Outstanding Value: OFX

CANSTAR has researched and rated 19 overseas money transfer providers, with OFX receiving a 5 star rating for outstanding value. Find out more about OFX

OFX wins Canstar 5 star award for outstanding value international money transfers

Transferring money overseas is a multi-billion dollar industry and for those who are transferring their hard-earned funds, finding an international money transfer provider that represents outstanding value is a must. In 2016 CANSTAR has researched and rated 19 overseas money transfer providers, with OFX achieving a 5 star rating.

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Who is OFX

OFX was formerly known as OzForex and has been in operation for 17 years. A non-ADI (approved deposit institution), OFX advises that it facilitates approximately 3,250 transfers each day across 55 currencies, and offers 24/7 support for customers.

What international money transfer features are offered?

CANSTAR’s 2016 audit of the money transfer features offered by OFX, conducted in August and September   2016, uncovered the following online money transfer features offered by OFX:

  • Zero fees for transfers above $10,000 (otherwise AUD$15)
  • Transfers available by the following means:
    • Online
    • Mobile App
    • Phone
  • 55 Currencies available, including:
    • US Dollar
    • Hong Kong Dollar
    • Great Britain Pound
    • New Zealand Dollar
    • Japanese Yen
    • Singapore Dollar
    • Euro
    • Indian Rupee
    • Swiss Franc
  • Transfer limits:
    • Min – $250
    • Max – Unlimited
  • Real-time exchange rates
  • 24hr Telephone helpline

 

CURRENCY INFORMATION
TOTAL CURRENCIES AVAILABLE 55
United Arab Emirates Dirham (AED) Yes
Canadian Dollar (CAD) available Yes
Swiss Franc (CHF) available Yes
Czech Republic Koruna (CZK) avail Yes
Danish Krone (DKK) available Yes
Euro (EUR) available Yes
Fijian Dollar (FJD) available Yes
British Pound Sterling (GBP) avail Yes
Hong Kong Dollar (HKD) available Yes
Hungary Forint (HUF) available Yes
Indonesian Rupiah (IDR) available Yes
Israel Shekel (ILS) available Yes
India Rupee (INR) available Yes
Japanese Yen (JPY) available Yes
Kuwait Dinar (KWD) available Yes
Sri Lanka Rupee (LKR) available Yes
Mexico Peso (MXN) available Yes
Malaysian Ringgit (MYR) available Yes
Norwegian Krone (NOK) available Yes
New Zealand Dollar (NZD) available Yes
Oman Omani Rial (OMR) available Yes
Papua New Guinea Kina (PGK) avail Yes
Philippine Peso (PHP) available Yes
Pakistan Rupee (PKR) available Yes
Poland Zloty (PLN) available Yes
Swedish Krona (SEK) available Yes
Singapore Dollar (SGD) available Yes
Thailand Baht (THB) available Yes
Tonga Paanga (TOP) available Yes
Turkey Lira (TRY) available Yes
US Dollar (USD) available Yes
South Korea (WON) available Yes
Samoa Tala (WST) available Yes
South African Rand (ZAR) available Yes
Source: Canstar. Audit was conducted in August & September 2016 with information advised by OFX as being correct at that time. Please check current costs, features and offering on the OFX website.

OFX CANSTAR 5 star rating

OFX, formerly called OzForex, offers a very strong combination of both exchange rate competitiveness and comprehensive features. Operating for 17 years, OFX boasts the transfer of more than $100 billion worldwide, across 190 countries and 55 currencies.

2016 is the first time that non-ADI’s have been considered in CANSTAR’s International Money Transfer Star Rating. Non-ADIs (including OFX) that met the following requirements have been included in the rating:

  • Open to personal (not exclusive to business) customers.
  • Allow transfers above $15,000AUD.
  • Use traditional means to execute transaction (i.e. no peer-to-peer providers).
  • Be the primary service provider (not a commission agent).
  • Have been operating for a minimum of five consecutive years.

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Written by: Justine Davies