OFX Review: Global Money Transfer & Payments Giant

Kyle Prevost
Last Edited Jun 19, 2024

Should I Use OFX?


  • 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 $40bn AUD Annually
  • A Public Company Which is Transparent
  • 115 Bank Accounts Globally to Enable Customers to Fund Accounts Locally
  • Intermediary and Receiving Fees Rarely Taken


  • Less Tech-Savvy Thanc Competitotrs Like Wise
  • Outdated Look
  • Customer Support Can Be Slow

Services Offered by OFX

Transfer Money Abroad to a Bank Account  + 6

Official Website:

OFX Review: Executive Summary

OFX is a money transfer giant. It is a publicly traded company in Australia with more than $40bn 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 with an awards winning online money transfer platform and a multi-currency account platform.

Click here to visit ofx.

Overall rating90.4%
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Updated on Apr 02, 2024
Aggregated User Votes

Current Rates?

🏆 14 Industry Awards (2005-2021)

Where is OFX Available?

Is OFX Money Transfer Safe?

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

OFX holds a number of high profile sponsorships, including:

  • Official Global Foreign Exchange Partner of the International Tennis Federation (ITF)
  • Official Currency Exchange Partner of BKT United Rugby Championship
  • Official Foreign Exchange Supplier of UIM E1 World Championship 


Acquisition of Paytron in 2023

In May 2023 OFX announced it would be acquiring online multi-currency account and expense management software provider Paytron. The move fits in with the group’s approach to continue its focus on corporate customers and innovation. 

The goal is to build a one-stop shop for businesses to access world-class cross-border payments, accounting workflows, virtual cards and a spend management platform.

Proprietary Technology

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.

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

Finder – Best International Money Transfer Provider – 2022


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. customers.

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


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 6,400 reviews as of December 2023 with an average rating of 4.3/5 – ‘Excellent’. 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 praises for the service 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

In virtually all cases, complaints are a result of delays with transfers. This trend continued in 2023 with nearly 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 48 hours, 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.

The other factor that seems to be increasingly at play is OFX requesting more information in order to process transfers. This is causing a lot more back and forth and adding a number of days to the process. These enhanced compliance requirements seem to be common across the industry, and help to combat financial crime, but they are certainly frustrating.

OFX has a substantial number of reviews at over 6,400 (of which 90% are positive). Overall, this gives us a high level of confidence that clients appreciate the service provided to them. However, it’s worth noting for comparison that major competitor Currencies Direct has amassed over 10,000 reviews and enjoys a much better 4.9 / 5 rating.Online money transfer giant Wise (formerly TransferWise) has over a colossal 190,000 reviews, but has a slightly worse 4.1/5 rating.

92% Client Feedback Score.

OFX Exchange Rate & Fees


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.

world like World First, Corpay, 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: NZD to BRL) 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 through 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

International Money Transfer Fee Calculator

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.


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

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 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


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.


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 December 2023, over 3,700 reviews with a rating of 4.6 / 5 on Google Play Store and 2,500 reviews on the App Store (rated 4.8 / 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 a slight dip of 6.9% in their online sellers revenue in FY2023 but the number of active clients increased by 5.5%.

Industry Research:

In addition to its daily market commentary, OFX provides customers with a monthly currency outlook, such as this written for September 2023 providing currency updates across all major territories. As you would expect from an industry leader, its industry analysis is some of the most in-depth around.


Now that OFX has acquired Australian fintech Paytron, the OFX group is also offering spend management software, automated payables, multi-currency accounts and international payroll. The latter two functions will be of particular relevance to internationally-focused companies. However, this very much seems to be under a separate Paytron registration for now.


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.

It will be interesting to see if and how OFX and Paytron will merge in the future. We’re sure multi-currency accounts and international payroll services will be of relevance to OFX customers. 

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

OFX Review Summary

OFX is one of the best choices for international money transfers. They provide undeniable reliability and are one of the safest choices around, being one of only a few publicly traded money transfer companies.

In 2022 and 2023, OFX traded over $30bn. 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 on offer, as well as the easy-to-manage online system and app.

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