OFX – International Money Transfer Review
Important: OFX advertises zero commission and no transfer fees. The cost is incorporated entirely into the exchange rate spread – typically 40–60 basis points depending on transfer size and relationship. There is no truly free transfer: the spread is OFX's revenue.
OFX is one of the world's longest-established currency brokers, founded in Sydney in 1998 and listed on the ASX since 2013. On a £10,000 GBP to EUR transfer, OFX typically delivers approximately €11,517 – competitive with TorFX and ahead of Moneycorp, though €7 behind Horizon Currency. OFX's standout feature is its 24/7 OFXpert phone support – available every hour of the day, unusual among specialist currency brokers.
| Pair | Interbank rate | OFX effective rate | Effective spread | Settlement | Compare |
|---|---|---|---|---|---|
| GBP/EUR | 1.1559 | 1.1510 | ~42–67 bps | 1–2 days | Compare → |
| EUR/GBP | 0.8652 | 0.8616 | ~42–67 bps | 1–2 days | Compare → |
| GBP/USD | 1.27 | 1.2647 | ~42–67 bps | 1–2 days | Compare → |
| EUR/USD | 1.0988 | 1.0942 | ~42–67 bps | 1–2 days | Data → |
| GBP/AUD | 2.02 | 2.0115 | ~42–67 bps | 1–2 days | Compare → |
| GBP/AUD | 2.02 | 2.0115 | ~42–67 bps | 1–2 days | Compare → |
Effective rates are illustrative, calculated at the provider's typical spread on a £10,000 / €10,000 send. Rates indicative – confirm with OFX before transacting.
For GBP/EUR on a £10,000 transfer, OFX typically delivers approximately €11,517. OFX operates on a zero-commission model, incorporating its margin entirely into the exchange rate spread. At the £10,000 tier the typical spread is approximately 42 basis points; this improves at higher volumes.
An important distinction: OFX's pricing follows standard broker practice – cost is built into the rate. OFX does not show a fee separately, but the rate offered differs from interbank by the spread amount. The advantage is simplicity; the drawback is that the cost requires a calculation to see clearly.
GBP to EUR transfers with OFX typically settle within 1–2 business days. OFX routes payments via its global banking network rather than consumer SEPA, so settlement is slightly slower than SEPA-based app platforms.
OFX is most competitive on transfers above £10,000. Spreads improve from ~60 bps at smaller amounts to ~40 bps at the £250k+ tier.
For GBP/EUR transfers, OFX sits in the middle of the specialist broker tier. On a £10,000 transfer, OFX delivers €11,517 – broadly in line with TorFX (€11,512) and ahead of Moneycorp (€11,505), but €7 behind Horizon Currency. OFX's differentiation against broker peers is its 24/7 OFXpert phone support – unique in this category.
For clients who need access outside standard business hours, OFX's 24/7 support is a genuine advantage. On rate alone, Horizon Currency is marginally more competitive. Use our comparison table →
Against UK high-street banks, OFX is substantially more competitive. Banks typically apply 275–460 bps on GBP to EUR versus OFX's ~42–60 bps. On a £10,000 transfer, OFX delivers approximately €370 more than Lloyds Bank and over €462 more than NatWest.
| Amount | FX rate | Variable fee | Fixed fee | Delivered (GBP/EUR) | Effective spread |
|---|---|---|---|---|---|
| £500 | Interbank | ~60 bps | None | ~€563 | warn |
| £1,000 | Interbank | ~60 bps | None | ~€1,126 | warn |
| £2,500 | Interbank | ~55 bps | None | ~€2,837 | warn |
| £5,000 ★ | Interbank | ~48 bps | None | ~€5,714 | good |
| £10,000 | Interbank | ~42 bps | None | ~€11,517 | good |
| £25,000 | Interbank | ~42 bps | None | ~€28,766 | good |
| £250,000+ | Interbank | Negotiated | None | Negotiated |
OFX spreads improve with volume. Above £250,000 per transaction, clients can negotiate directly with their OFXpert. All figures indicative.
OFX was founded in Sydney, Australia in 1998 as OzForex. The company rebranded as OFX in 2015 and listed on the Australian Securities Exchange (ASX: OFX) in 2013. In the UK, OFX operates through UKForex Limited (FCA EMI authorised, FRN: 902028).
OFX has processed over $150 billion in transfers for customers in more than 170 countries, with offices in London, Sydney, Toronto, Hong Kong and San Francisco. The company serves both personal and business clients.