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OFX Money Transfer Review: A Good Tool for You?

OFX provides fast, no-fee transfers, with no minimum transfer amount.

OFX Money Transfer Review: A Good Tool for You?

OFX provides fast, no-fee transfers, with no minimum transfer amount.

4.3/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Individuals seeking a no-fee money transfer service
  • Individuals seeking 1 day transfers

Cons

  • Those seeking small, one-time transfers
  • Individuals that prefer cash transfers to bank-to-bank transfers

OFX is a leading international money transfer service due to it's efficiency, lack of fees and wide range of currencies. For instance, OFX allows users to transfer funds to 55 different currencies for no fee. Additionally 80% of transfers reach the beneficiary within 1 working day. Therefore, OFX is one of the best no-fee platforms, espectially for those seeking to transfer money to a wide range of countries.

OFX Platform Summary
Great Market Access: 55 currencies
No Administrative Fees
Fast Transfers (1 day)

Table of Contents:

What Makes OFX Stand Out to Consumers?

If you need to transfer money internationally, OFX is always worth considering. The platform, which does not charge fees, transfers funds to 55 different currencies in just one day. This is not the fastest possible transfer, though it is the fastest offered by a no-fee platform. Besides spot transfers, OFX users can also enquire about Forward Exchange Contracts (to secure today’s exchange rate for up to 12 months) and Limit Orders, where users can set a target exchange rate for a future transfer.

OFX Remittance Service Details
Minimum TransferN/A
Maximum TransferN/A
Transfer FeeN/A
Transfer Speed1 day
Currencies55

Furthermore, OFX does not have a minimum or maximum transfer amount, giving users more flexibility than many other services. OFX also has a handy app that can be used to make transfers, monitor live exchange rates and contact customer service (which can be contacted by phone 24/7). One downside of OFX's money transfers from Singapore is that they are limited to transfers to and from bank accounts. This means it does not support cash transfers. It is also important to note that some other platforms offer foreign exchange price, but these platforms do not offer transfers in as many currencies (55) or with the same speed of OFX. Therefore, OFX is a better fit for those seeking efficiency and wide market access.

How to Register: Sign-Up Process

Consider this if you want to send a large amount of money without incurring a transfer fee
  • Service Fee
    • N/A
    • Government Licence
      • MAS - Major Payment Institution
      • Maximum Transfer
        • N/A
        • Currencies
          • 55
          • Transfer Speed
            • 1 day

            To sign up for OFX's remittance services, click any of the buttons on this page. You will be led to through a series of easy sign-up steps. To begin using OFX's services, you will need to provide contact information and information about your preferred currency pair(s). Finally, all users must take a short one-time KYC call for OFX's own due diligence and compliance requirements.

            Other Required Information:

            • Preferred Currency Pair
            • Address
            • Contact Information
            William Hofmann

            William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.