OFX Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 4.5/5 Great
OFX (UK)
Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | November 10th, 2019

OFX (previously UKForex in the UK) provides currency exchange services and international payment options for both individual and business clients. Since 1998, the firm has focused on providing cutting-edge technological solutions for its money transfer and international payments clients. It employs approximately 200 employees with offices spread across six continents.  OFX is publicly listed on the Australian Securities Exchange and trades under the ticker ‘OFX.’

 

OFX homepage snapshot

OFX (previously UKForex) is a money transfer and international payments firm serving retail and business clients. The firm, formerly a subsidiary of the OzForex Group Limited, which was formed in 1998, specializes in finding the most favorable 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 (UK) Fees and exchange rate

FXcompared Score 3.3/5 Good
OFX (UK)
Rating based on expert reviews by FXcompared
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OFX (UK) Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
OFX is sometimes competitive on lower value transfers
2/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
OFX is often competitive on medium value transfers
3/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
OFX is often competitive on high value transfers
4/5
Does FXcompared have direct access to the pricing
FXcompared has direct access to OFX pricing
2/2
Is it possible to lock in future exchange rates
Yes it is possible
1/1

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.

OFX UK Money Transfer Review Homepage

OFX will offer you

 

  • Competitive exchange rates
  • Fee-free transfers
  • Intuitive website design
  • 3 ways to make a transfer

Ease of use

FXcompared Score 5.0/5 Excellent
OFX (UK)
Rating based on expert reviews by FXcompared
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Ease of use

Easy to understand website
The website is clear and simple
2/2
Simple sign up process (number of steps)
Create an account, add your account details and make a transfer
2/2
Easy to setup a transfer once registered
Simple to setup and use
2/2
Provider offers a service that our users often sign up to
FXcompared users often sign up to OFX
2/2
Mobile notifications available on completed transfers
Notifications via SMS or email
2/2

OFX 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. Automated payments are fee-free, providing additional customer savings.

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.

ofxapp.png

OFX mobile app 

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

FXcompared Score 5.0/5 Excellent
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

Mobile product

Easy to use mobile website
The site is reasonable to use on a mobile
2/2
Easy to use mobile app
A nice, simple to use app
2/2
Can transact in the app
Transactions can be made and confirmed on the go
2/2
Range of in-app product offering
Nearly all website functionality is available in the app
2/2
App store rating
After a slower start it now rates 4.2 on Google Play
2/2

OFX offers a mobile app, which can be used on iOS and Android on smartphones and tablets. The 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.

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. In 2019, however, this type of mobile service is expected by customers.

If early reviews are to be believed, OFX’s app did have some teething issues when it first launched, but it has since recovered to 4.2 on Google Play.

 

Credibility & Security

FXcompared Score 5.0/5 Excellent
OFX (UK)
Rating based on expert reviews by FXcompared
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Credibility & Security

Fully licensed and authorised
Regulated globally by the FCA, FinCEN, FINRA, ASIC
4/4
Total amount transferred for their customers
AU$23.7bn transferred in the last financial year
3/3
Business revenue
AU$118.7 million for 2018
3/3
Year on year growth
Revenue grew just under 10%
1/1
Number of employees
Over 400 employees
1/1
Head office location
HQ is in Sydney, Australia
1/1
Branded search performance
OFX is easy to find online with a strong presence
1/1
How long has the company been a partner of FXcompared
OFX has worked with FXcompared for over 7 years
2/2
How long has the company been established?
Originally OzForex in 1998, it became OFX in 2014
3/3
Quality of financial backers
OFX is a public company listed on the Australian Stock Market
2/2
Private or public company
OFX is a Public Company traded as ASX:OFX and publishes full company accounts.
1/1

OFX is a private money transfer and international payments firm serving retail and business clients. The firm was formerly a subsidiary of the OzForex Group Limited, which was founded in 1998. 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.

The company’s head office is located in Sydney, Australia but it has since set up five other offices in other countries such as the UK and elsewhere. It employs over 270 people across these sites.

Business product offering

FXcompared Score 5.0/5 Excellent
OFX (UK)
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
OFX offers extensive business services which include a dedicated FX Dealer
4/4
Broader product set for business
Tools include currency analysis tools, dedicated dealer and online platform
3/3
Specialised team to support businesses
Yes, businesses are allocated experts
2/2
Receivables product options
Yes offered to customers and marketplace sellers
1/1
Marketplace seller product offering
OFX has a full range of marketplace seller products and a full online seller resource hub
2/2

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. These include ‘spot rate’s for immediate transactions, executed at the most favourable rate the dedicated foreign exchange dealer can find. ‘Forward contracts’ lock in favourable rates and execute the transaction at the time of the business client’s choosing. ‘Limit orders’ specify the rate the client prefers.

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

FXcompared Score 3.8/5 Good
OFX (UK)
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
Payments in over 50 different currencies
3/4
Number of available languages
English language only
1/2
Pay in options
Pay in via bank transfer
2/4
Pay out options
Pay our to bank accounts
2/2
Additional services
Full range of product offerings for ecommerce marketplace sellers
2/2
Minimum send amount
Small amounts can be sent online
2/2
Maximum send amount
Large transfers can be sent via OFX
2/2
Speed and options for speed of transfer
In most cases transfers complete in 48 hours, often less
1/2

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.

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. 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.

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.

Customer Feedback & Satisfaction

FXcompared Score 4.4/5 Great
OFX (UK)
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
A full customer service team to help with onboarding
1/2
Ease of transfer
Transfers are easy to make once registered
2/2
Exchange rates
Exchange rates are competitive
2/2
Fees
Margins on exchange rates are as low as 0.4% and rates are locked upon agreement
2/2
Solving issues
OFX has a full customer service to help
2/2
Online/mobile experience
OFX has been investing in improving its mobile and online experience
1/2
Customer service
OFX prioritises exceptional customer service
2/2
Overall experience
OFX receives a TrustPilot rating of 9.2
2/2

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 Support

FXcompared Score 4.5/5 Excellent
OFX (UK)
Rating based on expert reviews by FXcompared
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Customer Support

How good is the help section on the website?
There is a large FAQ section on the website
2/2
Is there live online support?
OFX does not offer live chat
0/1
Is there email support - and to customers and non customers?
OFX is responsive to emails
1/1
Is there phone support ?
Each location has a Customer Service number
2/2
Is the company easy to contact?
As there are local ceentres worldwide it is normally easy to contact OFX
1/1
Are FAQs and support available in more than one language?
Support is provided in English language only
1/1
Is there an FX dealer to support customers
OFX has a dedicated team of dealers worldwide to help customers
2/2

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.

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.

Transparency

FXcompared Score 4.4/5 Great
OFX (UK)
Rating based on expert reviews by FXcompared
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Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
Yes there is a margin in the exchange rate
1/2
Are the fees easy to understand?
Fees can vary by location so should be carefully checked
2/2
Does the company combine fees and exchange rate or clearly broken out?
Fess may vary my country and are clearly broker out from the exchange rate
2/2
Is a real time quote available without registering?
Getting a quote requires registering or using FXcompared
2/2

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.

Alternatives to OFX

Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct
TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst

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Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

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Amount Received
USD $12,528.57
No saving vs. banks

PayPal

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Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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Amount Received
USD $12,501.62
No saving vs. banks

Frequently Asked Questions

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Is OFX a reliable company?

Yes, the company is considered reliable, safe and trustworthy. It has existed since 1988 and has dealt with transactions totalling over $100bn in that time. It is fully regulated and reputable in its country of origin; Australia and in other developed countries like the UK and USA. The company holds a good reputation online and is completely legitimate.

How do I transfer money with OFX?

To use OFX, a customer needs to complete the following steps:

  • Register online through OFX’s secure website.
  • Transfer the funds, even to international clients.

How long will a transfer take using OFX?

Transfer speeds can vary but an average transfer time takes 48 hours to complete. How long depends on the service being used and how the transfer is made — i.e. online or by telephone.

What payment methods does OFX use?

Most payments through OFX are made through bank accounts, although other payment methods are accepted. Currency is exchanged without bank fees, which is helpful to customers and a major boon for those looking to avoid the typically high bank exchange rates.

data reviews OFX

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge and relationships across the sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews we have offered here.

We have had a long-term relationship with OFX which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers likes OFX help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.