International Money Transfer Service OFX Review

OFX review (formally OzForex)International Money Transfers can be expensive if you are using the major banks. Often the cheapest way to send money overseas is by using an online international money transfer service. By using a firm such as OFX (the new name for OzForex) you can transfer money faster and for a lot less.

OzForex Limited ABN 65 092 375 703 (trading in Australia as “OFX”) is the parent company reviewed below, however elaborated OFX analysis of their UKForex subsidiary is also available.

OFX Review Summary

Our OFX review confirmed low international transfer fees with OFX is a flat fee of only AUD 15.00 and their foreign currency exchange rates are much better than banks and other providers. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days!

By using OFX Australia (formally OzForex) you will enjoy:

  • No receiving bank fees in most countries
  • Extremely competitive foreign exchange rates across 50 currencies
  • LOW FEES: AU $15 fee for transfers under AU $10,000, no fee for over AU $10,000.
  • Online access 24/7
  • Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
  • Complete exchange rate transparency
  • You’re dealing with a highly trusted international money transfer service which was founded in 1998, and is licenced with over 50 global regulators!
    In Australia, OFX is regulated by ASIC under AFSL number 226484.
  • Risk management tools through Limit Orders and Forward Exchange Contracts
  • Fast online international money wire transfer to chosen international bank account
  • Exchange rate alerts via email
  • Accessing OFX highly regarded daily and weekly “Market Commentary”

Registering with them is FREE and you can view their live dealing rates immediately.

OFX Minimum Transfer Amount

The minimum amount you can transfer via OFX Australia is very reasonable at AUD 250 (or equivalent).

OFX Fees in Australia

As stated in the OFX money transfer review summary above, OFX’s fee structure is simple and cheap! If you are transferring an amount under AUD 10,000 then there is a flat fee of AUD 15. If you are transferring more than AUD 10,000 then they will not charge you a transfer fee. Its that simple! OFX note on their site that
Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it. If you’re concerned, simply talk to one of our team members to discuss your transfer.
This is standard, and to be expected with all International Money Transfer Services.

OFX Exchange Rates

Supported Foreign Currency

OFX supports the following foreign currencies for payments:

Standard Currencies

AED United Arab Emirates Dirham GBP Pound Sterling PLN Polish Zloty
AUD Australian Dollar HKD Hong Kong Dollar SEK Swedish Kroner
CAD Canadian Dollar JPY Japanese Yen SGD Singapore Dollar
CHF Swiss Franc MXN Mexican Peso THB Thailand Baht
DKK Danish Kroner NOK Norwegian Kroner USD US Dollar
EUR Euro NZD New Zealand Dollar ZAR South African Rand

Exotic Currencies

BND Brunei Dollar LKR Sri Lankan Rupee SBD Solomon Island Dollar
CNY* Chinese Yuan Renminbi MAD Moroccan Dirham SCR Seychelles Rupee
CZK Czech Koruna MGA Malagasy Ariary TOP Tongan Pa anga
FJD Fiji Dollar MYR Malaysian Ringgit TRY Turkish Lira
HUF Hungarian Forint OMR Omani Rial TWD Taiwanese Dollar
IDR Indonesian Rupiah PEN Peruvian Nuevo Sol VND Vietnamese Dong
ILS Israeli Shekel PGK Papua New Guinea Kina VUV Vanuatu Vatu
INR Indian Rupees PHP Philippine Peso WST Samoan Talar
KRW South Korean Won PKR Pakistan Rupee XOF CFA Franc
KWD Kuwaiti Dinar SAR Saudi Riyal XPF CFP Franc

*Corporate only

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Last Updated: 10th June, 2021
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