OFX Review: Is It the Right Choice for Your International Money Transfers?
If you need to send money overseas — whether for business, buying property, or supporting family — you’ve probably come across OFX. As one of the largest and most trusted currency transfer specialists in the world, OFX has helped thousands of customers move money across borders safely and cost-effectively.
Quick Verdict
| Verdict Category | OFX Summary |
|---|---|
| Best For | Large international transfers and businesses needing personalized service. |
| Strengths | Slight exchange rate margin; slower first-time setup compared to online-only platforms. |
| Weaknesses | No phone support; not ideal for very large transfers requiring personalized service. |
| Overall Rating | ⭐⭐⭐⭐½ (4.5/5) |
| Ideal User | Businesses, investors, and individuals sending large sums internationally. |
But is it the right choice for you? Let’s take a closer look.
🌍 What Is OFX?
Founded in Australia in 1998, OFX is a global money transfer specialist that focuses on larger transfers — typically amounts over $1,000. Unlike traditional banks, OFX offers better exchange rates and no transfer fees, which can save customers a significant amount, especially on high-value transactions.
Today, OFX operates in Australia, North America, Europe, and Asia, and supports over 50 major and emerging currencies.
💸 How Does OFX Save You Money?
One of OFX’s biggest advantages is that it doesn’t charge flat transfer fees. Instead, it applies a small margin to the exchange rate. While this means you don’t get the exact mid-market rate (the pure rate you see on Google), the margin is typically much lower than what banks offer, especially as the transfer amount gets bigger.
For businesses and individuals making frequent or large transfers, these savings can really add up over time.
👥 Personalized Service You Can Talk To
One of the standout features of OFX is its real human support. When you open an account with OFX, you get access to experienced currency specialists who can answer your questions, guide you through the process, and help you set up your transfers.
Unlike fully automated platforms, OFX gives you the confidence that someone is available — by phone or email — 24/7 to assist you if you need it. This is especially useful if you’re dealing with larger amounts, tight deadlines, or want expert advice on when to transfer for the best rates.
📈 Extra Features for Businesses and Bigger Transfers
OFX isn’t just for personal money transfers. It also offers a full suite of tools for businesses, online sellers, and investors.
You can access forward contracts to lock in today’s rate for a future date, set up limit orders to trigger a transfer when your desired rate is reached, and hold funds in multiple currencies to manage your global cash flow better. This level of flexibility is ideal for anyone managing international payments as part of their daily operations.
💼 OFX Business Account: A Smarter Way to Manage Global Payments
For businesses that deal with customers, suppliers, or teams across borders, the OFX Business Account offers a powerful solution.
With an OFX Business Account, you can pay and receive funds from clients both domestically and internationally with ease. Instead of juggling different banking platforms or getting hit by poor exchange rates from marketplace payouts, you can collect payments into your OFX account and transfer between your different currency balances whenever you need — all at highly competitive FX rates.
This flexibility means you can hold money in major currencies like USD, EUR, GBP, AUD, and more without being forced to convert immediately. When you’re ready, you can transfer between currencies quickly, locking in strong rates and managing your cash flow efficiently.
For businesses selling internationally, paying remote teams, or expanding into new markets, the OFX Business Account is a great way to cut costs, streamline operations, and stay in control of your global finances.
🛡️ Is OFX Safe?
Yes — OFX is fully licensed and regulated in every country it operates in. It uses high-grade encryption and holds client funds in segregated accounts for added protection. With over two decades of experience and billions in transfers handled each year, OFX is widely considered one of the most reliable names in the currency transfer industry.
✨ Summary: Is OFX Right for You?
If you’re looking for better exchange rates, no transfer fees, and the ability to talk to a real person when you need help, OFX is a fantastic choice — especially for sending larger amounts internationally. While it may involve a little more setup than a purely online platform, the personal service and cost savings make it worthwhile for many users.
| Feature | Details |
|---|---|
| Send and Receive Funds | Pay and accept payments both domestically and internationally. |
| Business Multi-Currency Accounts | Hold and manage balances in multiple currencies (USD, EUR, GBP, AUD, and more). |
| Great FX Rates | Access competitive exchange rates when transferring between currencies. |
| Quick Currency Transfers | Move funds easily between your currency accounts whenever needed. |
| No Transfer Fees | OFX charges no flat fees for transfers, keeping costs lower. |
| 24/7 Customer Support | Access dedicated support for your business transfers anytime. |
| Regulated and Secure | Fully licensed in major markets with secure fund management. |
Whether you’re paying overseas suppliers, investing in property abroad, or simply moving funds internationally, OFX can help you do it securely, efficiently, and with more money left in your pocket.
Ready to see how much you could save?
Compare rates now at BestExchangeRates.com and find out if OFX is the right fit for your next transfer.
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Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.