You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Reviewed By
Reviewed By
Published: Sep 8, 2022, 12:51pm
OFX definitely provides a global reach, with transfers available in more than 190 countries and over 55 currencies. And it places no limits on how much money you can transfer or how often.
However, OFX falls short when it comes to how cash is sent and received. Transfers can be made bank-to-bank only. This means that unlike some other money transfer services, a recipient can’t pick up money at a retail store or have it delivered to their home.
If you want to use a money transfer service with a transparent fee structure, OFX ranks among the best alternatives. On transfers under $10,000 USD, it charges a flat fee of $15 USD. For transfers over $10,000 USD, OFX does not charge a fee.
Furthermore, OFX is broadly available. It sends money to more than 190 countries in over 55 currencies. And there’s no cap on the amount of money you can transfer or on how often you can make transfers.
But if you’re looking for a money transfer service that lets you send money to someone who doesn’t have a bank account, you’re out of luck with OFX.
The company allows only bank-to-bank transfers. Debit cards can be used, but not cash, credit cards, checks or bank drafts. Offering bank-to-bank transfers only means you can’t send money to a recipient’s mobile device or to a retail store, for instance. Transactions are carried out only online, on the app or over the phone.
Another drawback: OFX marks up the exchange rate, which means the company makes revenue by charging you slightly more than the current exchange rate.
Featured Money Transfer Partners
1
Xe Money Transfer
98+ currencies available to transfer to 130+ countries
Initiate transfers 24 hours a day, 7 days a week
Xe offers low to no fees on money transfers
1
Xe Money Transfer
Via Xe’s Website
2
Wise – Multi-Currency Account
55 currencies
$0
Direct debit, wire transfer, debit card, credit card & Apple Pay
2
Wise – Multi-Currency Account
Via Wise website
The OFX website is easy to navigate. If you’d prefer to do business on a smartphone, you can download the OFX app for Apple or Android devices. Here are some of the key features of OFX.
A single transfer, also known as a “spot deal,” lets you lock in the current exchange rate and then begin the process of sending money. OFX must receive your money within 24 hours of the deal being locked in. Once it gets the money, OFX sends it to your designated recipient.
OFX’s recurring transfer function allows you to schedule regular money transfers, such as mortgage payments or school tuition payments. A deposit, equivalent to a single transfer payment, is required to set up recurring transfers. The deposit gets used as your last transfer in that recurring schedule.
This arrangement, also known as a forward contract, lets you transfer money in the future (up to 12 months) at the current exchange rate. This can protect you from fluctuations in exchange rates down the road.
Also called a limit order, this feature enables you to set a target exchange rate for a future transfer, up to six months in advance. Once the target rate is reached, OFX starts initiating the transfer.
On compatible devices, you can use fingerprint or facial recognition to help protect your account.
It’s free to set up an account on the OFX website, and it’s free to download the OFX app from the App Store or Google Play.
On its website, OFX is transparent about its fee structure. For transfers under $10,000, it charges a flat fee of $15 USD. For transfers over $10,000 USD, OFX does not charge a fee. However, OFX does mark up the exchange rate it charges for transactions.
Overall, OFX is relatively easy to use.
To open a personal account on OFX, you’ll need to supply:
The steps for establishing a business account are similar.
OFX says the registration process takes less than five minutes.
The App Store app is compatible with iPhones using iOS 11.0 or later, along with Mac computers (macOS 11.0 or later, or Apple M1 chip or later)
The Google Play app requires Android 5.0 or higher.
OFX says it processes most transfers in major currencies within one to two business days of receiving the money from a customer’s bank. Transfers in “exotic” currencies might take longer, approximately three to five days. For instance, currencies like the Chinese yuan, South African rand or Korean won are subject to government regulations that may delay a transfer.
The minimum transfer amount for an OFX transaction is $1,000, according to its website, and there is no upper limit on transfer amounts. Furthermore, OFX says it doesn’t impose transfer limits based on time periods, such as daily, weekly, monthly or yearly.
The OFX customer service we experienced by phone was puzzling.
We initiated a toll-free call to customer service on a Tuesday evening. A recorded voice then told us that OFX was receiving a high number of calls due to unexplained “recent world events.” The automated system did tell us that if we needed to complete the registration process, we could press 1. To execute a transfer, we could press 2.
We were on hold for eight minutes when it seemed an OFX representative was coming on the line. However, the call dropped. Our phone soon showed someone from OFX was trying to call back while we were waiting, but we couldn’t answer the call quickly enough.
We then called back the phone number that had popped up on the phone. Again, we were given recorded instructions and put into a queue. Sixteen minutes later, an OFX representative came on the line.
The sound quality on the call was subpar, making it difficult to understand the representative. We posed two questions: How long do transfers take, and what are transfer fees? What we were told conflicted with information we found on the OFX website.
The courteous representative asked what currency pair we planned to use. After providing the answer (U.S. dollars and Mexican pesos), we were told it would take two to three days for OFX to receive the money and one or two business days for those funds to clear, meaning a transfer could take up to five days to be completed. That’s far more time than the OFX website leads you to believe.
We then inquired about the transfer fees. Again, the answer didn’t match what we gleaned from the OFX website.
We were told different fees were charged for different currencies. Our takeaway was that if we were making a transfer in U.S. dollars, for example, the fee for a transfer as low as $250 USD would come with a $5 USD fee, as would any transfer under $5,000 USD. Transfers above $5,000 USD would not be charged a fee, we were told. Those figures don’t align with what we discovered on the OFX website.
OFX boasts that it offers 24/7 phone access for customers. In the U.S., customer support can be reached by calling 888-288-7354 for personal accounts or 888-966-6888 for business accounts. Customer support also is available by email (cu**************@of*.com). Live chat isn’t an option.
OFX has offices in San Francisco, London, Dublin, Sydney, Hong Kong, Singapore, Toronto, and Auckland.
Unlike OFX, Remitly enables delivery of money to a home or business. And it offers a speedy “express” option to send money within a few minutes. Yet Remitly imposes more transaction limits than OFX does and has a more complicated fee structure.
OFX does not allow money transfers via Apple Pay or Google Pay, but Wise does. Also, Wise offers both a debit card and a multi-currency account, both of which aren’t provided by OFX. However, OFX charges relatively low transfer fees compared to Wise. Also, OFX operates in more countries and currencies than Wise does.
As with Remitly, a recipient of money through Xoom can pick up the cash at a business or have it delivered to their home. OFX doesn’t offer this option. Furthermore, Xoom lets a user pay international bills or add money to a prepaid mobile phone account, something that isn’t available with OFX. But OFX can send money to more countries (over 190) than Xoom can (150). Plus, OFX’s fee structure is much simpler than Xoom’s.
OFX money transfers can be done online or on a mobile device. After registering, users can make one-time transfers or set up recurring transfers.
In general, OFX stands for open financial exchange. It’s a common method for financial institutions and their vendors to electronically send and receive financial data.
OFX was known as USForex until 2015.
OFX enables a customer to transfer money internationally from one bank account to another.
OFX says a transfer can take as little as one business day once it receives money from a sender’s bank. Some transfers may take up to five business days.
OFX charges a $15 USD fee for transfers under $10,000 USD but no fee for transfers over $10,000 USD, according to its website. Markups are charged on exchange rates.
Get the Forbes Advisor newsletter for helpful tips, news, product reviews and offers from a name you can trust.
About Author
