OFX Customer Reviews
Leave a review and tell us what you think to help others make more informed financial decisions.
4/5
Fast efficient service, with good…
Fast efficient service, with good exchange rates
Joined but never used
Joined but never used
Very easy to do
Very easy to do
Exchange rates offered got worse…
Exchange rates offered got worse over time
great customer service, easy to…
great customer service, easy to use app
ok
ok
Good serice
Good serice
2/5
Pros:
online app is good
Cons:
pick up their phone – on hold for over 45 minutes
3/5
Pros:
They are ok.
Cons:
Better follow up of errors.
5/5
Pros:
Ravi
5/5
Pros:
Convenience
Cons:
Nothing
5/5
Pros:
Low fees
Cons:
Nothing
5/5
Pros:
The best exchange rate I could find. Executing exchange super fast. No commissions.
Cons:
To offer even better exchange rate for returning customers
5/5
5/5
5/5
Pros:
I have no words to describe them
5/5
5/5
Pros:
Easy
Cons:
Half price offer
OFX Expert Review
In this OFX review we give our ratings based on their nearest peers and tell you what we think of them after testing them with real money. Plus highlight the key costs, facts and figures of their accounts and service.
OFX Review
Name: OFX
Description: OFX is a leading currency broker offering currency services to more than 170 countries around the world. Originally known as OzForex, it was launched by Matthew Gilmour in 1998 as an information only website. Since then, it has grown rapidly handling more than AUD$2000bn transfers for more than a million individual and business customers worldwide.
Is OFX a good currency broker?
Yes, we rate OFX as a very good currency broker as they offer discounted exchange rates, personal service for individual buying a property abroad of for businesses needing more complex services like integrated Amazon payments or currency hedging strategies.
Pros
- Bank beating exchange rates
- Personal service and good tech
- Currency hedging solutions
Cons
- Better for larger transfers
-
Exchange Rates
(4.5)
-
Available Currencies
(4.5)
-
Online Platform
(4.5)
-
Customer Service
(5)
-
Research & Analysis
(4)
Overall
4.5OFX Facts & Figures
In a nutshell:
- OFX was founded in Sydney in 1998 (26 years in business)
- Listed on the Australian Securities Exchange (ASX) since 2013
- 700+ employees across eight global offices
- Registered as an e-money institution with the Financial Conduct Authority (FCA) in the UK
- Overseen by 50+ regulators globally
- Ability to make payments in 50 currencies to 170 countries
- To date, managed transfers of AUD $200+ billion, for 1M+ clients
- 15 Tier 1 banking relationships, including Barclays.
| 💱 Total Currencies | 50 on offer |
|---|---|
| 💵 Min Transfer | £250 |
| 💰 Max Transfer | None |
| 🛒 Customers | 1 million+ |
| 🏛️ Founded | 1998 |
| 💱Transfers | £82 billion so far |
| 🏢HQ | Sydney, Australia + local offices around the world. |
| ⚖️ Regulated | FCA, ASIC, FINTRAC + more |
| Account Options | |
| 🧍 Personal Transfers | ✔️ |
| 👔 Business Transfers | ✔️ |
| 📅 Currency Forwards | 12 months |
| 💸 Currency Options | ❌ |
| 🤝 Personal Service | ✔️ |
| 📱 Phone Dealing | ✔️ |
| 🖥️ Online Platform | ✔️ |
| ⭐ GMG Rating | |
| 🌐 Website | Visit OFX |
OFX For Individuals
If you have a large currency conversion coming up OFX can help you reduce costs when buying a holiday home abroad, or moving to another country. These key benefits of using a currency broker like OFX for international property purchases are:
- Better exchange rates
- Control over the price and time of the conversion
- Personal support
OFX Offer Competitive Exchange Rates
When purchasing property abroad, exchange rates can significantly impact the overall cost, especially if you send the money from a traditional high street bank, which can charge up to 4% of the value of the foreign currency. Using a currency broker like OFX means that you can negotiate lower commissions. Whilst FX pricing may seem complicated, it’s quite simple to calculate. We’ve produced guides on ‘how to compare exchange rates‘ and how to avoid ‘honeymoon exchange rates‘, which will help you get better exchange rates when sending money abroad.
Transfer Timing & Flexibility
When you transfer money with your bank you have little or no say over when it is done or at what exchange rate is used, as the bank just provides a rate which you can either accept or not. But OFX will let you set a limit if you have a price in mind and you can also lock in an exchange rate for a future transfer (using forward contracts) or want to set up regular payments for a mortgage.
24/7 Service and Support At OFX
Again, banks are quite impersonal things, and even the new breed of digital banks like Starling and Monzo (who do provide good exchange rates) don’t offer personal services. Large currency transactions for buying property in another country can be stressful, especially when navigating different time zones and dealing with the onerous AML requirements and delays. It’s important and actually quite reassuring to have an account manager at OFX you can call for support, ensuring that you can get help whenever you need it, no matter where you are in the world.
OFX & TreasurUp (For Businesses)
Back in 2021, OFX invested $6.1 million in the cloud software company TreasurUp to improve its international payments and foreign exchange services for businesses, including primarily small and medium-sized enterprises (SMEs). The investment in TreasureUp makes it quicker and easier and improves the security of currency transactions for OFX’s corporate clients. TreasurUp’s software can be integrated into automated currency hedging policies, improve currency risk management products, and also provide an FX pricing platform into the existing OFX platform.
OFX business users can use TreasurUp’s technology through OFX to simplify complex FX transactions, helping businesses manage currency risk more effectively. The key benefit to e-commerce, online sellers and businesses making international payments is that the software automates tasks that were previously manual and error-prone, such as hedging for FX forwards, spots, and limit orders.
OFX For Amazon Sellers
For users who need to convert currency when selling on Amazon, OFX is an approved payment services provider. This means sellers can use OFX to receive payments from international sales securely and, most importantly, with better exchange rates than using their bank account.
It’s a good indication that OFX’s e-commerce services are secure and have been vetted by a major e-commerce platform as having stringent security standards ensuring that foreign currency payments are handled smoothly, reducing the impact on cash flow and concerned about fraud and payment disruptions.
This is especially beneficial as online businesses sellers can maximize profits with cheaper exchange rates while minimizing the risks associated with currency fluctuations through OFX’s hedging tools.
OFX CEO Interview
For this review Good Money Guide interviewed Sarah Webb, OFX UK President on the importance of personal service for large currency transfers.
- Read the full OFX CEO interview here.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
