OFX Review 2026 — Fees, Rates & Large Transfers

OFX (formerly OzForex) was founded in 1998 in Sydney, Australia. It started as one of the earliest online foreign exchange companies and has grown into a global transfer service handling over AUD $100 billion in transfers since inception. OFX is listed on the Australian Securities Exchange (ASX: OFX).

OFX is regulated by ASIC (Australia), the FCA (UK), FinCEN (US), and financial regulators in Canada, New Zealand, Hong Kong, and Singapore. This broad regulatory coverage reflects OFX's institutional-grade compliance infrastructure.

What makes OFX different: OFX is built for larger transfers. While consumer remittance services like Remitly focus on sending $200 to family overseas, OFX specialises in the $5,000–$500,000+ range: property purchases abroad, emigration funds, inheritance transfers, business payments, and regular salary conversions. There are no transfer fees at any amount, and exchange rate spreads tighten as transfer sizes increase.

OFX also offers risk management tools rarely found in consumer services: forward contracts (lock in today's rate for up to 12 months), limit orders (automatically execute when your target rate is reached), and regular payment plans for recurring transfers.

OFX charges zero transfer fees — on any amount, any corridor. This is one of OFX's strongest selling points and has been a consistent feature since the company's founding.

However, there are costs to be aware of:

Exchange rate margin: OFX makes money through the spread between the mid-market rate and the rate they offer you. This margin varies by:

• Transfer size: Larger transfers get better rates. Under $5,000 the margin may be 0.8%–1.5%; above $50,000 it can drop to 0.2%–0.5%
• Currency pair: Major pairs (USD/EUR, GBP/EUR) have tighter spreads than exotic corridors
• Relationship: Returning customers and high-volume senders may receive preferential rates

Typical cost comparison on a $10,000 transfer (USD → GBP):

For transfers above $10,000, OFX often beats Wise on total cost because the zero-fee model combined with tightening spreads produces better overall value at higher amounts.

Minimum transfer: $100 (or equivalent). This is higher than most consumer services and reflects OFX's focus on larger transfers.

OFX uses a marked-up exchange rate, meaning the rate you receive will be slightly worse than the mid-market rate you see on Google or Reuters. The markup is OFX's primary revenue source since there are no other fees.

How OFX rates compare by transfer size:

Rate negotiation: OFX has a team of currency dealers who can offer improved rates for very large transfers (typically $100,000+). This is a service that fully automated platforms like Wise cannot match — having a human negotiate a better spread can save thousands on property-sized transfers.

Forward contracts: OFX lets you lock in today's exchange rate for a transfer that won't happen for up to 12 months. This is invaluable when you know you'll need to make a large payment in the future (e.g., a property settlement) and want to eliminate currency risk. A small deposit (typically 5%–10%) is required.

Limit orders: Set a target exchange rate and OFX will automatically execute the transfer when the market reaches that level. This is useful if the current rate is close to what you want but you're willing to wait for a better deal.

OFX transfers typically take 1–3 business days to arrive, depending on the corridor and currencies involved.

Speed by corridor:

Why OFX is slightly slower: OFX only accepts bank transfer funding, which takes 1–2 business days to clear. Unlike Wise or Remitly, you cannot fund with a debit card for instant processing. Once OFX receives your funds, the outbound transfer is typically processed within 1 business day.

Is this a problem? For OFX's target use cases (property payments, business invoices, planned emigration), 1–3 days is perfectly acceptable. If you need money to arrive in minutes, OFX is not the right service — use Remitly Express or Western Union instead.

OFX supports transfers to 190+ countries in 55+ currencies. This is one of the broadest coverage footprints in the industry.

Where OFX is strongest:

• Major currency pairs: USD, GBP, EUR, AUD, CAD, NZD — excellent rates and speed
• Asian currencies: INR, PHP, JPY, SGD, HKD, MYR, THB — well supported
• European currencies: CHF, SEK, NOK, DKK, PLN, CZK — comprehensive coverage
• Business corridors: CNY (China), BRL (Brazil), ZAR (South Africa) — important for trade payments

Sending from: OFX accepts senders from the US, UK, Australia, Canada, New Zealand, Europe, Hong Kong, and Singapore. This is broader than Remitly but narrower than Wise for some niche send countries.

Delivery methods: Bank deposit only. OFX does not offer cash pickup, mobile money, or any alternative delivery methods. This is the trade-off for their competitive exchange rates — the infrastructure is optimised purely for bank-to-bank transfers.

OFX has a dedicated business platform that goes well beyond basic money transfers. This is one of OFX's strongest competitive advantages.

Business features:

• Batch payments: Upload a spreadsheet to send multiple payments in different currencies simultaneously
• API access: Integrate OFX payments into your business systems programmatically
• Accounting integration: Connect with Xero, NetSuite, and other accounting platforms
• Dedicated dealer: Business clients get a personal currency dealer who can advise on timing and risk management
• Forward contracts: Lock in rates for up to 12 months to protect margins on future payments
• Regular payment plans: Automate recurring international payments (payroll, supplier invoices)

For businesses that regularly pay overseas suppliers or contractors, OFX's combination of zero fees, competitive rates, and risk management tools can save thousands annually compared to using a bank's international wire service.

OFX maintains a strong review profile, particularly among users making large transfers.

Trustpilot: 4.4/5 — rated "Excellent". Reviewers frequently cite the no-fee model and personal service as highlights.

Common praise:

• "Saved thousands compared to my bank on a property purchase" — large transfer savings are the #1 cited benefit
• "The forward contract feature is brilliant" — currency risk management is appreciated by planners
• "Having a dedicated dealer makes a real difference" — personal service for high-value transfers
• "No hidden fees — what you see is what you get" — transparency is frequently mentioned

Common complaints:

• "The website feels dated" — OFX's interface is functional but not as polished as Wise or Revolut
• "Bank transfer only is limiting" — users who want debit card funding are frustrated
• "Rates aren't great for small amounts" — under $1,000, other providers are often cheaper
• "Verification took longer than expected" — first-time compliance checks can add 1–2 days

Our assessment: OFX delivers on its core promise: low-cost, no-fee large transfers. The complaints about small transfer rates are valid but outside OFX's target market. The dated interface is a cosmetic issue that doesn't affect the quality of the service or the rates offered.