OFX · FX specialists
OFX review for Canadian businesses
OFX is an international transfer specialist. Transfers of C$10,000 or more carry no OFX fee, while smaller transfers cost C$15.
Who OFX is best for
Businesses sending larger one-off transfers, companies wanting to lock in rates for up to a year and payments to 55+ currencies.
Businesses making many small transfers.
OFX is an international transfer specialist. Transfers of C$10,000 or more carry no OFX fee, while smaller transfers cost C$15. The cost is built into the exchange rate, which independent tracking puts at around 1.6% above mid-market on CAD/USD for a C$10,000 transfer, varying by currency and size.
OFX also offers forward contracts to lock in a rate for up to 12 months, which helps if you know a large payment is coming. Most major-currency transfers arrive within 1–2 business days.
What could a currency move cost you?
October 27, 2026 · Bank of Canada
Today this payment costs about C$350,950
A forward contract could lock today’s rate for this payment, due in 3 months, so the cost can’t rise.
Scenarios show what a move of that size would cost; they are not a forecast. Forward rates include the provider’s pricing and an interest-rate adjustment.
Ways OFX protects your rates
Forward contracts
Lock today’s rate for a payment due later, so a known cost can’t rise.
Fees, features and eligibility
| Hedging tools | Forward contracts for up to 12 months |
|---|---|
| FX margin | Margin built into the rate; about 1.6% on CAD/USD for a C$10,000 transfer (varies) |
| Fees | C$15 below C$10,000; no OFX fee at C$10,000 or more |
| Transfer speed | 1–2 business days for most major currencies |
| Provider type | FX specialist |
| Minimum transfer | USD 150 or equivalent |
| Currencies | 55+ currencies |
Source: OFX published product information.
What stands out
Pros
- No OFX fee on C$10,000 or more
- Forward contracts up to 12 months
- 55+ currencies
Cons
- C$15 fee below C$10,000
- Margin built into the rate
OFX: common questions
Does OFX charge a transfer fee?
No OFX fee on transfers of C$10,000 or more. Below that, the fee is C$15.
Can I lock in an exchange rate with OFX?
Yes, with forward contracts for up to 12 months.
How long do OFX transfers take?
Most major currencies arrive within 1–2 business days after OFX receives your funds.
Used OFX? Help other businesses choose.
