OFX Review

Our Verdict

OFX is a great choice for low-cost transfers and you won’t pay any transfer fees. You’ll also have your pick of forex tools including forward contracts, limit orders and recurring transfers. Although there’s a high minimum transfer amount, the percentage-based markup will work out better the larger your transfer is. So you’ll typically get a better deal for smaller transfers if you look elsewhere.

While you can create a free account online, you’ll need to speak to OFX on the phone to verify your details before making your first transfer. You’ll want to look elsewhere if your recipient doesn’t have a bank account or you only plan on making small transfers.

How much are OFX’s transfer fees?

OFX often proves to be cheaper than banks when transferring money overseas as it doesn’t charge a transfer fee. You may find that your recipient’s bank will charge a fee to receive money from overseas. However, OFX tries to limit this cost by using its global network of local bank accounts where possible.

It is important to remember that while OFX doesn’t charge a transfer fee, it does add a margin on top of the mid-market rate.

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How are OFX’s exchange rates?

OFX’s exchange rates are usually 1.5% or less above the mid-market rate when you transfer funds. Typically, the larger your transfer, the smaller the percentage taken by OFX.

It’s usually best to compare the rate displayed on OFX with the current mid-market rate to calculate the size of the margin charged. You can then use this as a benchmark for comparing the rates of other money transfer providers.

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What are the ways I can send money abroad with OFX?

OFX has two distinct ways to send money; through a Rapid Transfer or by taking advantage of OFX Risk Management features.

OFX Rapid Transfer

Rapid transfers are OFX’s most commonly used service. With it you have two options:

• Single transfers. OFX Single Transfers or “Spot deals” allow you to lock-in an exchange rate when you confirm your transfer.
• Recurring transfers. OFX Recurring Transfers can be used for monthly, quarterly or any other repeating transfers you need to send. You need to make a minimum of 4 transfers, but you can set up a direct debit and take advantage of Zero OFX fees.

OFX Risk Management

Risk Management transfers are designed to help you reduce costs and save money down the line. Once again there are two options:

• Buy now, transfer later. Lock in your exchange rate by using a forward contract, then schedule your transfer between two days and 12 months from the time you have locked in your rate.
• Set your target rate. Target Rate Transfers, or limit orders, allow you to set a target rate for your transfer. Once your target rate is triggered, OFX will contact you to complete your transfer. Your target rate can be valid for up to six months.

OFX reviews and complaints

OFX reviews are mostly positive online but they do have some complaints. On Trustpilot, OFX is rated as a “great” service with a score of 4.2 out of 5 based on 5,677 customer reviews. Positive reviews highlight their customer service and competitive rates on large transfers. Negative reviews focus on OFX’s identity verification process. Because OFX adheres to strict anti-money laundering (AML) protocols, it requires customers to verify their identity by phone as well as submit documents proving their identity. OFX responds to the majority of negative reviews with details on how to contact management and help the customer solve their issue.

How to make your first money transfer with OFX?

Firstly you will need to set up an account with OFX, but this is simple to do. Take the following steps to get started:

1. Visit the website. Head to the OFX website and click on register.
2. Choose account. You will need to choose between a personal or business account.
3. Enter transfer estimates. Give an estimate of how much you plan to transfer each year and which currency pair you will use the most. These amounts don’t have to be exact and can be changed later.
4. Enter personal details. Next, you will need to provide your personal details and contact information. This will include your full name, date of birth, phone number, current residential address and occupation.
5. Add your recipient’s details. Once logged in to your account, enter your recipient’s details including their full legal name, residential address and their banking information.
6. Talk to an OFXpert. Finally, send your funds to OFX and verify your first transfer. A representative from OFX will call you to verify the details of your first transfer. .

What are OFX’s payment options?

OFX has multiple payment options including BPAY, Electronic Funds Transfer and Direct Debit. You will receive an email after you have locked in your transfer. This will include the full range of payment options available to you.

However, it is worth noting that OFX doesn’t accept transfers made via cash, cheque or debit card.