OFX Review

Claire Millard
Şeyma Mektepli
Last updated
15 August 2022

OFX provides a range of services to both individuals and businesses, from simple one off cross-border payments to more complex transactions for high value currency trades.

OFX can’t receive payments in INR, but can send payments to INR denominated accounts. That means it could be a handy service for receiving payments in India direct to your bank account. This OFX review covers all you need to know about OFX, including fees, whether it’s safe to use, how fast it is, and alternatives to OFX..

OFX: Key points

Key features:

  • OFX can be used to receive incoming INR payments including one off and recurring transfers

  • Personal and business customers can set up forward exchange contracts and target rate orders

  • Upfront transfer fees vary based on where the payment originates, but are typically low

  • Payments are processed with the OFX exchange rate which includes a markup which is typically lower than a bank’s rate

  • 24/7 personal broker service is available - you can also transact online and in the OFX app

  • Payment options vary based on where the transfer originates and can include bank transfer, BPAY or direct debit

  • Payments are delivered directly into the recipient’s bank account

  • In some regions, business customers can also access Global Currency Accounts to pay and get paid internationally

Key stats:

  • Founded in Australia in 1998, OFX now has multiple global offices and a presence around the world

  • Send payments around the world in 50+ currencies

  • 80 billion GBP in transfers made so far

  • 1 million global customers

  • OFX is covered by 50 global regulatory bodies

  • 24/7 customer service is available


  • Experienced provider with over 20 years in business

  • Payments can be made via a personal broker or set up online

  • Broad range of foreign exchange services available

  • No or low transfer fee - although there is an exchange rate markup

  • Fully regulated across all regions of operation


  • Not available for outgoing INR payments

  • May not be the cheapest possible service due to exchange rate markups

  • Your sender will need to create an account to get a quote for your transfer

  • Payments may take a day or two to arrive

  • Limited funding options - no credit card, cash or cheque payments available

  • Account services are not globally available


OFX is a safe and established provider of currency services and international payments. Payments funded in INR can not be processed through OFX, but you may be able to receive an OFX payment in INR if someone is sending you money. If the person sending you money is looking for a personal service and would prefer to talk to a broker on the phone, OFX can be a good bet.

How much can I save with OFX compared to a bank?

Using a specialist provider can often be much cheaper than opting for a regular bank international transfer. If someone is sending you money to your INR account it might be worth suggesting that they choose a provider like OFX instead of their normal bank.

For now, let’s look at how sending a payment with OFX might match up with a few popular banks. In this case we are assuming someone from the UK is sending a payment to your INR account, and trying to decide whether to use OFX or their regular bank for the payment:

Sending amount in GBP:If the payment is made with Halifax bank, you would receive:If the payment is made with Lloyds bank, you would receive: If the payment is made with OFX, you would receive: 
1,000 GBP90.045.11 INR90,770.53 INR92,260.77 INR
5,000 GBP452,824.04 INR456,613.72 INR460,576. 30 INR
10,000 GBP906,065.11 INR913,647.96 INR920,700.43 INR

Fees and exchange rates correct at time of research - 12 July 2022

As you can see, in these transfers, you’d be better off if the sender used OFX instead of their normal bank to arrange the payment.

About OFX

OFX was set up in Sydney in 1998 with the aim of offering currency services which focused on honesty, value and certainty. There are now 8 OFX global offices, and services are offered across multiple markets. You can send payments all over the world, in over 50 currencies.

Let’s take a look at the key services offered by OFX. Not all services are available in all regions, so you’ll need to review the terms and conditions first if you’re considering using OFX yourself.

One off and recurring international transfers

The most common types of international payments are one off transfers and recurring payments. OFX can offer both, so customers can send a single payment or set up a regular transfer to cover recurring costs like an international mortgage.

OFX transfer fees for international payments can vary based on where the payment originates - but it is usually low or may be waived entirely. However, there is a margin built into the exchange rates used. Customers  can set up transfers online and in the OFX app or talk to a personal broker 24/7 for information.

Great for: people sending money internationally to India, especially those who prefer to talk to a personal broker to set up a payment.

Currency risk management solutions

As well as standard instant transfers, OFX can set up more advanced currency solutions such as forward exchange contracts and target rate orders.

A forward exchange order lets customers  lock in an exchange rate for up to 12 months, which can reduce the uncertainties in paying and getting paid in foreign currencies. However, it can also mean that you can’t take advantage of positive changes to the exchange rate over the period of the contract. You’ll usually have to put down a deposit for this type of arrangement.

A target rate order involves booking a foreign exchange payment and agreeing a specific exchange rate. If the markets shift so that the target rate is achieved, the foreign exchange payment will go ahead.

Great for: people and businesses sending larger currency payments, who require more complex FX services like target rate orders and forward contracts, and would prefer to speak to a personal broker.

Personal broker services with an OFXpert

While customers  can transact with OFX entirely online or in-app, there’s also a 24 hour customer service operation which allows you to talk to a currency broker - known as an OFXpert - any time of day or night.

You can call OFX to be connected with a currency expert. This can be helpful if you’d rather talk to someone to understand your payment options and get details of available exchange rates. Then, if you’d like to, you can arrange your transaction instantly over the phone with the broker.

Because OFX brokers provide a 24/7 service you won’t always be connected to the same person when you call. However, you’ll always be able to get hold of someone to help, which can offer peace of mind - especially if you’re making a high value or complicated transfer.

Great for: people who would rather arrange international transactions by phone instead of online.

Business accounts and services

In some regions, OFX offers business services aimed at small and medium businesses, online sellers, and companies which require an FX trading partner. There are also Global Currency Account options for businesses.

For small and medium businesses, OFX can help with paying international suppliers and staff - including batch payments of up to 500 transfers in a single instruction. You can also mitigate changes in the exchange rate with specialist FX services like forward contracts and limit orders.

Eligible online sellers may be interested in the OFX Global Currency Account to receive income from online marketplaces and platforms including Amazon. You can get local bank details for a range of currencies to get paid via platforms without losing out on currency exchange.

Great for: online sellers and businesses who need to pay or get paid internationally.

How does OFX work?

OFX has a network of bank accounts around the world. When you pay for your transfer, OFX will wait for it to clear, convert it and pass it on to your recipient.

OFX charges low - or even no - fees for this service, but covers its costs by using a markup on the exchange rate they offer retail customers.

Is OFX safe?

OFX is safe - and fully licensed and registered by authorities in the countries it serves.

OFX pricing

OFX may not charge a transfer fee when someone sends a payment internationally to an INR account in India. However there is a markup (also known as a margin) on the exchange rate, which is how OFX covers the costs of arranging and processing the transfer.

OFX exchange rate

The OFX exchange rate is calculated by adding a markup to the mid-market exchange rate for the currency pair. This is typically called a retail exchange rate. Providers often add a margin to the exchange rates they offer, to cover their own costs.

OFX risk management fees

OFX offers forward exchange contracts and target rate orders which can help customers manage the risks involved in holding and spending in different currencies. These are specialist products, so to find out more customers will need to contact an expert from the OFX team. They’ll talk through your requirements and help you to create a currency strategy to suit your needs.

How long does OFX take?

Depending on the currencies involved, it will take between 1 - 4 business days for your payment to arrive.

OFX Pros

  • Fully regulated, safe and experienced provider

  • Personal broker services available

  • Broad range of FX solutions for individuals and businesses

  • No or low transfer fee

OFX Cons

  • No outward INR payment options

  • Exchange rate markups can push up costs

  • Payments may take a day or two to arrive

  • No cash or cheque payments

How to use OFX

The person sending you money will be able to make an OFX transfer online, using the OFX app, or by calling the OFX team.

Payout methods

When you receive money with OFX it will be deposited into your bank account directly.

OFX limits 

The minimum transfer amount with OFX is the currency equivalent of around 100 GBP - that’s about 9,500 INR depending on the exchange rate.

OFX reviews

OFX scores an average of 4.2 stars on Trustpilot, from a total of 4,708 listed reviews at the time of writing. That’s a Great rating.

Satisfied customers focus on the efficient service and the customer support available. Here’s what a couple had to say:

“I have been using OFX for several years. Very professional company. Best currency exchange rates, no fees for transfers, very efficient with no problems. They are the best!”

“The best part of using OFX is that the customer service. I was worried about sending large sums of money from Canada to the UK, and did a ton of research on the different companies available. I chose OFX as I heard that they “hold your hand through the whole process”. This is very true, the customer service was amazing. I thought I made a mistake at one point, but I never waited long for an email reply. I would highly recommend using OFX.”

At the time of writing around 7% of reviews gave the worst rating on Trustpilot. Themes tend to involve accounts where payments have been delayed due to checks and verification processes which are required under local laws.

OFX accessibility

The OFX app is available on both Android and Apple phones, and you can also use OFX on their desktop site. OFX services are offered through localised websites available in the UK, Australia, the EU, Canada, Hong Kong, New Zealand, Singapore and the US.

OFX alternatives

OFX isn’t the right option if you want to send a payment out of India to someone based overseas. However, you might choose one of these alternatives instead:

  • Wise - send payments which use the real exchange rate and low transparent fees.

  • Western Union - domestic and international payment service with a network of agents as well as online and in-app services.  Payouts available to bank accounts or for cash collection. Fees tend to be on the higher side.

  • PayPal or Xoom - send instant payments at home and abroad - convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.


OFX offers a broad range of currency services, but unfortunately can not facilitate payments funded in INR. However, they might be a good bet if you’re expecting an international payment and the sender wants to talk to a personal broker to arrange their transaction. Have the sender compare their options - including OFX - to see if they’re the best value provider out there for the specific transfer.


How much does OFX cost?

OFX transfer fees are low, or even waived. However there is a markup added to the exchange rate used.

How long does OFX take to transfer funds?

It will take between 1 and 4 business days for your OFX payment to arrive.

Is OFX safe?

OFX is safe - it’s regulated by 50 regulators around the world.

How does OFX apply exchange rates?

OFX adds a margin to the mid-market exchange rate, to create the OFX exchange rate.

Does OFX have a mobile app?

You can use the OFX app on Apple and Android phones.

How does OFX work?

OFX can be used to send one off or recurring payments, and access niche foreign exchange solutions for individuals and businesses. Available services depend on the region you’re based in.

How many currencies does it support?

OFX supports payments to 50+ currencies.