- Experts rate OFX highly as a currency broker, highlighting its competitive exchange rates and personal service, particularly beneficial for large transactions such as property purchases abroad. They note that OFX provides flexibility in transfer timing and the ability to lock in rates, which can lead to significant savings compared to traditional banks.
- Across 49 user reviews on Good Money Guide, averaging 4.4/5, users frequently commend OFX for its efficient service and competitive exchange rates. Many appreciate the personal support provided, although some express concerns about the platform’s usability and occasional issues with exchange rates worsening over time.
Customer Reviews
5/5
Pros:
Responsive
5/5
Pros:
Exchange rates
Cons:
Easier money wiring of larger amounts
5/5
Pros:
global coverage and 24/7
5/5
Pros:
No thoughts
Cons:
No thoughts
3/5
Pros:
Phone dealing
Cons:
Simplify platform
5/5
Pros:
no fees
5/5
Pros:
Same day fast transfers
Cons:
Reduce commissions
4/5
4/5
Expert Review & Rating
OFX Expert Review & Rating: Updated 25/06/2026
Provider: OFX
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.
Pros
- Bank beating exchange rates
- Personal service and good tech
- Currency hedging solutions
Cons
- Better for larger transfers
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Exchange Rates
(4.5)
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Available Currencies
(4.5)
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Online Platform
(4.5)
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Customer Service
(5)
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Research & Analysis
(4.5)
Overall
4.6Leave A Review
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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.
