OFX is an international money transfer service that lets you send money in over 50 currencies to 170+ countries around the world. In some cases, your recipient can even receive their money on the same day.
If you transfer more than $10,000, OFX won't charge you any fees, but lesser amounts will incur a $15 CAD fee. Otherwise, there are no other fees when using this transfer service.
OFX features
Here's what OFX offers in the world of money transfers:
Why You Want It
Send money in over 50 currencies to 170 countries
Special Features
- No fees for transfers above $10,000
Provinces
ALL
Features
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- Flat fee of $15
Example Transfer Speed For $1,000
- USD: Same day or next day
- EUR: 1-2 business days
- GBP: Same day or next day
- INR: 2 business days
- HKD: 1-2 business days
Debit Transfer?
Credit Transfer?
Bank Account Transfer?
Paypal Transfer?
Transfer Limits
- None, but government limits may apply for regulated currencies
OFX product rating: 5.0 stars
OFX has a lot going for it. There are many currencies available to send, from common currencies (ex: USD, euros) to the not-so-typical (Brunei dollar, Sri Lankan rupee.) This transfer service doesn't have any hidden fees, and there aren't any charges at all when you send more than $10,000 at once.
Still, there are a few things to consider, like the inability to use a credit card or PayPal to make a transfer. There's also a $15 fee when you send less than $10,000, a substantial cost if you only need to send a small amount.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of OFX
These are a few examples of what OFX has going for it:
Pros
Plenty of currencies available
OFX has no shortage of currencies available for transferring funds. The basics are here – think U.S. dollars, British pounds, euros, etc. – as well as less common currencies like Indian rupees, Japanese yen, Bahraini dinar, and Seychellois rupee. With all these currencies, clients can send money to more than 170 countries across the globe.
Very fast transfers
Your money will arrive quickly, depending on the currency used. If you're sending money to the U.S., it may even arrive on the same day. For most major currencies, though, the funds will arrive in 1 to 2 days. For less common currencies, You can expect the transfer to take between 3 to 5 days, which is still pretty fast.
No fees for transfers over $10,000
If you need to send a large sum of money, say $10,000+. OFX won't charge you any fees whatsoever. While the everyday Canadian might not send that much money on a regular basis, it's still a significant feature to note and can save you a few dollars when it really matters.
The cons of OFX
There are, however, a couple of things to consider before using OFX:
Cons
High fees for small amounts transferred
If you transfer less than $10,000, you'll pay a lump sum fee of $15. This isn't a terrible fee if you transfer, say, $5,000 (only 0.3% of your total), but sending $500 means your costs climb to a relatively high 3%.
Fewer options to transfer money from
It's a small thing, but OFX doesn't allow clients to use a credit card or PayPal account to send funds. Instead, your options are to transfer from your bank account or make a direct transaction. Many other services offer more options, and more convenient options at that.
OFX alternatives
Here are a few popular OFX alternatives and how they compare:
 |  | |  | |
|---|---|---|---|---|
| Account | OFX | Wise Business Account | Wise | Xoom |
| Genius Rating | ||||
| Why You Want It | Send money in over 50 currencies to 170 countries | Send funds to 160+ countries in 40+ currencies + Get real exchange rates. | Global money transfers that are up to 8x cheaper than banks + No hidden fees. | 4 different delivery methods available + Money-back gurantee. |
| Mid-market Exchange Rate? | | | | |
| Hidden Fees? | | | | |
| Example Fees For $1,000 |
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| Example Transfer Speed For $1,000 |
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| Debit Transfer? | | | | |
Show More | ||||
| Apply Now See more OFX products Compare | Apply Now See more Wise products Compare | Apply Now See more Wise products Compare | Learn More See more Paypal products Compare |
FAQ
How many currencies can you transfer money to with OFX?
With OFX you can transfer money in more than 50 currencies to over 170 countries. While these aren't the largest numbers we've seen from international transfer services, they're still significant and provide convenient options for many people.
What is the time it takes to transfer money with OFX?
Processing time usually depends on the currency used. Most of the major currencies take just one or two days before they're deposited into the recipient's account, but less commonly used currencies can take three to five days.
What are the fees for using OFX?
The fees depend on how much money you send. Transferring more than $10,000 OFX means you won't be charged a fee at all, but, on the other hand, transferring less than that incurs a $15 fee.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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