OFX Australia: Your Definitive Guide to International Money Transfers & Global Business Solutions

What is OFX Australia?

OFX, formerly known as OzForex, is Australia’s leading financial technology company specialising in international money transfers and foreign exchange services. Founded in 1998 and headquartered in Sydney, OFX has grown from an Australian startup to a globally recognised financial services provider, publicly listed on the Australian Securities Exchange (ASX: OFX) since 2013.

With over A$200 billion transferred to date and serving customers across eight global offices, OFX has established itself as a trusted alternative to traditional banks for both personal and business international payments. Whether you’re buying property overseas, supporting family abroad, or managing global business operations, OFX offers bank-beating exchange rates and dedicated support from their team of currency specialists.

Why Choose OFX for Your International Transfers?

In Australia’s competitive international money transfer market, OFX distinguishes itself through a combination of competitive pricing, robust security, and comprehensive service offerings that extend far beyond basic transfers.

Bank-Beating Exchange Rates

OFX consistently offers exchange rates that are significantly better than traditional Australian banks. While major banks typically apply exchange rate margins of 2.5-5%, OFX’s margins typically range from 0.4% to 1.5% for larger transfers, delivering substantial savings especially for high-value transactions.

No Maximum Transfer Limits

Unlike traditional banks that often impose daily transfer limits (such as Commonwealth Bank’s A$5,000 daily limit), OFX doesn’t enforce maximum transfer limits on their platform. This makes OFX particularly attractive for property purchases, business payments, or other large financial transactions.

24/7 Human Support

Every OFX customer has access to their team of “OFXperts” – dedicated currency specialists available 24/7 to provide personalised guidance, market insights, and support throughout the transfer process. This human touch sets OFX apart from purely app-based competitors.

Robust Regulatory Framework

OFX operates under one of the most comprehensive regulatory frameworks in the industry. As an ASIC-licensed financial services provider (AFSL 226 484) and AUSTRAC-regulated entity, OFX maintains the highest standards of financial compliance. Additionally, OFX is regulated by over 50 regulators globally, providing unparalleled oversight and customer protection.

Personal International Money Transfers with OFX

Whether you’re supporting family overseas, purchasing international property, or managing personal finances across borders, OFX’s personal transfer service is designed to make international money movements simple, secure, and cost-effective.

Who Benefits from OFX Personal Transfers?

• Property Buyers: Australians purchasing overseas real estate benefit from OFX’s competitive rates and high transfer limits
• Expatriates: Aussies living abroad who need to manage finances across multiple countries
• Migrants: New Australians sending money to support family in their home countries
• Investors: Those making international investments or managing offshore portfolios
• Students: Families paying for overseas education expenses

OFX Personal Transfer Features

Transparent Fee Structure

OFX employs a straightforward fee structure: A$15 for transfers under A$10,000, and no transfer fee for amounts above A$10,000. This makes OFX particularly cost-effective for larger personal transfers where the percentage-based savings on exchange rates significantly outweigh the fixed fee structure of competitors.

Transfer Limits and Minimums

OFX maintains a minimum transfer amount of A$250, designed to ensure recipients don’t incur intermediary bank fees that could significantly impact smaller transfers. There are no maximum limits imposed by OFX, though customers should verify their own bank’s daily transfer limits.

Transfer Speed

Most OFX transfers are completed within 1-5 business days, with major currency routes often processing faster. While not the fastest option for small transfers, OFX’s transfer times are competitive for larger amounts where security and cost savings take priority over speed.

Comprehensive Business Solutions for Global Operations

OFX’s business platform transforms how Australian companies manage international payments, offering an integrated suite of tools that go far beyond traditional money transfers to encompass complete global financial management.

OFX Global Business Account

The cornerstone of OFX’s business offering is their Global Business Account – an all-in-one solution that combines multi-currency capabilities, corporate cards, and payment automation in a single platform.

Multi-Currency Capabilities

Hold, pay, and receive funds in over 30 currencies with local bank details in major markets (AUD, USD, EUR, GBP, CAD). This eliminates international transaction fees when receiving payments and allows businesses to operate like a local entity in multiple countries simultaneously.

Corporate Multi-Currency Cards

OFX’s Virtual and Physical Visa Business Debit Cards provide unprecedented control over business spending:

• Create unlimited virtual cards for recurring expenses and subscriptions
• Set individual spend limits and approval policies for each employee
• Real-time visibility into all card transactions
• Spend like a local in five major currencies (AUD, USD, EUR, GBP, CAD) to avoid FX fees
• Apple Pay and Google Pay integration for seamless mobile payments

Advanced FX Risk Management

Australian businesses operating internationally face constant currency volatility. OFX provides sophisticated tools to manage and mitigate foreign exchange risk:

Forward Contracts

Lock in exchange rates for up to 12 months with forward contracts starting from just A$1,000 equivalent – significantly lower than most banks’ minimums. This tool is essential for businesses with predictable international expenses like inventory purchases, rent, or salaries.

Limit Orders

Set target exchange rates and automatically execute transfers when your desired rate is reached, removing the need for constant market monitoring.

Regular Payments

Automate recurring international payments with predetermined schedules, perfect for subscription services, rent, or regular supplier payments.

Operational Efficiency Tools

Accounts Payable Automation

Streamline invoice processing with automated data capture (OCR technology), approval workflows, and direct integration with popular accounting software including Xero, QuickBooks, and Employment Hero.

Batch and Payroll Payments

Process thousands of payments simultaneously, making international payroll and supplier payments efficient and cost-effective. Current capacity supports up to 500 payments per batch for OFX Business accounts.

Spend Management and Control Hub

Centralised control over budgets, approvals, and financial workflows ensures complete visibility and control over global business expenses.

Security and Regulatory Compliance: Your Money’s Safety

In an industry where trust is paramount, OFX’s commitment to security and regulatory compliance sets the gold standard for international money transfer services in Australia.

Comprehensive Regulatory Oversight

Australian Regulations

• ASIC Licensed: Australian Financial Services Licence (AFSL 226 484)
• AUSTRAC Regulated: Full compliance with anti-money laundering and counter-terrorism financing laws
• ASX Listed: Public company transparency and governance since 2013
• AFCA Member: Australian Financial Complaints Authority dispute resolution

Global Regulatory Framework

OFX operates under the oversight of over 50 regulators worldwide, including financial authorities in the UK, USA, Canada, New Zealand, and Singapore. This comprehensive regulatory framework ensures consistent high standards across all OFX operations.

Advanced Security Measures

Fund Protection

Customer funds totalling A$287 million are held in segregated accounts, completely separate from OFX’s operational funds. This safeguarding ensures customer money remains protected even in the unlikely event of company financial difficulties.

Technology Security

• Multi-Factor Authentication (MFA): All accounts protected by advanced authentication protocols
• SSL Encryption: Bank-grade encryption for all data transmission
• Advanced Transaction Monitoring: AI-powered systems detect and prevent fraudulent activity
• Regular Security Assessments: Continuous testing and improvement of security infrastructure
• Secure Coding Practices: Development protocols that prioritise security from the ground up

Fraud Prevention

OFX employs dedicated fraud prevention teams and maintains a zero-default risk model by ensuring funds are received before any payout occurs. This conservative approach has resulted in an exemplary track record of financial security.

Special Recognition and Approvals

OFX is one of only two providers approved by the Australian Taxation Office (ATO) to process payments from overseas, demonstrating the highest level of institutional trust and compliance.

Understanding OFX’s Costs and Exchange Rates

Transparency in pricing is crucial when choosing an international money transfer provider. OFX’s cost structure combines competitive exchange rates with clear fee policies, though understanding the nuances can help you maximise value.

Exchange Rate Structure

How OFX’s Exchange Rates Work

OFX applies a margin to the mid-market rate (the “true” exchange rate you see on Google or financial websites). This margin, typically ranging from 0.4% to 1.5% for larger transfers, is how OFX generates revenue. While this means you don’t receive the exact mid-market rate, OFX’s margins are consistently lower than traditional banks, which often apply margins of 2.5% to 5%.

Factors Affecting Your Rate

• Transfer Amount: Larger transfers typically receive better rates due to lower percentage margins
• Currency Pair: Major currencies (AUD/USD, AUD/EUR) often have tighter margins than exotic currency pairs
• Customer Relationship: Long-term customers and high-volume users may receive preferential rates
• Market Conditions: Volatility and liquidity in specific currency markets can affect margins

Fee Structure Breakdown

Personal Transfer Fees

• Under A$10,000: A$15 transfer fee plus exchange rate margin
• A$10,000 and above: No transfer fee, exchange rate margin only
• Minimum Transfer: A$250 (to avoid recipient bank fees)

Business Platform Fees

• SWIFT Payments: A$10 per payment when sent via SWIFT network
• Card Funding: 1.27% for domestic cards, 3.4% for international cards
• Variable Exchange Rate Margins: Based on currency, amount, and business relationship

Additional Considerations

While OFX strives to minimise third-party fees through their global network of local bank accounts, intermediary or recipient banks may occasionally charge fees (typically under A$50). These fees are beyond OFX’s control and are deducted from the final amount received.

Maximising Your Transfer Value

When OFX Offers Best Value

• Transfers above A$10,000 (no transfer fee)
• Major currency pairs (tighter margins)
• Non-urgent transfers (time to wait for favourable rates)
• Business transfers requiring additional services

Tools to Optimise Your Transfers

• Rate Alerts: Get notified when your target rate is reached
• Forward Contracts: Lock in rates for future transfers
• Market Analysis: Access to OFXpert insights and market commentary

How OFX Compares to Competitors

The Australian international money transfer market offers numerous options, from traditional banks to digital-first fintech providers. Understanding where OFX excels—and where alternatives might be better—ensures you choose the right provider for your specific needs.

OFX vs Traditional Australian Banks

When compared to Australia’s major banks (Commonwealth Bank, NAB, Westpac, ANZ), OFX offers compelling advantages:

Cost Advantages

• Exchange Rate Margins: OFX: 0.4-1.5% vs Banks: 2.5-5%
• Transfer Fees: OFX: A$0-15 vs Banks: A$0-30+ per transfer
• Overall Savings: Potential savings of hundreds or thousands on larger transfers

Service Advantages

• Transfer Limits: OFX: No maximum vs Banks: Often A$5,000 daily limits
• Support: OFX: 24/7 dedicated specialists vs Banks: Limited hours, generic support
• Technology: OFX: Modern, user-friendly platform vs Banks: Often clunky legacy systems

OFX vs Digital Competitors

OFX vs Wise (formerly TransferWise)

Wise and OFX represent different approaches to international transfers:

When to Choose OFX

• Large Transfers: A$10,000+ where percentage savings outweigh speed considerations
• Business Operations: Need for comprehensive global business solutions
• Complex Requirements: Forward contracts, regular payments, or risk management needs
• Personal Support: Value human expertise and 24/7 assistance
• Australian Focus: Prefer dealing with an Australian-headquartered, ASX-listed company

When Alternatives Might Be Better

• Small, Urgent Transfers: Under A$1,000 where speed is critical
• Cash Pickup: Recipients need to collect cash rather than bank deposits
• Mobile Money: Transfers to mobile wallets in developing countries
• Maximum Transparency: Prefer seeing exact fees upfront rather than embedded margins

Getting Started with OFX

Opening an OFX account and making your first transfer is designed to be straightforward, though the verification process reflects OFX’s commitment to security and regulatory compliance.

Account Setup Process

Step 1: Registration

• Visit the OFX website and click “Get Started”
• Provide basic personal or business information
• Create a secure password with two-factor authentication
• Verify your email address

Step 2: Identity Verification

Due to strict anti-money laundering (AML) regulations, OFX requires comprehensive identity verification:

• Personal Accounts: Government-issued photo ID, proof of address, and potentially income verification for large transfers
• Business Accounts: Business registration documents, directorship details, and corporate governance information
• Enhanced Due Diligence: First transfers may require phone verification to confirm identity and transfer purpose

Step 3: First Transfer Setup

• Enter transfer details (amount, recipient, purpose)
• Review exchange rate and total costs
• Provide recipient banking information
• Fund your transfer via bank transfer, BPAY, or direct debit

What to Expect

Verification Timeline

Initial account verification typically takes 1-2 business days, though complex business accounts or large transfers may require additional documentation and take longer. While this may seem slow compared to some app-based competitors, this thoroughness reflects OFX’s commitment to security and regulatory compliance.

Transfer Processing

Once verified, most transfers process within 1-5 business days. OFX provides tracking capabilities so you can monitor your transfer’s progress and confirm when funds are delivered to your recipient.

Tips for New Users

• Have Documents Ready: Prepare ID, proof of address, and business documents (if applicable) before starting
• Start Small: Consider a smaller test transfer for your first transaction to familiarise yourself with the process
• Use Rate Alerts: Set up notifications for your target exchange rate to maximise value
• Contact Support: Don’t hesitate to speak with an OFXpert for guidance, especially for large or complex transfers

Your Next Steps with International Money Transfers

OFX represents a compelling middle ground in Australia’s international money transfer landscape—more sophisticated than basic fintech apps, more cost-effective than traditional banks, and backed by robust regulatory oversight that ensures your money’s safety.

Key Takeaways

• Best Value for Large Transfers: OFX excels for transfers above A$10,000 where competitive exchange rates and no transfer fees deliver substantial savings
• Comprehensive Business Solutions: Beyond transfers, OFX offers integrated global business banking, corporate cards, and FX risk management
• Trust and Security: ASX listing, ASIC regulation, and safeguarded customer funds provide institutional-grade security
• Expert Support: 24/7 access to currency specialists sets OFX apart from purely digital competitors
• Australian Heritage: Founded and headquartered in Australia with deep understanding of local regulatory and business requirements

Continue Your Research

To make the most informed decision for your international transfer needs, explore these detailed guides:

• Complete Personal Transfer Guide – Step-by-step instructions, fee breakdowns, and tips for individual users
• Business Solutions Deep Dive – Comprehensive overview of OFX’s corporate banking and FX tools
• Security and Reviews Analysis – Detailed examination of customer feedback and safety measures
• Detailed Competitor Comparisons – Head-to-head analysis with Wise, banks, and other providers
• Exchange Rates and Fees Explained – Understand pricing structures and optimisation strategies

Expert Guidance Available

Choosing the right international money transfer provider depends on your specific circumstances, transfer patterns, and requirements. While OFX offers compelling advantages for many Australian users, the optimal choice varies based on individual needs.