Review of OFX international money transfer services

Through the OFX website or mobile app, you can send money to more than 80 countries around the world. It is one of the cheapest service providers on the international money transfer market. There is no limit to the maximum amount of an OFX transfer.

The following prices are valid at the end of 2020 and the beginning of 2021.

Additional information from OFX
	OFX: low costs on international transfers. OFX costs are much lower than those of the majority of international money transfer operators, so if the recipient can afford to wait for a couple of days, OFX can prove to be your cheapest option for sending money abroad. The transfer speed depends entirely on standard bank hours and payment processing time; so typically, the money won't be available to the recipient on the same or the next day. Both the sender and the recipient of the money need to have bank accounts. The OFX user interface is easy to use, and customer support is fairly good thanks to the OFX offices located in different time zones, making it possible to contact someone at any time. There is a lot of useful information on the website, but the articles are full of currency exchange market terminology, and there is no live chat. You can see the OFX foreign currency exchange rates on the website without logging in, in addition OFX can offer individual rates for certain, including corporate, clients. The OFX mobile app provides access to a set of useful features, for example, you can see the average market exchange rates or the status of both current and completed transactions.
	OFX international money transfers channels and options. You can transfer money abroad using the OFX website or its mobile app. You can only send money from one bank account to another. The possible minimum is $1,000 per transfer. There is no maximum for the most popular currencies, including USD, GBP, AUD, CAD, EUR, NZD and JPY.
	OFX pros. Regardless of the amount of money, OFX charges no transfer fees. Like most other international money transfer providers, OFX charges markups on the exchange rate, but in most cases these markups are less than 1% of the average market exchange rate (while up to 7% or even 10% by other operators) and depend, among other things, on the frequency and the amount of transfers. The maximum amount of money you can send with OFX is not limited.
	OFX cons. The minimum amount of $1000 can be considered as a disadvantage. Transferring money from one bank account to another may sometimes take more than a week: a few days to receive money on the OFX account, currency conversion + a few days to transfer money to the recipient's account. But usually transactions take from two to four business days. You can try to speed up the process and transfer money to the OFX account by urgent or Swift bank transfer, but in this case your bank may charge additional fees. Not the best option, given that some operators allow your transfer to be completed within minutes if not seconds and have physical locations (see MoneyGram, WesternUnion or Xoom).
Additional information from OFX
	The main competitors of Xoom on the market of international money transfers. The main competitors of OFX are Azimo, MoneyGram, Wise (Formerly TransferWise), Remitly, Ria, WesternUnion and Xoom (subsidiary of PayPal). You can read our reviews of most of them by following the corresponding link.
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