OFX Review: Fees, Rate and Safety 2023
OFX is a specialist in international payments and currency management solutions for both individuals and businesses. You’ll also be able to open an online multi-currency account if you run a business or are an online seller, to manage your money across borders.
Want to know more about what OFX does, and how you can use their services? You’re in the right place. Check out this full OFX review to see how OFX Singapore charges for transactions, how long payments take and how quickly you can expect your money to arrive. Let’s dive right in.
OFX: Key points
One off and recurring transfers for individual and business customers
Get target rate transfers and rate alerts to mitigate the risks involved with exchange rate fluctuations
Low or no transfer fees, based on the payment value, plus an exchange rate fee in the form of a markup
24/7 personal broker service is available - you can also transact online and in the OFX app
Fund your payment by bank transfer or BPAY for delivery right into the recipient’s bank account
Business customers and online sellers can also access Global Currency Accounts to pay and get paid internationally
Founded in Australia in 1998, OFX has offices around the world, including one in Singapore
Send payments in 50+ currencies to 190 countries
1 million customers around the world use OFX
OFX is covered by MAS and 50 global regulatory bodies
24/7 customer service is available
Range of payment and currency management services
Personal broker service on the phone if you need it
Personal and business services available
Low or no transfer fee, although exchange rate markups also apply
Fully regulated by MAS and 50 global bodies
No OFX transfer fee for high value payments but there is a margin added into the OFX exchange rate - this may mean it’s not the cheapest option available
You can’t generate a quote for your payment without registering for an account
Payments may take up to 5 business days to arrive
Limited funding options - no card, cash or cheque payments available
OFX Singapore offers a range of foreign exchange services, including one off and recurring international payments. But where it really stands out is for its personal broker support and currency management solutions for individuals and businesses. If you need to set up target rate orders and other specialist options to manage currency risks, OFX can be a good bet.
If you run a business or sell online you could also look at the OFX multi-currency account to help you get paid through an online marketplace or a site like Amazon, in a range of currencies.
How much can I save with OFX money transfer compared to a bank?
Let’s start with a look at how OFX compares if you want to send money overseas. When you’re making an international payment you’ll usually need to pick between your regular bank and an online specialist service. Choosing a specialist can often mean you save money - and your transfer moves faster too.
Specialists can also offer a range of niche foreign exchange services which may not be available through traditional banks. We’ll explore the full range of personal and business services offered by OFX in just a moment.
First let’s look at sending a payment online from your SGD account to a friend in the UK. We’ll look at a few different transfer values and compare against a major bank - UOB - and an alternative specialist service - Wise - to build a bit of a picture.
Send amount in SGD
With OFX your recipient gets:
With Wise your recipient gets:
With UOB your recipient gets:
|1,000||553.55 GBP||558.29 GBP||532.01 GBP|
|5,000||2,769.69 GBP||2,793.54 GBP||2,749.67 GBP|
|10,000||5,559.39 GBP||5,587.36 GBP||5,521.51 GBP|
Fees and exchange rates correct at time of research - 29 March 2022
In these comparisons, OFX and Wise came out ahead of UOB. Usually that’s because specialist services can offer lower fees or a better exchange rate compared to the banks. While Wise was cheaper overall compared to OFX, there wasn’t much in it. You might still want to choose OFX if you prefer a personal service and want to arrange your payment by phone.
What is OFX?
Founded in Sydney in 1998, OFX aims to offer currency services based on honesty, value and certainty. Available products include international payments, business services and currency risk management solutions. OFX has 8 offices and employs over 200 people - you can send OFX payments to 190 countries all over the world, in 50+ currencies.
Let’s take a look at the key services offered by OFX.
One off and recurring international transfers with OFX
If you need to send a payment overseas you can do so with OFX. One off and recurring transfers are offered, with online or phone services available. If you’re sending the equivalent of 10,000 AUD (about 10,200 SGD) or under you’ll pay 15 AUD (just over 15 SGD) in transfer fees. There’s no OFX transfer fee for payments over 10,000 AUD (about 10,200 SGD), but there is a margin added into the OFX exchange rate.
OFX international payments are handy for one off payments like sending money to a loved one overseas, as well as recurring costs like an international mortgage. 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, especially those who prefer to talk to a personal broker to set up a payment.
Currency risk management solutions
OFX can also offer forward exchange contracts and target rate orders to personal and business customers. Both of these products help you to manage risks involved with currency exchange rate fluctuations, making them best suited to people handling and sending high value international payments.
With a forward exchange order you can lock in an agreed exchange rate for up to 12 months. That can be handy if you know you’ve got a big payment to make and don’t want there to be any uncertainty about the rates which will apply on the day of payment. However, once you’ve agreed the rate you can’t benefit from positive changes to the exchange rate over the period of the contract.
If you’re not in a hurry to make a payment and would rather wait for a specific exchange rate, a target rate order might help. You’ll agree a specific exchange rate for your transfer, and then once the target rate is achieved, the foreign exchange payment will go ahead.
In both cases, you’ll need to talk through your requirements and options with an OFX broker to access these products.
Great for: Anyone sending larger currency payments, and looking to achieve rate security or take advantage of positive changes in the market
Personal broker services with an OFXpert
Many specialist currency services operate mainly or exclusively online. OFX has this option, but also lets you talk to a currency broker - known as an OFXpert - any time of day or night if you need advice. If you want to set up a complex transaction like a forward contract you’ll usually have to do this through a broker so you can get all the details you need before you sign a contract.
OFX brokers work from their global offices in order to provide a 24/7 service. You’ll be connected to someone when you phone, and can then discuss your options and set up the payment you want to make immediately by phone.
Great for: people who would rather arrange international transactions by phone instead of online.
OFX splits out its business services into options for small or medium businesses, online sellers and companies looking for an FX partner. As a business owner you can access all the services available to individual customers, plus the Global Currency Account to let you get paid in USD, EUR, AUD, HKD, SGD, CAD or GBP.
Use OFX when paying international suppliers and staff - including batch payments of up to 500 transfers in a single instruction, and opt for forward contracts and limit orders to manage fluctuations in exchange rates.
The OFX Global Currency Account can be handy if you need to get paid via online marketplaces and platforms like Amazon. Let your customers pay in their preferred currency for ease and then exchange it to SGD whenever you need to.
Great for: online sellers and businesses who need to pay or get paid internationally.
How does OFX work?
OFX works though its own network of 115 bank accounts around the world. To send money you’ll transfer funds in SGD to OFX and then once the payment has cleared, OFX will convert it and pass it on to your recipient.
Is OFX safe?
OFX is regulated in Singapore by the Monetary Authority of Singapore (MAS) under the Payment Services Act. As a global business, OFX is also regulated by some 50 bodies around the world, making it a safe provider to choose.
OFX charges 2 different fees - a transfer fee and a markup on the exchange rate used. The transfer fee is low, and can be free for higher value payments:
If you’re sending the equivalent of 10,000 AUD (about 10,200 SGD) or under you’ll pay 15 AUD (just over 15 SGD) in transfer fees
For payments over 10,000 AUD (about 10,200 SGD) the OFX transfer fee is waived
However it’s important to note that there is a markup (also known as a margin) on the exchange rate used for payments of all values. More on that next.
OFX exchange rate
The OFX exchange rate includes a markup or margin. This is a percentage added to the mid-market exchange rate - an extra fee on top of any transfer charge you pay. The exchange rate markup can often be the highest of the fees you’ll pay when sending money overseas.
The OFX markup isn’t split out from the overall costs of your transfer, so to figure out how much you’re paying you’ll need to calculate the cost of your payment using the mid-market exchange rate, and compare it to the quote you’re given by OFX.
OFX risk management fees
If you’re considering OFX for forward exchange contracts or target rate orders you’ll need to talk to an OFX broker on the phone to get a quote for the service you want. These products have risks involved so it’s important to make sure you get all the details before you sign up - your OFX broker can help walk you through all the details.
How long does OFX take?
When you send a payment with OFX it’ll usually arrive in 1 - 2 business days for major currencies, and 3 - 5 business days for more unusual currencies.
Fully regulated in Singapore and around the world
Personal broker available by phone
Broad range of FX solutions for individuals and businesses
Low or no transfer fee
Exchange rate markups can push up costs
150 USD equivalent (about 200 SGD) minimum payment
Payments may take up to 5 business days to arrive
No cash, card or cheque payments
How to use OFX
You can make an OFX transfer online, using the OFX app, or by calling the OFX team. Here’s what to do:
Log in to your account or call the OFX support team
Get a quote for the exchange rate available
Give your recipient’s bank account details
Lock in your transfer at the agreed rate
Send your money to OFX
Once the payment is cleared it will be sent to your recipient automatically
You can usually pay for your OFX transfer by:
Electronic funds transfer
When you lock in the rate for your transfer you’ll receive an email confirming the available funding methods for your particular transfer.
When you send money with OFX it will be deposited into your recipient’s bank account directly.
How to create an OFX account
You can start to create your account online and then complete the process by talking to the OFX team. Here’s what to do:
Register your account online by completing your personal details
Wait for a call back from the OFX team
Get verified - this may be done automatically or you might need to provide documents to support your application
What documents you'll need
When you set up an account with OFX a team member will call you to talk through the process and tell you which documents you need to provide. The exact documents required will vary depending on the type of account you’re creating. Usually for a personal account you’ll need 2 different forms of identification such as a passport and a utility bill in your name.
If you’re setting up an OFX business account you’ll usually have to provide some additional details and documents, including information about your business. You’ll be talked through the exact requirements based on your situation, usually including :
Information about the way your business is set up
Details of directors and management body
Details of the owner (if different)
The way your business is registered, and the location of registration
How long does verification take
IF OFX needs to get documents for verifying your account they’ll try to get back to you within a few business days. In some cases they’ll be able to verify your account electronically and then the process can move much faster.
If you have an urgent transfer to make, you’re advised to get in touch with the OFX service team for support.
The minimum transfer amount with OFX is the equivalent of 150 USD - that’s around 200 SGD. Maximum limits may vary according to the country you’re sending money to. You’ll be notified when you arrange your transfer if you have hit the maximum level for that payment.
Supported currencies by OFX Singapore
OFX offers transfers to 50 currencies, and covers payments to 190 countries.
OFX regularly updates the countries and currencies available - check here for the most up to date available information.
OFX scores an average of 4.2 stars on Trustpilot, from a total of just under 5,000 listed reviews at the time of writing. That’s a Great rating.
Top reviews particularly praise the customer support available. Here’s what one happy customer had to say:
“Awesome company, extremely helpful and knowledgeable customer care reps.”
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 app is available on both Android and Apple phones, by phone or via the OFX 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 customer service
Get in touch with OFX support online, by phone or by mail. Here are your options:
Customer support channel
+65 6817 8747
+65 6817 8748
|Mailing address:||Capital Tower, 168 Robinson Road, #12-01 to #12-04, Singapore, 068912|
Wise - international payments for individuals and businesses, with the real exchange rate and low transparent fees. Free online international accounts to send and hold multiple currencies, with a linked debit card.
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.
Revolut - open an online international account to send and hold 28 currencies from the same account. Get a linked debit card to spend and withdraw easily. You’ll need to upgrade to an account with a monthly fee to access some of the features on offer.
While OFX money transfer offers a range of international payment services, its main point of difference from other specialists may be the 24/7 personal broker service available by phone, and the currency risk management products available. If you need to send a high value transfer or buy a complex FX product and want to talk it through with a broker, this could be a good bet.
For international transfers, OFX may not be the cheapest specialist service available because there’s a fee added to the exchange rate used. However, the rates are certainly competitive, so they’re worth comparing international money transfer providers when you need to send money overseas to see if you can get a good deal.
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You shuld look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.
If you’re sending the equivalent of 10,000 AUD (about 10,200 SGD) or under you’ll pay 15 AUD (just over 15 SGD) in transfer fees. For payments over 10,000 AUD (about 10,200 SGD) the OFX transfer fee is waived. In both cases, an exchange rate markup - an extra fee - applies.
It will take between 1 and 5 business days for your OFX payment to arrive, depending on where you’re sending money to.
OFX is safe - it’s regulated by MAS in SIngapore and some 50 other regulators in other locations.
OFX adds a margin to the mid-market exchange rate, to create the OFX exchange rate.
You can use the OFX app on Apple and Android phones.
You can create an OFX account to send one off or recurring payments, and access specialist foreign exchange and currency management solutions for individuals and businesses.
OFX supports 50+ currencies.