Editorial verdict
OFX suits individuals sending $2,000 or more who value speaking with a live currency specialist and want institutional bank transfer execution. Its public rates carry wide margins, so negotiate a registered quote and compare it before sending.
TransferGauge Score breakdown
A deterministic score across seven weighted dimensions, calculated on a $1,000 USD benchmark. How we score
Limited overall
Strengths & limitations
Key strengths
- $0 transfer fees on transactions over $1,000
- 24/7 access to telephone currency dealers and forward contract options
- Exchange rate margins narrow as transfer amounts increase
- No maximum transfer limit for fully verified accounts
Potential limitations
- Minimum transfer size of $150; not intended for micro-remittances
- Does not support UPI rails or cash pickup in India
- Requires bank account funding via ACH or wire; no instant card funding
Fees & exchange rates
OFX charges $0 transfer fees for amounts over $1,000. Revenue is earned through the exchange rate margin: its public US customer rates were about 4.1% below mid-market at $1,000, 3.6% at $5,000 and 3.4% at $10,000. Registered and high-value customers can negotiate better rates.
| You send | Upfront fee | FX margin | Est. total cost | Recipient gets |
|---|---|---|---|---|
| $500 USD | Outside OFX's published send limits on this route | |||
| $1,000 USD | Free ($0) | +4.10% | $41.00 | ₹91,317 |
| $2,000 USD | Free ($0) | +4.10% | $82.00 | ₹182,634Scaled estimate |
| $5,000 USD | Free ($0) | +3.62% | $181.00 | ₹458,870 |
| $10,000 USD | Free ($0) | +3.41% | $341.00 | ₹919,740Scaled estimate |
Speed & payout methods
Transfers typically take 1 to 2 business days as funds move through domestic banking clearing systems.
Safety, safeguarding & regulation
OFX is publicly listed on the Australian Securities Exchange (ASX: OFX) and regulated by FinCEN in the US, the FCA in the UK, and ASIC in Australia.
Audit & testing notice: TransferGauge conducts desk-based audits of publicly disclosed fee schedules, regulatory filings, and representative quote benchmarks. We have not independently executed real-money test transactions with this provider. All comparisons are indicative. Always verify final quotes directly with the provider before sending money.
Compare OFX with alternatives
Head-to-head comparisons with providers that serve the same routes.