OFX Review: Global Money Transfer & Payments Giant

By 
Kyle Prevost
Kyle Prevost is one of the best known personal finance bloggers in Canada, who wrote several of Canada's most widely-read publications including The Globe and Mail, National Post, Metro News, and Canadian MoneySaver Magazine, and writes a regular column at MoneySense.
Read more about Kyle Prevost
Last Edited Aug 09, 2022

Services Offered by OFX

  • Transfer Money Abroad to a Bank Account
  • Transfer Money Online, via Email or Via Phone
  • Mass Payments Online
  • Receive Payments from Abroad
  • Business FX & Hedging
  • Dedicated Dealer Support
  • Multi-Currency Accounts

Is OFX Safe to Use?

🏦 Safe, 10/10

Official Website:

Should I Use OFX?

Pros:

  • Global Offices with Local Presence in the Most Important Locations
  • Virtual Bank Accounts in UK, USA, Hong Kong, Australia, and NZ
  • 24/7 Customer Support
  • Accept Debit / Credit Card with Local Processing
  • iOS and Android Apps
  • Great Client Feedback
  • Large trading volumes over $20bn USD Annually
  • A Public Company Which is Transparent
  • 115 Bank Accounts Globally to Enable Customers to Fund Accounts Locally
  • Intermediary and Receiving Fees Rarely Taken

Cons:

  • Less Tech-Savvy Thanc Competitotrs Like Wise
  • Outdated Look
  • Customer Support Can Be Slow
Overall rating90.4%
  • star-100
  • star-100
  • star-100
  • star-100
  • star-50
Updated on Aug 09, 2022
Aggregated User Votes
thumbs-up4315
thumbs-down391

Current Rates?

🏆 14 Industry Awards (2005-2021)

Where is OFX Available?

OFX Review: Executive Summary

OFX is a money transfer giant. It is a publicly traded company in Australia with more than $20bn of annual turnover, and $380m 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.

More About this OFX Review

This OFX review will explain all about the firm and its international fx payment capabilities, and why OFX is the perfect crossover between a currency broker and online money transfer service (rated #1 for its online platform and virtual bank capabilities). In this review we will delve into how to use OFX money transfer, whether OFX is safe, the competitiveness of OFX exchange rates and OFX virtual bank accounts.

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 businesses 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 2021, OFX money transfer boasted over 1.4m transfers, equating to AUD$25 billion in foreign exchange transactions. A rise on the 2020 numbers which saw 1.1m clients transacting AUD$24 billion.

More recently, based on OFX’s annual report for 2022, we can see that the number of transactions fell slightly to circa 1.2m transfers across the year. This was largely driven by OFX no longer processing transfers for offshore share purchases. However, despite this fall in the number of trades, the average transaction value increased by over 50% which led to a record breaking FX turnover of $33bn AUD handled by the broker. OFX registered an increase in turnover across all regions and client segments – corporate customers, high net worth customers, enterprise customers and online sellers. A strong result for the group which has strengthened OFX’s share price and builds healthy momentum moving forwards. As of 2 August 2022 OFX’s share price was 2.76 AUD, way up on the 1.52 AUD share price the firm experienced in August 2021. 2022 is also the first time in six years that the OFX share price has exceeded the 2.56 share price that the firm went public with in October 2013.

With over 1 million customers globally, OFX has approximately 65,000 website visits every day. Staffing wise, 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. By tapping into teams in the UK, US and Australia, it’s able to offer genuine 24/7 customer service to customers over the phone.

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. It’s clear that North America is considered a key growth market for OFX, made evident by the firm’s recent $70m acquisition of the Canadian-based foreign exchange company Firma in December 2021. Skander Malcolm, who has been CEO of OFX since 2017, commented on the acquisition, “Firma generates strong earnings from a high-quality customer base and has an excellent service culture, so there is a lot of alignment with OFX. By bringing our businesses together we become a much bigger corporate specialist with a strong recurring revenue base and considerable growth opportunities.”

Finally, it’s also worth highlighting OFX works with over 50 regulators across the globe. OFX takes the security of its users seriously and uses sophisticated technology to monitor registrations, logins and transactions to identify suspicious activity. Their fraud system utilises a multi-layered approach to detect and prevent fraud by detecting phishing, malware and fraudulent apps that are targeting OFX’s product and customers.

Awards
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 – 2019

Hong Kong Leader’s Choice Award – Excellent Brand of Forex Services – 2021

Conclusion

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 one of only two money transfer providers in this position (the other being Wise), and as such undergoes a great deal of scrutiny. Aside from these two, the only other public companies are the remittance focused legacy giants Western Union and Moneygram. 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

chrisgrayyourempireWho: Chris Gray of Your Empire | What :A property investor who has built a vast property portfolio in Australia, allowing him to semi-retire at age 31 | When: 1999 and ongoing | How: 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.”

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.”

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.”

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.”

 

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

Research

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 4,800 reviews as of August 2022 with an average rating of ‘Great’. Most OFX money transfer reviews are positive, while around 10% 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 service

OFX complaints are somewhat rare but they focus on the following topics:

  • Poor rates provided,
  • Delay in making a payment
  • Privacy issues
  • Complex info required when adding new beneficiaries
Conclusion

In virtually all cases, complaints are a result of delays with transfers. This trend continued in 2022 with over a half of all negative reviews left this year relating to transfer speed. We can see from our OFX review analysis that 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, while 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. A recent 2022 review commented, “I have been using OFX for about 15 years now and I have always had good swift results.”

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. While other transfers have been delayed due to intermediary banks not forwarding funds fast enough. It’s worth noting that 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 4,800 of which 90% are positive which gives us a high level of confidence that clients appreciate the service provided to them. It’s worth noting for comparison that Currencies Direct has a similar amount of reviews with a little over 7,000 (although Currencies Direct enjoys a much better 4.9 / 5 rating), while the online money transfer giant Wise (formerly TransferWise) now has over 160,000 reviews.

92% Client Feedback Score.

OFX Exchange Rate & Fees

Research

Fees:  OFX’s newest fee policy is that all FX trades and international payments are free of charge, regardless of the amount sent.

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 scrutinised 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.

OFX Online Exchange Rates on OFX.com

Interbank Rate:
1.19
Interbank X Amount:
11,894.08
EUR
Bank Wire Fees:
15
GBP
OFX Wire Fees:
0
GBP
Bank Rate:
1.163
OFX Rate:
1.175
You Get With Bank:
11,614.96
EUR
You Get with OFX:
11,747.78
EUR

Disclaimers and such:

  1. Interbank rates used by this calculator were obtained through a third party service. This service can be delayed, inaccurate or unavailable and we do not assume responsibility if some some reason the current interbank rates are not correct.
  2. OFX rates were done through sampling the rates offered for an individual using the OFX system; we applied their fees (which are always $0) and the spreads to the current interbank rate. These are purely indicative rates and you would only know the actual bottom-line trade after you have signed up with them and received a quote from them. Neither MoneyTransferComparison nor OFX commits to transact at the rate displayed. With that being said, these rates should be around accurate.
  3. Bank rates and fees were done through extensive sampling and applying the fees and rates based on currency pairings to the current interbank rates. Your bank may have better or worse rates than the ones displayed. We recommend that while using this money transfer fee calculator you would log into your bank’s website and see how much currency you are getting for your currency from them.
  4. Hence, saving displayed is purely indicative.

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.

Intermediate 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.

Conclusion:

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 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. Fast forward to 2022, and with transfer volumes for the OFX group at an all-time high, they’ve stood by this no-fee policy which seems to be serving them very well.

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

Research:
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.

Conclusion:

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 in their OFX reviews.

As a public company, OFX has to withstand harsher restrictions than other companies. That means total transparency. Any client can easily view the latest financial reports that have been published to know what this company is up to, and how much money they’re making off clients.

In addition to all of this, we should re-iterate OFX is a very global company with a very wide selection of offices across the world. Local settlement is possible in the USA, Canada, Australia, Europe and of course – the UK. That means that in all of these countries you can send money domestically to OFX in order to fund your transfer, and you can also pay via debit card for personal transfers (which again, is quite unique in the landscape, as a number of companies accept only local bank transfers). This reduces payment fees throughout the transfer process and ensures payments can be processed as fast as possible.

95% Global Reach, Availability, Service Score

Additional Functionalities

Hedging:

OFX has a good offering of hedging tools, including: spot contracts, recurring payment discounts, forward contracts, and limit orders. These, combined with clear communication from the OFX customer service team, helps users anticipate and take advantage of ideal market conditions.

App:

A fully functional money transfer app which is available on both Android and iPhone devices. Even though it’s still relatively new it has already gathered, as of August 2022, over 3,300 reviews with a rating of 4.5 / 5 on Google Play Store and 1,900 reviews on the App Store (rated 4.9 / 5), making it one of our chosen best international money transfer apps. Our continued analysis, where we track scores over time, also indicates to us that OFX is listening to customer feedback – after the first 1000 app reviews or so the OFX app was rated at 4.2 / 5, then after reaching 3000 app reviews the score improved to 4.4 / 5 – so it’s no mean feat bringing this score even higher.

Online sellers:

OFX has recently joined companies like World First and Currencies Direct in offering a specific array of services for online sellers who operate on marketplaces such as Amazon. OFX, similarly to other companies, helps such merchants to create a foreign collection account overseas, so they can receive payments in local currencies when they sell abroad. Clients can hold funds in these accounts and have the option to make local payments (such as paying Marketplace fees) or transfer these balances into another currency. This is a big step forward for OFX, particularly for online retailers, and their service seems terrific. OFX saw their online sellers revenue grow 2.7% in 2022, building on 11% growth in 2021, and the number of active ecommerce clients increasing by 24% over the year.

Industry Research:
In addition to its daily market commentary, OFX provides customers with a monthly currency outlook, such as this written for July 2021 providing currency predictions for all major currencies including; GBP, EUR, USD, JPY, AUD, NZD, CAD, SGD & HKD. As you would expect from an industry leader, its industry analysis is some of the most in-depth around.
Conclusion:

Pretty standard suite of hedging available for businesses, but all the basics are provided and we know for certain the level of staff professionalism and industry research is higher than the industry standard. Online sellers in particular can enjoy unique features.

The app is refreshing, and appears to be on the higher-end of things, which is a big advantage compared to the majority of companies which don’t have apps.

80% Added Values Score
OFX Scoreboard
90%
90 of 100 1 review
  • Credibility Score - 95%
    95%
  • Client Feedback Score - 92%
    92%
  • Fees, Exchange Rates Score - 90%
    90%
  • Global Reach, Availability, Service Score - 95%
    95%
  • Added Values Score - 80%
    80%

OFX Review Summary

OFX is one of the best choices for international money transfers. Undeniable reliability and one of the safest choices around, being one of only a few publicly traded money transfer companies and over $25bn traded annually. The service is generally excellent, offering each client a dedicated account manager and the banking infrastructure is one of the best going, with local bank accounts across many countries. Clients are generally very happy with the experience they’ve had with OFX money transfer and OFX reviews from across the web speak highly of the superb exchange rates offered by the firm, as well as the easy-to-manage online system and app.

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Grover Bradey
6 years ago

He has lived and worked in Australia, Hong Kong, USA, and the UK. Prior to joining OFX Kimber was Chief Operating Officer of ANZ Global Markets incorporating its leading FX business.

Nathan
4 years ago

OFX IS OK GOOD LADS

R McDarmid
6 years ago

Removed

AYLİN AKATA
6 years ago

good

Bob Mortimer
6 years ago

Very interesting I have used ozforex Australia for the past four years no problem, but know they have been taken over or changed there wed site the old one was with out doubt the best but now very little information and only show yesterday rate so have been looking for some one ells, so thank you I will try Xendpay and Transferwise

sivana
6 years ago

UKForex have a great trust score

Anthony
6 years ago

I’ve used OzForex in the past to transfer CAD to AUD with no issues. Now I need AUD to USD. This time round it wasn’t easy. I had to call to update AUD to my sell list. Their phone system had only 2 options, new account setup or make a deal. I hit 2 then waited 20mins to get to a guy who said I need to speak to customer service to update my sell list.. ahhh isn’t that who I’m speaking with? Another 20mins on hold. I speak with a lady who confirms my details and adds AUD to… Read more »

Nina B
6 years ago

I used to use UKForex whenever I needed to make transfers. It was pretty straightforward but now since they have changed things around where you can only have 1 currency for selling, I’m rather put off about it and will look at other competitors. I was on the phone for 10 minutes to put in a new currency and when I checked the new sell currency list, there was the new currency and my old one was removed. I enquired if I could have two currencies for the sell list but the guy on the phone was very reluctant. He… Read more »

Admin
Matt Di Vincere (Chief Editor)
6 years ago

Update: we have been in contact with OFX regarding some negative comments that have been posted on this review. We feel the small mishaps were more of growing pains of a long re-branding rather than “faults”. Looking forward for more fresh client feedback to tell us what they think about the new OFX.

Giuseppe Jirsa
6 years ago

UKForex have a range of useful services. В I have listed out most of them below with some links to their website to learn more.

Kelly Richards
5 years ago

I saw many good reviews for ukforex or OFX as it’s now called on reputable websites like iCompareFX and others and I put their service to the test. I can say that ever single review was accurate and their service is great. Processed quickly with minimal fees.

D
4 years ago

Very good experience. Low fees and fast turnaround. I intended to use OFX once when I received a significant amount of money from abroad, but I used the service several more times, and was always satisfied.

Georgia Fowler
4 years ago

Delivery isn’t super quick but it’s super cheap compared to many of the more traditional ways of sending money. Compared to a bank, the differences are huge. I didn’t send a huge amount of money but the low exchange rate markups will make it a great option for bigger payments.

Haven’t used other companies reviewed on this website so my opinion is strictly compared with the traditional banks.

Jeremy
4 years ago

Review: Heard great things about them from a colleague at work so I decided to give it a try. Their office is on my way to work so one day I decided to pop up and ask some questions. One week later I did my first transfer with them.

Now, 2 years forward, I simply use their mobile app on my phone every time I need their service. Short and simple.

That’s my review/story and I hope it can help others in choosing them.

Archie Klein
3 years ago

I love that they have an Android app! I can check the rates really easily from my phone which lots of other services don’t offer. Phone support sometimes takes a little long but that’s the only complaint from me. Waiting on some permits to be approved on a project in Sydney and will be using OFX to transfer the money when the time comes.

simona
3 years ago

Dear Sir/Madam, we are migrating from Qatar to Australia and willing to take our savings with us. We have realized that the bank option would not be the best, therefore we are interested in Money Transfer alternatives. I thought choosing the company with offices in Australia (TorFX) would be the best, in case any misunderstanding arrises – its easier to deal locally then internationally. As well, we are looking for the best deal. Which company would you recommend if we are planning to transfer our savings – about 50 000 euros. Would it be better to go with local currency… Read more »

Katie
1 year ago

Didn’t even knew what is ofx until a friend mentioned it, so I started searching online for ofx reviews to see if is ofx safe, the company background and all that. But what got me to become a customer is the ofx exchange rate, which is the best that I’ve been quoted so far. Anyone interested in making international money transfers to and from Australia should really consider using OFX.

Ellen Russell
1 year ago

The sign up with identity proof and all that took way too long. At some point I had to contact them to ask about the process and try to speed it up. The transaction/currency exchange part was ok, can’t lie. But their support got me thinking. I will do another transfer with them next month and see how it goes.

Milena
1 year ago

First time using OFX. Good customer service and the money arrived a little quicker than I expected. So that’s a big plus. Don’t have any complaints at the moment. Will use again.

Karl
12 days ago

I’ve used OFX for 4 years to move money between accounts in several different countries. The exchange rates provided are reasonable, their web site is easy and efficient, and I have had no trouble getting in touch with a customer service representative.