ZERO transfer fees for Monito users (you only pay the exchange rate margin).
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.
1 day ago
by Phil Hamilton
I needed to find a quick secure way to transfer some funds abroad. I was simply amazed at how easy it was. The level of support to get the process...Read more
I needed to find a quick secure way to transfer some funds abroad. I was simply amazed at how easy it was. The level of support to get the process completed was astounding with a phone call from OFX and some email followup throughout the process. It was very assuring and totally painless.
2 days ago
by Sheila Derbyshire
That transfer to China was simply too easy, thank you for your professionalism
2 days ago
They currently offer the best currency exchange rate of all of the transfer companies I've looked at. I'm not sure whether this is something that they...Read more
They currently offer the best currency exchange rate of all of the transfer companies I've looked at. I'm not sure whether this is something that they maintain or whether their rate varies compared to their competitors. In any case, it's worth shopping around just in case. No problems so far.
5 days ago
I converted £ to 60 Euros for payment as a birthday present to someone with an account at Commerzbank in Germany. All went smoothly. Good rate received....Read more
I converted £ to 60 Euros for payment as a birthday present to someone with an account at Commerzbank in Germany. All went smoothly. Good rate received. No fees charged by the German bank. Received there within a day or two of my sending the money.
1 week ago
by Joachim Rohde
The exchange and transfers worked as assumed without a glitch. Telephone responses were in time. Answers were competent. Maybe a few more trustbuilding...Read more
The exchange and transfers worked as assumed without a glitch. Telephone responses were in time. Answers were competent. Maybe a few more trustbuilding words would be appreciated when customer trusts OFX with his/ her money.
1 week ago
Very fast account opening. Also amazed how quick my money transfer was; it was all arranged on the same day!
by Jeffrey Demmon
good exchange rate and no fee.
by Lian Ding
My transaction involves changing A$ to UK Pounds Sterling where I am sending money from Australia to my daughter in UK. I had two experiences with OFX. ...Read more
My transaction involves changing A$ to UK Pounds Sterling where I am sending money from Australia to my daughter in UK. I had two experiences with OFX. The 1st experience involves 1,000 Pounds Sterling and it went smoothly - within 2-3 business days, the money was in my daughter's account. The 2nd experience (~7 weeks later) was completely different - it involves just over 10,000 Pounds Sterling (I used the 1st experience to gauge how good or bad OFX is). And based on my 1st experience I thought OFX was great. But the 2nd experience completely puts me off using OFX. Here is my story. OFX have NO idea that the money did NOT get into my daughter's account UNTIL I enquired about the transaction which is ~1 week later. As they have no idea, they then told me a day later that the bank require me to provide some more details of the sender which I promptly provided on the same day. Three business days later, the money has still not appeared on my daughter's account. Again I contacted OFX customer service but again they have no clue why this is taking so long. This is starting to get on my nerves so I needed to know 2 fundamental things - where is my money and when is it going to be in my daughter's account? OFX customer service cannot provide answers to these 2 fundamental questions. Alarm bells start to ring for me that if OFX cannot provide answers to these 2 questions, then they cannot be a professional outfit! Finally I managed to get onto the customer service supervisor who was at least able to answer one of my 2 questions. My money is with their (OFX) bank Barclays so it has NOT gone to the recipient's bank (NatWest) yet and this is some 2 weeks later. But she cannot provide an answer as to WHEN my money will get to my daughter's account. This is completely unacceptable and I told her so and forewarn her that OFX is about to lose a customer for good. She didn't sound too concern about this. Perhaps OFX has too many customers. As of now (2+ weeks later), my daughter is still waiting for my money to get into her account. How can this be acceptable when the OFX web site says "it usually takes 1-4 business days"? I am completely flabbergasted about the lack of competence of the OFX team when they are handling such large sums of money. I will let you be the judge as to whether you should use OFX. Clearly I will not be.
by Deborah Horne
Hi Friends forget the Banks lengthy paperwork- Not to mention their fees ! Since discovering OFX - I never look back. Saves money and precious time. All...Read more
Hi Friends forget the Banks lengthy paperwork- Not to mention their fees ! Since discovering OFX - I never look back. Saves money and precious time. All my online scam suspicions were to no avail. These guys are great- They gained my full trust in no time- security is second to none - Once you have passed necessary registration...... you are safe off and flying- can't go wrong.....
by Melmel Macfee
I would like to tell my story of trying to make a simple via OFX. Because either poor design or some glitch, my monies failed to be transferred overseas...Read more
I would like to tell my story of trying to make a simple via OFX. Because either poor design or some glitch, my monies failed to be transferred overseas and worse, OFX people waited a whole month to inform me. This is bad. Because there$we for a workshop receiving many others' fees, the director assumed my payment was one of the transfers, when I told her it was sent. I had to cancel my trip when my mother of 90 fell ill and later died. The workshop director graciously wired my money back. To my horror, I discovered OFX never sent money over originally, so I informed the director and had to try again to send money back. But first I was so upset that my money was being held by ofx for the entire month I asked for the$ to be sent back to my bank. The kids at OFX were nice but incompetent I felt. Not all mind you but several I talked to couldn't figure it out. my bank charges a $15 transfer/wire fee each time which By the end, I lost $60 in bank transfer fees and even more in exchange rate fees. All because OFX didn't inform me that my money was never sent for a whole month! This is not acceptable nor ethical. I cannot recommend OFX or leave a favorable review.
by Tenn Sen
Everything went smooth, my family in Malaysia received the money within 3 business days (the whole process). I was very nervous and not sure if online...Read more
Everything went smooth, my family in Malaysia received the money within 3 business days (the whole process). I was very nervous and not sure if online transfer would be a safe way to do, and there go my virgin transfer with OFX! And it’s free for your first timer with OFX. Thanks again.
by Gary Seaward
Great service , easy to use !
Used to be the best, now, just "meh." Rates are barely competitive and that's only if you haggle for price. They won't send funds to this or...Read more
Used to be the best, now, just "meh." Rates are barely competitive and that's only if you haggle for price. They won't send funds to this or that company. It truly is getting more and more difficult to do business with them.
by Terry Rees
I found the whole process simple and easy to use once I learnt how to use the ofx app which was easy to do thanks to a great app. Customer service over...Read more
I found the whole process simple and easy to use once I learnt how to use the ofx app which was easy to do thanks to a great app. Customer service over the phone was fantastic, and the person who helped me get set up made me feel very comfortable in the process and the choice to use ofx. It was a choice between ofx and western union and I'm glad I chose ofx, and will continue to use ofx in the future. Many thanks for an easy pleasant transaction
by Ray Manders
WOW within an hour of my web inquiry to OFX i got a phone call about my inquiry and to help me set up an account and verify me very help full person,...Read more
WOW within an hour of my web inquiry to OFX i got a phone call about my inquiry and to help me set up an account and verify me very help full person, about 4 days later i decided to give them a go transferring money from Australia to USA to pay for goods WELL from my order there was a phone call within an hour to verify my transaction and what to do next, the whole process from order to US$ into the manufacturers bank account 2 days with either a phone call or email or both to notify me every step my money took my head is still spinning when it stops spinning i will do another transaction LOL ( oh i started using another company took 6 days to set up account and verify when i went to use it i was told could not activate account please ring this # yeah!!!)
Wow. I was purchasing a product direct from China. I had issues with another company and then someone recommended OFX. Their rates were great so I filled...Read more
Wow. I was purchasing a product direct from China. I had issues with another company and then someone recommended OFX. Their rates were great so I filled in questionnaire and within seconds Portman Ma phoned me to validate. I then went onto make my purchase and then realised I had made a mistake. I quickly emailed Portman Ma and he called me back and calmly rectified my error. No hassle, straight forward transaction as should be. Thank you for your assistance and I will use you again. j
by Michael allport
OFX is the best
by Colin Napier
competitive rate, clear process, quick transfer, good staff, multiple positive customer reviews - what more can you want.
by Jason Santos
I was a bit worried at first, and sent £100 using my own bank’s wire service and £100 using OFX. Using my own bank I was charged £25, and $16 at the...Read more
I was a bit worried at first, and sent £100 using my own bank’s wire service and £100 using OFX. Using my own bank I was charged £25, and $16 at the receiving bank account. Using OFX I wasn’t charged, and had a better exchange rate! It was also quicker than my own bank wire transfer too! My only problem, which is nothing to do with OFX, is that my receiving US bank charged $15. So my advice is to check out your receiving banks’ charges for domestic wire transfers. I will definitely use OFX again, but for more than £100 next time!
Really thats your response below.Here is my response I get payed in US dollars into Natwest Bank which is registered in the UK.The reason why it is...Read more
Really thats your response below.Here is my response I get payed in US dollars into Natwest Bank which is registered in the UK.The reason why it is registered in the UK is because that is my home.I have a British Passport/Driving license/bank account.I have used your services for years because you were giving me more money than my bank.That is your business you are in.I have now opened an account with XE and guess what They have no problem with that.I would recommend XE over this company anytime.A million times better wish I had used them years ago.There system is way better than yours by a long shot.Are your customer services real people or robots? Very annoyed EX customer Hi Ivan, We truly apologize for the inconvenience. As you've stated, you’ve been a loyal customer for many years and we’d love nothing more than to keep your business and continue servicing your transfer needs. However, our regulatory requirements and internal policies dictate that all of our clientele must satisfy our compliance requirements, especially when domiciled in a high risk or sanctioned jurisdiction. As I’m sure you can understand, this keeps the service safe and secure for not only you, but every one of our users. We hate to see you go but hope you can understand the reasoning behind our Certified Document request. Kind regards, The OFX Team
by Ilian Ianev
Excellent Money transfer service Someone called next day to confirm details Money was transferred same day after they received my funds via BPay.
Been with these for years.Even wrote a great review for them.Then out of the blue they ask me for Certified documents.I then speak to customer services...Read more
Been with these for years.Even wrote a great review for them.Then out of the blue they ask me for Certified documents.I then speak to customer services and its like speaking to robots.I have closed the account and won't be using ever again rude company.I offered bank statements, passport,driving license etc.Money goes into my UK bank Account treated like some kind of fraudster.Not recommended better out there like World First or XE.
When I went from Canada to Ukraine for some time and tried to transfer money from my bank account in Canada to my bank account in Ukraine they began to...Read more
When I went from Canada to Ukraine for some time and tried to transfer money from my bank account in Canada to my bank account in Ukraine they began to ignore me not looking on the fact that I provided all proofing documents! Unexpected bad service!
20 hours account to account NZ to Aus, excellent
by Szymon Stasik
Only after already some time spend to register I've been told that the currency shown as supported for incoming payments in fact are not supported and...Read more
Only after already some time spend to register I've been told that the currency shown as supported for incoming payments in fact are not supported and that they have no idea why/when etc... even if the reasons for transfers between my own accounts are perfectly legal and valid.
by Stanley Bell
As good as ever!
by Glenn Williams
first time user, found the whole process to be clear and simple, and appreciated the speed of transfer and lack of transfer fee
Excellent service and very professional. I wish I had started using OFX years ago instead of using the bank.
by Judy Lynne
Very easy to use, good exchange rates and help for unexpected problems is only a phone call away.
by Lachlan McPherson
I'm really happy with this company. I've been transferring cash from an Aussie bank account to a US account and everything has been super easy.
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:
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.
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.
|Time to open an account||-|
|Advanced currency contracts||Yes|
|Type of service provider||Foreign exchange companies|