OFX international money transfer: Fees, limits, and rates

OFX international money transfers can be a good way to transfer funds abroad, and this provider serves individuals, businesses, and e-commerce operations. However, moving money across borders requires careful research.

OFX is a FinCEN-regulated provider that connects you to over 170 countries through 50+ currencies from the US.¹ While OFX skips traditional transfer fees, they earn revenue through currency exchange rate markups.

Here's everything you need to know about OFX money transfers.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

Learn more 🔎

Table of contents

What is OFX money transfer? Can I make an international wire transfer with OFX? OFX international transfer fees OFX exchange rates Make fast, secure, and low-cost international transfers with Wise How do you make an OFX international transfer?¹ What information do I need to make an international wire transfer? How long does an international money transfer with OFX take? How long does it take to receive money from OFX? What is the transfer limit for OFX? How do you transfer large sums with OFX? OFX money transfer FAQs Is OFX safe to transfer money? Is OFX available in the USA? Is OFX better than Wise?

What is OFX money transfer?

OFX is a secure platform that makes it easy to send international transfers to other countries from the US. They are, essentially, a currency exchange service.

When you initiate a transfer, OFX converts your USD at their quoted exchange rate and delivers the funds to your recipient's account overseas.

People turn to OFX for different cross-border financial needs, such as:

• Supporting family members living abroad
• Managing relocation expenses when moving internationally
• Handling overseas tax obligations or utility payments
• Buying goods from foreign suppliers
• Selling international shares

OFX transfers can be a particularly good choice for people who need to send very large amounts of money, since the provider doesn't have an upper transfer limit.²

You can send as much money as you want, though larger sums mean greater exposure to their exchange rate spreads.

Can I make an international wire transfer with OFX?

Yes, you can use the OFX transfer service to send money to over 170 countries.¹ There are different transfer options to match different timing needs and financial strategies:

• Spot Transfers: Send a transfer on the go using current exchange rates

• Limit Orders: Set your desired rate and transfer automatically when the market reaches that level

• Forward Contracts: Lock in today's rate for future delivery so you're protected against currency fluctuations

• Regular Payments: Schedule recurring transfers up to 12 months ahead so you don't have to manually initiate each transaction³

You'll need to create an account to start sending money with OFX. Once you have the account, you can also download the OFX money transfer app to send mobile money transfers and keep track of currency trends on your phone.

OFX international transfer fees

OFX doesn't charge the up-front transfer fees that banks typically charge for international wire transfers. However, this doesn't mean that OFX wire transfers are free.

The provider builds their profit into the exchange rate they offer you, so you'll lose an unpredictable amount of money on switching from USD to the foreign currency you're sending to your recipient.¹

For example, if the mid-market rate (the rate you see on Google) shows 1 USD = 0.85 EUR, OFX might give you 1 USD = 0.83 EUR. That 0.02 difference becomes their revenue on every dollar you convert. This might seem like a small amount, but on a 5,000 USD transfer, it'll cost you 100 EUR in OFX fees.

Also, while you may not pay OFX transfer fees directly, other fees can still affect your transfer.

Banks that help route your money through the international banking network may deduct their processing fees along the way. Your recipient's bank might also charge a fee when the money arrives in their account.⁴

You can ask OFX about any international wire transfer fees you may have to pay.

OFX exchange rates

Currency exchange rates constantly shift based on economic conditions, political events, and market demand. OFX profits by offering you a rate that's slightly less favorable than the mid-market rate. The difference between what they pay for currency and what they charge you is their profit margin.

Since rates change throughout the day, timing your transfer can impact how much money your recipient receives. You can monitor currency trends (and OFX has helpful features for that) to spot the most favorable moments to send money.

You should also compare the rate you're getting at OFX with other providers, such as Wise, to see which one gives you the better deal. Wise doesn't charge a currency exchange rate markup, but you'll have to pay a small transfer fee*.

That said, it might still be cheaper than OFX's markup.

Make fast, secure, and low-cost international transfers with Wise

Send money to 140+ countries with the mid-market exchange rate and low, transparent fees with Wise. Set up a free Wise account online or in the Wise app, to transfer money fast in 40+ currencies.

Over 50% of Wise payments arrive instantly* — and all Wise transfers are deposited directly into your recipient's bank account for convenience.

No ongoing fees, no hidden charges and no hassle — just fast, transparent international transfers that can beat the banks.

Get started with Wise

*Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

How do you make an OFX international transfer?¹

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1. Create your OFX account

Begin by signing up through OFX's website or mobile app. You'll need to provide basic personal details like your contact information and citizenship status.

2. Identity verification

OFX uses verification steps to maintain platform security and confirm that your identity matches the information you provide. You'll need to submit a government-issued photo ID, and then you'll also be prompted to upload a selfie and enter your social security number.

Then, an OFX specialist will contact you by phone to complete the verification process and walk you through your initial transfer setup.

3. Start your transfer

Specify either how much you want to send or the exact amount your recipient should receive. OFX will display your exchange rate, and this is a good moment to compare OFX with other providers to see if you can find a better deal somewhere else.

If you're okay with the exchange rate OFX is giving you, add your recipient's information and bank account details, then select how you'd like to pay for the transfer. Review all details and confirm your transfer at the quoted OFX transfer rate.

4. Fund your transfer

For Direct Debit payments, OFX automatically withdraws the specified amount from your linked bank account and processes the transfer.

Wire transfer payments require you to access your online banking or visit your bank branch to send funds to OFX. You should follow the specific international wire transfer instructions in your OFX confirmation email.

5. Transfer tracking

OFX sends email updates when they receive your payment and when your recipient's bank receives the funds. You can also enable SMS notifications for additional updates or monitor the transfer's progress by logging in to your account and checking the “Transfers” section.

Learn more about tracking an international wire transfer.

What information do I need to make an international wire transfer?

To send OFX money transfers, you'll need to provide certain details about your recipient. After logging in, navigate to the "Recipients" section and click "Add New Recipient" to set up someone new.⁵

Exact details can vary by country and currency pair, but you'll typically need to gather:

• Recipient's complete name and address
• Bank name and location
• Account number
• Routing or branch code
• SWIFT Code/BIC (Bank Identification Code)

Banking information follows strict formatting rules with specific character lengths and patterns. OFX's system recognizes these requirements and will flag any incorrect entries, preventing transfer delays.

However, you should still always verify recipient details before submitting.

How long does an international money transfer with OFX take?

OFX begins processing your transfer immediately after receiving your funds. However, OFX money transfer processing times vary by destination country, with most transfers completing within 1 to 2 business days.⁶

You can monitor your transfer's progress through your online account or mobile app. OFX will also keep you informed with email and SMS notifications. If you have any questions about your international wire transfer time, OFX's global support team is available by phone.

How long does it take to receive money from OFX?

When sending money from the US through OFX, recipients typically receive funds within 1 to 2 business days.⁶ Sometimes, for large amounts, there are extra international wire transfer regulations that can stretch this timeline.

What is the transfer limit for OFX?

OFX doesn't have maximum transfer limits, so you can send whatever amount you need.²

However, your bank may have daily transfer restrictions, so check with them about any limits that might affect your payment to OFX.

The minimum transfer amount starts at 150 USD across all major currencies.⁷

How do you transfer large sums with OFX?

Since OFX places no ceiling on transfer amounts, you can send large amounts in the same way that you would send a small amount.

That said, very large amounts can sometimes require additional verification documents. If that's the case, OFX will get in touch with you and explain what you need to submit.

OFX money transfer FAQs

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Is OFX safe to transfer money?

Yes, OFX is safe. It's an established provider that maintains strong security through several protective measures. They operate under regulation from more than 50 authorities worldwide and are backed by over 25 years in the industry. In the US, OFX is registered as a Money Service Business with the Financial Crimes Enforcement Network (FinCEN).¹⁸

OFX works to educate customers about fraud prevention, but they can't protect you if you voluntarily send money to scammers.

Common scams include romance fraud, fake investment opportunities, and phishing emails requesting personal information. You should always verify recipient identities independently and be suspicious of urgent requests for money transfers.

Is OFX available in the USA?

Yes, OFX provides international money transfer services to US customers. You can send money to over 170 countries in 50+ currencies.¹

Is OFX better than Wise?

Both OFX and Wise are attractive options for sending money abroad. They can handle very large amounts, and they have a global reach.

However, they work very differently.

OFX makes money through exchange rate markups, and Wise doesn't. A lot of the time, Wise will end up being cheaper than OFX. Compare them now to see how much you can save on your transfer with Wise:

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources

1. OFX
2. OFX - What is the maximum amount of money you can transfer overseas?
3. OFX - Can I set up a recurring transfer with OFX?
4. OFX - Are there any transfer fees?
5. OFX - How Do I Add A Recipient Or Edit Their Details
6. OFX - How long does a bank to bank transfer take?
7. OFX - What is the minimum transfer amount?
8. OFX - Is my money secure with OFX?

Sources checked 08/21/2025