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OFX Review — Fees, Rates and Pros & Cons
Australian FX specialist focused on larger transfers — no fees above $1,000.
Read user reviews on TrustpilotMoney transfer operator
Founded
1998
Headquarters
Sydney, Australia
Status
Public (ASX: OFX)
Fee structure
Zero fee above $1k, rate margin
OFX charges no transfer fee on transfers above $1,000 (smaller amounts incur a flat fee). Revenue comes from the exchange rate margin.
Pros and cons
Pros
- No fees on transfers above $1,000 (varies by source currency)
- Dedicated dealer for transfers above ~$10k
- 24/7 phone support
- Forward contracts and limit orders for hedging
Cons
- Margin on small transfers makes them uncompetitive
- Slower than digital-first MTOs (1–2 business days typical)
- Onboarding requires phone verification for new clients
- No cash pickup
Licenses and regulation
OFX is regulated as a money services business or licensed bank in the following jurisdictions:
| Country / Region | Regulator |
|---|---|
| Australia | ASIC + AUSTRAC |
| USA | FinCEN MSB + state licenses |
| UK | FCA |
| EU | Central Bank of Ireland |
| Canada | FINTRAC |
Top corridors
OFX is most competitive on these currency pairs:
Compare against others
Profile based on publicly available company information. For pricing, KYC requirements and current promotions, always check OFX's official site.