Revolut Money Transfers
Find out more about Revolut money transfers and compare offers here. Revolut is a fintech company founded by Nikolay Storonsky and Vlad Yatsenko. It offers …
Fact checked
OFX is a well-known international money transfer company offering foreign exchange services around the world. You can find out more about OFX right here with Savvy to see whether it’s the right company for your international money transfer needs. Compare it with a range of other transfer companies all in one place before your start your money transfer today.
*All product information is correct as of August, 2022.
OzForex, which changed its name to OFX in 2015, was founded in Sydney in 1998. It is an Australian online foreign exchange and transfer company offering both retail and business transfer options. It listed on the Australian Stock Exchange in 2013, when it was valued at AUS $480 million.
It now has strong ties to Macquarie Bank, and in May 2021 gained approval from the Australian Taxation Office for people to send money from overseas to the tax office. It has since branched into offering multi-currency accounts and has subsidiaries worldwide, including in New Zealand, the USA, the UK, Canada, Hong Kong, Singapore and Ireland. It offers money transfer services to over 190 countries in 50 different currencies.
International money transfers
OFX offers international money transfers and forex services to both retail and business clients through a website and mobile app. For business clients, it offers personal account managers and other services including:
Transfer limits
There is a $250 minimum transfer limit with OFX. Maximum limits are by arrangement with a business manager but can be extended to $500,000 or more depending on currency and destination.
Speed of transfer
The transfer time with OFX will be one to two business days on average but can be up to three business days depending on the destination of your transfer and the currency you’re transferring to.
Fees
OFX charges a flat $15 fee for transfers under $10,000; however, transfers over $10,000 do not attract a fee. In addition, a margin is added to the mid-market exchange rate (which is the standard exchange rate quoted on any given day). This markup compares favourably with its competitors at 1.5% or less, with OFX being a particularly good choice for those with larger business money transfer needs.
To send money through OFX, you must first register an account, which you can do either via their website or mobile app. The process for doing so is as follows:
OFX doesn’t charge a transfer fee if you’re wanting to transfer over $10,000, making it a very suitable option for those sending larger sums overseas.
OFX is one of just two companies approved by the Australian Taxation Office to send money from abroad to the ATO for the payment of taxes.
As part of its business services, OFX enables you to fix your international exchange rate for up to 12 months with a forward contract.
OFX cannot transfer funds to a digital wallet or mobile app and doesn’t offer cash pickups, so if you require these services, you’ll have to look elsewhere.
If you’re wanting to transfer small amounts, OFX’s flat $15 fee may not be your best international transfer option.
You’ll need to speak to an OFX representative to verify your details before your first transfer can take place. This can cause delays if you’re wanting to send money urgently after Australian office hours.
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OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
