What it is
OFX handles international transfers, particularly larger amounts, for individuals and businesses, with 24-hour phone support, forward contracts and no transfer fee on most corridors; the margin is built into the rate.
Who it suits
People moving property money or paying overseas suppliers who want dealer support on larger amounts.
Regulation and protection
ASIC-regulated in Australia and licensed in the other markets it serves.
How it charges
No fixed transfer fee on most corridors; the cost is the exchange-rate margin, which narrows for larger amounts. Minimum transfer sizes apply.
Getting started
Register online, verify identity, book a transfer and pay by bank transfer; a dealer can assist by phone.
At a glance
- Type
- Individual and business transfers
- Delivery
- Bank account
- Speed
- One to three days
- Business use
- Yes
- Headquarters
- Sydney
- Founded
- 1998
Strengths
- Good for large transfers
- Forward contracts and limit orders
- 24-hour human support
Watch for
- Not the fastest for small amounts
- Rate margin rather than transparent fee
Readers ask2 questions answered
Does OFX charge a fee?
Usually no fixed fee; the cost is the margin between the rate you get and the mid-market rate.
Can I lock in a rate?
Yes, with forward contracts for businesses and individuals who know a payment is coming.
How it comparesIts standing in 1 comparison
Best for Australian and US corridors
- Type
- Individual and business transfers 3 of them share this
- Delivery
- Bank account 4 of them share this
- Speed
- One to three days 1 provider in this comparison
- Business use
- Yes 5 of them share this
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