OFX started in 1998 and quickly became a leader in foreign exchange and money transfers. It changed from OZForex and now offers great rates and low fees. It helps send money to over 190 countries and supports more than 50 currencies.
More than 1 million clients worldwide have used OFX. This review looks at what OFX offers, its focus on customer happiness, and how it compares to others like Wise and Currencies Direct. OFX has a high Trustpilot rating of 4.4 out of 5, thanks to nearly 10,000 reviews. Customers generally like OFX, but some have issues with small transfers.
What is OFX?
OFX started as OZForex in Australia. It’s known for making international money transfers affordable. In 2015, it merged and rebranded, growing its global reach. Now, it’s a top choice for both businesses and individuals, thanks to its competitive rates and low fees.
OFX is committed to safety and follows strict rules. It’s licensed to operate in every U.S. state that requires it. This means it meets high standards set by authorities like FinCEN and AUSTRAC. For more on OFX, check out this detailed review.
OFX supports over 170 countries and more than 50 currencies. It’s regulated by over 50 bodies worldwide, ensuring user safety. With over 10,000 Trustpilot reviews, it has a 4.4-star rating. It offers 24/7 support and fraud prevention advice, making it a trusted service for international transfers.
Costs Associated with OFX
Understanding OFX’s costs is key for budgeting. They don’t charge fees for transfers over AU$10,000. For smaller amounts, a flat fee of AU$15 applies. This is much cheaper than what banks charge.
OFX’s fees are a big plus, beating Australian banks. Banks might charge AU$10 to AU$30 plus a 3% to 4% exchange fee. Also, intermediary banks can add extra costs, making things more complicated.
Exchange rates are critical in transfer costs. Banks might add up to 5% to the exchange rate. But OFX’s rates are much better, between 0.4% and 1.5%. This means big savings, mainly for large transfers.
OFX is also fast, completing most transfers in 1-2 business days. They offer special rates for big transactions. This makes OFX a strong choice for international money transfers.
| Transfer Provider | Flat Fee (Under AU$10,000) | Transaction Fee (Over AU$10,000) | Exchange Rate Margin | Processing Time |
|---|---|---|---|---|
| OFX | AU$15 | Fee-free | 0.4% – 1.5% | 1-2 business days |
| ANZ | AU$18 | Varies | 3% – 5% | 1-3 business days |
| CommBank | AU$30 | Varies | 3% – 5% | 1-3 business days |
| NAB | AU$30 | Varies | 3% – 5% | 1-3 business days |
| Westpac | AU$32 | Varies | 3% – 5% | 1-3 business days |
Overall, OFX is a better choice for big international transfers. Their low fees and good exchange rates make a big difference. Knowing these costs helps users make smart choices when sending money abroad.
Advantages of Using OFX
OFX offers great benefits for both personal and business users. It specializes in sending money to over 170 countries with good exchange rates. The platform is easy to use, helping users manage currency changes.
OFX is known for its excellent customer support. The team is available 24/7 to help with any questions or problems. This support makes international transfers smoother and less stressful.
Security is a big plus with OFX. It uses two-factor authentication to keep transactions safe. This means users can trust their money is secure during transfers.
OFX has a strong reputation, with a Trustpilot rating of 4.4 stars. This trust is important for big international transfers. While Wise might be faster for small amounts, OFX is better for large ones.
OFX has a $1,000 minimum payment but no maximum. It also doesn’t charge transfer fees. This makes it a good choice for sending big amounts often. Plus, there are no monthly or setup fees, saving users money.
OFX offers services like forward contracts and a Global Currency Account for businesses. These services give tailored exchange rates based on the market. Users can compare OFX with services like XE to find the best option for their needs.
Alternatives to OFX
OFX is great for international transfers, but some might want other options. Wise, or TransferWise, is known for clear pricing. It has fees under 1% and real-time rates, perfect for small to medium transactions. Wise also offers fast transfers, making it great for those who need speed and value.
Currencies Direct is another top choice, focusing on business needs. They offer competitive rates and tailored solutions for frequent transactions. For even more savings, check out money transfer comparisons to find the best deal.
In short, while OFX is good, Wise and Currencies Direct might be better for some. The online transfer world is always changing. Staying updated helps make choices that fit your financial goals.
