OFX Review
No fixed fees, built for larger transfers
OFX waives fixed fees entirely and leans on dedicated rate specialists, which tends to pay off most on larger, less time-sensitive transfers.
OFXGood for
OFX suits people sending larger sums abroad - property purchases, business payments, or moving a lump sum of savings - who can tolerate a transfer taking a few days and who'd rather talk through the details with a person than manage everything through an app.
- No fixed transfer fee on any corridor
- Phone-based rate guidance for large transfers
- Wide currency coverage for a non-app-first provider
Not ideal if
If you're sending a small or occasional amount, need the money to land the same day, or want to pay out to a mobile wallet or pick up cash in person, OFX is not built for that - look at a same-day or app-first specialist instead.
- No mobile wallet or cash pickup payout
- Rate markup is less competitive on smaller amounts
- Slower than same-day specialists
How it works
To send money with OFX, you register and verify your identity, then set up the transfer by entering the amount, the currencies involved, and your recipient's bank account details. OFX gives you an exchange rate quote for that transfer - there's no fixed fee added on top, on any corridor. For larger or more complex transfers, you can speak directly with an OFX rate specialist by phone, who can walk through timing and rate options with you rather than leaving you to figure it out from a screen. Once you confirm, you fund the transfer (typically by bank transfer), OFX converts the money at the agreed rate, and it pays out to your recipient's bank account. Because OFX doesn't specialize in instant transfers, the money generally takes longer to arrive than it would with a same-day-focused provider.
Fees & costs
OFX's fee structure is simple on the surface: there is no fixed transfer fee, on any corridor, for any transfer size. Instead of charging a flat fee, OFX builds its margin into the exchange rate itself - the rate you're quoted includes a markup over the market rate, and that markup is where OFX makes its money. The catch is that this markup tends to be less competitive on smaller transfer amounts. On larger transfers, OFX's rate specialists have more room to offer a tighter rate, which is where the no-fixed-fee model starts to pay off. So the real cost of an OFX transfer isn't a line-item fee - it's the gap between the rate you get and the market mid-rate, and that gap matters more, proportionally, the smaller your transfer is.
Is it safe?
Regulated money transfer providers are typically licensed by financial authorities in the countries they operate in, and are required to meet rules around safeguarding customer funds, identity verification, and anti-money-laundering checks. As with any provider, it's worth confirming current licensing and any protections that apply in your own country before sending a large sum, and checking the regulatory disclosures on the provider's own site.
Our verdict
OFX is a solid choice if you're sending a larger amount and are willing to trade speed and app convenience for a no-fixed-fee structure and direct phone access to a rate specialist. It's a weaker fit if you're sending a small amount, need the transfer to land quickly, or want to pay out via mobile wallet or cash pickup - in those cases, the rate markup and slower delivery make a same-day or small-transfer specialist a better match. In short: good for size and patience, not for speed or small, casual transfers.
FAQ
Does OFX charge a fixed transfer fee?
No. OFX waives fixed transfer fees on every corridor, regardless of transfer size. Its cost is built into the exchange rate markup instead.
Can I receive an OFX transfer as cash or to a mobile wallet?
No. OFX pays out to bank accounts only - it doesn't offer cash pickup or mobile wallet payout options.
How long does an OFX transfer take to arrive?
OFX is not built for same-day delivery. Transfers generally take longer to arrive than they would with a same-day-focused specialist, so it's a better fit when you're not in a rush.
Will I get a better rate from OFX on a large transfer?
Generally, yes relative to small transfers. OFX's rate markup tends to be less competitive on smaller amounts, and its phone-based rate specialists have more flexibility to offer a tighter rate on larger transfers.