Why Use OFX for International Currency Transfers? (2025 Guide)
Why Use OFX for International Currency Transfers? (2025 Guide)
When sending large sums or making regular international payments, choosing the right provider can save you thousands. OFX is a leading specialist in international currency transfers for individuals, freelancers, and businesses. This in-depth guide explains why OFX is a top choice in 2025, how it works, and how to get the best rates.
Table of Contents
- What is OFX?
- Why Choose OFX for International Transfers?
- OFX Fees & Exchange Rates
- Step-by-Step: Making a Transfer with OFX
- Real-World Example: Sending $10,000 to the UK
- Comparing OFX to Other Providers
- Tips for Getting the Best Rate with OFX
- FAQ
- References & Further Reading
What is OFX?
- OFX (formerly OzForex) is a global money transfer specialist founded in 1998
- Serves individuals, freelancers, and businesses in 190+ countries
- Focuses on large transfers, regular payments, and business solutions
- Regulated in the US, UK, Australia, Canada, and more
Why Choose OFX for International Transfers?
- Low fees: No transfer fees above certain thresholds (often $1,000+)
- Better exchange rates: Smaller markup than banks or PayPal
- 24/7 support: Phone and online help for all clients
- Business solutions: Mass payments, risk management, and multi-currency accounts
- Security: Regulated, licensed, and trusted worldwide
OFX Fees & Exchange Rates
- No transfer fee for most major corridors above $1,000 (check for your country)
- Exchange rate margin: Typically 0.4%–1.5% above the real (mid-market) rate
- No receiving fees: Recipient gets the full amount (subject to their bank's charges)
- Transparent quotes: See the full cost before you send
Step-by-Step: Making a Transfer with OFX
- Go to the OFX Fee Calculator
- Enter your sending and receiving currencies, and the amount
- Get a real-time quote with the exchange rate and total cost
- Register for an OFX account (free)
- Book your transfer and fund it via bank transfer or wire
- OFX sends the money to your recipient's account
Real-World Example: Sending $10,000 to the UK
- Amount sent: $10,000 (USD)
- OFX exchange rate: 1 USD = 0.78 GBP
- Amount received: £7,800 (GBP)
- Bank wire fee: $0 (for transfers above $1,000)
- Delivery time: 1–2 business days
Compare this to a typical bank, which may charge $30–$50 in fees and offer a worse rate.
Comparing OFX to Other Providers
| Provider | Fee | Exchange Rate | Amount Received | |--------------|-------|---------------|----------------| | OFX | $0 | 0.78 GBP | £7,800 | | Wise | $50 | 0.79 GBP | £7,850 | | PayPal | $100 | 0.75 GBP | £7,500 | | Bank | $30 | 0.76 GBP | £7,600 |
Use our calculators for your specific route and amount.
Tips for Getting the Best Rate with OFX
- Transfer larger amounts to avoid fees and get better rates
- Set up rate alerts to lock in your preferred exchange rate
- Use OFX's regular payment plans for recurring transfers
- Always compare the quote to other providers before sending
Internal Tools
FAQ
Is OFX safe to use?
Yes, OFX is regulated in multiple countries and uses bank-level security.
How long do OFX transfers take?
Usually 1–2 business days, depending on the currencies and banks involved.
What is the minimum transfer amount with OFX?
Typically $1,000 or equivalent, but check for your country.
Can I use OFX for business payments?
Yes, OFX offers business accounts, mass payments, and risk management tools.
Does OFX have a mobile app?
Yes, you can manage transfers and get quotes on the go.
References & Further Reading
- OFX Pricing
- Cebofo OFX Fee Calculator
- Cebofo Money Transfer Fee Calculators
- Related: Why Transfer Fees Vary by Country
Estimate your transfer cost: OFX Fee Calculator