What are OFX fees?

OFX®¹ specializes in currency exchange, international payments, and multi-currency business accounts. From the US you can send money to 170+ countries with OFX - but what will it cost you? This guide covers all you need to know about OFX transfer rates and OFX conversion rates so you can decide if it’s the right service for you.

OFX pricing: what are the fees?

OFX does not charge a fee for sending money overseas². Instead, OFX exchange rates include a small markup - a percentage charge added onto the rate being used to convert your dollars to the currency needed for deposit in your recipient’s account.

OFX also offers Global Currency Accounts³ for businesses and online sellers, which have no account opening fee and no monthly cost. Again, there may be an exchange rate markup applied when you convert currencies in your account or to make a payment or withdrawal.

The final set of services offered by OFX cover currency risk management products. Here fees may apply, but as each product is unique and based on individual customer needs, you’ll need to call OFX to talk through your requirements and generate a personal quote for costs.

This guide focuses on the costs of using OFX in the US - if you’re new to OFX and the services offered, you can also check out our full OFX review for more.

Does OFX charge transfer fees?

OFX US customers do not pay a specific transfer fee when sending money. Instead, there’s a small markup added to the exchange rate used to convert your money - we’ll look at how that works, next. Bear in mind that if you’re using OFX in a different country, different fees - including a transfer charge - may apply.

OFX exchange and conversion rates

OFX exchange rates include a markup. This is a percentage fee added on to the mid-market exchange rate.

The markup used is variable and will depend on several factors, including the currency involved, the value of the transfer, and when you’re arranging your payment.

Generally, higher value transfers may attract lower markups, while sending money on a weekend or when exchange markets are closed may mean paying a higher fee⁴.

You’ll be able to get your personal OFX currency rate from a team member before you confirm your transaction, and can compare it against the mid-market rate to see the markup used.

Are OFX exchange rates good?

OFX exchange rates include a markup, which may be smaller than the markup used by a bank. However, to see if OFX is the best service for your specific payment you’ll need to compare a few OFX alternatives - we’ll cover a few options in just a moment.

OFX currency rates

You can get an indicative OFX exchange rate for your payment online, but it’s helpful to know that this may not be exactly the same as the rate you’re ultimately offered. Once you’ve created an OFX account online or by phone you can generate your customer specific OFX currency rate.

OFX customer rates may be even better than those shown on the online calculator tool, particularly for high value transfers and corporate clients.

OFX alternatives: price comparison

Different international transfer services have their own approaches to fees which can include both exchange rate markups and transaction costs. Here’s a quick overview of the costs of sending money abroad with OFX vs a couple of alternatives for comparison.

	Exchange rates	Transaction fees
OFX	OFX rate includes a small markup	No transfer fee
Wise	Mid-market rate with no markup	From 0.33%*
PayPal®⁵	PayPal rate includes a 4% currency conversion fee	Domestic payment fee which varies based on payment method + 5% international transfer surcharge⁶

Want to learn more? Take a look at our OFX vs Wise comparison.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees*.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

Common questions about OFX fees

What is the minimum transfer amount for OFX?

In the US, the minimum transfer amount for OFX is 1,000 USD or the currency equivalent⁷.

Using OFX for large transfers: is it worth it?

OFX has no maximum transfer amount in most cases, and can be used safely to send high value payments. You may even qualify for a better exchange rate when you send a high value payment with OFX, making it better value compared with smaller payment amounts.

Can you minimize your OFX fees?

OFX has no transfer fee, but does use an exchange rate markup. To minimize your OFX fees you’ll need to get the lowest possible markup on the exchange rate used for your payment.

Talk your transfer through with an OFX team member, to get their best available rate, and compare the overall costs with a few alternatives to make sure you’re getting the best price in the end.

Are there any hidden fees with OFX?

There are no hidden fees with OFX, but there are a couple of costs to bear in mind. Firstly, there’s an exchange rate markup which you can see by comparing the OFX currency rate against the mid-market rate for your currency.

And secondly, there may be third party fees which are paid to intermediary banks involved in processing the transfer.

These costs aren’t in OFX’s control - if you’re concerned about third party charges creeping in, talk your payment over with a member of the OFX team to get their advice on avoiding extra costs.

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Before you send your international payment with OFX it’s worth getting an exchange rate quote and then comparing the overall cost against a few alternative services from providers like Wise - that way you’ll know you’re getting a good deal, no matter where you’re sending money to.

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Sources:

1. OFX
2. OFX FAQ - transfer fees
3. OFX - Global Currency Account
4. OFX FAQ - exchange rates
5. PayPal
6. PayPal fees
7. OFX FAQ - minimum transfer

Sources checked on 07.05.2024