Learn whether OFX is a good option for making international money transfers

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. The company was born online and continues to develop easy, intuitive products.

Everything from account set-up to sending money overseas is done online. While OFX customers do most of their transactions online, they are backed up with exceptional customer service. It’s one of the main reasons the business has grown so strongly on word-of-mouth referrals.

 

Everything You'll Need to Know Before Using OFX

In this review, we’ll cover:

 Pros and Cons

 OFX fees and charges

Using OFX: How does it work?

 Final Verdict

Using OFX Website

Pros

  • Very quick set-up backed up with excellent service over the phone
  • Better exchange rates than the banks
  • 24-hour service
  • Low fees (free when you transfer over AUD 10,000)

 

 Cons

  • No transfers under $250
  • OFX don’t accept credit cards, cheques or cash
  • No personal advice
  • They do not offer foreign currency accounts

 

Related Video: The 2018 OFX Review

 


Learn More About OFX

Go to OFX site


 

OFX fees and charges

OFX charge in 2 ways – a transfer fee and an exchange rate margin

1. Transfer Fee 2. Exchange Rate Margin
$15 for any transfer up to $10,000 (Australian dollars). For any transfer over $10,000, they do not charge a fee.OFX makes its money through buying currency at a market rate (the rate you see on xe.com) and then selling it to customers in smaller amounts at a customer rate.

For example, if the market rate to buy US dollars using Australian dollars is 0.7400 OFX may offer you 0.7300

The difference between what they buy the currency for (0.7400) and your rate (0.7300) is known as their exchange rate margin.


 

Using OFX: How does it work?

To make a transfer with OFX, there 3 steps

  1. Set up your account – Thankfully, you only have to do this once. You'll have to register your details like name, address email and provide some identification.
  2. Make your transfer – You'll need to enter the bank account details of the person you are transferring the money to. This is also when you lock in the exchange rate
  3. Pay for your transfer – Before the money is transferred overseas, you'll need to pay for it. All companies offer their bank account details for a direct bank transfer. Most companies offer Bpay and some even allow you to pay using a debit or credit card.

If you would like a more in-depth guide on how it works, click on these guides:

How to Transfer Money to a Bank Account Overseas Using OFX

How to Receive Money from Overseas Using OFX

Related Video

 

Final Verdict

OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. Everything from account set-up to sending money overseas is done online. While OFX customers do most of their transactions online, they are backed up with exceptional customer service. It’s one of the main reasons the business has grown so strongly on word-of-mouth referrals.

Their $15 fee for amounts under $10,000 does make OFX a less attractive option for smaller payments. For larger payments, non only are the transfers fee-free but their exchange rates improve making OFX a very good alternative to using a bank.


Learn More About OFX

Go to OFX site


 

Frequently asked questions (FAQs)

OFX has an outstanding record for safety and security. They have robust compliance procedures and are regulated by ASIC. Their Australian Financial Service Licence is 226484. Find more information here.

For more information on their security policy, click here.

OFX is a publicly-owned company listed on the Australian Stock Exchange. For more information including their annual report, click here.

It really depends on the currency and the amount you need. As a rule of thumb, OFX offer better rates for bigger amounts.

To get an indicative rate, you can use the online OFX currency converter. Type in your currency and amount – then the site will show you the market rate. Here’s the slightly confusing part. Unfortunately, the market rate they display is not the rate you will receive. To calculate that, you’ll need to click on the “Get Extra” section and, even then, the customer rate isn’t displayed. You have to manually divide your currency amount by your Australian dollar amount to get the real rate.

Alternatively, you can click here and use our exchange rate comparison engine. You can see OFX exchange rates and compare them to the Big 4 banks and other money transfer companies.

 

We have prepared a step by step visual guide that goes in depth on how to use OFX to transfer currency internationally. Click here to read it

 

To transfer any money overseas using OFX, you need to register a new account.

 

Registration is free and is managed in these simple steps:

  1. Enter OFX and apply promo code to receive your first two transfers for free
  2. Enter your personal details
  3. Fill in details of your money transfer
  4. Confirm account details through phone/email account verification

Next? You get a rate quote for your transfer and, if it suits your needs, you simply input the receiving account details.

For security, OFX contact you for confirmation and you can also track the transfer online.

Depending on where your money is being transferred, money is usually received in 1-2 days.

You can transfer funds to OFX in any major currencies using EFT or BPAY.

OFX does not accept direct credit card payment. Instead, your funds must be paid into OFX’s bank account – either directly by EFT or Bpay through your bank.

Need another alternative?

The only way around this is to arrange a domestic transfer from your bank to OFX by withdrawing available funds from your credit card into another account – and then sending it across.

It’s important to realise that this is treated as a cash advance – so watch out for the hidden fees. You may gain some benefit through rewards your credit card provider has on offer but check with your own credit card issuer.

OFX also do not accept payments via cash or cheque.

AED, AUD, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR

You can’t use OFX to transfer money to these countries:

  • Afghanistan
  • Belarus
  • Burma
  • Democratic Republic of Congo
  • Republic of Congo
  • Cote d’Ivoire
  • Cuba
  • Iran
  • Iraq
  • North Korea
  • Lebanon
  • Liberia
  • Libya
  • Rwanda
  • Sierra Leone
  • Somalia
  • Sudan
  • Syria
  • Zimbabwe

OFX offers Online Sellers Receiving Accounts and business accounts for small to medium-sized businesses.

 

 


 

 

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Step by Step Guide on How to Transfer Money Overseas with OFX

This guide details exactly how to transfer money overseas with OFX.


 

Alternative Money Transfer Companies

5 Alternative Money Transfer Companies like OFX

If you are looking for options other than OFX, we’ve put this guide together to help you make an informed decision.


 

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.