- Experts rate OFX highly as a currency broker, highlighting its bank-beating exchange rates and personal service as key advantages. They note that OFX is particularly beneficial for larger transfers, providing flexibility in timing and the ability to lock in rates for future transactions. The platform is praised for its customer service, receiving a perfect score of 5.0/5, while overall it achieves a total rating of 4.6/5.
- Across 49 user reviews on Good Money Guide, averaging 4.4/5, customers frequently commend OFX for its competitive exchange rates and responsive customer support. Many users appreciate the personal assistance provided during large transactions, which they find reassuring. However, a few reviews indicate that the service is better suited for larger transfers, with some users expressing a desire for more straightforward processes for smaller amounts.
Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.- Exchange Rates4.5
- Available Currencies4.5
- Online Platform4.5
- Customer Service5.0
- Research & Analysis4.5
Pros
- Bank beating exchange rates
- Personal service and good tech
- Currency hedging solutions
Cons
- Better for larger transfers
See full expert review
Our verdict
OFX can get you bank beating exchange rates on large currency transfers. 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.
OFX offer a great way to time and save money on large currency transfers for either foreign property purchases international moves or for business transactions.
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.
Customer reviews
Customer ratings come from reviews left on this site. Every review is read and approved before it is published.Based on 49 reviews
- Excellent65%
- Very good14%
- Basic16%
- Poor2%
- Bad2%
Read customer reviews
4/5
not as easy to use…
not as easy to use as wise
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
Leave a review
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.
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