OFX Money Transfer Review 2025

OFX is a global money transfer provider offering cost-effective, secure solutions for individuals and businesses handling larger bank-to-bank transactions.

Global remittances soared past £500 billion in 2024, reflecting just how vital services like OFX have become.

In this review, we’ll look at OFX’s features, pricing, and pros and cons to help you decide if it’s the right fit for your needs.

So, what makes OFX stand out from the crowd?

Should You Use OFX Money Transfers?

OFX could be ideal for larger international transfers, especially if speed isn’t your top priority. The platform is highly rated for its competitive exchange rates, particularly for transfers like USD to MXN, making it a good fit if you save on fees and get better value for your money. Customers appreciate the reliable customer service and that OFX is suited for high-value transfers without hidden fees.

However, for first-time users or those making smaller, one-off transfers, OFX can feel a bit cumbersome. Some reviewers mention that the account setup can take longer than expected, requiring additional documentation and leading to delays. There have also been reports of slow processing times despite quick fund withdrawals, which can be frustrating for those looking for speed. If you’re transferring larger sums, OFX is generally secure and regulated, so you can trust that your money will stay protected.

While the customer support is often praised, some users have experienced communication issues, especially when dealing with transfer delays. This, combined with the occasional technical hiccups, could be a downside for those who need immediate answers or quick resolutions.

OFX At A Glance

Pros and Cons of Using OFX

Who Is OFX Best For?

OFX Is Best Suited To

• Businesses and high-volume users: OFX is ideal for those who regularly transfer large amounts of money, as it offers competitive exchange rates and no transfer fees for most transfers above £1,000.
• Frequent international transfers: If you regularly need to send funds abroad, OFX can help you save over time with their transparent pricing and strong exchange rates.
• Users looking for strong customer service: OFX’s 24/7 customer support and expert guidance are a major plus for businesses or individuals who need assistance at any time.

OFX Is Least Suited To

• Occasional users or small transfers: If you only send occasionally, OFX might not be the most cost-effective. They charge fees on transfers under £1,000, which might make smaller amounts less attractive.
• Urgent transfers: OFX isn’t the fastest service, so it might not be ideal for those who need their money transferred within a few hours. Depending on the destination, transfers can take 1-3 days.
• Cash pickup users: Unlike other services, OFX doesn’t offer cash pickup, so it’s unsuitable for recipients who prefer this method.

How Much Does It Cost To Use OFX?

OFX doesn’t charge any upfront fees for most transfers, and that’s a real standout. Instead, they build a small margin into the exchange rate. The more you transfer, the better your rate tends to be.

I’ve seen rates improve notably from around £10,000 upwards, especially if you speak to your account manager. For six-figure transfers, I think the personalised pricing is often stronger.

You’ll need to register and verify your identity before seeing a live rate. Still, once you’re set up, your account manager can quote tailored pricing over the phone, which makes a huge difference for high-value, high-frequency users.

What’s The Transfer Process Like?

If you’re considering using OFX for your international money transfers, it’s helpful to understand the process from start to finish. OFX is designed to make sending money across borders easy, secure, and cost-effective, with an emphasis. Here’s what you can expect when using their service.

Signing Up: Quick and Easy

Starting with OFX is straightforward. The sign-up is quick, and you’ll be asked to provide basic personal or business details to comply with financial regulations. This helps keep your transfers secure and compliant. You’ll also need to verify your identity, which is standard practice for international transfers, but it’s usually a fast step. Once registered, you can log in and browse exchange rates immediately.

You may need to supply additional documentation for businesses, but overall, the process is smooth and designed for ease. From my experience, the online interface is simple to navigate, and you can set up your transfers quickly.

Initiating a Transfer: Flexibility and Control

Once you’re signed up and logged into your account, initiating a transfer is easy. OFX offers a variety of options for both personal and business transactions. You can send money to a bank account or a specific beneficiary, and the process allows you to select the best currency pair for your transfer needs.

While you don’t get a personal account manager, the online platform is well-designed to guide you through the process. OFX provides a clear step-by-step walkthrough, and you’re given access to helpful tools, such as the ability to lock in rates if you’re concerned about currency fluctuations. The process is designed to be straightforward, which is great if you’re not familiar with international transfers but want a smooth, user-friendly experience.

Tracking Your Transfers: Transparency Every Step of the Way

One key advantage of using OFX is its robust tracking system. After you initiate a transfer, you can easily track its progress through your account. OFX sends you notifications at each stage, including when your money is dispatched and when it has been received on the other end.

This level of transparency is reassuring, especially when dealing with larger sums or transfers to unfamiliar destinations. I find it very helpful to know exactly where my money is and that the process is being actively monitored. If anything unexpected happens, you can always contact customer support, which is available to assist you.

OFX Customer Support

When it comes to international money transfers, having reliable customer support is crucial, and OFX offers just that. Their approach to customer service is designed to ensure that you have a seamless experience from start to finish. Here’s what you can expect from their customer support service.

Easy Access to Support

OFX makes it easy to get help when you need it. They offer multiple support channels, including phone, email, and live chat. Whether you have a quick question about an exchange rate or need assistance with a larger transfer, the support team can guide you through it. From my experience, it’s reassuring to know that help is just a call or click away.

For businesses, the availability of support is key, especially when managing frequent or high-value transfers. While you don’t get a dedicated account manager, OFX’s customer support team is responsive and knowledgeable, meaning you’ll still get the assistance you need without long waiting times. I appreciate that they take the time to explain things clearly, making understanding the complexities of international transfers easier.

Proactive Communication

OFX excels in proactive communication, ensuring you’re kept in the loop throughout the transfer process. They send timely updates on your transaction’s status, which is a helpful feature, especially when transferring large sums. I find this particularly valuable—knowing exactly where my transfer is and when it’s expected to arrive removes much of the uncertainty of sending money internationally.

Support for Both Personal and Business Clients

OFX’s support is tailored to meet the needs of both personal and business clients. Whether you’re transferring money for a one-off purchase or managing regular payments for your business, the team is equipped to handle your specific needs. They understand the different challenges companies face when sending payments abroad and are well-versed in offering solutions that work for individuals and organisations.

OFX Customer Reviews

Customer feedback on OFX is mostly positive, especially if you’re making large international transfers and value security over speed. On Trustpilot, OFX has a solid rating of 4.4 out of 5 from over 10,000 reviews. That’s a good sign for anyone cautious about sending large sums abroad.

Many users praise the platform’s competitive exchange rates, straightforward process, and lack of hidden fees. I think this really matters if you’re used to being stung by banks or apps that bury their margins in the rate. Once set up, transfers seem to go through smoothly, especially via wire, and customer support often gets shout-outs for being helpful and professional.

That said, it’s not all smooth sailing. Some people hit snags during the account setup and verification stages, which can feel slow and documentation-heavy. Others were left chasing updates when transfers didn’t go as planned, with a few reporting worrying delays or vague responses from the support team. I think that’s the biggest pain point—slow communication can feel like a red flag when you’re moving significant amounts.

The mobile app also gets a decent reception. On the App Store, OFX scores an impressive 4.8, with most users describing it as simple, secure, and reliable. But on both iOS and Android, a handful of reviewers mention technical glitches or trouble logging in—small but frustrating details.

Is OFX Safe To Use?

When it comes to sending money internationally, security is paramount. OFX takes the safety of both your funds and personal data seriously. Here’s an overview of the security measures to protect you during your transfer process.

• OFX is regulated in multiple countries (e.g., FCA in the UK, AUSTRAC in Australia).
• High-level encryption technologies protect sensitive data.
• Advanced fraud prevention systems monitor and detect suspicious activities in real-time.
• OFX complies with GDPR, ensuring secure personal and financial data handling.
• Payments are processed through secure, trusted channels.
• Regular audits and internal compliance checks ensure adherence to security standards and regulations.

Disclaimer

The content provided in this article is for informational purposes only and should not be considered financial advice. We strongly recommend consulting with a qualified financial adviser for any critical financial decisions to ensure your specific needs and circumstances are properly addressed.

Please note that all regulated payment services are carried out by OFX’s approved payment partners, who hold the necessary licences and regulatory approvals. Regardless of which payment partner manages your transaction, your funds will always remain within a fully regulated environment from start to finish. Currency Expert does not hold or handle client funds at any stage, ensuring that every payment is conducted under secure, compliant oversight at all times.

FAQs

Can I schedule recurring transfers with OFX?

Yes. OFX lets you set up regular payments to the same recipient, which can be handy if you frequently send funds abroad. You’ll just need to confirm your schedule (e.g., monthly) and ensure you have sufficient cleared funds for each transfer date.

Do I need a separate OFX account for personal and business transfers?

Not necessarily. You can often add a business profile to your existing account. However, if you need more complex business solutions (like payroll or bulk transfers), setting up a dedicated business account may be more efficient.

Can I pay OFX using a credit or debit card?

It depends on your location. OFX primarily supports bank-to-bank transfers but may accept debit or credit cards for certain currencies and regions. Check directly with OFX to confirm your payment options.

How do I cancel or modify a transfer once I’ve booked it?

Contact OFX right away by phone or email. While they strive to help, cancellations or changes can be tricky if funds have already been converted or sent. Any cancellation may involve a termination fee to cover potential losses on the exchange rate.

Does OFX offer referral or loyalty programmes?

OFX has run referral programmes in the past, but availability can vary by region. Keep an eye on their website or contact customer service to see if you’re eligible for any current promotions.

What is the maximum transfer amount in OFX?

OFX doesn’t set a maximum transfer limit, so you can send as much as you like. However, your bank may have daily limits, and some currencies (like CNY, ZAR, or KRW) may have government restrictions. For very large transfers, OFX may request additional documents to comply.

What happens if a transfer is delayed or lost?

Delays sometimes occur due to intermediary bank practices, public holidays, or compliance checks. If you suspect your transfer is stuck, contact OFX with your reference number. They’ll trace it through their network and work with partner banks to resolve any issues.

How long does it take for OFX to receive money?

The time it takes for OFX to receive money depends on your payment method. Typically, bank transfers take 1-2 business days to process, while other methods, like debit/credit card payments, may be faster. However, the exact timing can vary based on the countries involved and the specific payment method chosen. OFX will notify you once the funds have been received and are ready to be transferred.

How much does OFX charge?

OFX doesn’t charge upfront or monthly fees for UK customers sending GBP abroad. Instead, they apply a margin to the exchange rate, typically 1-2% above the mid-market rate. For larger transfers, this margin may be lower. Third-party banks may charge additional fees, but OFX doesn’t receive any portion of these. To get the exact cost, check your rate in your OFX account or contact a representative.

What countries are restricted by OFX?

OFX supports transfers to over 190 countries, but due to sanctions and regulations, it cannot process transactions to or from countries like Afghanistan, Iran, North Korea, Syria, and Zimbabwe. It also doesn’t support transfers involving the Nigerian Naira (NGN). For more details, it’s best to contact OFX directly.

Is OFX a good way to send money?

Yes, OFX is a solid choice for sending large international transfers. It’s regulated, offers competitive exchange rates without hidden fees, and supports 24/7 online or via phone transfers. I think it’s best suited to people sending £5,000 or more, as that’s where you really see the savings stack up. For smaller amounts, though, it might feel a bit clunky.