OFX review

Founded in 1998 and based in Sydney, Australia, OFX is a specialist currency broker. OFX is authorised and regulated by ASIC, FCA, FinCEN, which means customer money is safeguarded separately from company funds. It currently holds a Trustpilot score of 4.2 out of 5 from roughly 11,445 reviews, which we rate good.

On fees, OFX charges nothing upfront on the majority of corridors (no transfer fees), but the bigger cost is usually the exchange-rate markup of 0.5% - 1.5% above mid-market, which is built into the rate rather than shown as a line item. The minimum transfer is $100, with no fixed upper limit on most corridors. In our own rate collection, across the 176 corridors we track for OFX, its exchange rate has averaged 3.63% from the mid-market rate.

Delivery speed is quoted at 1-3 business days, and the service reaches 190+ countries across 55+ currencies. You can fund a transfer by Bank Transfer, with money delivered via Bank Deposit. The mix of funding and payout options is a good guide to which corridors OFX handles best.

On the plus side: no transfer fees on any amount, competitive rates for large transfers and 24/7 customer support. That makes it a sensible choice for larger, planned transfers such as property purchases, tuition or business payments. Worth keeping in mind: higher minimum transfer ($100+) and only bank transfer payments accepted.