OFX money transfer in the UK: a review of features, fees, and more

Looking to make an international money transfer? Perhaps you need to send money to a friend or family member, or cover a bill in another country. Whichever is the case, you’ll need to find the cheapest and most convenient way to send an overseas payment.

One of the options you can use is an online transfer specialist service like OFX. Originally launched in Australia, OFX now operates worldwide. It lets you make fast global transfers online or in its dedicated mobile app, in a choice of currencies.

But is OFX the right option for you? We’ll cover everything you need to know here in our comprehensive OFX review. This includes fees, exchange rates, security, transfer times and much more.

We’ll also briefly touch on an alternative - Wise. You can send money worldwide with Wise for low fees* and fair exchange rates, in your choice of 40+ currencies.

Key facts about OFX money transfer

What is OFX money transfer?

OFX offers fast, secure international transfers online or on its mobile app. You can use its website or app to send money to multiple countries worldwide, as long as the currency is supported (more on this later).

You’ll need to sign up for an account first, and then you can send your first payment.

What currencies OFX supports?

OFX supports payments in over 50 currencies, including all of the major ones you’d expect such as EUR, USD, GBP, CAD, AUD, SGD and NZD.¹

You can send to over 170 countries worldwide.¹

How to transfer money with OFX from the UK?

Ready to send your first transfer? Here are the main steps you’ll need to follow to send money from the UK with OFX:³

1. Register for an account, or sign in online or via the OFX app
2. Enter your recipient’s bank account details
3. Check the exchange rate and lock-in your transfer
4. Confirm the details of the transfer
5. Send the money to OFX via bank transfer
6. Wait for the funds to arrive in your recipient’s account

What are the transfer limits when sending money with OFX?

OFX money transfer limits decide how much you can send at once, along with the minimum amount you have to send to use the service.

The good news is that OFX doesn’t have a maximum transfer limit,³ and the minimum limit is $150 USD (around £125).⁴ This means that in theory, you can send as much as you want.

However, you might encounter an obstacle when it comes to paying for your transfer. This is because your bank may have daily limits on how much you can send. You’ll need to contact the bank to find out how much this is, and whether your limit can be raised.

Is OFX money transfer safe?

Security will always be a concern when sending money overseas, especially if you’re sending large amounts or making regular transfers.

The good news is that like other transfer providers, OFX has stringent security measures in place to protect you and your money. This includes identity protection systems, sophisticated fraud monitoring technology and SSL encryption to prevent your confidential information being intercepted.⁵

OFX is also authorised by the Financial Conduct Authority (FCA) in the UK.⁵

OFX money transfer fees review

Now, how much does it cost to send a transfer with OFX? We’ll run through all the key info you need to know on OFX rates, fees and other likely costs. This should help you assess the true cost of a transfer, and compare OFX to other providers.

It’s worth knowing that Wise International money transfer only ever uses the mid-market exchange rate, with no margin added on top. You’ll only pay low, transparent fees*, with absolutely no hidden costs. You’ll see exactly how much your transfer costs upfront.

Learn more about Wise

OFX transfer fees

OFX doesn’t charge any upfront transfer fees to UK customers.⁶ However, it’s possible that receiving or correspondent banks may charge their own fees as your payment makes its way to the recipient. OFX isn’t responsible for these fees, but either you or your recipient will still have to pay them.

OFX exchange rate

OFX may not charge any transfer fees, but this doesn’t mean that it’s free to use. To work out the true cost of any international transfer, you also need to look closely at the exchange rate you’re offered.

OFX claims to use bank-beating exchange rates. However, these are likely to have a margin or mark-up added on top of the mid-market exchange rate.⁷ Also known as the interbank rate, this is the rate you’ll find on Google or reputable currency sites. This mark-up is how companies like OFX make their money.

So while OFX exchange rates are better than those offered by banks, they aren’t the best you can get.

Wise vs OFX

So, which provider should you choose - OFX or an alternative such as Wise? It’s up to you, but it’s worth looking at the handful of key advantages that Wise has over OFX.

Firstly and perhaps most importantly, Wise doesn’t add a margin to the mid-market exchange rate. So even with a small upfront transfer fee* included, your transfer could be cheaper with Wise than with OFX.

Both providers use sophisticated security measures to protect your money, and offer fast, convenient transfers you can set up online.

And Wise also has a multi-currency account and international debit card available.

Sign up with Wise

How to contact OFX?

If you need help setting up a transfer or have a question about OFX’s services, you’ll need to know how to contact customer services.

The OFX contact number in the UK is +44 207 614 4194, but you can also email customer.service@ofx.com.⁸

And that’s it - we covered OFX’s features, fees, exchange rates, security and much more. You should now have all the info you need to decide whether OFX is right for your needs, and to compare it to other international money transfer providers.

Sources used:

Sources last checked on date: 08-Mar-2023