OFX Review

How does OFX compare to the competition?

Overview

OFX was previously known as OzForex, and first opened its doors in 1998 in Australia. OFX consolidated it’s country-specific brands UKForex, CanadianForex, NZForex and USForex in 2015.

Due to their global network, they’re able to offer support 24/7. They offer products to suit individuals, businesses and specified eCommerce products. 

OFX Pros and Cons

Pros
  • Global support 24/7
  • 55 currencies available
  • 5 minute appliacation process
  • No fees on transfers over $10,000
  • Having personal support can give you market insights and help you make the most out of your transaction
Cons
  • There is a $15 fee is you're sending under $10,000
  • No virtual bank accounts available(except for eCommerce users)
  • No cash pickup or card payments

Fees & Rates

Fees

OFX charges a flat fee of $15 for any transactions under $10,000. Any transfers over $10,000 are fee free. 

Rates

OFX will personalize your exchange rate depending on your circumstances. Things that may affect your rate include transfer amount, currency, frequency of transfers, yearly volumes among other things. Exchange rate will typically be between 0.5-2.5% from the interbank rate. Although this can vary.
If you know that you may have future transactions coming up, it could give you bargaining power to ask for a better rate than they’re offered.

Safety & Reputation

OFX is a trusted global company and is regulated by the major regulating bodies such as the FCA and ASIC. They are also listed publicly on the Australian Securities Exchange under the code “OFX”
OFX score an 8.8/10 with Trustpilot.

Countries & Currencies

Countries

OFX is headquartered out of Australia, but they also have offices in Auckland, San Fransisco, London, Toronto, and Hong Kong.

Currencies

OFX can currently transact in 55 currencies. The following are what OFX calls their Standard currencies: 

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

Along with the above Standard currencies, they also have the below Exotics. There may be some more restrictions on these currencies. 

  • AZN Azerbaijani Minat
  • BGN Bulgarian Lev
  • BHD Bahraini Dinar
  • BND Brunei Dollar
  • CNY Chinese Yuan Renminbi (Business customers only)
  • CZK Czech Koruna
  • EGP Egyptian Pound
  • FJD Fiji Dollar
  • HUF Hungarian Forint
  • IDR Indonesian Rupiah
  • ILS Israeli Shekel
  • INR Indian Rupees
  • KRW South Korean Won
  • KWD Kuwaiti Dinar
  • LKR Sri Lankan Rupee
  • MAD Moroccan Dirham
  • MGA Malagasy Ariary
  • MYR Malaysian Ringgit
  • OMR Omani Rial
  • PEN Peruvian Nuevo Sol
  • PGK Papua New Guinea Kina
  • PHP Philippine Peso
  • PKR Pakistan Rupee
  • RUB Russian Ruble
  • SAR Saudi Riyal
  • SBD Solomon Island Dollar
  • SCR Seychelles Rupee
  • TOP Tongan Pa anga
  • TRY Turkish Lira
  • TWD Taiwanese Dollar
  • TZN Tanzanian Shilling
  • VEF Venezuelan Bolivar Fuerte
  • VND Vietnamese Dong
  • VUV Vanuatu Vatu
  • WST Samoan Talar
  • XOF CFA Franc
  • XPF CFP Franc

OFX eCommerce Account

OFX has a dedicated eCommerce product available to online sellers. Similar to the WorldFirst World Account, or TransferWise Borderless Account you can access virtual currency accounts in these currencies:

  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • HKD
This means that you can receive payments from your online sales in any of the above currencies, and pay suppliers directly from your account without having to transfer between currencies.
To use the OFX eCommerce account, you need to be receiving funds from one of their approved marketplaces, such as Amazon or Ebay. Read more about approved marketplaces here

How To Sign Up For An OFX Account

OFX has a simple online registration process. They may ask for your driver’s license or other photo ID, so try to have this handy.

OFX Signup Process 1

Choose the type of account that you’d like to set up. Either Personal, Business, or eCommerce. 

Complete your personal details. 

OFX may now ask you to fill in your driver’s license details for verification. 

Submit your details and you’re just about ready to go!

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