OFX Review: Rates, Fees & Safety 2024

January 1, 2024
5 min read
OFX is a foreign exchange company specialising in high-volume transfers. They are Australia’s largest non-bank FX provider, and are publicly traded on the Australian Securities Exchange. You can make transfers over the phone or via their platform or mobile app.

When needing to make an international money transfer, comparing all of the different companies yourself can be overwhelming.

There are quite a few out there, and they all operate differently and offer varying exchange rates.

I’ve taken OFX, one of the larger and more established companies, and conducted a thorough review of their service.

I took a deep dive into how safe they are to use, how competitive their exchange rates are, their customer reviews and how good their service is. 

I then scored them out of 5 for each category, giving an overall TopMoneyCompare rating.

Finally, I’ll discuss when they’re right for you, when they aren’t, and any alternatives that might be better suited.

OFX website on a laptop.
Is OFX the money transfer company for you?
How did I review OFX?

When reviewing a provider, I register an account and process a transfer.

To get an authentic experience, I made sure that OFX didn’t know that I was reviewing their service.

While processing the test transfer, I looked at how easy it was to open an account and actually move the money, and all the functions in between.

This gave us a good idea about how robust and simple-to-use their platforms are.

After that, I took a look at their:

  • Regulation(s) and overall safety
  • Exchange rates and fees
  • Customer reviews and online comments
  • Quality of service and transfer options
  • Key business statistics

I’ve written this review based on my findings and scored OFX on the four most important metrics, giving me an overall TopMoneyCompare rating too.

What is OFX?

OFX is a publicly traded Australian foreign exchange company.

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

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

Before becoming one company in 2015, OFX was a group of different brands around the world:

  • UKForex
  • OzForex
  • CanadianForex
  • USForex
  • NZForex
  • Tranzfers
  • ClearFX

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.

The OzForex Group (trading as OFX) completed their IPO on the Australian Securities 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.

This means better protection for their customers.

Pros of using OFX

  • Rated ‘great’ on Trustpilot with over 6,000 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

Cons of using OFX

  • 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
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, 6,000+ reviews
Annual volume £24 billion
Minimum volume £100
Online app Yes
Mobile app Yes

Is OFX safe?

OFX is authorised and regulated in 8 different countries.

There is only one other company that is more regulated than OFX (Wise).

Secondly, they’re a publicly traded company on the Australian Securities Exchange.

Thirdly, they’ve transacted over $100 billion for customers in total.

You shouldn’t be concerned about safety with OFX.

They are a very large entity.

Overall, I’ve scored OFX a perfect 5/5 for safety.

Is OFX legit?

OFX is authorised and regulated in the following countries:

  • Australia (ASIC)
  • Canada (FINTRAC)
  • United Kingdom (FCA)
  • Hong Kong (CED)
  • Republic of Ireland (Central Bank of Ireland)
  • New Zealand (FSPR)
  • Singapore (MAS)
  • USA (FinCEN)

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 any financial 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.

UKForex Limited on the FCA register
UKForex Limited is regulated by the FCA

Above is a screenshot from the Financial Conduct Authority register, showing ‘UKForex Limited’ as a regulated firm.

UKForex Limited is a subsidiary of The OzForex Group and is used for their UK activities.

Is your money protected with OFX?

PIn the UK, part of being regulated means that you have to keep client funds in segregated accounts, away from business funds.

These are accounts that can’t be used by the business for any purpose. 

Your money can only be moved according to your instructions. .

If OFX goes out of business (however improbable), you are very likely to get your funds back in full.

Client funds get first priority over all other creditors. 

The only exception to this is if the costs associated with the liquidation exceed the cash held by OFX.

When this happens, the liquidator may recover their costs from client funds.

There is no limit applied to the amount you can claim under safeguarding.

In the UK, high-street banks will only give back up to £85k of your money if they went bust.

This is under the Financial Services Compensation Scheme.

If you compare that to OFX where it’s probable that you’ll receive all of your money back, OFX is arguably safer.

Is OFX trustworthy?

On OFX’s Trustpilot page, they’ve accrued nearly 6000 customer reviews.

However, their rating isn’t as high as other money transfer companies.

Further down, I’ve written a section on their customer reviews.

I’ve also taken a look at their most recent company accounts:

  • AU$25.7 million in net profit
  • They have over 450 employees
  • They are holding AU$242 million of customer funds in safeguarded accounts

To conclude on safety, OFX is one of the safest companies out there:

  • Publicly traded on the Australian Securities Exchange
  • Authorised and regulated in 8 countries
  • All funds are held in safeguarded accounts which can’t be touched
  • Heavily reviewed on Trustpilot
  • Healthy company accounts

In regard to safety, I wouldn’t hesitate to recommend OFX to my friends and family.

OFX exchange rates

OFX’s exchange rates are good, but not the best.

You’ll get better rates compared to your bank, however there are other providers out there which are cheaper.

When making my test transfer (Pound to Euro), I asked for quotes on different amounts and worked out their spread:

Volume of transfer Spread / margin
£1,000 2%
£5,000 1.6%
£10,000 1.4%
£25,000 1.2%
£50,000 0.95%
£100,000 0.8%
£250,000 0.75%

As you can see, the more you transfer, the better the rate you’ll receive.

The ‘spread’, or ‘margin’ is the difference between the rate the provider receives when buying the currency, and the rate they give to you when they sell. In other words, it’s the profit they make on the transaction.

If we compare these rates to Santander Bank in the UK for example, you’re on course to save thousands.

They typically offer spreads from between 2% - 4%.

If you transfer £250,000 with Santander, you’ll be charged around £5,000.

Compared with OFX, who’ll charge around £1,875, you’ll save over £3,000.

But as I said, you’ll probably be able to get an even better rate with another money transfer provider.

See how OFX compares to other currency brokers.

I’ve scored OFX a 3.5/5 for cost.

OFX transfer fees

Since 2016, OFX has not charged any transfer fees.

The amount you are quoted is the amount OFX will send to you.

OFX reviews

On OFX’s Trustpilot page, they have over 6300 reviews.

They score 4.3/5 - deemed ‘excellent’ by Trustpilot.

TrustPilot's Page

This is in comparison to Key Currency, Currencies Direct and TorFX who are all at an ‘Excellent’ 4.9/5.

On the same note, they each have a 5 star to 1 star ratio of around 90% / 1%.

78% of OFX’s reviews are 5 stars, and 9% are 1 star.

Because of this, I’ve scored OFX a 4.2/5 for their customer reviews.

OFX positive reviews

Here are some positive things that customers had to say:

  • Very security-focused
  • Competitive rates of exchange
  • Quick and easy sign up process

We know that OFX are tight with their safety, so it’s no surprise that their customers leave positive comments about it.

Peace of mind is valuable and should be factored into your research when choosing a money transfer company.

Some customers have commented about the onboarding process, and how quick and smooth it is.

However, as you’ll read below, some others are not in agreement.

OFX negative reviews

Here’s what customers don’t like:

  • Slow onboarding, accounts not being verified
  • Poor customer support
  • Funds going missing

In comparison to competitors, there is a higher proportion of clients who have commented on a slow onboarding process, 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.

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.

Speaking of support staff, the reviews regarding this are outright terrible.

30 minute hold times, unhelpful switchboards, and calls dropping are frequently mentioned.

They’re apparently slow with email responses, too.

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

Any bank can reject or request information for payments as part of their own compliance procedures.

They’re usually rare instances and nothing to worry about, mostly applying to higher risk transactions. 

Most payments go through problem free.

OFX service, features and availability

While you can make transfers over the phone with OFX, most people use the online platform and mobile app.

It makes sense given the customer comments on their phone service.

Here’s what you can do with the OFX app:

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

Alongside bank transfers, you can also use your debit card to pay for transactions.

After taking into account their technology alongside the questionable quality of their telephone service, I’ve scored them a 3.2/5 for service, features and availability.

OFX's office

How long does an international transfer with OFX take?

OFX’s transfer speed varies based on chosen currencies, destinations and banks involved.

When sending money abroad, some currencies and countries are quick, some are slow.

There are 3 steps to every money transfer:

  1. Transferring your funds to OFX
  2. OFX processing and converting your funds
  3. OFX transferring your funds to your chosen account

Each of these steps has its own processing time.

When you transfer money to OFX, the onus is on your bank for the speed of the transfer.

Likewise, when receiving money from OFX, the speed is down to the receiving bank.

Here’s a rough time frame for each currency, from OFX’s website:

Country Speed
Australia (AUD) 1 day
Canada (CAD) 1-2 days
Europe (EUR) 1-2 days
Hong Kong (HKD) 1 day
Japan (JPY) 1-2 days
New Zealand (NZD) 1 day
Singapore (SGD) 1 day
USA (USD) 1-2 days
UK (gbp) 1 day

Payments sent to countries in Europe are usually sent as a SEPA transfer.

Payments to outside of Europe will be a SWIFT transfer.

If you take the sending currency speed and receiving currency speed and add them together, you have yourself a rough transfer speed.

Does OFX have an online platform or mobile app?

OFX has a mobile app which has over 5700 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

Unlike Currencies Direct’s mobile app, you can store currencies in Wallets but only if you a business customer.

It’s possible to make a transfer through the app 24/7.

You have to specify a recipient before the transfer.

OFX mobile app
OFX has a highly reviewed mobile app

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.

Does OFX accept international clients?

OFX can accept clients from all countries except those in ‘high-risk’ categories. This is one of their strongest points.

If you are from a ‘high-risk’ country, you may struggle to open an account with any currency broker.

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

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

OFX can accept clients from all states except Wisconsin.

Depending on where you live, you may be required to supply documents proving your identity.

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

How does OFX work?

1. Check OFX’s rates compared to competitors

Using TopMoneyCompare’s comparison engine, you can check just how good OFX’s rates are compared to their competitors.

You can see the amount and rate received, transfer fees and speed.

This way, you can get an idea on how they compare and if they’re right for you.

Person looking at TopMoneyCompare on a laptop
Compare international money transfers with TopMoneyCompare

2. Sign up for an account with OFX

If you want to use OFX for your international transfer, the next step is to sign up.

Click here to open an OFX account (opens in a new tab).

Fill out all of your details and submit the form, and someone will be in contact to finalise your application.

You may need to complete some additional checks if they can’t verify your details.

The 'register an account' page on OFX's website
Fill out the form and submit your details

3. Get a transfer quote and lock in the exchange

Once your account is open, you can log in to the platform or mobile app and book your transfer.

Or, you can call in and speak to a human.

When you’re happy, they’ll read a verbal script and lock in the transfer and rate.

For small amounts, they can take payment via card.

For larger amounts, you’ll have to do a bank transfer.

OFX may ask you to transfer your funds before they lock in the rate.

The 'New Transfer' page on OFX's website
Select your currencies and enter your amount

4. Add a beneficiary

The next step is to submit the details of where you want your converted funds transferred to.

The information you’ll need will depend on the receiving country.

Here’s an idea of what you might need:

  • UK - account number and sort code
  • Europe - IBAN and BIC
  • USA - account number and routing number

Other countries might require different details.

If in doubt, call customer support. They’ll know what you need.

The 'add a beneficiary' page on OFX's website
The penultimate step is to add your beneficiary details

5. Funds transferred and transaction complete

You may have to receive a call from an OFX representative to confirm a transaction if:

  1. It’s your first transaction
  2. It’s your first time sending a transaction to this beneficiary
  3. Your transfer is over $100,000 (or equivalent)

This is just to make sure that everything is correct and up-to-date.

Once OFX has received your funds and the rate locked in, they’ll then make the transfer to your chosen beneficiary(s).

Is OFX for me?

OFX is one of the most popular money transfer services in the industry, providing good rates of exchange and a highly-rated mobile app.

However, they’re not always the best option.

Here’s some examples of where OFX is for you, when it isn’t, and some alternative providers.

When OFX works

If you match any of the below, OFX is a great option for you:

  • You’re based in Australia, New Zealand or USA
  • You are sending under £25,000 and comfortable sending it through an online system or app
  • Safety and peace of mind is important to you

When OFX doesn’t work

There are some cases where you might need an alternative instead:

  • You’re an individual seeking a multi-currency account
  • You want the best possible rate available (depends on currency and volume)
  • You want to send money to countries whose currency is not supported by OFX

OFX alternatives

If you’re transferring less than £25,000, compare OFX with other money transfer apps.

The OFX global currency account is only for businesses.

If you’re an individual seeking a multi-currency account to receive and hold money in different currencies, try Wise.

If speaking to a human is important to you, you may need to look at another company.

A large number of their negative reviews are centred around poor customer service.

Here are 2 companies that provide top-notch customer support:

  1. Key Currency
  2. TorFX

If you want to achieve the best possible rate on a large transfer, OFX is great, but there are companies out there who can do better.

I mentioned Key Currency above who provide great customer support, however they’ll also be able to give you a better rate, too.

Currencies Direct is another company who has all of OFX's features, bells and whistles, and has even better customer reviews online.

Like the sound of OFX? Sign up below and get started.


Here are some answers to the questions we get asked the most.

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 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.

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.

How does TopMoneyCompare find the cheapest way to send money?

Simply put, we take your transfer volume and run an exchange rate quote with our listed providers. We'll then list the cheapest options for you to pick from. The top option will be the cheapest, however you may want to consider other criteria as well such as fees or transfer speed.

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.

Compare and save on your money transfer

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