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OFX Review

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OFX Money Transfers Summary

Feature Explained
Number of currencies 55+ View all
Time to complete money transfer 1-3 days
Minimum and maximum money transfer

£100
£1000000

Fund account with Bank account transfer
Personal Money Transfers Yes View comparison
Business Money Transfers Yes View comparison
Small Money Transfers (below £1,000) Yes View comparison
Travel Money No View providers
Transfer money online Yes Sign up for a FREE account
Transfer money using app Yes
Transfer money on telephone Yes
24/7 Support Yes
Currency provider information Market Leader with largest transaction volume and most clients worldwide
Regulated by: FCA, ASIC, FinCEN, FINTRAC
Risk management tools Yes Read more about risk control

Potential alternatives to OFX

We rate OFX number 1 for Personal Money Transfers in Asia and they are the number 1 worldwide for money transfers in terms of having the most clients worldwide however there are some reasons for considering other money transfer companys:

Transferwise can be better for small money transfers (lower than £2,000)

moneycorp trade 120 currencies worldwide which is over twice the amount that OFX does therefore moneycorp maybe the only option depending on the currencies you are exchanging. They also offers travel money.

Currencies Direct is good money transfers for UK and European money transfers so if you are transferring to or from UK or European destinations we recommend you take a look.

FairFX provide travel money (a service not available from OFX).

OFX Direct Money Transfers Explained:

OFX Money Transfers

OFX has offices located all around the world in Asia, Europe and America (Hong Kong, Singapore, New Zealand, Australia, UK, Canada and USA). This worldwide coverage makes it an excellent choice for transferring money abroad from many countries around the world. Also recommended for business money transfers.

Whether you are making personal or business money transfers OFX regularly saves their customers thousands of pounds or equivalent currency. Plus if you are converting a large amount of currency (for example buying property overseas, or business making or receive large business payments) you can often save tens of thousands of pounds.

The minimum transaction amount is £1,000 or equivalent currency. You can trade 55 currencies between 196 countries. You can also trade currency 24/7. Plus you can rest assured that your money is safe during the transaction(s) because OFX is FCA regulated in the UK and also regulated around the world. The company OFX is also listed and traded on Australia's stock exchange (ASX listed).

You can make currency trades using a computer, tablet or smartphone. When using a smartphone you can choose between using the mobile website or download the OFX app. You can also trade money over the telephone.

There are zero fees to pay with OFX transactions. Plus the rates are competitive. You can also arrange to make multiple, future, ongoing payments simply. Online sellers can also use OFX to convert payments made and received.

The speed of transfers ranges from 0 to 3 days depending on the countries and currencies being traded.

OFX Business Money Transfers

OFX provides financial currency exchange rate services to small (under £1,000,000 transferred annually) and medium (over £1,000,000 transferred annually) sized businesses. You can send and receive money to and from overseas locations quickly and efficiently with OFX.

Furthermore, you may choose to use Forward Contracts and Limit Orders. These currency tools allow you to reduce or eliminate you exposure to currency exchange rate fluctuations by locking in today's rate for future trades. This means you know with certainty you cash flow into the future so you company will not experience shocks from dramatic shifts in the exchange rate.

You can also talk with an OFX representative to discuss you business objectives relating to currency movements to help decipher the best time to exchange money.

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