OFX review

OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.

Our verdict on OFX

OFX is the best option for large international transfers. With zero transfer fees and competitive exchange rates that improve as your transfer size increases, OFX consistently delivers more money on transfers above $5,000 than almost any competitor. The forward contract and limit order features are genuinely useful for anyone managing currency risk. The main drawbacks are the $100 minimum transfer, bank-transfer-only funding, and a less polished user experience compared to consumer-focused apps like <a href="/companies/wise">Wise</a> or <a href="/companies/remitly">Remitly</a>. For high-value personal transfers (property purchases, emigration funds) and business payments, OFX is our top recommendation.

How we tested OFX

We obtained quotes from OFX for 6 corridors (USD→GBP, USD→EUR, AUD→GBP, GBP→AUD, USD→INR, AUD→INR) at multiple transfer amounts ($1,000, $10,000, $50,000) between January and March 2026. We verified that exchange rate margins tighten at higher amounts by comparing OFX's quoted rates against the mid-market rate at the time of each quote. Our automated scraping system collects OFX rates every 6 hours via their API. We also confirmed the zero-fee claim by completing test transfers and checking that no fees were deducted beyond the exchange rate spread.

Is OFX the right choice?

OFX is a broker-model FX service: no transfer fee, bank-to-bank only, no upper transfer limit, and a dealer you can speak to once the amount is large. That model is aimed at a specific customer — someone moving a substantial sum on a planned timetable, such as a property purchase, an emigration or a business payment — and it is a reasonable fit for that. It is a poor fit for ordinary remittance-sized transfers, and our cost measurements say so plainly, which is the opposite of how a fee-free service is usually presented.

What we measured over the last 91 days

Across 158 corridors, OFX's average all-in cost at $1,000 was 4.43% — the highest of any provider covered on this page, despite charging no transfer fee at all. That cost sits entirely in the exchange rate. A caveat on the win data, because the sample does not support a strong claim: we could compare OFX head-to-head on only a handful of corridors, and it was the usual leader on 0 of 5 of them, winning 7.0% of the contested days it quoted. A sample that small cannot be set beside Wise's record across 22 of 97 corridors; average shortfall, at 4.90%, is the fairer read.

Before you send with OFX

"No transfer fee" is a US-specific policy — OFX's own site states US transfers are fee-free regardless of amount. Outside the US, it isn't unconditional: Australia and Canada both charge a flat AU$/CA$15 below a AU$/CA$10,000 transfer, waived above it, and other countries set their own threshold. Check the policy for your own country before assuming the US figure applies. Separately, our cost figures are measured at $1,000 and OFX's proposition is quoted rates that improve with transfer size, so do not carry the number above to a $50,000 transfer — request a quote at your actual amount, and ask explicitly what rate you are being given against the mid-market rate on the day. We also could not compare OFX on enough corridors to publish a small-transfer figure, so no claim is made here about what it costs at $100.

When to look past OFX

• Wise: Better for smaller transfers with its zero-markup exchange rate and debit card funding
• XE Money Transfer: Similar no-fee model with broader currency coverage and a more modern app
• Revolut: Good for medium transfers from a polished multi-currency app, at Revolut's own rate
• Remitly: Better for remittances requiring cash pickup, mobile money, or express speed
• Western Union: Better if recipient needs cash pickup at a physical location

OFX features

OFX transfer details

Published by OFX. Not measured by us; OFX’s limits and methods vary by country.