Exchange Rate & Fees
A £7 charge is applied to all transfers of £3,000 or less (or currency equivalent), with all greater amounts transferred for free. This holds true for UK and international clients. There are no other fees or commissions for this service.
OFX’s newest fee policy is that all trades are free of charge regardless of transfer volume.
As with all other major currency brokerages in the world like World First, Global Reach Partners, or Moneycorp, the exchange rate markup applied by OFX is quite flexible and heavily dependent on the currency routes and volumes which are being traded.
A small transfer of less than several thousands of dollars involving an exotic pairing (for example: HKD to NZD) will be just slightly less expensive than in banks, but the popular corridors like GBPEUR will be a lot cheaper, especially if large volumes are traded.
The only indication we have about how expensive or cheap OFX really is, comes from client reviews, which are generally very positive about this aspect. Out of several hundreds reviews scrutinized by us, we found several dozens of satisfied clients who specifically mentioned how low the cost was in comparison with their banks or other companies they have test.
From our experience in the foreign exchange industry – it makes a perfect sense. Large companies are able to offer better rates to their clients because their own fx costs are minimal.
£750 is the minimum transfer allowed, with no advertised maximum. Customers who would like to send smaller amounts can be served by fellow OzForex subsidiary Tranzfers.
Recently UKForex and the entire OFX group changed the minimum transfer limits to £100 or equivalent in US Dollars, Australian Dollars, Canadian Dollars, New Zealand Dollars or Hong Kong Dollars.
OFX was a very traditional payment provider until 2015. Fixed fees were applied to any transfer lower than 3,000, and the minimum transfer was 750.
In 2016, together with the new re branding from OzForex to OFX, they have really stepped up their game to stand in one line with many other providers who offer lower minimums and a no-fee policy across the board.
Seemingly, their rates are also up to par with other global leaders in this field, and thus, a client can expect that OFX would provide him with the cheapest quote available on the market.
Exchange Rates & Fees Rating