OFX Money Transfer Review: Fees, Security, How it works and more

OFX (UK) Transfer Fees and Costs

Does OFX charge transfer fees?

No, unlike some other money transfer providers, OFX doesn't charge transfer fees. They also offer competitive foreign exchange rates, making them a great choice for low-cost transfers. There are also no setup fees with OFX, nor are there monthly account fees.

OFX competitive exchange rates

OFX offers transfers at a lower cost than a bank, with money orders over £3,000 fee-free. It has three options for personal money transfers, providing customers the ability to tailor the timing and secure the currency rate that they prefer. If the customer needs to send money overseas immediately, they can choose a spot transaction. A spot transaction will transfer the money immediately at the available exchange rate. OFX's currency specialists will compare forex rates and locate the best foreign exchange rates.

If the customer is not sending their money immediately, but rates are favourable, they can purchase a forward contract, which guarantees the favourable rate for a future date.

The customer can then choose when they wish to execute the transaction. OFX also offers individuals the choice of sending their money using a limit order, which allows the customer to place their order on the condition that they are able to get the exchange rate they want. OFX’s currency specialists will only execute the transfer if the rate is what the customer specified. Limit orders are often a good option for large currency transfer amounts, and when the customer does not need to send the money immediately.

Usability

How easy to use is OFX?

OFX scores well on ease of use. Customers are able to establish automated currency transfers for any regular, ongoing forex payments they have, such as rent or mortgage payments, loan payments, school fees, business service fees, or subscription payments. They provide additional customer savings with automated payments being fee-free.

How to make a currency transfer with OFX in three simple steps:

1) Open a free OFX account

2) Next you enter your recipient details including the money you wish to transfer

3) A great feature OFX offer is transfer visibility. Track your transfer online or via the app - in most cases, transfers are delivered within 24 hous.

How OFX works

OFX’s website is straightforward to use and fairly self-explanatory and frequent users can stay logged in to their accounts. First, the website requires users to create a login that consists of an email address and password. Then all the customer need do is follow the steps to ‘build their account’. This is simple enough and mostly just involves pairing the users OFX account with their bank or other revenue source. Anyone who has ever used PayPal or a similar service will instantly be at home using OFX. The principle is the same.

Additionally, OFX provides ‘funds received’ and ‘funds paid’ notifications via email or SMS.

Mobile product

Does OFX offer a mobile app?

Yes, OFX offers a mobile app. It can be used on iOS and Android on smartphones and tablets. The OFX app is free to download and doesn’t charge for any in-app purchases. Once it’s downloaded, all the user needs to do is log in to their account.

OFX mobile app review

The app is sophisticated, and credit needs to be given to OFX for creating one that (mostly) offers the same features as its website. The app is easy to navigate, and transactions can be made and confirmed on the go, just as easily as they can be by computer. The OFX mobile app allows users to:

• Monitor transfers (those that are started and completed)
• Check live exchange rates and view historical rate charts
• Easily add and edit recipients

Trustworthiness & Reliability

Can you trust OFX?

Yes, OFX is a trustworthy money transfer provider. OFX is a licensed, well-established private money transfer and international payments firm serving retail and business clients. The company was formerly a subsidiary of the OzForex Group Limited, which was founded in 1998. OFX as a currency broker in the UK is authorised by the Financial Conducts Authority (FCA).

It specialises in finding the most favourable foreign exchange rates, providing a high level of customer service, and offering online products and services through its cutting-edge technology systems. OFX in the UK is FCA regulated and Trustpilot provides reviews.

OFX is a legitimate company, with it's head office located in Sydney, Australia, and has set up five other offices in other countries such as the UK and elsewhere and it employs over 270 people across these sites.

Is OFX in USA? Yes, you can read our review of OFX USA here.

Business product offering

What can OFX offer businesses?

OFX specialises in small-to-medium sized businesses, offering them money transfer and international payments services along with risk management products and customised services. These services include a dedicated foreign exchange dealer who will create a plan to help the company reduce its foreign exchange exposure. OFX business services also include an online platform available 24/7, a variety of currency analysis tools, and lower fees than what are typically charged by a traditional bank.

OFX provides its business customers the ability to send money abroad using three distinct options;

 OFX spot rate’s

For immediate transactions, executed at the most favourable rate the dedicated foreign exchange dealer can find.

OFX Forward contracts

Lock in favourable rates and execute the transaction at the time of the business client’s choosing.

OFX Limit orders

Specify the rate the client prefers.

Does OFX offer automated payment plans?

Similar to individual customers, business clients are able to choose automated payment plans for their ongoing business payment needs. Automated payment plans can save time and money, and can be used for a variety of ongoing company payment needs, including employee salaries, vendor supplies and services, or any other type of scheduled payment. Business clients can make regular, ongoing business payments for employee payroll, service fees, or royalties. The company also offers the ability to set up automated payment plans at a commercial rate that is free of charge to those who are already signed up.

Product Coverage & Service

Where can you use OFX?

OFX’s services are available across nearly 197 different countries worldwide, yet users can trade in over 50 different currencies. However, its services are only available in the English language.

Is there a minimum and maximum transaction amount?

The minimum online transaction amount is $1,000 at ($200 each transfer), there is no maximum amount. OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

How long do OFX transfers take?

The speed of transaction transfer is largely dependent on the country funds are being transferred to. In most cases, OFX anticipates funds to reach the recipient in around 1–2 days.

Additional services available

Customers can set up fixed regular payments, which lock in a favourable exchange rate for a series of payments and can provide protection against currency rate fluctuations.

OFX also offers ‘Daily Market News’, an additional service via its website and mobile app. The service offers analysis on different currencies and how they are performing in the market. As the market changes constantly, this is an essential service and OFX offering its own take on this is incredibly useful for its customers.

Read FXcompared daily market news here.

Customer Feedback & Satisfaction

What do customers say about OFX?

Customer reviews are very positive on TrustPilot. Holding a rating of 9.2 stars, this is very high and demonstrates a significant level of customer satisfaction. OFX’s rates are considered some of the best in the industry. Other than mild teething issues with its mobile platform, using OFX’s website is considered easy to use and comprehensive. OFX is one of the most highly rated companies in the market, prioritising exceptional customer service throughout its various client interactions, either personally or on its online platforms.

Of course, what is considered ‘cheap or expensive’ are values rather than statements of fact. Therefore, views on this are likely to differ. The fact that OFX’s unique selling point is foreign exchange of currency, its exchange rates will always be better than the average bank. Banks have notoriously poor rates, and this allows companies like OFX to provide its service. For example, OFX’s rate often stands at 0.4, based on currency pairs. Bank rates are usually set at 5%. When this is applied to large amounts of money, the difference in margin is significant.

Customer Help & Assistance

How good is OFX's customer service?

OFX customer service is considered friendly, professional and leaps and bounds ahead of its competitors. At the time of writing, OFX currently does not offer live chat on its website, but the company is active on social media channels and is responsive to emails.

On its website, OFX provides an FAQ section that is organised by categories including ‘registration’, ‘making a transfer’, ‘safety & security’ and ‘OFX mobile app’. The FAQ is easily accessed from the homepage footer and provides search functionality.

Is OFX customer service easy to contact?

Due to OFX having several offices, each one holds its own customer service line, dedicated to customers in that country. Although, as the company is only present in English-speaking countries, this poses a difficulty for those who don’t have English as their first language.

Pricing Transparency

OFX is regulated by multiple jurisdictions across Australia and in the other countries it operates in. These include the FCA in the UK and AFSL in Australia. OFX is actually considered one of the most trustworthy foreign exchange companies in the world.

Getting a quote without registering is problematic due to the processes involved, but sign up is free and the company keeps all customer details secure and private.

Margins on exchange rates are as low as 0.4% and rates are locked upon agreement, which is very beneficial to customers.

Our Verdict:

Scoring highly across our criteria for usability and trustworthiness, OFX is a reliable choice for money transfers. It has no transfer fees, monthly account fees or setup fees, making it competitive with other money transfer providers. 

OFX offers a variety of options for personal transfers, giving customers more flexibility in how and when they send their money. The company’s platforms are intuitive and easy to use, with its mobile app making it easy to transfer money and monitor transactions on the go.