OFX Review [2025]: Features, Fees & Customer Support

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. 

OFX is not a bank, but it is a payment service provider 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.

With a team of over 700 employees, they have served more than 1 million customers and processed transactions exceeding SGD 258 billion globally.

OFX Key Features

While OFX offers a diverse range of products, this section will focus on its offerings for businesses in Singapore.

OFX Global Currency Business Accounts

The OFX Business Account helps businesses manage international payments easily.[1] Key features include:

• Open country-specific account details to hold, send, and receive like a local in 7 different currencies: SGD, HKD, USD, EUR, GBP, CAD, and AUD.
• Send money internationally in 50+ currencies with competitive exchange rates based on the market rates.
• Auto-sync transactions and reconcile accounts through Xero integration.
• Connect with payment gateways like PayPal, Stripe, Afterpay, Klarna, Laybuy, Adyen, and Shopify.
• Accept payment from major marketplaces, including Amazon, eBay, PriceMinister.com and more.
• Make mass payments to up to 500 recipients in one click. 
• Schedule recurring transfers for up to 12 months, receive email notifications upon each scheduled payment, and receive a reminder as the last payment date approaches.
• Manage payments anytime through the OFX app.
• Keep your account secure with multi-factor authentication (MFA) and SSL encryption.

OFX Singapore doesn’t have a minimum transfer requirement, while OFX Australia requires a minimum transfer of AUD 250 for all major currencies. It’s best to check with OFX for the rules that apply to your business.

The only way to send money with OFX is via bank transfer. Cash, credit cards, cheques, and bank drafts are not accepted.

According to OFX, the company use a network of 115 bank accounts worldwide, where it holds currency reserves. Instead of moving money across borders, OFX processes transfers locally.

When you send money at an agreed exchange rate, your funds go into an OFX account in your country and stay there. OFX then uses its reserves in the destination country to pay your recipient.

This local processing system helps speed up transfers, often making them faster than traditional international bank transfers.

Typically, transfers arrive within 1-2 business days. If you're sending less common currencies, it may take up to 3 business days.

Foreign Exchange

OFX is known for a variety of features related to foreign exchange.[2] To highlight the key ones:

• View real-time exchange rates and historical data for 50+ currencies.
• Save preferred currencies for quick access in the OFX app.
• Limit Orders: Set a target exchange rate for up to 6 months. If the market hits your rate, the transfer is automatically processed. However, there’s no guarantee the rate will be reached, and you may miss out if the market moves in your favour.
• Forward Contract: Lock in an exchange rate for transfers up to 12 months ahead. This helps protect against currency fluctuations, though a small premium applies.

OFX calculates exchange rates based on several factors, including the current market rate, transfer amount, frequency of transfers, and currency being exchanged.[3]

Payment API

The OFX Payment API allows businesses to automate and scale international payments without building their own system. It simplifies invoices, payroll, and mass supplier payments while securely managing recipient details to reduce errors.[4]

OFX Features Rating is 7/10

OFX provides solid cross-border payment solutions with competitive FX rates, a payment API, and business-friendly integrations.

However, the lack of business payment cards and no forward contracts for Singapore businesses limits its flexibility compared to competitors.

Singapore businesses needing end-to-end financial tools to manage global payments and team expenses may find alternatives like Wise or Revolut more practical.

Fees Charged by OFX

OFX Singapore doesn’t have a public pricing page that clearly lists its fees. However, after extensive research, some confirmed fees are listed below.

Similar to many other money transfer services, we cannot find OFX’s 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%.

You can estimate the numbers on the OFX calculator page.[5]

OFX Fees Rating is 6/10

OFX’s fees are competitive because they don’t charge direct transfer fees and offer better exchange rates than banks. However, the lack of clear pricing makes it hard for businesses to know the exact cost of a transfer upfront.

Competitors like Statrys provide more transparent pricing, clearly displaying fees and exchange rates on the pricing page. This allows businesses to estimate costs upfront.

OFX may offer lower FX margins for large transfers, but businesses must request a quote to determine the actual cost of their transaction.

OFX Customer Support

OFX provides 24/7 customer support through phone, email, and an FAQ page with information on transfers, security, registration, account management, and more.[6] [7]

The table below outlines the phone numbers, email addresses, and faxes available in each location.

OFX Customer Support Rating is 9/10

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 some competitors in the market. While phone support is useful, some customers may prefer the convenience of live chat.

Eligibility Requirements for Opening an OFX Business Account

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 that you contact OFX for more details on your eligibility for an account.

The OFX account application process is 100% online. 

Unfortunately, registration for business accounts is only available on the desktop or 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 [8]

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

You will also need to prepare:

• A valid ID card
• Proof of address
• A selfie for identity verification

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

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

Ease of Opening An OFX Business Account is 8/10

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 Alternative: Statrys

If OFX doesn’t meet all your needs, consider Statrys.

Statrys is a licensed payment service provider in Hong Kong, offering global payment solutions tailored to businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI).

With a Statrys business account, you can hold, receive and send money in 11 major currencies: SGD, USD, EUR, GBP, HKD, AUD, CAD, JPY, RMB, CHF, and NZD. Save more on transfer fees with local payments in 12 currencies, including SGD, USD, EUR, GBP, HKD, CNY and JPY, and you can track your incoming and outgoing payments in real-time.

In addition, Statrys offers forward contracts at competitive rates, allowing you to secure rates for future transactions. Statrys also offers virtual and physical prepaid Mastercard® to ensure businesses can make secure purchases on the go and withdraw cash at ATMs worldwide.

Every Statrys account includes a dedicated account manager to ensure you get personalised support whenever you need help with your accounts or payments.