OFX Review: Rates, Fees & Safety 2026

OFX Overview

OFX, established in 1998, is a leading provider of international money transfer services headquartered in Sydney, Australia. Initially known as OzForex, the company rebranded to OFX in 2015. OFX is publicly listed on the Australian Securities Exchange (ASX: OFX), highlighting its financial stability. Supporting over 190 countries and 50 currencies, OFX is a versatile option for both individual and business clients, with no transfer fees, 24/7 support, and a Global Currency Account for multi-currency management. Annual volume exceeds AUD $38 billion.

OFX Facts & Figures

What is OFX?

OFX, established in 1998, is a leading provider of international money transfer services headquartered in Sydney, Australia. Initially known as OzForex, the company rebranded to OFX in 2015, emphasizing its commitment to providing seamless global money transfer solutions. OFX is publicly listed on the Australian Securities Exchange (ASX: OFX).

OFX offers a comprehensive range of services including spot transfers, forward contracts, limit orders, and the Global Currency Account for managing multi-currency transactions. Supporting over 190 countries and 50 currencies, OFX serves over 1 million customers globally with an annual transfer volume exceeding AUD $38 billion.

How Trustworthy and Secure is OFX?

OFX is regulated by several financial authorities across multiple jurisdictions, including the FCA in the UK, ASIC in Australia, FINTRAC in Canada, FMA in New Zealand, MAS in Singapore, and FinCEN in the USA. These regulations require OFX to adhere to strict compliance and security protocols.

OFX employs enterprise-grade security measures including two-factor authentication (2FA), advanced encryption technologies, and segregated client accounts to ensure that customer funds are kept separate from the company's operational accounts. As a publicly listed company, OFX is subject to stringent transparency and governance requirements.

What Services and Features Does OFX Offer?

OFX offers Spot Transfers for immediate currency exchanges, Forward Contracts to lock in rates for future transfers, Limit Orders to set target rates and auto-execute, and the Global Currency Account for managing multiple currencies.

The Global Currency Account supports up to seven different foreign currency accounts with no setup or monthly fees. It integrates with marketplaces like Amazon, Etsy, and eBay, and connects with accounting software like Xero for easy reconciliation. It is ideal for eCommerce sellers and businesses with international payments.

How Competitive are OFX's Fees and Exchange Rates?

OFX is known for its no-transfer-fee policy for most transactions. Exchange rate margins typically range from 0.4% to 2%, with larger transfers receiving more competitive rates. There are generally no hidden fees, though intermediary banks may charge their own fees outside OFX's control.

OFX is transparent about its rates, allowing users to compare and ensure they are getting a good deal. Note that rates may include an additional markup on weekends when forex markets are closed.

What Do Customers Say About OFX?

OFX has a Trustpilot rating of 4.4 out of 5 stars from over 10,000 reviews. Common praises include the ease of use of the platform, competitive rates, and the 24/7 customer support.

Common criticisms include occasional transfer delays (typically 2-4 business days), a detailed verification process requiring documentation, and limited payment methods (primarily bank transfer funded). The majority of users report high levels of satisfaction with OFX's services.

How Easy is it to Use OFX?

OFX's platform features a clean design and straightforward navigation. The platform provides real-time exchange rates, currency conversion tools, and tracking capabilities. Setting up an account is simple, involving basic personal information and identity verification, typically completed within minutes.

The mobile app (4.7 stars on App Store, 4.5 stars on Google Play) provides an efficient, secure, and user-friendly experience with real-time rates, quick transfers, rate alerts, secure transactions, and transaction tracking.

How Does OFX Work?

Step 1: Sign Up - Visit the OFX website to create an account. Provide basic personal information and complete the verification process.

Step 2: Confirm Your Rate - Log in to your OFX account. Check the live exchange rates and choose the currency you wish to transfer. Confirm the exchange rate either online or via phone with an OFX representative.

Step 3: Transfer Your Funds - Provide the recipient's bank details and the amount you wish to send. Transfer your funds to OFX using your preferred payment method. OFX will then convert and send the funds, typically within 1-4 business days.

How Does the OFX Global Currency Account Work?

The OFX Global Currency Account simplifies international financial operations. Key features include multi-currency support (up to 7 currencies including EUR, GBP, USD, HKD, AUD, CAD), no setup or monthly fees, virtual local bank account details, and integration with marketplaces and accounting software.

Setup involves online registration, document verification (typically 4 business days), and account activation within 2 business days after verification. It is ideal for eCommerce sellers managing payments from multiple international marketplaces and businesses paying international suppliers.

What Customer Support Does OFX Provide?

OFX provides 24/7 customer support through multiple channels: phone support for immediate assistance, email support for less urgent queries, live chat on the website for real-time help, and an extensive FAQ section. This round-the-clock availability is one of OFX's key differentiators, as most competitors only offer business-hours support.

OFX also runs seasonal promotions, first transfer discounts for new users, and a referral program for existing customers.

OFX Regulatory Compliance and Licensing

OFX Exchange Rate Comparison (GBP to USD)

Rates are indicative and vary based on market conditions. The larger your transfer, the more competitive your rate.

OFX Services and Features

All OFX Features

OFX Regulation & Safety

OFX: Frequently Asked Questions