OFX Review

OFX is a currency exchange and payments company based in Australia. The company conducts international money transfers as a part of their flagship operation. They often offer some of the best rates on the market.

If you’re looking for great rates for international currency conversions with global currencies, OFX is a great option. Keep in mind that the company only offers its money transfer services to a limited group of countries. If your country uses major currencies such as the Euro, American Dollar, or Japanese Yen, you can expect excellent rates and great service.

    Date Founded:
    1998
    Provider Type:
    Forex Exchange
    HQ Location:
    Sydney, AU
    Regulators:
    ASIC, FCA, FINTRAC, Fincen
    Mobile Friendly:
    Yes
    Mobile App:
    Yes
    Languages Available:
    English
    Transfer Options:
    Online
    Withdrawal Options:
    Bank
    Payment Options:
    Bank Transfer
    Regular Payments:
    No
    Supported Currencies:
    AED, CAD, CHF, CZK, DKK, EUR, GBP, GIP, HKD, HUF, JPY, NOK, SEK, SGD, USD, ZAR

    What are their exchange rates?

    OFX is a currency exchange and payments company based in Australia. The company conducts international money transfers as a part of their flagship operation. They often offer some of the best rates on the market.

    If you’re looking for great rates for international currency conversions with global currencies, OFX is a great option. Keep in mind that the company only offers its money transfer services to a limited group of countries. If your country uses major currencies such as the Euro, American Dollar, or Japanese Yen, you can expect excellent rates and great service.

    OFX offers great exchange rates, though this is only really true when you send more money at once. They also change their offer relatively often. OFX charges far less than banks for both wire transfers and currency conversions. The only thing is they focus on high-volume transfers, so you save more when you send more.

    To start, OFX charges less than 1.5% above the mid-market rate. The more you send, the smaller this percentage becomes, down to a minimum of around 0.4%. Once you reach thousands of dollars, the fee they charge becomes tiny compared to most of the competition.

    It should be noted that OFX carries a much higher minimum transfer requirement than other similar companies. The main benefit to this is that on the flip-side, there is no maximum amount you can send.

    What OFX costs to use?

    At the moment, you must send a minimum of $1000 to send money with OFX. In most cases, the markup is less than 1% above the mid-market rate. For reference, imagine you’re sending money to France (EUR) from the US (USD) with OFX…

    SentReceivedMid-market Rate
    1,000867879
    5,0004,3344,396
    10,0008,7038,792

    *These rates are only applicable at the time of writing and are subject to change at any time.

    How do I transfer money with them?

    Sending money with OFX is quite simple. First, you need to create an account, which is hassle-free to do. When you sign in, you can use the OFX platform’s drop-down menus to choose the amount of money being sent and the currencies being converted. Once you’ve done this, you need to select the recipient.

    Once your account is set up and connected to the recipient, sending money is very simple. You just need to select the amount of money, re-select the recipient, and pay OFX for the transfer. Most transfers take one or two business days.

    What other products do they offer?

    OFX offers multiple financial services. Their flagship operation is their international money transfer service. However, they are equally well known for many services which involve international payments. OFX doesn’t offer any physical products, but they facilitate payments and other transfers between many different countries.

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