OFX

What OFX does

OFX sends payments to bank accounts. Its published transfer time is one to three days, and business payments cover more than 30 currencies across more than 170 countries.

Business accounts can hold, pay and receive money in more than 30 currencies. Personal customers can use the OFX Money Transfer App for rates, payments and transfer tracking.

Fees and plans

OFX lists a paid pricing model from $0 and says a free plan is available. Its exchange rates use a markup. The site displays fees upfront, but these facts do not state a standard transfer-fee amount.

The Global Business Account has no listed price. Businesses can register for free, and OFX says there is no minimum account balance requirement. New personal customers may receive an introductory rate across seven currencies; terms apply.

Where it runs

OFX runs on the web, iPhone and Android. The OFX Money Transfer App provides rates, payments and transfer tracking.

The Business App is for managing financial operations while away from a computer.

Protection, as OFX describes it

OFX says OzForex Limited, trading as OFX, is regulated by ASIC and is a member of AFCA. These are statements from OFX about its regulatory status.

OFX also publishes phone and email access to human specialists 24 hours a day, seven days a week. The supplied facts do not state deposit protection, two-factor sign-in or a specific dispute process.

Strengths

Businesses can use local bank details for Canadian-dollar, U.S.-dollar, pound and euro accounts. They can also hold, pay and receive funds in more than 30 currencies.

Corporate cards can be issued instantly with spending limits and merchant-category controls. Expenses are trackable in real time, and Control Hub supports approvals, budgets, workflows and user access rights.

OFX directly integrates with Xero and QuickBooks Online. Its Xero connection supports two-way, real-time synchronization.

Catches and conditions

Transfers go to bank accounts and are published as taking one to three days. Business payment coverage is stated as more than 30 currencies and more than 170 countries, so availability depends on the currency and destination.

Corporate cards, Control Hub, accounting connections and automated AI workflows are business features. Check which features and currencies apply to the account type before registering.

Who may want another service

OFX may not fit someone seeking a clearly published standard transfer fee, because the supplied pricing does not give one.

It may also be a poor match when the required destination or currency is outside the business coverage stated here.

Verdict

OFX suits people and businesses that need bank transfers with tracking, web and phone access, and an exchange rate that is shown with a markup. Its business offering adds multi-currency accounts, local details in four currencies, cards and accounting connections.

It is less suitable for readers who need a published standard fee before comparing costs, or whose destination and currency are not covered.

Questions