In this review, I examine the various services and features OFX provides. The information contained here is accurate at the time of writing this article.

Are OFX’s rates competitive? Can I rely on their services for swift and secure transfers? What level of customer support does OFX offer? In my thorough review, I dissect these questions and more to give you a clear, concise understanding of OFX’s services.

I’ll examine user reviews and research extensively to offer a comprehensive guide. Whether you’re transferring funds for personal or business reasons, my review aims to provide the insights you need to decide whether OFX is the right choice for you.

My Verdict On OFX

OFX offers a solid mix of competitive rates, robust security, and dedicated support for individuals and businesses navigating the market. 

Individuals making occasional, larger transfers will find OFX’s fee structure and exchange rates appealing. However, those needing multi-currency accounts or faster transfers might consider alternatives like Wise or Remitly

Businesses benefit from OFX’s fee-free larger transfers and risk management services. Still, they may find the need for more diverse payment methods and the absence of app-based business account registration limiting. 

In short, if cost-effective, secure, and moderately quick international transfers match your needs, OFX stands as a strong candidate. However, considering complementary services may be wise for specific needs like instant transfers or diverse currency handling.

How To Choose if OFX is Right for You?

The platform provides the option to lock in exchange rates, offering predictability in financial planning. This is especially valuable for managing large transactions or investments, ensuring stable costs despite market changes.

The availability of round-the-clock support ensures that users can get assistance with their transactions as needed, providing peace of mind and timely problem resolution, which is crucial in the fast-paced world of international finance.

Comprehensive business solutions from OFX, including international payroll and software integration, streamline financial management for global operations. These tailored services facilitate currency risk mitigation and efficient operations across borders.

For a deeper insight, we have included a brief table of OFX’s key factors, which you must consider before you can make an informed decision.

OFX at a Glance…

FeaturesOFX Information
Company NameOFX
Transfer FeesNo flat-rate fees; margin on exchange rate varies by currency pair.
Exchange Rates1-2% margin above mid-market, depending on currency pair.
Min/Max Transfer AmountNo limits
Transfer Speeds1-2 days for major currencies, 3-5 days for minor currencies.
Available Countries and Currencies50+ global currencies, transfers available to 170+ countries.
Payment MethodsDirect debit and wire transfers are available; varies internationally.
Delivery MethodsBank account deposit.
Customer Service24/7 phone support.
User Reviews and Ratings6,600+ reviews on Trustpilot, averaging a rating of 4.3 out of 5. It’s praised for its hands-on currency support, with some criticism surrounding customer service and transfer times in certain currencies.
Security MeasuresFully licensed and encrypted
Mobile App AvailabilityAvailable for iOS and Android; includes rate tracking and transfer management
Special FeaturesIt offers currency risk management tools and global currency accounts for businesses
Regulatory ComplianceOFX is regulated by over 50 different authorities worldwide, including the FCA in the UK. FRN Number: 902028
Cancellation PolicyA Termination Amount is charged on all cancellations, which is calculated on the day you cancel.
Annual Amount ProcessedMore than £100 billion transferred globally in the 2023 fiscal year.
Office LocationsOFX has global offices, including major locations in the United Kingdom, Canada, Australia, and Europe.
Staff Volume
(Group Statistic)
700+ employees
OwnersLed by CEO Skander Malcolm
OFX Review - One of the best brands for sending money abroad?

What are OFX’s Pros and Cons?

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Pros
  • Diverse Currency Options: OFX supports various major and minor currencies, offering versatile solutions for global money transfers​​.
  • Enhanced Rate Lock-in Options: Provides the option to lock in rates for a specified period, safeguarding against currency fluctuations​​.
  • Comprehensive Market Insights: Daily Forex Market News by OFX aids informed decision-making by discussing currency trading data​​.
  • Comprehensive Business Solutions: Tailored business services, including international payroll and integration with third-party accounting software​​.
  • Diverse Transfer Types: Different transfer options like single, recurring, and market orders to suit different user needs​​.
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Cons
  • Variable Transfer Speeds: Transfer times can vary, leading to unpredictable delivery schedules, especially when dealing with specific currency pairs or recipient banks in different countries​​.
  • Exchange Rate Margin: Although competitive, the markup on the mid-market rate can impact the total cost, particularly for more significant amounts or when dealing with minor currency pairs​​​​.
  • Customer Service Inconsistency: While generally well-rated, individual experiences with customer support can vary, with some users reporting delays or less satisfactory interactions​​.
  • No Multi-Currency Account: Unlike some competitors, OFX doesn't offer a multi-currency account for managing and holding funds in different currencies; this can be limiting for frequent travellers or businesses dealing in multiple currencies​​.

In conclusion to the pros and cons, OFX offers a streamlined and secure money transfer service with a robust customer support framework and competitive rates. However, its dependence on bank transfers and the limitations in pay-out options, coupled with transfer thresholds and variable transfer speeds, might require consideration based on individual or business transfer needs.

Is OFX a cost-effective option?

OFX offers competitive exchange rates, typically around 1.5% above the mid-market rate, and stands out for its no-fee policy on larger transfers. However, a flat fee applies for transfers below certain thresholds, such as £7 in the UK for amounts below £3,000 and $5 in the US for amounts under $5,000.

Potential users should note that OFX requires both the sender and recipient to possess bank accounts, and the service is not available for transfers to mobile wallets or cash pickup locations.

Below, I have provided a selection of popular money transfer paths to provide you with a scope as to their current rates, and then beside them, the amount you would receive in said currency from a £100,000 transfer.

OFX’s Exchange Rates

Currency PathwayExchange RateReceived from £100,000
GBP – EUR1.1603€116,030
GBP – USD1.2632$126,320
GBP – AUD1.9139$191,390
GBP – CAD1.7001$170,010
GBP – NZD2.0641$206,410
GBP – ZAR23.7768R2,377,680
GBP – AED4.6075AED 460,750
GBP – THB44.52954,452,950฿
GBP – JPY185.7647¥18,576,470

* I have accessed the OFX website and established a personal account to guarantee that the information provided above is accurate at the time of writing this review. These rates may vary slightly from the present personal and business rates.

Can I Trust OFX with My Money?

In my experience with OFX, they’ve always prioritised a wealth of safety and security measures, constantly evolving to maintain your trust. Their commitment is evident through strict adherence to regulations from various government bodies, ensuring your identity is protected, as well as segregating your funds for added peace of mind.

OFX Safeguarding Clients’ Funds

Central to OFX’s security measures is a process known as ‘safeguarding’. As an EMI, OFX is required to keep your funds in separate bank accounts, distinct from the company’s operational funds. This segregation ensures that your money is protected and can be promptly returned in the event OFX ceases business.

Returning your safeguarded funds is their top priority, showcasing a high level of financial protection. Importantly, this safeguarding applies to all transactions where money is sent to a third party, ensuring comprehensive coverage across OFX’s services.

However, it’s important to note that safeguarding protection applies only when sending money to a third party. Transfers between your own accounts are not covered by safeguarding.

OFX Security Measures

  • Identity Protection: OFX uses tools like passwords, multi-factor authentication (MFA), security questions, and automatic logouts to safeguard your identity and prevent unauthorized account access.
  • Fraud Prevention: OFX actively monitors all account activities to detect and prevent fraud, using advanced systems to identify phishing, malware, and other security threats.
  • Cyber Security: OFX protects your data through encryption, secure coding, ongoing security checks, and measures like CAPTCHA and MFA, ensuring compliance with global security standards.
  • 2-Step Verification: For an extra layer of security, OFX requires a password plus a unique 6-digit code for account access, significantly enhancing protection against unauthorized entry.

OFX Regulatory Compliance

As with most EMIs, OFX operates under strict regulatory oversight globally, engaging with over 50 financial regulators. In the UK, it’s regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), a status that mandates adherence to high operational and financial standards.

Are OFX’s Transfers Fast?

OFX is recognised for its efficient transfer services, completing international transactions within 2-4 business days, bar occasional exceptions. OFX usually processes transfers within 1-2 business days for major currencies such as EUR or USD, extending to 3-5 days for other, more exotic currencies.

While it may not be the fastest option available, with some providers such as XE Money Transfer and Wise offering instant transfers, OFX’s strength lies in its cost-effectiveness rather than focusing on speed. 

The company also offers a ‘Rapid Transfer’ service, efficiently facilitating single or recurring transfers. For urgent needs, OFX can occasionally expedite same-day deliveries, particularly between the US and Europe, though this is irregular.

What Does OFX Offer its Customers?

OFX caters to both personal and business clients with tailored services. 

For individuals, OFX offers cost-effective international money transfers. It is ideal for expats, overseas property investors or those with family abroad. 

Businesses benefit from OFX’s market expertise, currency risk management, and streamlined payment processes, supporting global commerce and payroll. 

Both client groups enjoy competitive exchange rates, 24/7 customer support, and a user-friendly platform, efficiently meeting a spectrum of transactional needs.

What Are OFX’s Customers Saying?

According to Trustpilot, OFX has an average score of 4.2 stars, with 78% being 5-star, 8% being 4-star, and 9% being 1-star. OFX seems to stand out for its transparency and cost-efficiency. Its users appreciate the absence of transfer fees and competitive exchange rates.

Reviews highlight the broad currency support, catering to a wide range of global transfer needs. The OFX mobile app is praised for its functionality, including real-time exchange rate updates and transfer tracking. However, some customers experience technical glitches, such as freezing and prolonged loading times. 

While transfers involving major currencies are typically swift, customers note that transactions in exotic currencies can align with traditional bank processing times, taking up to 3-5 days. Customer support also receives commendation for its round-the-clock availability and quality assistance.

Some customers suggest that OFX could enhance its service by adding live chat for immediate support and speeding up transfers, which presently take two to four business days—streamlining website navigation and broadening payment methods beyond bank transfers. 

Additionally, offering multi-currency accounts for individuals and a more comprehensive range of exotic currencies has been a frequent suggestion to meet international clients’ diverse needs better.

Are OFX’s Customer Support Easy to Reach?

OFX’s customer support is highly accessible and versatile, offering 24/7 assistance through phone, email, and mail, ensuring a global reach with multi-channel support. 

Customers appreciate the convenience of contacting OFX’s customer service team across different time zones and receiving personalised support for larger transactions.

While the company’s website doesn’t offer a live chat feature, it provides organised information and FAQs. Moreover, the well-rated mobile app offers added convenience, allowing customers to handle their transactions and access support. 

Reviews indicate that OFX’s customer service is reliable and responsive, often going the extra mile to rectify transfer speed or sign-up process issues​​​​​​​​.

What is the OFX Account Setup Process?

  1. Registration: Begin by clicking ‘Register’ on the OFX website and enter your details. This step is free and doesn’t require you to make a transfer.
  2. Initial Contact: After your registration, an OFX team member will reach out to complete the setup process and answer any queries you might have.
  3. Verification: Most customers are verified automatically, so paperwork is usually unnecessary. However, if additional documents are needed, OFX will inform you immediately and guide you on submitting them via their secure site.
  4. Account Creation: Once the verification process is complete, your account will be ready to make transfers. Somebody will then call you to confirm and discuss payment options for your first transfer.

How convenient is OFX’s mobile app?

The OFX app delivers a seamless and secure experience for global transfers, allowing users to monitor rates and track transactions efficiently.

  • Download and Access: Download the OFX app from your device’s app store, register or log in, and set up your account with essential details.
  • Live Rates and Preferences: Access live market rates for over 50 currencies and save your preferences for faster future reviews.
  • Initiate Transfers: Input the currency details, view the current rate and the exact recipient amount, and proceed to add your recipient’s details.
  • Adding Recipients: For new recipients, input their bank account information. The details are saved for future transactions, simplifying repeat transfers.

Storing currency preferences and recipient details simplifies and accelerates subsequent transfers. Further enhanced by robust security measures such as fingerprint and FaceID login, on top of direct document uploads, the app ensures a user-friendly experience that prioritises safety and convenience.

Alternatives to OFX

ProviderExchange RatesFeesProcessing TimesCurrencies SupportedLimitsCustomer Support
OFXMid-Market + 0.5-2% margin£0Typically 1-2 business days50+No limit24/7 phone, email and live chat support
TorFXMid-Market + 0.5-2% margin£0Typically 1-2 business days60No limitMon-Thur: 8:00 AM – 7:00 PM
Fri 8:00 AM – 5:00 PM
Sat: 9:00 AM – 1:00 PM
Currencies DirectMid-Market + 0.5-1% margin£0From 3 hours to 2 business days40£300,00024/7 phone, email, and live chat support
TransferGoMid-market rates + 0.2-2.2% marginFrom £0 to £2.99 per transferFrom 30 minutes to 3 days60No limitWeekdays from 7 to 6 via email, and phone support
WiseMid-market rates + small marginVaries (amount/currency)Typically 1-3 business days50+Up to £1,000,000 per transfer24/7 live chat, email, and phone support
Western UnionMid-market rates + 2-5% marginFlat: £10 + 0.4% of the transfer amountTypically 1-2 business days130+Up to £500,000 per transfer24/7 live chat, email, and phone support
MoneyGramMid-market rates + 3-4% marginFlat: £3 + 2% of the transfer amountTypically 1-3 business days100+Up to £9,999 per transfer24/7 live chat, email, and phone support
WorldRemitMid-market rates + 2-3% marginFlat: £0.30 + 3% of the transfer amountTypically 1-2 business days70+Up to £100,000 per transfer24/7 live chat, email, and phone support
PayPalMid-market ratesVaries (amount/currency)Varies200+Up to £10,000 per transfer24/7 live chat, email, and phone support
RevolutMid-market ratesFlat: £0 + 0.5% of the transfer amountTypically 1-3 business days30+Up to £10,000 per transfer24/7 live chat and email support
RemitlyMid-market rates + 1% marginFlat: £0 + 0.5% of the transfer amountTypically 1-2 business days150+Up to £100,000 per transfer24/7 live chat and email support
CurrencyFairMid-market ratesFlat: £0 + 0.5% of the transfer amountTypically 1-3 business days50+Up to £500,000 per transfer

What Is a Limit Order with OFX, and How Does It Work?

How Can I Ensure My Personal Information Is Secure with OFX?

What Are the Requirements for Registering with OFX?

Which Mobile Devices Are Compatible with the OFX App?

What Features Are Available for Online Sellers Using OFX?

How Can I Track My Transfer with OFX?

How Does OFX Handle Currency Fluctuations During a Transfer?

Can I Cancel or Modify a Transfer After It’s Been Made with OFX?

Why Can’t I See The Recipient I Just Added on OFX’s Online Transfer Platform?

How Do I Add A Recipient Or Edit Their Details on OFX?