OFX Review
Specialist in large international transfers for individuals and businesses
OFX specialises in large transfers — typically above $5,000. Unlike most consumer-focused services, OFX does not charge a fixed transfer fee, earning instead through a competitive exchange rate margin. For large amounts, this often works out cheaper than services with flat fees. OFX also serves businesses with a dedicated FX desk and forward contracts.
Key facts
- Typical fee: No fixed fee
- Exchange margin: ~0.5%–1.5% above mid-market
- Delivery time: 1–2 business days
- Best for: Large transfers ($5,000+), business payments
- Min transfer: $1,000
- Max transfer: No stated limit
Pros
- No fixed transfer fee
- Competitive exchange rate for large amounts
- Dedicated currency specialists available by phone
- Forward contracts available (lock in today's rate)
- Suitable for business and personal large transfers
Cons
- $1,000 minimum transfer — not for small amounts
- Not ideal for mobile wallet or cash pickup delivery
- Slower than Wise or WorldRemit for urgent small transfers
Popular corridors
FAQs
Is OFX better than Wise for large transfers?
For amounts above $10,000, OFX and Wise are closely matched. OFX has no fixed fee which helps for very large amounts, but Wise offers slightly closer rates to mid-market on many corridors.
What is a forward contract with OFX?
A forward contract lets you lock in today's exchange rate for a transfer you plan to make in the future (up to 12 months).
What is the minimum transfer amount for OFX?
OFX requires a minimum transfer of $1,000 (or currency equivalent). Use Wise or WorldRemit for amounts under $1,000.
Is OFX safe?
Yes. OFX is publicly listed on the ASX and is regulated by ASIC in Australia, FCA in the UK, and FinCEN in the US.