OFX Review: Global Money Transfer & Payments Giant

International Clients accepted
Established: 1998
Currencies offered: 149
OFX is a money transfer giant. It is a publicly traded company in Australia with more than $20bn of annual turnover, and $340m in market cap. It boasts 10 offices across the globe with a diverse clientele – from small businesses to investors, expats and immigrants. You can’t go wrong with OFX because the firm has everything going for it – it’s large and trusted but still cares for its customers and offers competitive rates.
90.4% Editorial rating.
Aggregated reviews
Level of Satisfaction
Industry Awards


OFX –  Advantages:
  • Global offices with local presence in the most important locations
  • Open bank accounts in UK, USA, Hong Kong, Australia, NZ (Online Sellers)
  • 24/7 Customer Support
  • Accept debit / credit with local processing
  • iOS and Android Apps
  • Good client feedback
  • Large trading volumes of $20bn Annually – Industry Leader
  • A public company – completely transparent
  • 115 bank accounts across the globe to allow local settlement for clients where possible
  • Intermediary and receiving fees are rarely taken

OFX –  Disadvantages:
  • Trading some currencies requires a phone call
  • Customer Support waiting time could be too long

This OFX review will explain all about the firm and its international payment capabilities. We’ll cover how to use OFX money transfer, is OFX safe to use, what are OFX average exchange rates, what kind of tools do OFX offer beyond spot FX international money transfers, and more. This OFX review is comprehensive and isn’t focused exclusively on OFX UK or OFX Australia – rather we intend to provide a holistic view of the company as a whole.

Is OFX Money Transfer Safe?

Regulated by: Financial Conduct Authority (UK) ASIC (Australia) FinCEN (USA) FINTRAC (Canada)
Company Size

Founded in 1998, OFX is owned by the OzForex Group (OFX:ASE) – one of the oldest and largest money transfer firms in the world. Previously, the company held separate entities and brand names per market: UKForex, OzForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX, but in 2017 the brand was consolidated into OFX. It’s the same business which benefits from the multiple licensing and capabilities from all these distinct brands but now comes under one brand. Currently, the UK section of OFX is named OFX UK, the Australian one is OFX Australia, and so on. The site originally started as a Foreign Exchange information site, launched by Matt Gilmour and Gary Lord, who were employed at the time by the foreign exchange department of a bank.

It was in 2013 that the OzForex group completed their IPO with the help of FT partners, valuing the firm at the time at AUD $480,000,000. Prior to the offering, OzForex was owned by Accel Partners, The Carlyle Group, Macquarie Bank and other founder / private investors. The transaction was a sale of 100% of the value of the company to a “club” of institutional investors, followed by an IPO, the largest IPO of an Australian company in 2013.

Following Brexit, OFX obtained an Electronic Money Institution licence from the Central Bank of Ireland (CBI) to continue offering its services to European based clients.

Based on OFX’s annual report for 2020, OFX money transfer boasted over 1.1m transfers, equating to AUD$24 billion in foreign exchange transactions. Now, as of 2021, with over 1 million customers globally, it has approximately 65,000 website visits every day. The OFX group employs around 250 people worldwide, offering excellent customer service and some of the best rates in the industry to people and businesses across the globe.

With financials released in May 2021 it appears OFX is moving from strength-to-strength despite the uncertain economic environment. The payment firm is expected to complete 1.4m transactions, equating to around $25 billion in annual transaction volumes. The level of transparency in OFX’s operations, gained as a result of the firm being publicly traded, is a definite plus in our book.

OFX announced a sponsorship deal with the NHL on September 22, 2021. The company is now the league’s official currency exchange provider in Canada and the US.


Deloitte awards every year from 2005-2011 (Fast 50, Fast 500 Asia Pacific).

BRW Fast 100, 2005

Fraud Prevention Award – Digital Identity Summit 2016

UK Trade & Investment International Business Awards Finalist, 2006

Canstar – outstanding value in money transfers, 2016 – 2017


OFX money transfer is one of the most reliable and safe to use money transfer companies out there. In fact, OFX, trading on the Australian Stock Exchange, is perhaps the only money transfer company of its kind in this position, and as such undergoes a great deal of scrutiny (the only other public company is the remittance focused Western Union). a lot more than any private company would. Additionally, people have been using OFX to transfer money for 20+ years and the firm has kept a pristine reputation on OFX money transfer reviews from across the internet.

95% Credibility Score.

OFX Case Study: Chris Gray / Your Empire

Chris Gray of Your EmpireWhat:
A property investor who has built a vast property portfolio in Australia, allowing him to semi-retire at age 31When:
1999 and ongoing

Moved to Australia from the UK and used OFX to invest in Australia

Setting the scene

Originally an accountant by trade, Chris found he had a talent for property investment and has been actively investing since the age of 22.

I bought my first property in England for £80,000 which was a lot of money back in 1994. I still own this property, which is now worth over £400,000.
Cris Gray

Chris first came to Australia in 1997 and despite working 7 days a week and living in a backpackers’ dormitory he still found time to hit the beach every day. He enjoyed Australian life so much that when he returned to the UK he qualified as an accountant as that gave him permanent residency in Australia. At 27 he relocated his life to Australia and with it, his property portfolio.

I began pulling equity out of my UK properties and transferring the money to Australia to enable me to purchase property here. I was moving large sums of money up to $100,000 at a time and was comparing rates across banks when I remembered someone had recommended I have a look at using OFX. The difference was considerable and I’ve been using it ever since.
Cris Gray

Chris bought his first Australian property in 1999 in Coogee just before the Olympics for $360,000 when people were warning of a future property crash. That property is now worth $1m+. Since then he has continued to build his personal property portfolio, which currently stands at 12 properties in Australia.

New business

Chris semi-retired from full time work as an accountant at age 31 and now travels around the Asia Pacific region to countries like Hong Kong and Singapore coaching others on how to do the same or doing it for them.

When I retired from being an accountant so young, I had so many people ask how I had managed to do it. I ended up writing a book called ‘The Effortless Empire – the time-poor professionals guide to building wealth from property’ which seeks to financially educate and empower people.

I now regularly host on Sky News Business talking about personal wealth, buying properties and managing money. I also travel around Australia and Asia conducting seminars and use OFX to pay for venues and sponsorships.

Cris Gray
A highly recommended solution

Thanks to the seamless experience with OFX, it’s a service that Chris recommends to clients of his property investment company, Your Empire.

Your Empire helps its clients buy 50-100 properties a year in Australia and we have a lot of expat clients located in Asia who are looking to invest in Australian property and need to transfer money.

I’ve definitely found a solution that I will continue to stick to and will continue to recommend to clients. Every once in a while I check out what the difference in rates is between OFX and banks out of curiosity, but OFX money transfer Australia always remains ahead. It’s great to be able to advise people that they don’t have to settle for the rates that their banks are offering them and they can save thousands on their transactions.

Cris Gray


Do Clients Like OFX Money Transfer? OFX Money Transfer Reviews from Across The Web


There are thousands of client reviews on TrustPilot and ReviewCentre.

TrustPilot has now aggregated the previously separate reviews of UKForex and OzForex into the sole brand OFX (there is no distinction between OFX UK and OFX Australia). So be sure to check reviews relevant to your location to better understand the process and support team. In total there are over 4500 reviews as of July 2021 with an average rating of ‘Excellent’. Most OFX money transfer reviews are glowingly positive, while around 9% are complaints.

There are new OFX reviews added daily by OFX customers from across the world.We endeavour to update this OFX reviews with them as soon as they accumulate.

Common compliments include – Local Client Support, Local Bank Accounts, Great Rates, Helpful and informed staff, Quality and fast services.

OFX complaints are relatively rare but they focus on the following topics – Poor rates provide, delay in making a payment, Privacy issues, and complex info required when adding new beneficiaries.


In virtually all cases, complaints are a result of delays with transfers. This trend continues into 2021 with over a half of all negative reviews left this year relating to transfer speed. One user pitted OFX vs another international money transfer company by making the exact same payment with both – the other provider completed the transaction in 48hours, whilst OFX took over a week.

It should be noted, however, that this is in contrast to the many positive OFX reviews regularly praising a fast service. Some of these OFX reviews are from clients who have been using the service for years and are yet to encounter any delays to their transfers. Roughly one in ten OFX reviews left in 2021 have been a complaint which is in line with the 9% of OFX reviews being negative overall.

As OFX makes the effort to respond to all complaints we can see some of the delays have been as a result of payment systems simply being closed on the weekend or their customers selecting a slower settlement method, causing a delay in the funds reaching OFX in the first instance. Whilst other transfers have been delayed due to intermediary banks not forwarding funds fast enough. Though it should be noted OFX does not choose its intermediary banks, but rather the primary bank they use for payments will have a network of intermediary banks it uses themselves.

OFX has a substantial number of reviews at over 4500 of which 91% are positive which gives us a high level of confidence that clients appreciate the service provided to them. Worth noting for comparison Currencies Direct has a similar amount of reviews with a little over 5,000, whilst the online money transfer giant Wise (formerly TransferWise) now has over 120,000 reviews.

92% Client Feedback Score.

OFX Exchange Rate & Fees


Fees:  OFX’s newest fee policy is that all trades are free of charge regardless of transfer volume.

Exchange Rates:
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 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 exchange rates really are, comes from client reviews, which are generally very positive about this aspect. Out of several hundred 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 tested.

From our experience in the foreign exchange industry – it makes perfect sense. Large companies are able to offer better rates to their clients because their own fx costs are reduced. Just like when a wholesaler saves money by buying in bulk from a manufacturer – the more currency an FX broker can purchase and the more payments they make – the better the deal they’ll be able to get with their banking partners.

Limits: Recently OFX UK 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. Some reviews indicate OFX have allowed test transfers under this amount too.

Intermediately and receiving fees: Based on its strong global presence and holding as many as 115 OFX accounts s around the world, in most instances there won’t be any receiving or intermediary fees at all. OFX will make sure to transfer money between its own bank accounts where possible (certainly on major currencies to popular destinations) and credit the receiving account using a local transfer rather than a SWIFT wire.


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 rebranding from OzForex to OFX, they have really stepped up their game to stand in line with many other providers who offer lower minimum payment thresholds and a no-fee policy across the board.

Seemingly, their rates are also up to par with other global leading currency brokers in this field, and thus, a client can expect that OFX would provide them with one of the cheapest quotes available on the market.

90% Fees, Exchange Rates.


Global Reach & Service

Dedicated Dealer: Yes.
Offices: New Zealand (Auckland) Australia (Sydney) Canada (Toronto) USA (San Francisco) China (Hong Kong) UK (London) Singapore

Ways to approach: Email, Phone, Online – 24 hours, 7 days a week!

Translations: None.

Accepts Clients: Worldwide.

Currencies Handled: 55 currencies which is quite a complete selection.

Client Reviews: Happy with the support they have received.


The OFX brand is truly a service oriented company. It has an impressive number of international offices and has been present in all major money transfer markets for a significant period of time. It launched in New Zealand in 2001, the UK in 2005, Canada in 2007 and the US (currently its fastest growing territory) in 2013. Meaning it has more history and experience in these markets than some startups operating solely out of just one of these countries.

It must be noted there is a lack of translations to the OFX website, so unless you’re happy to use English the service is limited. Even the European, Hong Kong and Singapore landing pages for OFX are in English – which could be a barrier for say Hong Kong residents expecting to navigate a website in Cantonese.

Due to OFX’s global coverage it has recently started offering 24/7 telephone and email support which is a unique perk that no other company we have reviewed offers. In fact, if you call the UK office out of working hours you will be redirected to the American or Australian office.

Clients are extremely happy about the level of service they have received by their dealer or the support team, and many of them even mention their dealer’s name on their reviews.

As a public company, OFX has to withstand harsher restrictions than other companies. That means total transparency. Any client