Guide to sending large payments with OFX UK, including transfer limits

Need to make a large business payment? Whether it’s buying new equipment or paying a large supplier invoice, you’ll need to find a secure, fast and cost-effective way to make high value transfers.

This helpful guide looks at how large payments work with OFX, the fintech specialising in international foreign exchange and money transfer services. It also offers global business accounts to UK businesses.

Read on for everything you need to know about OFX large transfers, including how to set one up, average transfer times, limits, security considerations and fees.

Plus, a look at an alternative - Wise Business. You can securely send large transfers with Wise Business for low fees and mid-market exchange rates. This makes it ideal if you’re making a transfer across international borders.

💡 Learn more about Wise Business

Can you use OFX for large transfers?

Yes, OFX business accounts are ideal for making high value business and corporate transfers, within the UK and internationally.

You can make OFX large transfers to 180+ countries and regions, and in 30+ currencies.¹ It all happens through the OFX online platform, or via the OFX mobile app.

There are a number of payment methods available, including:¹

• Spot payments, forward contracts and limit orders
• Faster Payments and CHAPS within the UK
• Recurring payments
• Batch payments - schedule thousands of payments all at once.

OFX doesn’t place a limit on the amount you can send.² However, you may come up against limits set by your bank or other payment infrastructure. For example, the maximum limit for Faster Payments in the UK is £1 million.

Is OFX safe for large payments?

Security will always be crucial when sending large amounts, so it’s important to choose a regulated, trustworthy provider.

OFX uses advanced security measures to protect accounts, payments and sensitive information.

This includes:³

• Encryption of data and transfers
• Security access control, such as multi-factor authentication (MFA) and CAPTCHA
• Automatic timeouts
• Fraud monitoring system, using a multi-layered approach to detect and prevent phishing, malware and fraudulent apps
• Secure coding practices to minimise platform vulnerabilities
• Biometric access to the OFX app, to safeguard account access.

OFX isn’t a bank, so it doesn’t offer protection for your money under the FInancial Services Compensation Scheme (FSCS). However, it does use something called safeguarding.

This is where customer money is kept separate from OFX’s own company funds - held in specially designated, ring-fenced client accounts at regulated banks and credit institutions.

When using any financial service, it’s crucial to take sensible precautions to protect yourself and your business when sending payments. These include double-checking recipient bank details, keeping your online banking details secure and being vigilant against scams.

How to make a large payment with OFX

You can make a OFX large payment online or via the OFX mobile app. As it is a digital service, it doesn’t have any physical branches, so there’s no option to set up payments in person.

Before you can send your transfer, you’ll need to have the recipient’s details to hand. Here’s what you’ll need:

• The recipient’s name or business name as it appears on their bank account
• Their bank account number and sort code
• The type of account (i.e. a business account)
• The International Bank Account Number (IBAN) - for international transfers
• The SWIFT/BIC code for their bank - for international transfers.

To send OFX money transfers online, follow these steps:⁴

1. Sign into your OFX account - or register for an account if you don’t already have one (you'll need to complete ID verification checks)
2. Get a quote - enter the currency you have and the currency you want to transfer to, plus the amount you want to send
3. Review the exchange rate and fees
4. Add your recipient details where prompted
5. Add additional details - including a reference and the reason for the transfer
6. Choose a payment option
7. Check the details carefully and confirm

Once you’ve submitted the request, you’ll receive confirmation from OFX via email or SMS. You can also track the status of the transfer in the OFX app.

In the case of some large payments, you may be contacted by OFX by phone for extra checks or asked to provide additional verification documents showing the source of the funds (for example, business bank statements). This is to comply with anti-money laundering, anti-fraud and other financial regulations.

How long do large transfers take with OFX?

OFX large transfer times vary depending on the transfer method, destination and currencies involved:⁵

On average, payments with OFX take between 1-2 working days to arrive.⁵

What's the OFX maximum transfer limit?

You’ll also need to know how much you can send in one payment, and per day. This means looking at OFX transfer limits for your chosen payment type.

The good news is that there is generally no upper limit when sending money with OFX, and this applies to all payment types it offers.

However, other limits may apply, such as the £1 million GBP limit when sending through the UK’s Faster Payments network. Your bank may also have limits on how much you can send to OFX to pay for your transfer (you may need to do it in instalments for particularly large transfers).

Another thing to bear in mind is that due to compliance regulations, OFX may need to carry out additional verification checks for payments over $100,000 or the currency equivalent.⁴

You should be able to see specific transfer limits when you set up your payment.

Get expert support for your large transfer 📞

What are the OFX fees for large transfers?

Now for the all-important question - how much does it cost to use OFX for large transfers?

Here’s a quick look at OFX large transfer fees, including the monthly costs for your account:⁶

• fees correct as of 07.07.26

While these fees may seem pretty straightforward, there’s another cost to consider that is a little more complicated. This is the exchange rate for converting currency, which will be essential to know if you’re sending an international payment.

Providers such as OFX typically add their own margin to the mid-market exchange rate, which can make the transfer more expensive - especially if you’re sending large amounts.

OFX exchange rate margins are based on the currency exchanged and your transaction amount, so they vary depending on the specific details of your transfer.

An OFX alternative: use Wise Business for large transfers

As an alternative to OFX, check out Wise Business - which has multi-currency account and card solutions for businesses of all sizes.

It also has a dedicated secure service for sending large payments.

Wise transfer limits depend on what currency is being sent, here's a few of the most popular:

• GBP - £20 million GBP per transfer
• EUR - €20 million EUR per transfer
• USD - $20 million USD when paying from your USD account, $1.6 million per SWIFT transfer.

It’s also worth knowing that Wise offers discounts for sending large amounts over £20,000 (or the currency equivalent). The more you send, the more you save.

You can open up a Wise Business account for free, and send large payments right away with the Essential plan. All accounts can hold and exchange 40+ currencies. With Wise Business Advanced, available for a one-time fee of just £50, you can receive payments like a local with major currency account details. There are no ongoing monthly fees and no minimum balance requirements.

Whenever you need to convert currencies, to send a payment or spend with your Wise debit card, you’ll get the mid-market exchange rate and low conversion costs from 0.33%.

You also have the ability to earn a return on GBP, EUR and USD funds with Wise Interest (capital at risk, growth not guaranteed). See more information at Wise Business Interest.

With Wise Business, you can:

• 🌍 Send money to 70+ countries at the mid-market exchange rate with low, transparent fees and no hidden exchange rate markups (product availability varies by region)
• 📥 Receive payments in 24 currencies and counting
• 💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
• 💰 Hold money in 40+ currencies
• 🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• 👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation
• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
• 🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
• 📑 Create custom professional invoices and schedule invoice payments for future dates
• 📈 Earn variable returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Rates vary by country and currency. Rates are variable. Visit Wise Interest to find out more)
• 🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for your domestic and global needs.

Be Smart, Get Wise.

Register for Wise Business ✍️

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

FAQS

Can I send large international business payments with OFX?

Yes. OFX supports international business transfers to 180+ countries and regions in 30+ currencies.¹

Does OFX offer better exchange rates for large transfers?

OFX's exchange rate margin is based on factors such as the currency pair and the amount you're transferring. While larger transfers may qualify for more competitive pricing, OFX doesn't publish fixed exchange rate margins.

Are OFX Faster Payments free?

Yes. OFX includes 50 free Faster Payments per month on its Standard plan and 150 free Faster Payments per month on its Full Suite plan. After you've used your monthly allowance, each additional Faster Payment costs £0.20.⁶

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Sources used:

1. OFX - International Business Payments
2. OFX - FAQs - What is the maximum amount of money you can transfer overseas?
3. OFX - Security
4. OFX - Money Transfers Step-by- Step
5. OFX - FAQs - How long will my transfer take?
6. OFX - OFX Pricing Plans

Sources last checked 07-Jul-2026