but no different to other similar services. Once set up though it is a great Offering and very simple. Also some of the best rates on the market.

11/29/2017
by John

5 stars

Have used OFX many times

Have used OFX many times. Easy to use; website is clear and efficient; very reliable; very good exchange rate given.

11/29/2017
by Wayne Jefferies

5 stars

Excellent all round

Having not done anything like this before, I was a bit nervous, but OFX agent Ellie Martin was excellent in helping me through my transaction and...Read more

Having not done anything like this before, I was a bit nervous, but OFX agent Ellie Martin was excellent in helping me through my transaction and instructing me how to proceed. It was a quick and easy transaction in the end, and I would definitely use OFX again if I have any similar needs crop up in the future. Would definitely recommend OFX. Many thanks.


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


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