OFX formally known as Ozforex is the largest Australian owned money transfer company. The company was born online and continues to develop easy, intuitive products.
Everything from account set-up to sending money overseas is done online. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.
How good is OFX and what are they like. OFX fees and charges. OFX excels in 2 areas — Online experience and customer service. For example, if the market rate to buy US dollars using Australian dollars is 0. The difference between what they buy the currency for 0. OFX has an outstanding record for safety and security.
They have robust compliance procedures and are regulated by ASIC. Their Australian Financial Service Licence is Find more information here. For more information on their security policy, click here. For more information including their annual report, click here. It really depends on the currency and the amount you need. As a rule of thumb, OFX offer better rates for bigger amounts. To get an indicative rate, you can use the online OFX currency converter. Type in your currency and amount — then the site will show you the market rate.
Unfortunately, the market rate they display is not the rate you will receive. To calculate that, you'll need to click on the "Get Extra" section and, even then, the customer rate isn't displayed. You have to manually divide your currency amount by your Australian dollar amount to get the real rate. You can see OFX exchange rates and compare them to the Big 4 banks and other money transfer companies.
Click here to read it. To transfer any money overseas using OFX, you need to register a new account. Enter OFX and apply promo code to receive your first two transfers for free. You get a rate quote for your transfer and, if it suits your needs, you simply input the receiving account details. For security, OFX contact you for confirmation and you can also track the transfer online. Depending on where your money is being transferred, money is usually received in days. OFX does not accept direct credit card payment.
The only way around this is to arrange a domestic transfer from your bank to OFX by withdrawing available funds from your credit card into another account — and then sending it across. You may gain some benefit through rewards your credit card provider has on offer but check with your own credit card issuer. Click here to visit the OFX website. Find your lowest cost option. Compare Australian banks and money transfer specialists in terms of transfer times, exchange rates and fees.
If you are looking for options other than OFX, we've put this guide together to help you make an informed decision.
Let us do the hard work for you. Simply let us know which currency you want to buy and what rate you are after. We'll contact you as soon as we find a currency partner that can sell it at your nominated rate. If you have a large amount, call us on A local consultant will call you back within one business day to help you out. Alternatively, you can call us directly on Your reviews are helpful to us and other users. Tell us about your experience and write a review. How good is OFX to use and what are they like?
Frequently asked questions FAQs. How safe is it to use OFX? What exchange rate will I get from OFX? How do I send or receive money from overseas with OFX? Registration is free and is managed in these simple steps: How do I pay funds to OFX? Does OFX accept credit cards?
OFX also do not accept payments via cash or cheque. What currencies and countries can you transfer with OFX? Does OFX have any business accounts?