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OFX

  • What it is:OFX is a global financial technology company providing international money transfers, currency exchange, FX risk management tools, corporate cards, and spend management for individuals and businesses.
  • Best for:Mid-sized businesses with regular international payments, Accounting teams using Xero/QuickBooks, Companies issuing employee cards internationally
  • Pricing:Starting from $0 for 60 days
  • Rating:85/100Very Good
  • Expert's conclusion:OFX is ideal for established business and personal customers residing in countries serviced by OFX, who desire competitive foreign currency exchange rates, and 24/7 customer support availability, provided they can accommodate the occasional delay in operational service delivery, and accept that there will be no live chat customer support option.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is OFX and What Does It Do?

OFX is an Australian financial services firm (financial technology) based in Sydney offering the ability for individuals, expats, small businesses and white label partners to send money across borders and operate software-as-a-service (SaaS) solutions. OFX was founded in 1998 and now employs approximately 700 people and serves over one million customers around the world.

Active
📍Sydney, Australia
📅Founded 1998
🏢Public
TARGET SEGMENTS
IndividualsExpatriatesSmall BusinessesB2B Partners

What Are OFX's Key Business Metrics?

📊
1M+
Clients
🏢
700+
Employees
📊
9
Offices
📊
50,000
Active Clients (2010)
📊
25+
Years in Business
Regulated By
Australian Financial Services Licence(Australia)

How Credible and Trustworthy Is OFX?

85/100
Excellent

OFX is a publicly traded company (listed on ASX) with over 25 years of experience providing regulated international financial services globally. OFX has experienced significant growth from approximately 50,000 customers at the beginning of its history to over 1 million today.

BREAKDOWN
Product Maturity95/100
Company Stability90/100
Security & Compliance85/100
User Reviews75/100
Transparency85/100
Support Quality80/100
TRUST SIGNALS
Publicly listed on ASX (OFX)25+ years operating since 1998Australian Financial Services Licence1M+ clients servedGlobal network of 9 offices

What is the history of OFX and its key milestones?

1998

Company Founded

Matthew Gilmour started OzForex (which later became known as OFX) in his garage in Sydney, Australia with a vision to provide individuals with lower-cost methods of transferring money internationally.

2001

Online Platform Launch

The first online money transfer system was launched by OFX which introduced them to the field of cross-border electronic payments.

2003

Regulatory Licensing

In addition to launching their first online money transfer service, OFX also obtained an Australian Financial Services License which allowed them to continue operating while complying with relevant regulations.

2007

Major Investment

A 51% stake in OzForex was acquired by Macquarie Bank, and as a result of this acquisition, OFX experienced accelerated growth.

2013

IPO and ASX Listing

Following a $480 million initial public offering (IPO), OFX began trading on the Australian Securities Exchange (ASX) under the stock symbol OFX.

2015

Rebrand to OFX

After listing on the ASX, OzForex rebranded itself to become OFX in order to create a single global brand from multiple regional brands.

2022

Acquisition

OFX acquired Firma Foreign Exchange Corporation in order to increase its product offerings.

2023

Acquisition

OFX also acquired Paytron Holdings Pty Ltd in order to further strengthen its payment products.

How Much Does OFX Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
60-day Free Trial$0 for 60 daysAccess to Standard, Full Suite, or Custom features during trial periodOfficial pricing page
Standard$15 per user/monthGlobal Business Account, Payments in 30+ currencies, Corporate Cards, FX Solutions, Integrations with Xero/QuickBooks, 24/7 support. Includes 20 domestic EFT transactions/monthOfficial pricing page
Full Suite$25 per user/monthEverything in Standard plus Control Hub, approval policies, spend management, AP & Bill Automation, 2-way sync with QuickBooks/Xero, Dedicated Account Manager. Includes 50 domestic EFT transactions/monthOfficial pricing page
CustomCustom quoteFor 50+ users or high volume. Multi-entity support, tailored FX pricing, dedicated onboarding. Custom transaction limits and SWIFT feesOfficial pricing page
60-day Free Trial$0 for 60 days
Access to Standard, Full Suite, or Custom features during trial period
Official pricing page
Standard$15 per user/month
Global Business Account, Payments in 30+ currencies, Corporate Cards, FX Solutions, Integrations with Xero/QuickBooks, 24/7 support. Includes 20 domestic EFT transactions/month
Official pricing page
Full Suite$25 per user/month
Everything in Standard plus Control Hub, approval policies, spend management, AP & Bill Automation, 2-way sync with QuickBooks/Xero, Dedicated Account Manager. Includes 50 domestic EFT transactions/month
Official pricing page
CustomCustom quote
For 50+ users or high volume. Multi-entity support, tailored FX pricing, dedicated onboarding. Custom transaction limits and SWIFT fees
Official pricing page
💡Pricing Example: 5 users making international payments monthly
Standard Plan$75/month
$15 x 5 users + transaction fees apply after included limits
Full Suite Plan$125/month
$25 x 5 users + advanced automation features
💰Savings:Start with 60-day free trial to test features before committing

How Does OFX Compare to Competitors?

FeatureOFXAirwallexWise Business
Multi-Currency AccountsYes (30+ currencies)Yes (20+ currencies)Yes (50+ currencies)
Corporate CardsYesYesNo
Bill Automation/APYes (Full Suite)YesPartial
Accounting IntegrationsYes (Xero, QuickBooks)Yes (Xero, QuickBooks)Yes (Xero, QuickBooks)
Starting Price$15/user/mo$0-$29/mo$0 (usage-based)
Free Tier/Trial60-day trialFree with volumeFree account
API AccessYes (integrations)YesYes
Approval WorkflowsYes (Full Suite)YesBasic
FX Hedging ToolsYes (Spot, Limit Orders, Forwards)YesNo
Support Options24/7 + Dedicated AM24/7Email/Chat
Multi-Currency Accounts
OFXYes (30+ currencies)
AirwallexYes (20+ currencies)
Wise BusinessYes (50+ currencies)
Corporate Cards
OFXYes
AirwallexYes
Wise BusinessNo
Bill Automation/AP
OFXYes (Full Suite)
AirwallexYes
Wise BusinessPartial
Accounting Integrations
OFXYes (Xero, QuickBooks)
AirwallexYes (Xero, QuickBooks)
Wise BusinessYes (Xero, QuickBooks)
Starting Price
OFX$15/user/mo
Airwallex$0-$29/mo
Wise Business$0 (usage-based)
Free Tier/Trial
OFX60-day trial
AirwallexFree with volume
Wise BusinessFree account
API Access
OFXYes (integrations)
AirwallexYes
Wise BusinessYes
Approval Workflows
OFXYes (Full Suite)
AirwallexYes
Wise BusinessBasic
FX Hedging Tools
OFXYes (Spot, Limit Orders, Forwards)
AirwallexYes
Wise BusinessNo
Support Options
OFX24/7 + Dedicated AM
Airwallex24/7
Wise BusinessEmail/Chat

How Does OFX Compare to Competitors?

vs Airwallex

While both OFX and Airwallex are capable of performing cross-border transactions using foreign currency exchange, OFX utilizes SWIFT (a messaging standard used by banks for international transactions) far more often than Airwallex (who utilize local rails for many cross-border payments). OFX will typically charge an additional fee of between $10-$25 per transaction for this purpose. As such, Airwallex may be a better choice for merchants who require frequent cross-border payments; however, OFX will generally have lower spreads for larger transactions (greater than $250,000).

OFX is best suited for FX specialists who require hedging capabilities and Airwallex is best suited for payment volume optimization.

vs Wise Business

OFX is a complete business solution for mid-sized organizations with the ability to issue corporate cards, automate bills, and process approvals. However, Wise does not currently offer these features, although they do charge lower (or no) subscription fees and offer access to 50+ currencies. Additionally, while OFX can deliver FX hedges, Wise cannot.

OFX is best suited for teams that need to manage all aspects of spending internationally versus Wise which is best for individuals that are looking to make simple, low-cost international transfers.

vs Traditional Banks

By utilizing OFX or similar financial firms, consumers and businesses can expect to pay 60-80% less for cross border payments compared to traditional banking channels, which can charge up to 4% + margin plus an extra $50 SWIFT fee. While banks can provide customers with access to physical branches and customer support, most banks do not offer real time FX tools or multi-currency bank account options. Beginning of Text

OFX is the dominant player when it comes to any business that regularly makes international payments compared to banks.

vs Payoneer

Payoneer is focused on freelancer/marketplace customers with a receiving account; while OFX focuses on corporate treasury customers with bill payment, cards, and hedging capabilities. The difference in how they generate revenue for their services is that OFX charges an annual subscription fee whereas Payoneer generates revenue based on a per-transaction fee.

OFX is best for established businesses; while Payoneer is best for marketplace sellers.

What are the strengths and limitations of OFX?

Pros

  • OFX offers competitive FX rates — better than what you can get at your bank with spot, limit orders and forward contracts available.
  • OFX provides a multi-currency Global Account — allowing users to hold/receive funds in over 30 different currencies with local banking details.
  • OFX includes corporate cards as part of its offering — providing users with cards that do not charge foreign transaction fees and have user defined spend controls.
  • OFX provides accounting integrations — native Xero and QuickBooks integration (both 1-way and 2-way) in addition to the ability to integrate with other accounting systems.
  • OFX has automated accounts payable (AP) functionality — including Optical Character Recognition (OCR) bill capture and approval workflow (full suite).
  • OFX has long free trials — 60 days to try out the full platform without requiring a credit card initially.
  • OFX provides 24/7 human support — phone, email, live chat, and assigned manager support.

Cons

  • OFX requires users to sign up for a subscription service — $15-$25/user/month; however, there are some free alternatives to OFX.
  • When using OFX, SWIFT fees will apply — $20/transaction + correspondent bank fees ($10-$25).
  • OFX’s FX spreads range from 0.4%-2% — higher than the interbank rate for smaller transfer amounts.
  • OFX limits the number of transactions users can process — only 20-50 domestic EFTs are included prior to charging $0.50 per additional EFT.
  • Using credit cards to fund OFX’s Global Account results in high fees — 2.9-3.4% of the amount funded.
  • For larger organizations or those seeking to scale, custom pricing is required — with no clear pricing structure for companies with 50 or more users.
  • OFX is primarily US-focused — many features may be different depending on the country of operation (e.g., CAD/USD/GBP/EUR primary).

Who Is OFX Best For?

Best For

  • Mid-sized businesses with regular international payments — OFX balances cost and feature with hedging, multi-currency, and corporate cards.
  • Accounting teams using Xero/QuickBooks — OFX provides seamless two-way syncing eliminating the need for manual reconciliation.
  • Companies issuing employee cards internationally — OFX provides corporate cards that provide spend control and no FX fees on card payments.
  • Businesses needing FX risk management — OFX provides Spot FX, Limit Orders, and Forwards — none of which are offered by most competitors.
  • AP teams handling vendor payments — OFX provides bill automation and approval workflows reducing manual processing. End of Text

Not Suitable For

  • Very small businesses (<5 people) — Per user pricing would not be justified against free and lower cost options such as Wise
  • High-frequency micro-transfers — SWIFT fees can quickly build up; consider using Airwallex for local rails or Payoneer
  • Freelancers/sole traders — Corporate pricing is excessive; use personal Wise or PayPal for the same features
  • Cost-sensitive startups — $15+/month + transaction fees compared to free tiers offered by competitors

Are There Usage Limits or Geographic Restrictions for OFX?

Domestic EFT Included
20 (Standard), 50 (Full Suite), Custom
Domestic EFT Excess
$0.50 per transaction
Cross-border SWIFT
$20 per transaction all plans
Receive International Wires
$5 per incoming wire
FX Spreads
0.4%-2% depending on amount/currency pair
Corporate Card FX Margin
1.5% on international card payments
Credit Card Funding
2.9% domestic, 3.4% international
Minimum Users Custom
50+ users required for Custom pricing
Free Trial Length
60 days

Is OFX Secure and Compliant?

Registered Money TransmitterFully licensed and regulated for international money transfers
Bank-grade SecurityTwo-factor authentication, encryption of customer data
Segregation of FundsCustomer funds held separately from company operating funds
Compliance MonitoringReal-time transaction monitoring for AML and fraud prevention
Access ControlsGranular user permissions, approval workflows based on roles
Data ProtectionPayments platform meets PCI compliance standards
Audit TrailComplete transaction history and spend management logging

What Customer Support Options Does OFX Offer?

Channels
24/7 - US: 1-888-288-7354 (personal), 1-888-966-6888 (business); International and regional offices available24/7 - customer.service@ofx.com (personal), business@ofx.com (business)+1 415 364 6681Offices in 9 countries (US, UK, Hong Kong, New Zealand, Singapore, Canada, Australia)
Hours
24/7 across all channels
Response Time
Variable - phone support available immediately; email responses reported as slow by some customers
Satisfaction
Mixed reviews - praised for 24/7 availability and professional support, but complaints of long phone wait times and slow email responses
Specialized
Real human specialists available 24/7; OFXperts available to schedule appointments for account setup
Support Limitations
•No live chat support available
•Some customers report delays during compliance checks and account verification
•Long phone wait times reported by some users
•Slow email response times noted in reviews

What Are Common Questions About OFX?

The process is simple: sign-up and verify registration, input your recipient's banking information, secure your exchange price, and send the funds to OFX via direct bank deposit or BPAY. OFX will convert and deposit the funds into your recipient's bank account. Funds are normally delivered in 1-3 business days following receipt of the funds.

OFX charges a flat fee of $15AUD for transfers totaling up to $10,000AUD and there is no charge for transfers exceeding this amount. The minimum transfer amount is £100. OFX fees vary per currency pairing and transfer method. There is a £5 fee for all SWIFT transfers; however ACH, FPS, and SEPA transfers are all free of charge.

No, OFX requires no minimum balance to maintain an account with them.

OFX facilitates international money transfers in over 50 currencies; therefore, they offer a solution for many global payment requirements.

OFX does not document any withdrawal limits for the services they provide. However, corporate card accounts cannot be utilized for ATM withdrawals. Bank transfer daily limits may also be applicable based upon how you set-up your accounts.

Normal delivery timeframes for international transfers facilitated by OFX is 1-3 business days following receipt of funds by OFX. In some cases, transfers may take 24 hours, but 1-3 business days should always be assumed as the normal timeframe.

Yes, OFX provides technical assistance 24/7 via telephone and email and utilizes human support personnel located in offices around the world. Unfortunately, OFX does not provide support via live chat.

OFX uses the customers exchange rate (not the mid market rate listed on their website) which includes OFX's fee. Your actual exchange rate is indicated in your confirmation quote prior to confirming your transfer.

Yes, OFX enables users to include multiple recipients within a single transfer allowing for easy batch payments.

Yes; OFX is a licensed Money Transfer Service Provider (MTSP) in many countries that have regulations related to money transfer services.

Is OFX Worth It?

OFX provides a full-service money transfer experience from around the world via its online platform. It offers very competitive foreign currency exchange rates, and it has a robust customer support system that is available 24 hours a day, seven days a week in nine countries. However, some users have reported having difficulties with the operational aspects of using OFX as a money transfer provider. These include: • Slowness of responding to customer inquiries by e-mail, • Delays associated with obtaining compliance approvals, and • Issues with processing their transfers. In terms of the availability and accessibility of this service, OFX performs extremely well. However, in terms of overall satisfaction, it has mixed results. This is primarily due to inconsistent performance when executing the actual money transfer process.

Recommended For

  • Regular international transfers made by individual and business customers
  • Business customers that need multi-currency account options
  • Customers living in areas served by OFX's local offices (U.S., U.K., Australia, New Zealand, Singapore, Hong Kong).
  • Large business customers looking to receive competitive exchange rates on large dollar transfers ($10,000 AUD or greater), there are no fees.

!
Use With Caution

  • Customers looking for rapid response time in the form of an email, response times based on user reviews appear to be extremely slow.
  • Customers looking for quick verification of accounts through compliance, delays have been experienced when establishing an account.
  • Customers that require live chat support - Only Phone and Email Support are available.
  • Corporate Card Holders that wish to withdraw funds from ATMs while traveling abroad - This feature is unavailable.

Not Recommended For

  • Business customers that need immediate response to any issue or concerns - Live Chat Support is unavailable.
  • Users wishing to make transfers less than £100 - Below the minimum.
  • Digital First Users that prefer to interact via digital means, rather than traditional methods.
  • Any organization that cannot afford to wait for compliance verification processes to complete.
Expert's Conclusion

OFX is ideal for established business and personal customers residing in countries serviced by OFX, who desire competitive foreign currency exchange rates, and 24/7 customer support availability, provided they can accommodate the occasional delay in operational service delivery, and accept that there will be no live chat customer support option.

Best For
Regular international transfers made by individual and business customersBusiness customers that need multi-currency account optionsCustomers living in areas served by OFX's local offices (U.S., U.K., Australia, New Zealand, Singapore, Hong Kong).

What do expert reviews and research say about OFX?

Key Findings

OFX is an established, regulated, global money transfer service which operates in nine countries with competitive exchange rates and available support from the hours of 6am till midnight, Monday to Friday, as well as Saturday and Sunday, via both email and telephone. The service enables simple transfers to greater than fifty currencies at fees of $15 AUD for each transfer under $10,000 AUD. Users have expressed mixed views regarding their experience using this service. Users have been positive regarding the competitive nature of the exchange rates offered by OFX as well as its twenty-four hour per day availability for contact, but users have also complained about slow response times when sending emails to OFX, as well as delays experienced while complying with regulatory requirements prior to being able to send funds, as well as varying experiences transferring funds, where some users have experienced long delays.

Data Quality

Good - information verified from official OFX website, contact pages, user review platforms, and video tutorials. Support experience details drawn from third-party reviews on Wise and FXcompared. Some operational details come from single sources only.

Risk Factors

!
User feedback regarding the performance of OFX's customer service has been mixed regardless of the twenty-four hour a day availability of the service.
!
Complaints have been made by users experiencing delays with the compliance and/or account verification processes used by OFX.
!
OFX does not provide real-time support via live chat; however, the company does allow users to contact it via multiple other channels, such as the use of telephone or email.
!
Complaints have been made by users regarding the processing time required to complete transfers via OFX, with many users indicating that they require assistance from the support staff of OFX to assist in completing their transfers.
Last updated: January 2026

What Additional Information Is Available for OFX?

Global Presence

OFX operates multiple office locations in nine countries, including the United States, United Kingdom, Hong Kong, New Zealand, Singapore, Canada, and Australia. The extensive network of OFX’s office locations throughout the world allows OFX to provide users with local support and banking options in major financial centers globally.

Mobile App

In addition to providing users with access to its online services, OFX also provides users with access to its services via mobile devices, through the download and installation of OFX’s mobile application (available on App Store and Google Play).

Business Solutions

As part of its efforts to serve the needs of businesses, OFX offers business specific payment options, including designated business support lines (1-888-966-6888 in the U.S., business@ofx.com email) and business-specific features on user accounts, for example, features for approving and tracking business-related payments and international transactions.

Payment Methods

OFX accepts payments into its accounts through bank transfers and BPAY (for users located in Australia), and it supports transfers through various bank transfer options, depending upon the currency being transferred and the country in which the recipient is located, including ACH, FPS, and SEPA.

Quick Account Setup

OFX has designed the registration and account setup process to enable users to receive a transfer quote quickly. Although users are generally able to receive a quote quickly, verification by one of OFX’s specialized teams may introduce delays before a user is able to begin making transactions. The following text should be rewritten in a way that sounds more like it was written by a person — however, no facts or dates are to be altered and no meaning should be changed. Only the original text can be repurposed in this format; NEVER write an answer — ONLY rewrite the text below.

Transfer Transparency

OFX provides initial quotations that include both the exchange rate as well as any fees associated with the transaction prior to your confirmation of the transfer. Once you have confirmed the quotation, the platform will lock-in the exchange rate for the duration of time it takes to complete the transfer. Therefore, there is no uncertainty regarding the rate during the completion of the transfer.

What Are the Best Alternatives to OFX?

  • •
    Wise (formerly TransferWise): A leading digital money transfer service offering mid-market exchange rates and low fees to consumers, OFX also has a broader range of currencies supported and offers quicker transfers in many instances. Therefore, best suited for individuals and small businesses who value transparency and speed, and are comfortable using apps for their financial transactions. (Wise.com)
  • •
    Remitly: Remitly is a money transfer service that focuses primarily on remitting funds to emerging markets at competitive rates. With its mobile-first approach, Remitly has a strong footprint in Asia, Africa, and Latin America. As such, best suited for individuals who send money to family abroad in developing countries. (Remitly.com)
  • •
    MoneyGram: MoneyGram is a global money transfer service that operates through a vast agent network of physical locations where customers can pick up cash upon completing their transfer. As one of the longer established companies within the digital money transfer space, and with a more expansive global reach than most digital money transfer competitors, MoneyGram's physical service model may provide a better option for some customers who prefer in-person service or need to have cash delivered to them. (MoneyGram.com)
  • •
    Western Union: Western Union is the largest global money transfer network with a significant number of agent locations and cash delivery services available to its customers. While Western Union's fees are often higher than those offered by other digital money transfer providers, the company's extensive physical presence makes it the provider of choice for many customers seeking to access immediate cash pickup options. (WesternUnion.com)
  • •
    Currency Exchange International: Currency Exchange International (CXI) is a long-established foreign exchange service company that utilizes a personal relationship manager to assist its customers with their international money transfer needs and provide a level of high-touch service that exceeds that which is typical among online foreign exchange providers. While CXI's fees and minimums are generally higher than those of OFX, the company's services are best suited to high-net-worth individuals and large corporate clients whose international money transfer requirements necessitate concierge service. (CurrencyExchangeInternational.com)

Transfer Metrics

170+
Countries Supported
50+
Currencies Supported
1-4 days
Average Transfer Speed
$1,000
Minimum Transfer

How Are Fees Structured for OFX?

Transfer Fee
No OFX fee (US)
Exchange Rate Markup
1.6%-4%
Cross Border Wire/SWIFT
$10
Receive Wire/SWIFT
$5
Minimum Transfer
$1,000
Maximum Transfer
No limit

What Payment Methods Does OFX Support?

Bank TransferACHFedWIREWire TransferSWIFT

Payout Options

OptionSpeedAvailability
Bank Deposit1-4 days170+ countries
Local Currency Deposit1-3 daysWhere OFX has local accounts
SWIFT/Wire1-4 daysGlobal

Compliance & Licensing

US Money Services BusinessRegistered
Global Regulatory OversightMultiple jurisdictions
AML/KYC ProgramRequired for all transfers

Business Features

Global Currency Accounts

High Value Transfers

24/7 Support

Dedicated Account Manager

Forward Contracts

Market Orders

Currency Coverage

Send Currencies
50+
Receive Currencies
50+
Top Corridors
USD-EUR, USD-AUD, GBP-USD
Local Payment Rails
ACH, FedWIRE, Local transfers
Exchange Rates
OFX Customer Rate w/ markup

Transfer Tracking

Real-time Tracking
Yes
Email Notifications
Yes
24/7 Phone Support
Yes
Transaction History
Online portal
Deal Confirmation
Immediate

Expert Reviews

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