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OFX Money Transfers

See what OFX has to offer for your international money transfer needs.

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, updated on August 18th, 2023       

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OFX is a well-known international money transfer company offering foreign exchange services around the world. You can find out more about OFX right here with Savvy to see whether it’s the right company for your international money transfer needs. Compare it with a range of other transfer companies all in one place before your start your money transfer today.

*All product information is correct as of August, 2022.

OFX money transfer review

About OFX

OzForex, which changed its name to OFX in 2015, was founded in Sydney in 1998. It is an Australian online foreign exchange and transfer company offering both retail and business transfer options. It listed on the Australian Stock Exchange in 2013, when it was valued at AUS $480 million.

It now has strong ties to Macquarie Bank, and in May 2021 gained approval from the Australian Taxation Office for people to send money from overseas to the tax office. It has since branched into offering multi-currency accounts and has subsidiaries worldwide, including in New Zealand, the USA, the UK, Canada, Hong Kong, Singapore and Ireland. It offers money transfer services to over 190 countries in 50 different currencies.

What products and services does OFX offer?

International money transfers

OFX offers international money transfers and forex services to both retail and business clients through a website and mobile app. For business clients, it offers personal account managers and other services including:

  • risk management advice
  • ‘buy now, transfer later’ forward contracts
  • set limit orders, so your transfer goes through at a rate you choose
  • recurring transfers with a locked-in exchange rate
  • integration with Xero accounting package
  • multi-currency accounts
  • tailored business rates and solutions
  • 24/7 phone support

Transfer limits

There is a $250 minimum transfer limit with OFX. Maximum limits are by arrangement with a business manager but can be extended to $500,000 or more depending on currency and destination.

Speed of transfer

The transfer time with OFX will be one to two business days on average but can be up to three business days depending on the destination of your transfer and the currency you’re transferring to.

Fees

OFX charges a flat $15 fee for transfers under $10,000; however, transfers over $10,000 do not attract a fee. In addition, a margin is added to the mid-market exchange rate (which is the standard exchange rate quoted on any given day). This markup compares favourably with its competitors at 1.5% or less, with OFX being a particularly good choice for those with larger business money transfer needs.

How do I send money with OFX?

To send money through OFX, you must first register an account, which you can do either via their website or mobile app. The process for doing so is as follows:

  • You’ll need to provide details including your name, address, bank account and phone contact details.
  • You’ll need to provide a form of identification – either your passport or a driver’s licence
  • An OFX consultant will phone you to verify your details and discuss your requirements
  • Once you’ve received the phone call and have been verified, you can start your international transfer
  • Enter your recipient’s name, bank account details and how much you wish to send them. From there, you’ll receive an exchange rate quote
  • Lock in your exchange rate and accept the transfer
  • Pay for your transfer either using direct debit (or BPAY) from your bank account or a pre-paid debit card
  • Once your transfer has been made, you’ll be notified that it was successful and will be able to track its progress either online or via the mobile app

The pros and cons of money transfers with OFX

PROS

No fees for transfers over $10,000

OFX doesn’t charge a transfer fee if you’re wanting to transfer over $10,000, making it a very suitable option for those sending larger sums overseas.

ATO-approved

OFX is one of just two companies approved by the Australian Taxation Office to send money from abroad to the ATO for the  payment of taxes.

Fix your transfer rate

As part of its business services, OFX enables you to fix your international exchange rate for up to 12 months with a forward contract.

CONS

Recipients must have a bank account

OFX cannot transfer funds to a digital wallet or mobile app and doesn’t offer cash pickups, so if you require these services, you’ll have to look elsewhere.

Flat fee expensive for small transfers

If you’re wanting to transfer small amounts, OFX’s flat $15 fee may not be your best international transfer option.

Phone verification required

You’ll need to speak to an OFX representative to verify your details before your first transfer can take place. This can cause delays if you’re wanting to send money urgently after Australian office hours.

Compare international money transfers

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.

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