OFX International Money Transfer Review

OFX International Money Transfer Review

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated October 5, 2021

Since 1998, OFX (formerly known as Canadian Forex) has grown to become a leading international money transfers company, moving $25 billion each year for its clients. They have 115 bank accounts in their global network and can provide 55 different currencies. While they originated in Sydney, Australia, they also have offices in Toronto (CA), San Francisco (US), London (UK), Hong Kong (CN), and Singapore.

How To Access The OFX Service?

OFX focuses on bank account to bank account transfers (no cash counters) and the service can be used independently of the bank that you are using. The service can be accessed 3-ways:

  • Online – Through OFX’s website, where you can create an account in a few minutes and make transactions 24/7.
  • Mobile App – Download the app from the App Store or Google Play to create an OFX account and book transactions directly from your cell phone. 
  • Phone – Although you will need to create an account online first, OFX offers 24/7 phone support, so you can talk to an expert about your transfer needs.

Learn More

How Does The Service Work?

You can start transferring funds in 4 easy steps!

  • Open an account – Register here in 5 minutes; it’s free! A client manager will contact you to finalize your account set-up and assist with transfers. 
  • Lock-in your rate – Get a real-time quote for the amount and currencies you’re looking to transfer. If you like the rate, lock-it in and enter the recipient’s banking details.
  • Send your funds – OFX accepts bill payments, e-transfers, wire transfers or you can set up a direct debit. 
  • Your job is done! Once OFX receives your funds, they will deliver to your recipient within 2 business days. 

What Information Is Required To Transfer Money With OFX?

When creating an account, you may need to provide certain personal and financial details, such as:

  • 2 pieces of government photo ID (driver’s license, passport, etc.)
  • A recent utility bill or other proof of your address 
  • Your bank account details (to link for direct debit)
  • Your recipient’s bank account details
  • Your business details (for a business profile)
  • Your email address and phone number

Before you get started, keep in mind that the exact details and documents you need can vary depending on where you’re applying from and how much currency is involved.

What Are The Key Features Of OFX? 

Transferable AmountsNo minimum, no maximum
Transfer Channels Online, mobile app, phone
Types of TransfersBank account to bank account transfers
Payment OptionsBill payment, e-transfers, wires, direct debit
Service Coverage55 currencies
Speed of Transfers1-2 business days

*Note: minimum/maximum OFX transfer amounts may vary based on currency/location.

How Much Does It Cost To Transfer Money With OFX?

All foreign exchange providers can charge 2 types of costs; a fixed transaction fee (i.e. inbound/outbound wire fees) and a margin on the real exchange rate, the latter being the most important factor to consider. OFX charges no transaction fees, and because they use a local settlement system, they eliminate transaction fees charged by your sending/receiving bank. As for the margin taken on the real exchange rate, banks typically take a 2% to 5% markup, whereas OFX charges below 1%. You can check rates here!

All this said, one of the best things about OFX is that they feature some of the lowest exchange rates of any currency transfer business. In fact, you may see margins as low as 0.4% for large transfers.

Is OFX Safe To Use?

Though they enjoy less brand recognition than companies like MoneyGram and Western Union (who service more than 200 countries each), OFX has a large global reach and is under the supervision of over 50 regulators globally, allowing you to make transfers to over 100 countries, including

  • Canada
  • Unites States
  • United Kingdom
  • Ireland
  • Germany
  • France 
  • Spain
  • Australia
  • New Zealand
  • China (Singapore & Hong Kong)

The OFX network is also secured by Norton’s Symantec SSL Certificate, which means they have a higher level of digital security than many other currency transfer businesses out there. In Canada, they are listed as an accredited company with the Better Business Bureau and are regulated by FINTRAC, as well as many international authorities.

All this makes OFX a perfectly safe money transfer service.

To learn more about transferring money to a bank account, click here.

OFX - Frequently Asked Questions

Can I track my transfer?

Yes, after your money transfer goes through, you can track its progress by clicking the “Deals and Orders” section of your online account. At your request, OFX can also send you regular updates by email and/or SMS text message. To modify your notification methods, log into your account, go to “Your Profile” and visit “Your Preferences”.

Can I cancel my OFX transfer or make a partial payment?

While it may be possible to cancel your single or recurring transfer, it’s important to know that such actions can result in a penalty fee for any losses incurred from missed payments. They can also accept partial payments under special circumstances. However, to avoid any problems, you should notify OFX immediately.

Is it possible to lock-in my exchange rate?

Yes, your exchange rate will be locked in once your transaction, currency type, and recipient have been confirmed. You can also visit the OFX website to see their estimated exchange rates or get a quote prior to making your money transfer.   

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Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and traveling the world in search of the coolest sights our planet has to offer. Bryan uses the BMO Cash Back Mastercard to earn cash back on everything from boring bill payments to exciting excursions. He is also a strong saver, holding both a TFSA and an RRSP account in order to prepare for his future while taking full advantage of tax benefits.

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