By Sarah Chen
Published · Updated
Quick Summary
OFX (formerly OzForex) specializes in large international money transfers, offering some of the best exchange rates in the industry with no transfer fees. Designed for expats, businesses, and anyone sending significant amounts internationally, OFX provides dedicated currency dealers for personalized service. With over $100 billion transferred since 1998, OFX combines competitive rates with the reliability of an established financial institution.
Score Breakdown
What We Like
- ✓ No transfer fees on any amount
- ✓ Excellent exchange rates for large transfers
- ✓ Dedicated currency dealers for support
- ✓ Forward contracts to lock in rates
- ✓ 24/7 global customer support
What Could Improve
- ✗ Minimum transfer typically $1,000
- ✗ Slower than instant transfer services
- ✗ Not ideal for small personal remittances
Features
OFX offers spot transfers, forward contracts (lock in today's rate for up to 12 months), and recurring transfers. No transfer fees regardless of amount. Rate alerts notify you of favorable rates. Multi-currency account available. Business solutions include mass payments and API integration. Dedicated dealers provide personalized guidance on timing and strategy.
Pricing
Zero transfer fees on all transactions. Revenue comes from a small margin on exchange rates (typically 0.3-0.8% above mid-market rate for large amounts). The larger the transfer, the better the rate. No hidden fees or charges. Minimum transfer varies by corridor but typically starts at $1,000.
Usability
OFX's platform is professional and straightforward, designed for users comfortable with financial transactions. The registration process requires identity verification for compliance. The dashboard shows transfer history, recipient management, and rate charts. The mobile app handles transfers on the go. Dedicated dealers are a phone call away for personalized service.
Key Specifications
| Transfer Fee | $0 |
| Exchange Rate Markup | 0.3% - 0.8% |
| Transfer Speed | 1-5 business days |
| Sending Countries | 50+ |
| Receiving Countries | 170+ |
| Delivery Methods | Bank transfer |
| Maximum Transfer | No limit |
Final Verdict
OFX is the best choice for large international transfers where exchange rates matter most. The zero-fee structure and competitive rates can save hundreds or thousands on significant transfers. The $1,000 minimum and slightly slower speeds make it less suitable for small personal remittances. For expats, property purchases abroad, or business payments, OFX delivers outstanding value.
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