OFX Global Currency Review

With more than 25 years of offering businesses and individuals competitive exchange rates without excessive bank fees, OFX Global Currency appeals to individuals, business owners running their own online ecommerce businesses, and bigger businesses looking to pay invoices, staff, and suppliers. But in a market filled with competitors like Wise and Revolut, does OFX truly stand out? Is OFX Global Currency the best option for managing multiple currencies? Let’s take a deep dive into its features, fees, pros, and cons.

Overview: What Is OFX Global Currency?

Founded in 1998 in Sydney, Australia (originally as OzForex), OFX Global Currency has grown into a publicly-traded company listed on the Australian Securities Exchange. It operates globally with offices in major financial hubs including London, San Francisco, Hong Kong, and Toronto.

Unlike traditional banks, OFX specializes exclusively in international money transfers and currency exchange services. This specialization allows them to offer more competitive rates than most conventional banking institutions without the complex account structures.

The service works through a straightforward process: users register for an account, set up a transfer by selecting currencies and entering recipient details, lock in an exchange rate, and fund their transfer. OFX then converts and delivers the money to the recipient’s account, typically within 1-5 business days depending on the currencies and countries involved.

OFX is best suited for individuals and businesses making larger international transfers, expatriates sending money home, businesses paying international suppliers, or investors purchasing overseas assets.

Key Features of OFX Global Currency

Multi-Currency Support

OFX supports transfers between over 50 currencies across more than 170 countries, making it one of the more extensive currency networks available. Users can hold balances in multiple major currencies including USD, EUR, GBP, AUD, and CAD.

The company is regulated by the Central Bank of Ireland to operate as an Electronic Money Institution (EMI).

Exchange Rates & Fees

OFX offers exchange rates that are typically 1-2% above the interbank rate, which is considerably more competitive than traditional banks (which often charge 3-5% markups). The exact markup varies based on the currency pair and transfer amount, with better rates often available for larger transfers.

International Transfers

Transfers typically complete within 1-3 business days for major currency routes, with some exotic currencies taking up to 5 days. There’s no upper limit on transfer amounts for most established customers. This makes OFX especially attractive for large transactions.

Account Management

OFX provides a user-friendly online platform and mobile app that allows users to manage transfers, track transactions, and set rate alerts. Their 24/7 customer support is available via phone in major markets. However, email support is standard globally. The platform includes features like rate notifications, which alert users when their desired exchange rate becomes available. This allows them to time their transfers strategically.

Security & Regulation

OFX is regulated by relevant financial authorities in all its operating jurisdictions, including the Financial Conduct Authority (UK), ASIC (Australia), and FinCEN (US). They employ bank-grade encryption for all transactions and maintain strict verification protocols to prevent fraud. Their multi-layer security architecture includes two-factor authentication, regular security audits, and continuous transaction monitoring to detect suspicious activities.

Fees & Costs

Account Fees

OFX does not charge monthly or annual account maintenance fees, which is a significant advantage over some competitors and traditional banks. This no-fee structure extends to account setup and maintenance, making it a cost-effective option for those who don’t transfer money frequently.

Currency Conversion Fees

Rather than charging separate conversion fees, OFX builds its margin into the exchange rate offered. This margin typically ranges from 0.4% to 2% depending on the currency pair and transaction size, with larger transfers receiving more favorable rates. For context, a $50,000 USD to EUR transfer might have a margin closer to 0.5%, while a $2,000 transfer of USD to Thai Baht might see a 1.8% margin.

Withdrawal & Deposit Fees

OFX does not charge fees for receiving funds via bank transfer in major currencies. However, your sending bank might charge for the outgoing transfer. There are no ATM withdrawal capabilities as OFX is not a traditional bank with debit cards. Most customers fund their OFX accounts through domestic bank transfers, which are typically free or low-cost in most countries.

Transaction Fees

For smaller transfers (under $10,000 USD equivalent), OFX typically charges a flat fee of $15 in the US, £10 in the UK, or equivalent in other currencies. This fee is often waived for larger transfers or through promotional offers. First-time customers frequently receive fee-free transfers as an introductory benefit.

Hidden Costs

While OFX is relatively transparent about their fee structure, users should be aware that intermediary banks may deduct fees when processing your transfer, particularly for exotic currencies or countries with complex banking systems. These “correspondent bank fees” are not unique to OFX but are a standard consideration in international banking.

Pros & Cons

Pros

Competitive exchange rates for medium to large transfers
No transfer fees for transfers above threshold amounts
Specialized service with strong focus on international transfers
24/7 phone support in major markets
Highly regulated with strong security measures
No maximum transfer limits for established customers
Ability to lock in exchange rates for future transfers (forward contracts)
Dedicated dealers for high-value transfers providing personalized service

Cons

Not ideal for small transfers (under $2,000) due to minimum transfer requirements and flat fees
No cash pickup options or debit card access
Slower for some currency routes compared to digital-first competitors
Limited functionality beyond currency transfers (no recurring payments)
Account setup and verification can take 1-2 business days
Not available in all countries
No multi-currency holding accounts with local bank details like some competitors offer

How to Open an Account

Opening an OFX account follows a straightforward process:

Visit the OFX website or download their mobile app
Complete the registration form with your personal or business details
Verify your email address and create a password
Complete the identity verification process by providing government-issued photo ID and proof of address (utility bill, bank statement)
For businesses, additional documentation is required including business registration documents
After verification, link your domestic bank account to facilitate transfers

The verification process typically takes 1-2 business days, though some accounts may be approved within hours. Once verified, you can immediately begin setting up transfers. The initial verification is more rigorous than subsequent uses, as OFX prioritizes security while maintaining compliance with anti-money laundering regulations.

Who Should Use OFX Global Currency?

OFX Global Currency is particularly well-suited for:

Expatriates regularly sending larger sums back to their home country
Small to medium-sized businesses making international supplier payments
Property investors purchasing or maintaining overseas real estate
Individuals making one-time large transfers such as inheritance transfers or major purchases
Frequent travelers who need to convert significant amounts into foreign currencies
Online sellers receiving payments from international marketplaces
Educational institutions receiving tuition payments from international students

If you need to transfer more than $5,000 internationally on a regular basis, OFX offers considerable savings compared to traditional banks. For example, someone transferring $50,000 USD to EUR could save hundreds compared to using a standard bank transfer.

However, for travelers needing daily ATM access or those making very small transfers, other services may be more appropriate.

Competitor Comparison

When compared to major competitors, OFX has distinct advantages and disadvantages:

OFX vs. Wise (formerly TransferWise) – Wise offers true mid-market exchange rates with transparent fees added separately, often making it cheaper for smaller transfers. Wise also provides multi-currency account numbers and debit cards, which OFX does not. However, OFX may offer better rates for transfers above $10,000 and provides more personalized service for complex transactions or large amounts.

OFX vs. Revolut – Revolut provides a more comprehensive banking alternative with debit cards, budgeting tools, and cryptocurrency trading. It’s better for travelers and day-to-day use. OFX specializes in larger transfers and often provides better customer service for complex transactions. Revolut also imposes weekend surcharges on currency conversion, which OFX does not.

OFX vs. PayPal – While PayPal offers convenience and widespread acceptance, its foreign exchange rates and fees are significantly higher than OFX, making OFX the clear winner for international transfers. PayPal typically charges 3-4% above mid-market rates, while OFX averages 1-2% for most transfers.

OFX vs. Traditional Banks – OFX consistently offers better exchange rates than traditional banks, often saving customers 1-3% on currency conversion, which can represent significant savings on larger transfers. Traditional banks also typically charge fixed fees ranging from $20-50 per international transfer, which OFX waives for larger amounts.

OFX vs. Payoneer – Payoneer offers better integration with global marketplaces and payment platforms, making it superior for online sellers. However, OFX typically offers better exchange rates for direct currency transfers, especially for larger amounts.

Conclusion: Is OFX Global Currency Worth It?

OFX Global Currency shines as a specialized service for medium to large international money transfers. Its competitive exchange rates, absence of transfer fees for larger amounts, and dedicated customer service make it an excellent choice for expatriates, businesses with international suppliers, and anyone regularly transferring significant sums across borders.

However, it’s not the ideal solution for everyone. If you primarily need a travel card with ATM access, require instant transfers, or typically move small amounts of money internationally, services like Wise, Revolut, or Wise might better suit your needs.

The final verdict? If you’re transferring more than $5,000 internationally on a regular basis and value personalized service, OFX represents excellent value. For smaller, more frequent transactions or if you need additional banking features, consider exploring alternatives that might better align with your specific requirements.

Thinking of signing up? Visit their website to check current rates for your specific currency pair and compare with other options before making your decision.