OFX Review [2024]: Features, Fees & Alternatives

What is OFX?

Founded in 1998 and headquartered in Sydney, OFX provides international money transfer and foreign exchange services to both individual and business customers. It supports over 50 currencies across more than 170 countries. 

They have offices in Singapore, Hong Kong, Dublin, Toronto, Auckland, London, and San Francisco.

With over 700 employees worldwide, they have served over 1 million customers and SGD 258 billion around the world.

OFX is not a bank, but it is licensed by the Monetary Authority of Singapore and financial regulators in Australia, Hong Kong, New Zealand, the UK, the EU, the USA, and Canada. They have also been listed on the Australian Stock Exchange since 2013.

OFX Pros and Cons

Featured OFX Reviews

Carla VP rates OFX ⭐⭐⭐⭐⭐

Great support and fast implementation

As a first-time user, I appreciated the support via email and phone, very helpful in clarifying steps. Rates offered were competitive, and once agreed on the deal, the transfer was very fast. I highly recommend OFX.

Source: Trustpilot review

Anthony rates OFX ⭐⭐⭐⭐⭐

Easy transfer at a great exchange rate

Once you understand the process, the currency exchange by OFX is rapid and seamless. The exchange rate they offer is far superior to the rate offered by my large bank, which is usually pretty bad.
The currency exchange today was carried out on the computer within a few minutes, and the funds have already been submitted to the recipient bank, where they are awaiting clearance (2 days last time).

Source: Trustpilot review

OFX holds a rating of 4.3 based on 6,498 reviews on Trustpilot. 

OFX Key Features

While OFX offers a diverse range of products, we'll specifically explore its business offerings in this section.

OFX Global Currency Business Accounts Features

• Receive country-specific account details and maintain, send, and receive like a local in HKD, SGD, USD, EUR, GBP, CAD, and  AUD.
• Send money internationally in 55 currencies and take advantage of favourable exchange rates for these transactions.
• Generate invoices and reconcile accounts through Xero integration.
• Link your virtual accounts with popular payment gateways, such as PayPal, Stripe, Afterpay, Klarna, Laybuy, Adyen and Shopify. 
• Accept payment from some of the world’s largest marketplaces, including Amazon, Airbnb, eBay, Etsy, and more.
• Request access to the "Multipay" feature, allowing for a single-click mass payment to up to 500 recipients. 
• Settle bills and invoices directly using funds from your currency accounts. This way, you can pay international suppliers with ease.
• Schedule recurring transfers for 12 months, receive email notifications upon each scheduled payment, and receive a reminder as the last payment date approaches.
• Tailored for online sellers and business customers.
• OFX is part of Amazon's Payment Services Provider Program.
• Access the OFX app for a streamlined platform

Foreign Exchange

OFX is known for a variety of features related to foreign exchange. To highlight the key ones:

• Access real-time rates and historical data for more than 50 currencies.
• Save your preferred currencies for a quick view whenever you use the OFX app.
• Receive rate alerts through an email or SMS when your target rate is reached.
• Choose between spot transfers, limit orders, and forward contracts
• Spot Transfer: Swiftly transfer funds with near-immediate currency delivery at the current day's exchange rate.
• Limit Order: Target rate transfers for up to  6 months. If the rate is reached, the transfer will be initiated. This feature works continuously, even across different time zones. However, using a limit order could mean you miss out if the market rate continues to rise above your target exchange rate, and there is no guarantee that your desired rate will be reached.
• Forward Contract: Secure a specific exchange rate for future transfers of up to 12 months, providing protection against market fluctuations. In other words, you pay a small premium for protection against exchange rate movements and can profit if the exchange rate shifts in your favour. 

To minimise fees associated with international transfers, OFX employs a network of 115 global bank accounts for sending and receiving funds.

When you send money using their agreed-upon rate, it goes into a local account in your country. OFX then uses its reserves in the recipient's country to transfer the specified amount to your designated payee.

This global by local (GBL) processing system - which can process transfers on the same day, even when banks are closed - is one of the type of currency risk management solutions that passes on the benefit of lower fees to its customers. OFX could also process transactions when currency volatility is high. 

The primary transfer method to OFX is bank transfer. Cash, credit cards, cheques, or bank drafts may not be accepted.

Cards

OFX does not offer debit or payment cards like other money transfer providers.

OFX Features Rating: 4/5

OFX offers a comprehensive set of features, particularly strong in country-specific account details, local-like transactions in multiple currencies, and foreign exchange. However, the absence of debit or payment cards might be a limitation for some users.

OFX Fees

For OFX Singapore, there are no transfer fees when you register with their Singapore legal entity; however, third-party fees may be applicable.

OFX exchange rate depends on the currency, market rate, the amount sent, and how often it is sent. 

You can estimate the numbers on the OFX foreign exchange rates and fees page.

Similar to many other money transfer services, we cannot find the OFX margin. They highlight that most traditional banks charge 5%, which they regard as high, so we are left to assume their rate is lower than 5%.

Your recipient may also face extra charges from their bank for receiving international payments. However, OFX minimises these fees using a global network of local bank accounts, potentially leading to lower charges for your recipient.

OFX allows transfers of as little as USD 150, but amounts under USD 10,000 attract a flat fee of 15 USD. 

OFX is flexible when it comes to minimum amounts for OFX money transfers. If your business needs to transfer small amounts regularly, contact OFX directly for more information about fees.

OFX Fees Rating: 3.5/5

OFX is notable for its absence of account fees and competitive foreign exchange rates. However, the OFX transfer fee is relatively high, and we cannot find detailed information on international payments, particularly regarding exchange rate markup and third-party fees.

Requirements for Opening a Business Account with OFX

OFX is available to businesses registered as sole traders, partnerships, trusts, not-for-profits, private companies, and public companies.

Businesses in most countries are eligible to apply. OFX does not mention any country restrictions, so if you are unsure, it might be best to confirm with them directly. It is recommended to contact OFX for more details on your eligibility for an account.

The OFX account application process is 100% online. 

To register for a personal OFX account, you can use either the OFX app or the OFX website. 

Unfortunately, for business accounts, registration is only available on the desktop site or the mobile version of the website. You cannot register for an OFX business account through the OFX mobile app.

For business accounts, they will require business and personal details, including but not limited to

• Full name
• Business types
• Country of registration 
• Business email
• Phone number (optional)

OFX team members will call you to complete the onboarding process and request further documentation for identity verification if needed. 

If you have sent OFX documents, they aim to respond within a few business days. 

OFX accounts are normally approved within 4 business days, and your local currency account details typically become available in the following 2 business days.

OFX Ease of Opening Account Rating: 4/5

Opening a business account with OFX is straightforward, with an easy online process and a relatively quick response time. However, registration is available only on the website or mobile version, not through the OFX mobile app, slightly reducing overall convenience.

OFX Customer Support

OFX provides initial support through OFX’s FAQs page, where you can find basic information on various topics, including ways to transfer, security measures, registration process, instructions for making transfers, delivery times, tracking options, details about supported currencies, guidance on using the mobile app, and more.

They provide 24/7 phone support with local numbers available in Singapore, Hong Kong, the United States, the United Kingdom, Australia, New Zealand, Europe, and Canada.

Email and Fax are also available, as outlined below:

 OFX support team can assist in English, Mandarin, and Cantonese.

OFX Customer Support Rating: 4/5

OFX has strong customer support with 24/7 phone and email help, plus multilingual assistance in English, Mandarin, and Cantonese. However, they don't offer a live chat option like many other competitors in the market.

 OFX Alternatives

🔎 Note: If you're on the lookout for a business account, take a look at our dedicated Business Account Reviews and see which one fits best for your business.