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Currency Broker

OFX Review: Rates, Fees & Safety

Last updated:
February 4, 2023

Facts & Figures

Established 1996
Headquarters Sydney, Australia
Offices UK, Australia, New Zealand, Hong Kong, Singapore, USA, Canada
Regulation FCA, ASIC, FinTRAC, FinCEN, CED, FSPR, MAS, Bank of Ireland
No. of customers 1m+
No. of currencies 149
Transfer fees None
Customer reviews 4.2/5, 4800+ reviews
Annual volume £24 billion+
Minimum volume £100
Online app Yes
Mobile app Yes

About OFX

OFX is a publicly traded Australian currency broker.

They’re one of the biggest in the industry, with over 1 million customers and a £20billion annual trading volume.

They provide currency exchange and transfer services to a wide range of customers including expats, small to large businesses and investors.

Getting started is simple:

You sign up online, receive verification, deposit your funds and make the exchange at the given rate.

Before being consolidated into one company in 2015, OFX was a group of different brands around the world.

These brands were UKForex, OzForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX.

The OzForex Group (trading as OFX) completed their IPO on the Australian Stock Exchange in 2013, with the company valued at AUD 480 million. 

As such, OFX are subject to heavier auditing and regulations than their private competitors which means better protection for their customers.

They’ve grown to open 8 offices around the globe, operating in Australia, Republic of Ireland, United Kingdom, New Zealand, United States, Canada, Hong Kong and Singapore.

What Services Do They Offer?

For personal clients:

  • Spot contracts
  • Forward contracts
  • Limit orders
  • Stop losses
  • Market analysis
  • Online platform
  • Mobile app

For business clients, including above:

  • Accounting software integration
  • Automated payments
  • Multi-currency accounts

OFX’s corporate clients are a huge part of their business.

That’s why they’ve developed cutting-edge technology to make them the best business FX broker available.

Is OFX Safe?

OFX is regulated and licensed around the globe:

  • 🇦🇺  Australian Securities and Investments Commission (ASIC) #65092375703
  • 🇨🇦  Financial Transactions and Report Centre of Canada (FINTRAC) #M08560392
  • 🇬🇧  Financial Conduct Authority (FCA) #902028.
  • 🇭🇰  Customs and Excise Department of Hong Kong (CED) #120800582
  • 🇪🇺  Central Bank of Ireland #642716
  • 🇳🇿  Financial Services Providers Register (FSPR) #FSP8041
  • 🇸🇬  Monetary Authority of Singapore (MAS) #PS20200277
  • 🇺🇸  Financial Crimes Enforcement Network (FinCEN) (all states excl. Wisconsin)

Given their size, it’s of no surprise that they are this heavily regulated. 

It’s what allows them to have their global presence.

To get regulated by one body, you must prove that you are safe, security-first and reliable when dealing with customers and their funds.

OFX has done this 8 times, in 8 different countries.

Part of being regulated means that you have to keep client funds separate from business funds.

These are accounts that can’t be used to pay creditors or tie up the business should it fold.

It goes without saying that OFX is very safe.

If OFX goes out of business (however unlikely), you will receive your funds back in full.

OFX Rates, Fees & Costs

OFX makes their money by buying currency from the banks for less than they sell it for.

It’s like Tesco’s buying Heinz Beans for 30p a can and then selling them for 50p.

The 20p is theirs to keep as profit.

The currency broker supply chain.
Currency Broker supply chain

This difference between the buy and sell price is called the ‘margin’, and is usually a set % of the transfer volume.

This means that instead of charging a flat fee for exchanges, OFX will charge a percentage of the total amount you are transferring.

As one of the largest brokers, OFX buys currency at the interbank rate from their banks.

In turn, their clients get a better rate of exchange.

Based on reviews and transactions I have seen, their average margin taken is around 0.4%.

This can get slightly better when transferring over £500k.

To put that into perspective, your high-street banks will take around 6%.

If you transfer £10k into € with OFX, you will receive an extra £560 worth of Euros compared to your bank (on average).

As of 2016, OFX no longer charges fees for transactions. 

The amount you are quoted is the amount you will receive, with no deductions.

OFX Reviews

As a long-standing broker, OFX has amassed over 4700 reviews on Trustpilot.

OFX Trustpilot rating.
OFX Trustpilot rating

OFX has one of the lowest TrustScore’s in the FX industry, with a 4.2 out of 5. 

Although still considered ‘great’, most of their competitors are up at 4.8 or 4.9.

Positive Reviews

Customers love how security-focused they are, taking every step to ensure safety and protection for their funds. 

This is usually just extra verification and re-confirming bank details to make sure everything is correct.

OFX are very competitive with their rates of exchange, and clients love it.

As one of the tightest brokers, their clients will always get a good deal.

Also mentioned frequently is how quick and easy the process is in general. 

However, on the contrary, a lot of their negative reviews state the opposite.

Negative Reviews

As mentioned, clients have left comments on how slow the onboarding process is, and how difficult it is to get verified. 

Depending on circumstances, one client can be more difficult to onboard than another. 

For example, if you live in or are sending money to a ‘high-risk’ destination, more due diligence will be required in the form of specific documentation.

It sounds like some people's expectations were met, and some weren’t. 

If you’re unsure on timeframes or documentation required, simply ask your account manager or support staff for help.

Following on, customers mention how poor the support staff are, which could feed into the other reviews about the process. 

Comments included not being able to get through to a human and also slow responses via email in time-sensitive situations.

Clients mention funds going missing, which is often out of the control of the broker. 

Intermediary and recipient banks can reject / request more information for payments all of the time as part of their own compliance procedures.

These are usually rare instances and nothing to worry about, most of the time only applying to the higher risk transactions. 

Most payments go through problem free.

How Do Money Transfers Work?

Sending Money to OFX

OFX takes receipt of your money through a bank transfer or debit card.

The debit card option is unavailable to business clients.

Most clients opt for a bank transfer anyway as it’s cheaper and quicker.

Unlike Key Currency or Currencies Direct, OFX can’t accept Spanish bankers' drafts from property sales.

Receiving Funds from OFX

OFX have 100+ accounts around the globe, meaning they can provide clients with local transfers instead of international.

This saves payment and intermediary fees, and speeds up the process.

OFX can send to the majority of countries around the world except for those in the ‘extremely high-risk’ category. 

This includes (but isn’t limited to) Syria, North Korea, Somalia, Iran and Iraq.

How Long Do Payments Take?

  • SEPA (for Euros in Europe) - 0 - 2 hours
  • Faster Payments (for GBP in UK) - instant
  • Single ACH (everything else) - 24 - 48 working hours, depending on currency and country

You can expect same-day payments with OFX, provided you pay them on time.

Do They Accept International Clients?

Yes, from all countries except those in the ‘high-risk’ and ‘extremely high-risk’ categories.

If this exception applies to you, you may struggle to open an account with any broker.

Their banking partners simply won’t accept funds from these countries.

Depending on where you live, you may be required to supply documents proving that you are who you say you are and live where you say you live.

This might be a passport, drivers license, a utility bill or rental agreement.

Most currency brokers can’t accept clients that live in the U.S.A, or at least are limited to a select few states. 

OFX can accept clients from all states except Wisconsin.

OFX Online Platform & Mobile App

OFX has a great mobile app which has over 4500 reviews on the App Store and Play Store combined, averaging a 4.7/5 rating.

You can use the app to do the following:

  • Process transfers
  • Track transfers
  • Manage beneficiaries
  • Check market trends

Alongside the app, OFX have their standard online platform used by all clients to make exchanges.

You can register and complete the signup process via the platform, too.

Some customers have complained that it is a little slow.


As one of the very few publicly traded brokers, OFX is very safe and reliable.

However, with company scale comes slower customer service, which clients have left negative reviews about.

Most of the time, you won’t have to contact them anyway.

Their online platform and mobile app can take care of your transfers.

OFX are very competitive on rate, providing some of the thinnest margins in the industry.

You’ll benefit from zero fees, including intermediary and recipient bank fees, which most brokers can’t avoid.

To summarise, it comes down to the journey you’re seeking.

If you’re after a cheap, no-nonsense exchange, OFX is for you.

Especially if you’re a business client; their specialised products are a cut above the rest.

You might struggle with their support staff if you have any issues, though.

If you’re after a company who excel in their service, take a look at our article on the Best Currency Brokers.

If you're transferring less than £5k, check out our recommended Money Transfer Apps instead.

'Great' on Trustpilot
Bank-beating rates
Mobile app
Publicly traded company
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OFX Pros & Cons


Rated ‘great’ on Trustpilot with over 4000 reviews
Great savings compared to the high-street banks
Positively reviewed mobile app and online self-service platform
Extra features available for corporate businesses
Publicly traded on the Australian Stock Exchange


Customer support can be slow or difficult to get hold of
Can’t get cash - only bank transfers
Tight restrictions - often eager to decline accounts

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If you like the look of OFX and think they’ll do a great job with your transfer, click the button below and get a quick quote.

Frequently Asked Questions

My bank offers currency transfers. Should I just use them instead of OFX?
No. Most high-street banks offer the worst currency rates on the market, paired with poor service and large transfer fees. On top of that, you won't have an advisor there to help with timing your exchange. In short, using your bank isn't a good idea.
Can I trust all of the companies on TopMoneyCompare, including OFX?
Yes. We want to make sure that you and your funds are as safe as possible. That's why we only write about and compare regulated companies. You can rest assured that any company listed on TopMoneyCompare is very safe.
Can I use TopMoneyCompare to send money?
No. We are simply here to compare the different options available for you, and give you the necessary advice to help you with your transfer and maximise your exchange. We are not a currency broker or payment provider.
What is an international money transfer?
An international money transfer is the movement of money from one country to another via a bank transfer. Usually, this requires a currency conversion. Our purpose is to help you find the cheapest way to transfer money internationally.

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Why Trust TopMoneyCompare?

Even in 2022, most banks are still majorly overcharging on international transfers.

They provide some of the worst exchange rates on the market, combined with hefty transfer fees.

Fortunately, there are lots of other options available for you to get a better deal.

You’ll need to know which option is going to save you the most money and provide the service you need.

Using TopMoneyCompare’s real-time comparison engine, you can do exactly that.

We launched in 2021 with the idea of helping people get the price and service they deserve when moving money abroad.

Fast-forward nearly 2 years, thousands of people now trust our guides and reviews.
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