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OFX is not an e-wallet or a neobank. It does one job: bank-to-bank international transfers. There is no personal multi-currency balance and no personal card, and its Global Currency Account was only ever for business and eCommerce clients and is now closed to new ones. If you already hold money in Wise or Revolut, the real question is whether OFX beats them for a specific, usually larger, transfer.
OFX charges no transfer fee in the UK, Ireland or the US. In Australia it charges AU$15 on transfers under AU$10,000 and nothing above that. Its income comes from a margin on the exchange rate, which OFX says depends on the currency and the amount, but it does not publish the margin as a percentage. Your recipient’s bank, or an intermediary bank, may also deduct a fee, and OFX receives no part of it.
OFX costs and minimums by country
| UK | Ireland | US | Australia | |
|---|---|---|---|---|
| OFX transfer fee | None | None | None | AU$15 under AU$10,000; none from AU$10,000 |
| Minimum transfer | £100 | Check with OFX (its Irish pages differ) | US$150 | AU$250 |
| Exchange rate | Margin that varies by currency and amount | Margin, not published as a % | Margin, not published as a % | Margin, not published as a % |
| Third-party bank fees | May be deducted | May be deducted | May be deducted | May be deducted |
| OFX entity and regulator | UKForex Ltd, FCA e-money institution (FRN 902028) | OFX Payments Ireland Ltd, Central Bank of Ireland (C190174) | USForex Inc, licensed money transmitter (NMLS 1021624) | OzForex Ltd, ASIC (AFSL 226484) |
Fees and minimums from OFX’s regional FAQ pages. Because OFX’s margin is not published, compare the amount your recipient will get in OFX’s quote with the amount Wise shows for the same transfer; Wise’s UK pricing page quotes conversions from 0.24%.
Verdict for multi-currency users
Keep your everyday money in a multi-currency account and treat OFX as a quote to check for one-off large transfers, such as a property deposit or moving savings abroad. With no fixed fee in the UK, Ireland and the US, the whole cost sits in the exchange rate, so the only fair comparison is the final amount received: get an OFX quote and a Wise quote on the same day and pick the larger figure.
For small or frequent transfers OFX is a poor fit. The £100 and US$150 minimums rule out small payments, Australian customers pay AU$15 below AU$10,000, and you cannot hold the converted money or spend it with a card. OFX’s UK site says support is available 24/7, which can help on a large, time-sensitive transfer.
Sources
Every fee on this page was checked against these official provider pages on .
- OFX — transfer fees (UK)
- OFX — transfer fees (Ireland)
- OFX — transfer fees (US)
- OFX — transfer fees (Australia)
- OFX — how much it costs to send money internationally (UK)
- OFX — minimum transfer amount (UK)
- OFX — minimum transfer amount (US)
- OFX — minimum transfer amount (Australia)
- OFX — Global Currency Account update
- OFX — UK home page (regulation, support hours)
- OFX — Australian home page (regulation)
- Wise — pricing (UK)
Плюси
- No OFX transfer fee in the UK, Ireland and US
- 24/7 support (stated on the OFX UK site)
- Margin depends on currency and amount, suits larger transfers
- Regulated by the FCA, Central Bank of Ireland and ASIC
Мінуси
- Minimum transfer (GBP 100 UK, US$150 US, AU$250 AU)
- No personal multi-currency account or card
- Not instant — bank delivery times
- Exchange margin not published as a percentage
Комісії та ключові факти
| Реєстрація | Free |
|---|---|
| Щомісячна комісія | Free |
| Надсилання / отримання | No OFX transfer fee (UK, IE, US); AU$15 under AU$10,000 in Australia |
| Обмінний курс | Margin on the exchange rate, varies by currency and amount (not published as a %) |
| Виведення коштів | Bank-to-bank delivery; third-party banks may deduct fees |
| Картка | No card — bank-to-bank transfers only |
| Доступність | Regional services incl. UK, Ireland, US, Canada, Australia, New Zealand and Hong Kong |
| Валюти | Major currencies (bank-to-bank; no personal balance held) |
| Засновано | 1998 |
| Головний офіс | Sydney, Australia |
| Регулювання | FCA e-money institution (UK, FRN 902028), Central Bank of Ireland (IE), ASIC (AU), licensed money transmitter NMLS 1021624 (US) |
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OFX — frequently asked questions
Is OFX safe to use?
OFX is regulated by FCA e-money institution (UK, FRN 902028), Central Bank of Ireland (IE), ASIC (AU), licensed money transmitter NMLS 1021624 (US) and uses standard protections such as encryption and two-factor authentication. As with any provider, make sure it is licensed in your country, use a strong password and never share one-time codes.
What fees does OFX charge?
Account/monthly fee: Free. Sending or receiving: No OFX transfer fee (UK, IE, US); AU$15 under AU$10,000 in Australia. Currency conversion: Margin on the exchange rate, varies by currency and amount (not published as a %). Withdrawals: Bank-to-bank delivery; third-party banks may deduct fees. Fees can change and may vary by country, so always confirm the latest terms on the official OFX site.
Which countries can use OFX?
OFX is available in Regional services incl. UK, Ireland, US, Canada, Australia, New Zealand and Hong Kong. Exact availability, currencies and features can differ by country, so check the provider's site for your location.
Does OFX offer a card?
No card — bank-to-bank transfers only. It supports Major currencies (bank-to-bank; no personal balance held).
What is OFX best for?
OFX is best for larger international money transfers. OFX is an international money-transfer specialist for bank-to-bank transfers.
Who is behind OFX and where is it based?
OFX launched in 1998 and is based in Sydney, Australia, regulated by FCA e-money institution (UK, FRN 902028), Central Bank of Ireland (IE), ASIC (AU), licensed money transmitter NMLS 1021624 (US).
Comments 9
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OFX is excellent for transferring large sums of money globally. I moved money to buy a property in Spain and saved over $1,500 compared to bank rates.
OFX is excellent for transferring large sums of money globally. I moved money to buy a property in Spain and saved over $1,500 compared to bank rates.
Professional customer support. I was assigned a dedicated currency dealer who helped me lock in a forward exchange rate. Highly recommended.
Very secure and bank-grade platform. The verification checks are strict, which is good for security, but makes onboarding a bit slow.
Professional customer support. I was assigned a dedicated currency dealer who helped me lock in a forward exchange rate. Highly recommended.
OFX is excellent for transferring large sums of money globally. I moved money to buy a property in Spain and saved over $1,500 compared to bank rates.
Great rates for large amounts, but they have a minimum transfer limit of $150, and the platform is not suited for quick daily peer-to-peer sends.
Very secure and bank-grade platform. The verification checks are strict, which is good for security, but makes onboarding a bit slow.
Great rates for large amounts, but they have a minimum transfer limit of $150, and the platform is not suited for quick daily peer-to-peer sends.