OFX Money Transfer Review: A Comprehensive Guide for 2025

Exchange Rates, Payment Methods, Transfer Fees, and More

Trademark Disclaimer

OFX™ is a trademark of OzForex Limited, with whom we have no direct or indirect association in marketing, sales, or customer service. The contents here are for informational and comparison purposes only. All third-party products, services, and trademarks remain the property of their respective holders.

What Is OFX?

Transferring money internationally can often be an expensive and frustrating process. Many banks charge high fees and offer poor exchange rates, leaving customers paying more than necessary. Enter OFX.

Founded over 20 years ago, OFX aims to simplify international money transfers while making them more affordable. Headquartered in Sydney, Australia, with offices worldwide, OFX offers 24/7 service and support for global money transfers. By leveraging a vast banking network, they provide exchange rates often reserved for large institutions.

However, OFX isn’t always the cheapest option for every transaction, so comparing options before transferring money is essential.

How OFX Money Transfers Work

Setting up an account with OFX involves a few steps, but the process remains straightforward.

Step-by-Step Guide:

1. Register for an Account
   • Visit www.ofx.com and sign up.
2. Complete Verification
   • After registration, an OFX representative will call to finalize your setup and address any queries.
   • Additional documentation may be required for identity verification.
3. Get a Quote
   • Log in to view live exchange rates for your desired transfer.
   • Access rates via the OFX website, mobile app, or by speaking with a representative.
4. Provide Recipient Details
   • Enter your recipient’s bank account information to lock in your exchange rate.
5. Send Funds
   • Transfer funds to OFX from your bank account within 48 hours to complete the transaction.

Payment Methods Available with OFX

OFX offers limited payment methods compared to other services:

• Bank Transfer: Fund your transfer via wire transfer from your bank account.
• ACH Direct Debit: Set up a direct debit for convenience.

Recipient Options:

• Funds can only be deposited into the recipient’s bank account.

OFX Transfer Fees

One of OFX’s key benefits is its zero transfer fees for all transactions. This can save frequent international money senders significant amounts.

However, note that banks involved in the transaction may impose their own fees, which are outside OFX’s control.

OFX Exchange Rates

OFX provides competitive exchange rates, with margins decreasing as the transfer amount increases.

• Large Transfers: Markups as low as 0.4%, significantly better than the 4%+ charged by many competitors.
• Smaller Transfers: Higher margins may apply, making other providers more cost-effective for small amounts.

Key Takeaway:

For large transfers, OFX offers some of the best exchange rates in the industry.

Pros and Cons of OFX

Pros:

• No Transfer Fees: Making it one of the most affordable options.
• Global Banking Network: Extensive coverage for international transfers.
• Competitive Exchange Rates: Particularly favorable for large amounts.
• 24/7 Support: Accessible via phone, app, or website.
• Recurring Transfers: Convenient for regular payments.

Cons:

• Limited Payment Methods: Bank-to-bank transfers only.
• Language Restrictions: Services are only available in English.
• Small Transfers: Less cost-effective for smaller amounts.

Alternatives to OFX

Traditional Banks

• Pros: Established and trusted institutions.
• Cons: High fees and poor exchange rates.

Traditional Money Transfer Companies

• Examples: Western Union, MoneyGram, Ria.
• Pros: Cash pickup and delivery options.
• Cons: Higher fees and restricted payment options.

Online Money Transfer Companies

• Examples: Wise, CurrencyFair, Instarem.
• Pros: Low fees, competitive rates, and convenience.
• Cons: May have lower availability in certain regions.

How Does OFX Make Money?

OFX generates revenue through exchange rate markups rather than transfer fees. These markups vary based on transaction size, with smaller transfers incurring higher margins.

Platforms Where OFX Is Available

• Web: Accessible on computers, tablets, and smartphones.
• Mobile App: Available for iOS and Android.
• Phone Support: Speak directly with an OFX agent.

Is OFX Secure?

With over two decades in the industry, OFX is a trusted name. The company is:

• Regulated: By authorities in Australia, the US, the UK, and Canada.
• Publicly Listed: On the Australian Stock Exchange.
• Client Funds: Held separately from business accounts for added security.

FAQ Section

How much does it cost to send money with OFX?

OFX does not charge any transfer fees. However, third-party banks may impose fees.

Is it safe to send money with OFX?

Yes, OFX is regulated and adheres to strict compliance standards, ensuring the safety of your funds.

How do I cancel a transaction with OFX?

Contact OFX customer service immediately to request a cancellation. Cancellation policies vary by region and transaction status.

Can OFX reverse a bank-imposed fee?

No, OFX cannot reverse fees charged by third-party banks.

How to Contact OFX

OFX provides region-specific customer service phone numbers. Visit their Contact Us page for details.

Convenient Online Money Transfers with OFX

With competitive rates, zero transfer fees, and 24/7 support, OFX is a top choice for large international transfers. However, limited payment methods make it less suitable for small transfers or those needing more flexibility.

For hassle-free, secure international money transfers, consider OFX for your next transaction.

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