Regulated providers onlyRates updated regularlyTrusted by immigrants in Canada & USA
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OFX (formerly OzForex)
Regulated 1–2 days1 million+ customersFounded 1998
OFX specializes in larger transfers, with no transfer fees at all — they make their margin purely on the FX spread (1.5% above mid-market). This makes OFX cost-competitive with Wise for transfers over $1,000 CAD/USD, where the FX margin cost stays proportional while Wise's percentage fee also grows. OFX also offers forward contracts and rate alerts for business users.
Example — CAD $500 to India
Transfer fee
CAD 0.00
Total cost
CAD 468.75
Recipient gets
₹30,781
OFX (formerly OzForex) — Key Facts
HeadquarteredSydney, Australia
Founded1998
Customers1 million+
Transfer feeNo flat fee + 0.00%
FX margin~1.5% above mid-market
Cash pickupNo
Min / Max transfer$1 / $1,000,000
RegulationRegulated by ASIC (Australia), FinCEN (USA), FINTRAC (Canada), FCA (UK), and others
OFX Pros and Cons
Pros
- No transfer fees — ever
- Best value for large transfers ($1,000+)
- Forward contracts available (lock in today's rate)
- Rate alerts and market tools
- Business transfer solutions
- Phone support available
Cons
- $1,000 minimum transfer amount
- 1.5% FX margin — more expensive than Wise for mid-market rate
- No cash pickup
- Slower onboarding process
- Less suited for small or urgent transfers
Best for: Individuals or businesses transferring $1,000 or more who want no transfer fees and competitive FX rates.
Frequently Asked Questions About OFX
Is OFX really free to use?
OFX charges no transfer fees. Their revenue comes from a 1–1.5% FX margin applied to the exchange rate. For large transfers, this is comparable to or cheaper than paying Wise's percentage-based fee.
What is the minimum transfer for OFX?
OFX requires a minimum transfer of $1,000 USD or equivalent. They are not suitable for small transfers.
Is OFX good for business transfers?
Yes. OFX is particularly popular for business international payments. They offer forward contracts, rate alerts, and dedicated account managers for business clients.
Ready to send with OFX?
No transfer fees, ever