Currency Expert compares money transfer providers and may earn a commission when you use our links. It does not change how we rank providers or what we say below. Rates and fees move daily, so the figures here are dated; confirm the live amount with OFX before you send.
OFX Review Verdict
Our rating: 4.2/5
Verdict. OFX is a specialist, not an all-rounder. It charges no transfer fee and hides its cost in the exchange rate, and that rate gets sharp as the amount climbs, down towards 0.3% on six-figure sums negotiated with a dealer.
On a £1,000 transfer a flat-fee app beats it. On a £100,000 one, it is hard to beat.
The trade-offs are not hidden. OFX pays into bank accounts only, never cash or a wallet, and its first compliance check can sit on your money for days.
Best for
– Large one-off transfers, where a tighter rate dwarfs any fee
– Businesses wanting forward contracts, a dealer and an API
– Anyone who wants a 24/7 phone line to a human
Look elsewhere if
– You are sending small amounts and want the lowest cost
– Your recipient collects cash or uses a mobile wallet
– You need the money to arrive today
Key facts (as of 24 June 2026)
| Exchange rate | Margin in the rate: ~2% on £1,000, falling to ~0.3–0.8% above £100,000 |
| Fee | No OFX transfer fee at any amount; debit-card funding adds 1.5% |
| Speed | Major currencies 1–2 business days; exotics 3–5 |
| Payout | Bank deposit only. No cash pickup, no mobile wallet |
| Regulation | FCA-authorised e-money firm (UKForex Ltd, FRN 902028); safeguarded, not FSCS |
How Much Does OFX Cost to Send Money?
OFX’s exchange rate and margin
OFX charges no upfront fee, so the whole cost sits inside the exchange rate. The gap from the mid-market rate, the figure you would see on Google, is the number that matters.
That gap is tiered. We compared it across amounts: around 2% on £1,000, much like a bank, tightening to roughly 0.55–1.4% on £10,000.
Above £100,000, negotiated with a dealer, it can reach 0.3% on a liquid pair like GBP to EUR. So OFX gets cheaper the more you move.
OFX transfer fees
There is no OFX transfer fee, on any amount, for UK customers. Two costs still apply, and both are easy to miss.
Fund by international debit card and OFX adds a 1.5% surcharge. On SWIFT routes an intermediary bank may also take a cut before the money lands; OFX keeps none of it, but cannot stop it.
| Funding method | Cost |
|---|---|
| Bank transfer (Faster Payments, CHAPS, BACS) | No OFX fee |
| Debit card | 1.5% surcharge |
Sending £1,000 to India with OFX
This is where the catch on small sums shows. The figures below are illustrative, built from OFX’s sourced ~2% retail margin and the mid-market rate on 24 June 2026, so confirm the live quote. [VERIFY: live rate]
| Rate | Fee | Recipient gets | |
|---|---|---|---|
| OFX, GBP to INR (~2% margin) | ~124.4 | £0 | ~₹124,400 |
| OFX, GBP to EUR (~2% margin) | ~1.127 | £0 | ~€1,127 |
If you are sending rent or support to family, a flat-fee provider on the mid-market rate puts more rupees in their account than OFX does here, even after its fee. The OFX advantage is real, but it lives at scale, not on a grand.
Costs to watch
– The cost is in the rate, not a line item, so always compare on the amount received
– Debit-card funding adds 1.5%; pay by bank transfer instead
– On SWIFT routes, an intermediary bank may deduct a receiving fee
Where Can You Send Money With OFX?
Countries and currencies supported
We confirmed coverage of more than 50 currencies and over 170 countries, paid out through a network of local bank accounts where OFX can avoid SWIFT charges.
Payout methods
- Bank account deposit only, into the recipient’s own account
- No cash pickup, in any country
- No mobile wallet payout
- This quietly rules OFX out of many family-remittance corridors
Transfer speed and limits
| GBP to EUR / USD | 1–2 business days once funds clear |
| Exotic currencies | 3–5 business days |
| Minimum | About £100–£125 (a $150 equivalent) |
| Maximum | No maximum, online or by phone |
Who Is OFX Best For?
Sending money to family overseas
Weak on most routes, and worth being honest about. OFX pays into bank accounts only, so if your mother collects cash from an agent or tops up a wallet, it simply cannot help.
On smaller monthly sums the ~2% margin also loses to a flat-fee app. It fits only where your family banks and the amounts are large.
Business and supplier payments
This is home ground. You get forward contracts to fix a rate, limit orders to chase a better one, a developer API to wire payments into your own systems, and a named dealer for the big runs.
When you pay suppliers on a schedule or in large lumps, rate certainty starts to matter more than a few pounds of fee.
Large one-off transfers
OFX’s strongest case by far. There is no maximum, the margin on six figures can reach 0.3%, and a forward contract holds today’s rate for up to 12 months.
Picture the months between agreeing to buy a flat abroad and completing on it: a 2% drift would dwarf any fee, and OFX lets you lock the rate now for a 5–10% deposit. A flat-fee app leaves you exposed.
When another provider fits better
– You are sending small amounts and want the lowest headline cost
– Your recipient needs cash in hand or a wallet top-up
– You need same-day or instant delivery
OFX Pros and Cons
Pros
– No transfer fee, with a rate that sharpens steeply as the amount rises
– Forward contracts up to 12 months and limit orders to manage rate risk
– No maximum limit, which suits six-figure and property payments
– 24/7 phone support with a human dealer, rare among online providers
– FCA-authorised, ISO 27001-certified, with two-factor login as standard
Cons
– On small sums the ~2% margin is beaten by flat-fee fintechs
– Bank deposit only: no cash pickup or mobile wallet, anywhere
– Compliance checks can freeze a first transfer for days
– Slower than digital-only apps: 1–2 days, not seconds
– Safeguarded, not FSCS-protected, so no £85,000 guarantee
Is OFX Safe?
How OFX protects your money
We checked OFX against the FCA Register. It operates as UKForex Limited, authorised as an electronic money institution under FRN 902028, and safeguards your money in separate accounts, kept apart from its own. [Editor spot-check: FRN 902028 + EMI status + safeguarding]
That is not the same as FSCS protection. There is no £85,000 guarantee, and clawing safeguarded funds back through an administrator could take longer than an FSCS payout. For money passing through on its way abroad, that is a fair trade.
Account security and fraud protection
Security is solid. OFX requires two-factor authentication and holds ISO/IEC 27001:2022 certification for information security. Funding is restricted to bank rails and debit cards, which keeps chargeback fraud down.
Using OFX: Sign-Up, App and Support
Signing up and verification. You open an account online with identity checks. The recurring complaint lives here: a first or large transfer can be held for document verification, so do not leave it to the day of a deadline.
App and website. OFX runs a web platform and well-rated mobile apps, with self-service quotes and booking. You can see a quote before you fund anything.
Customer support. This is a real strength. Phone support runs 24 hours a day, staffed by dealers OFX calls “OFXperts”, so you can reach a person whatever the time zone, exactly when a large transfer makes you nervous.
OFX Customer Reviews and Reputation
We read the recent reviews, not just the headline score. The picture splits along one clear line.
| Source | Score | Reviews | As of |
|---|---|---|---|
| Trustpilot (global) | 4.4/5 | 11,358 | Mid 2026 |
| Trustpilot (UK) | 3.5/5 | 350 | Mid 2026 |
| Apple App Store | 4.8/5 | ~4,462 | 2026 |
| Google Play | 4.4/5 | ~4,004 | 2026 |
What people praise: the 24/7 phone dealers, the absence of transfer fees, and sharp rates on large transfers.
What goes wrong: the complaints cluster on compliance. Money held pending document checks, and a settlement that feels slow next to a digital-only app.
How Does OFX Compare?
For small or instant transfers, Wise is usually cheaper and faster, because it uses the mid-market rate and one small flat fee.
For large or future-dated payments, OFX competes with dedicated-dealer brokers like Currencies Direct and TorFX, where the locked rate and the relationship matter more than the app.
Use our live comparison for the amount and the route you actually care about.
Final Verdict: Is OFX Worth It?
OFX is a specialist worth knowing for one job: moving large sums well.
Send £1,000 and a flat-fee app beats it. Send £100,000, or fix a rate for a completion months away, and the tightening margin, the forward contracts and the 24/7 dealers put OFX among the best there is. We rate it 4.2 out of 5.
Go in clear-eyed, though: bank deposit only, no cash or wallet, and a first transfer that may sit in compliance for a few days.
OFX FAQs
Is OFX cheaper than a bank?
On large transfers, usually. Its margin falls towards 0.3% on six figures, well under a typical bank’s 2–4%. On £1,000 the gap narrows, and a flat-fee fintech often wins, so compare on your own amount.
Does OFX charge a transfer fee?
No, OFX charges no transfer fee at any amount for UK customers. The cost sits in the exchange rate instead. Funding by debit card adds a 1.5% surcharge, so pay by bank transfer where you can.
Is my money safe with OFX?
OFX is FCA-authorised as an e-money firm (FRN 902028) and safeguards your funds in separate accounts. That is not FSCS protection, so there is no £85,000 guarantee, but your money is ring-fenced from OFX’s own.
Can my recipient collect cash with OFX?
No. OFX pays into bank accounts only, with no cash pickup or mobile wallet on any route. If your recipient needs cash, use a remittance specialist instead.
Verified 24 June 2026. Provider data cross-checked against the FCA Register, ofx.com and Trustpilot via the OFX deep-research source set. Live transfer figures are illustrative and refreshed by the Currency Expert comparison engine.