OFX money transfer review & guide

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

Trademark Disclaimer: OFX* with whom RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

Everything you need to know

OFX review

Transferring money from one currency into another can be frustrating and expensive. Many banks and other traditional exchange services charge high fees and don’t provide the best exchange rates, meaning you pay more to send your money than you need to.

More than 20 years ago, OFX (formerly known as OzForex, NZForex, UKForex, CanadianForex, ClearFX, USForex and Transfers) entered the scene with the goal of providing more convenient, less expensive international money transfers to consumers.

Payment Methods Available with OFX

OFX (formerly OzForex) offers secure and efficient international money transfers, supporting various payment methods to fund your transactions. These options are designed to accommodate different banking setups and preferences.

Direct Debit (ACH Debit)

Wire Transfer

ACH Credit

How long does a transfer usually take with OFX?

Transfers with OFX generally take 1–2 business days for major currencies like USD, EUR, GBP, and AUD. Transfers to less common currencies may take 1–3 business days. For countries like India, transfers can take 1–4 business days depending on the recipient's bank and local banking infrastructure.

Pros and Cons of using OFX

Pros

No transfer fees, making them more affordable than most options.

One of the largest worldwide networks of banks, making them accessible in a wide range of areas.

OFX provides better exchange rates than many other companies, especially when sending large amounts of money.

Cons

Can only send and receive money via bank transfer.

Only available in English.

More expensive than some other companies when sending small amounts of money.

How it works

How does OFX make money?

Since OFX doesn’t charge any fees for money transfer services, all the money the company makes comes from markups on the exchange rate.

While OFX’s exchange rate markups are lower when you send larger amounts, the company counts on a large number of its customers making smaller transactions so they can charge higher markups.

Some customers may see a “banking fee” added to their transfer. This is a third-party fee and not under OFX’s control, so they make no money when a bank charges this fee.

OFX exchange rates

Among online money transfer companies, OFX has some of the best exchange rates. These rates decrease as you increase the amount you’re sending. For these larger transfers, the margins OFX charges on its exchange rates can be as low as 0.4%. This is far lower than many other services, whose markups can top 4%. However, you cannot expect to find a markup this low if you’re only sending a small amount of money. Bottom line: OFX’s exchange rates are better than most in the industry, but they’re better if you’re sending large amounts.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is OFX money transfer secure?

Ofx has been in business for over 20 years and is a well-known name in the international money transfer market. Australia, the United States, the United Kingdom, and Canada are among the countries that regulate it. OFX is also listed on the Australian Stock Exchange, which requires it to follow a tight set of requirements, including information disclosure.

Security features

All OFX accounts are verified using a variety of different measures, helping ensure that only authorized users can access and perform transactions.

To send money through OFX, users must submit certain documents to prove their identity, in compliance with anti-money laundering regulations.

OFX employs both manual and automated fraud detection techniques, ensuring that any suspicious activity is quickly identified and dealt with appropriately.

All transactions are protected by strong online security measures, including encryption and secure data protocols, to prevent unauthorized access and ensure the safety of your money.