What OFX is and who it suits
OFX is an international money transfer and foreign exchange provider, founded in 1998 and headquartered in Sydney, Australia. It converts money between currencies and sends it abroad, mainly for people and businesses that move larger sums or pay suppliers regularly.
It suits bigger one-off or recurring payments, especially where a personal dealer helps with timing. It is less suited to very small, quick payments. This review is editorial, not financial advice. GoldexPay earns from some links, but that never changes the ranking.
How OFX's costs work
OFX's costs have two parts: any fee on the transfer, and the exchange rate. The rate usually carries a markup over the mid-market rate, the midpoint between buy and sell prices on the wholesale market. Because it is built into the rate, the markup is less visible than a stated fee, yet it can be the bigger cost.
OFX highlights that its fee can fall away above a threshold, which suits larger payments. The markup still applies as a percentage, so the total cost grows with size. Below the minimum transfer amount, OFX is not an option.
Every provider's rate decides what arrives, so compare your own amount using the table and comparison above.
Speed, payment methods and limits
Most OFX transfers settle within about one to two business days after the money is received and checked. Extra review, a slow receiving bank or public holidays can add time, so plan ahead.
Bank transfer is the main funding method. Card payments are sometimes faster but can cost more, so compare the method you plan to use. Recipients are usually paid into a bank account, and their bank may add its own charges.
A minimum transfer amount applies, and large or unusual payments can trigger extra checks on where the money comes from. OFX is built for moving money, not saving it.
Worked example: a Canadian importer paying in pounds
Picture a small furniture importer in Canada who pays a supplier in the United Kingdom a few times a year in British pounds.
First, open an account and complete identity checks, with company documents ready. Then request a quote for your exact amount and compare the rate and fee with the comparison above.
Next, fund the transfer by bank transfer and check the cut-off time, since a late-day transfer may settle a day later. Confirm the supplier's bank details carefully, and ask whether an intermediary bank will take a charge.
Watch for the rate compared with the market on the day, holiday timing in both countries, and charges that were not in your quote.
Safety and regulation
OFX is regulated by the Financial Conduct Authority in the UK and the Australian Securities and Investments Commission. You can check both public registers to confirm the entity you deal with.
Regulation reduces risk but does not remove it. OFX is a payment and currency firm, not a bank, so bank-style deposit protection generally does not cover money held during a transfer. Read the terms on how client money is held, turn on two-step verification, and be wary of messages that ask for login details or urgent payments.
Pros, cons and when to choose an alternative
Pros
- A long track record, founded in 1998.
- Built for larger and recurring transfers, with a personal dealer for big amounts.
- The fee can fall away above a threshold.
- Regulated in the UK and Australia.
Cons
- A minimum transfer amount rules out very small payments.
- The rate markup is less visible than a fee and grows with size.
- Transfers usually take one to two business days, not minutes.
- No crypto and no precious metals.
For frequent small transfers, Wise is usually simpler, with fees shown upfront. For family remittances paid out in cash, Remitly fits better.