OFX’s transfer fees vary depending on currency.
For US dollar, for instance, it charges a flat fee of $5 when you transfer less than $5,000, but there’s no transfer fee if you transfer more than $5,000. The fee free threshold for EUR is €5,000, and the flat fee becomes €10.
Generally, you can find transfer fees of different currencies on its homepage.
OFX’s markup on exchange rate tends to be in the middle level compared to its competitors. It is still quite lower than big banks and some giants like Western Union and Ria, which usually earn profit more than 4%. To save your hassle, the average margin on exchange rate for major currency pairs exceeds 2%. 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, send money from New Zealand to Australia can finish in the same day. Be aware, you have to account for the time of funding to OFX.
OFX is one of the few companies that provide complete solutions for individual, business and online marketplaces.
Like few of its competitors, OFX’s customer service is pretty shining, serving clients by the phone 24 hours a day, 7 days a week, there’s no live chat at the moment though. It lets you transfer money online, via mobile app and over the phone.
One thing we don’t like 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 can 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 for some important information such as registration, currencies and fees, delivery times and so on. You need to shift one country to another (6 country sites) when it comes to checking transfer fees.