OFX’s transfer fees vary, depending on countries.
There are zero transfer fees for the US and UK customers now, although it used to charge a flat fee of $10. OFX has a standard fee of CAD15 for Canadian clients if their transfer amount is less than CAD10,000. This small fee can be waived if you’re transferring over CAD10,000.
Similarly, the fee-free threshold for the rest of the countries is AU$10,000, and the flat fee becomes AU$15.
OFX’s markup on exchange rate tends to be in the middle level compared to its competitors. It is still quite a bit lower than big banks and some giants like Western Union and Ria, who usually earn profits of more than 4%. The average margin on exchange rate for major currency pairs exceeds 2%. A few are below 2%, at 1.8% or 1.9%.
OFX does measure the delivery time in business days after it receives your funds. Most transfers to various countries usually take 1-2 days to complete. Same day payment is available in some countries. For example, sending money from New Zealand to Australia can be completed in the same day. Be aware, you have to allow for the time of day for funding to OFX.
OFX is one of the few companies that provide complete solutions for individual, business and online marketplaces.
Like very few of its competitors, OFX’s customer service is outstanding, serving clients by the phone 24 hours a day, 7 days a week, although there’s no live chat at the moment. It lets you transfer money online, via mobile app and over the phone.
One thing we don’t like however, is that OFX doesn’t reveal its exchange rate to you, unless you become a valid customer. The calculator on its homepage is only for mid-market exchange rates, which aren’t the rates you really get offered. Using OFX’s Rate Alerts, you can simply set up some of your desired rate alerts for your later transactions.
OFX’s FAQs page is very helpful, with some important information regarding registration, currencies and fees, delivery times and so on. You need to shift from one country to another (6 country sites) when it comes to checking transfer fees.