OFX Review: Is OFX the best money transfer service for you?

Adam Rozsa

With over 1 million global customers and over $100 billion transferred, OFX is one of the biggest money transfer companies in the world.¹

They provide customers international transfers—minimum of $1,000²—to over 190 countries and in over 50 currencies.

But is OFX the best money transfer service for your needs?

This article breaks down the exchange process of OFX. We’ll cover how the company works, review their exchange rates and speed, look at their customer support, and provide you with pros and cons, so you can make an informed decision about transferring your money.

Looking for another option? Save money with Wise - No hidden fees, no markup on the exchange rate - Just radically transparent pricing! But more on this later.

Save up to 7x with Wise

📝 Table of contents

How does OFX work?

Using OFX is a relatively simple process. To start, visit the OFX homepage and click ‘Get Started’ to sign-up for an OFX account.

Their system will first ask whether you're transferring as an individual or through a business entity. Make your choice and then follow the steps to fill in the appropriate information and create your account.

Note that you’ll need a mobile number to use OFX because they require 2-step verification for transfers.

After creating your account, OFX will ask you to verify your information by providing a photo of yourself holding a government-issued ID that has your photo on it. You can skip this step and go back to do it later, but OFX won’t process a transfer without identity verification.

Also, OFX may contact you during the process for further verification or to clarify some of your information.

Next, you’ll be able to set up a transfer by typing in the amounts and selecting the corresponding currencies. After that, confirm your bank account to fund the transfer and lock in the current transfer rate—for the US, you’ll either use an electronic bank transfer, wire transfer or ACH direct debit.

After funding the transfer, give OFX the details of where you want the money to be sent, and their system will take care of the rest. You can set up notifications in the system or track the transfer by logging into your account and clicking on the ‘Deals & Orders’ tab.

You can also set up your account and easily make transfers on your smartphone by downloading the OFX app from your Android or Apple device. The process is exactly the same.

ofx review

OFX transfer fees & exchange rates

OFX states that they have no transfer fees for any of their transfers.

However, they also let customers know that a third-party bank or intermediary may charge a fee by deducting it from the value of the transfer—there’s no way to know in advance what these fee might be.⁴

💡 It’s also important to note that OFX distinguishes between the true mid-market rate or ‘interbank’ rate and their ‘retail’ or ‘customer’ rate. This ‘customer rate’ is the upcharge on the exchange.⁵

The company bases the rate on the amount of the transfer, how often you use their service, and the currency you’re transferring.⁵ You won’t know your customer rate until you log in to your account and lock in the currencies and amounts.

A quick comparison

To visualize, say you’d like to send 1000 dollars to a friend in the UK:

Transfer fee$0$6.50
Exchange rateOFX Customer Rate⁵Mid-market rate
Amount your friend will receive706.90 GBP⁶719.35 USD


💡 As you can see, while OFX doesn’t charge a transfer fee, in this example, your friend in the UK received less money than they would have received using Wise. With Wise, there are no hidden fees, no markup on the exchange rate – just radically transparent pricing, and a commitment to consistently lowering fees over time.

Access lower fees with Wise today

How fast is OFX?

For speed, an OFX transfer will run as fast as any standard bank-to-bank transfer. The speed of a transfer usually depends on the banks and currencies involved.

According to OFX, they can offer some same day deliveries on bank transfers between the US and Europe, but most major currencies can take 1-2 business days from when they receive your funds. Other currencies can take anywhere from 3-5 business days—again from when they receive your funds.⁷

Overall expect the process to take between 2-6 business days total.

ofx review

What OFX reviews say

People have been generally positive towards OFX with their reviews.

Trustpilot currently ranks OFX with 4.3 stars out of 5 of over 4,500 reviews.⁸ For context, Wise is ranked 4.6/5 out of over 125k reviews.⁹ Overall, that’s a pretty positive outlook for the company.

However, not every review is positive – some of the complaints have to do with one of three factors:

Speed of the transfer or lost of delayed funds

Most lost or delayed funds have to do with miscommunication, and it’s clear that OFX actively works to correct these issues. They work as an intermediary between two banking institutions, so everything won’t go smoothly every time.

Issues with sign up

There are some negative reviews regarding issues around OFX’s verification process.

Typically, the reviewer is upset with OFX, claiming they received blurry photos for identification or because they require additional information to confirm an identity. Some reviewers claim to have issues with giving addresses of financial institutions or other personal information.

While it can be a pain, it’s necessary for OFX to verify every account for security purposes—Wise also requires identity verification. OFX’s safety and security is covered in more detail in the sections below.

Upset about rates

OFX states that there could be additional third-party fees from other banks or intermediaries when using their service. It seems that some people may have been upset that they were charged these fees and didn't know about them.

ofx review

OFX customer support

OFX offers customer support by phone, email or mail.

Their phone support is 24/7, and they can be reached at:

Personal AccountsBusiness Accounts
1-888-288-7354 - Local1-888-966-6888 - Local
1-415-449-1379 - International1-415-449-1375 - International

Email support can be reached at customer.service@ofx.com.

You can write OFX in the US at:

49 Stevenson Street
13th Floor
San Francisco, CA 94105

Is it safe to send money with OFX?

OFX has been in business for over 20 years and has a long track record of being a secure means of sending money anywhere in the world.

Plus, the company has a Money Service Business registration under the Financial Crimes Enforcement Network—FinCEN—of the US Treasury Department, and they’re also a licensed money transmitter under the appropriate regulatory agency within all 50 US states.¹⁰

Last, the company works with over 50 global regulatory agencies to ensure safe transfer of your funds.³

Yes, it is safe to send money with OFX.

OFX pros & cons


  • Customer service is 24/7 and easy to reach
  • Has 8 offices all over the world, adding to their customer service factor
  • No transfer fees, and their exchange rate markups still beat rates from banks
  • Offer a great online money transfer platform and a mobile app


  • Minimum $1,000 on transfers and smaller amounts may have higher exchange rate markups
  • Speed of transfer may not be one of their strong points
  • Possible hidden fees from third party intermediaries and banks

ofx review

Bottom line: Is OFX the best for you?

You’re the only one who can determine what’s best for your transfer needs.

OFX is a solid, secure money transfer company that’s been in business for over 20 years. They have great reviews from legitimate sites and a solid reputation for customer service.

On the other hand, they also require a minimum of $1,000 to make a transfer, and some consider their exchange rate markups to be high for smaller transfer amounts. Also, you could run into some fees from third parties after initiating the transfer.

It’s up to you to weigh the pros against the cons, but if you need some direction, read this comparison of OFX vs Wise before you transfer your money.

Save money on international transfers with Wise

Wise offers no hidden fees and no markup on the exchange rate. With Wise, you get only transparent pricing, and a commitment from a company who always wants to provide the lowest fees possible.

Wise is trusted by over 9 million customers and regulated by financial authorities around the world. Plus, they offer 24/7 support—from real humans!

Set up your free account online with Wise within minutes and start spending, sending, or receiving money from anywhere right away.

Or just see for yourself, how much you could save:

Frequently asked questions

Is OFX legitimate?

Yes. OFX has registration with the US Department of Treasury as a Money Service Business and under the Financial Crimes Enforcement Network. They’re also registered in all US states under the appropriate regulatory agencies.

How much does OFX cost?

OFX’s transfer rate depends on the amount of the transfer, how often you use their service, and the currency being transferred. They have no transfer fees, but you could be charged a fee from a third-party intermediary or bank.

The company has a minimum transfer amount of $1,000.

Is OFX protected?

Funds held by OFX on your behalf for a transfer are not protected by the FDIC.¹¹ However, OFX only holds funds in highly rated financial institutions and does not transfer money for clients until the client account is funded. There is no risk of an OFX default from client transfers.

  1. OFX - About Us
  2. OFX - FAQ - What is the minimum transfer amount?
  3. OFX - US Homepage
  4. OFX - FAQ - Are there any transfer fees?
  5. OFX - FAQ - What is the OFX customer rate?
  6. OFX - Transfer Rates
  7. OFX - How long does it take to transfer money with OFX?
  8. Trustpilot - OFX
  9. Trustpilot - Wise
  10. OFX - FAQ - Will my money be safe?
  11. OFX - Global Currency Account Terms of Service

All sources checked on 11 August 2021

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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