OFX Singapore Review [2025]: Pros, Cons & What To Use Instead

OFX does a good job if you need to send money across borders quickly and at better rates than the banks. It covers over 170 countries and supports 50+ currencies, and the platform is straightforward once you are set up. If you need support, you can call them 24/7, and they can speak English, Mandarin, and Cantonese. However, you will not find a live chat option when you need quick support.

One interesting thing I noticed is that I could not find their multi-currency account (or OFX’s Global Currency Account) for businesses because they announced recently that they no longer accept new businesses or ecommerce clients globally.

If you only need to send money, OFX does the job. But if you're running a business that moves funds across markets and wants better control over expenses, a multi-currency account like Statrys is a more complete solution. You can hold 11 currencies, access local payouts, and reduce FX costs within one platform.

Key Highlights:

• Send and receive payments to over 170 countries in 50+ currencies
• Competitive exchange rates based on interbank rates
• Bulk payments to up to 500 recipients
• 24/7 customer support available in English, Mandarin, and Cantonese
• Integration with Xero for easier bookkeeping
• Limit orders available to target preferred exchange rates

OFX is a payment service provider that helps businesses in Singapore send and receive money across borders. You can link your local bank account to the OFX platform to fund transfers and receive payments internationally.

The platform supports transfers to over 170 countries in more than 50 currencies. OFX offers competitive exchange rates based on interbank rates and handles currency conversion before sending the funds. You can also make bulk payments to up to 500 recipients. Scheduled transfers are available for up to 12 months, and you can sync with Xero to simplify bookkeeping.

However, it is important to know that OFX no longer offers Global Currency Accounts to new businesses. This means you cannot hold balances or receive payments using local account details. Once a payment is received, the funds are automatically transferred to your linked bank account. OFX also does not offer payment cards to manage team expenses.

For currency management, you can set limit orders to target a preferred exchange rate. If the market reaches your rate within 6 months, OFX will complete the transfer automatically. Forward contracts, however, are not available for Singapore businesses at this time.

And while these features are there, finding them isn’t straightforward. When I explored the OFX site, the navigation felt disjointed. It mixes features with customer types and payment goals, making it hard to tell what’s relevant unless you already know what you need. For a small business owner just getting started, it’s not the most intuitive place to begin.

Our Verdict: 7/10

OFX Singapore doesn’t have a public pricing page that clearly lists its fees. However, some confirmed fees are listed below.

While the exact FX margin isn’t published, OFX positions itself as more cost-effective than traditional banks, which often apply markups of around 3% to 5%. Their rates are usually more competitive, especially for larger transfers.

Third-party bank fees may apply depending on the payment route, which could affect the final amount received. It’s something to keep in mind, particularly for international transfers.

To get a more accurate estimate, you can use the OFX currency calculator to preview the exchange rate and potential savings.

Our Verdict 6/10

OFX provides 24/7 customer support through phone, email, and an FAQ page with information on transfers, security, registration, account management, and more.

For Singapore, support is available through the following channels:

• Business support: +65 6817 8748
• Personal support: +65 6817 8747
• Email: sg@ofx.com

Support is available in English, Mandarin, and Cantonese, making it easier for businesses across the region to communicate in their preferred language.

OFX also has a local office at Asia Square Tower 2, Level 11, Singapore 018961. The Singapore office operates from Monday to Friday, between 9:00 AM and 12:00 PM, and from 1:00 PM to 6:00 PM (SGT), excluding public holidays.

Our Verdict: 9/10

OFX offers fully online account openings for businesses registered as sole traders, partnerships, trusts, not-for-profits, private companies, or public companies.

Businesses from most countries are eligible, and OFX does not publicly list any country restrictions. If you're unsure about your eligibility, it’s advisable to check directly with their team before starting the application.

To open a business account, you will need to provide:

• Full name
• Business type and country of registration
• Business email
• Phone number (optional)

You will also need to submit supporting documents, including:

• A valid ID card
• Proof of address
• A selfie for identity verification

The application process must be completed on the desktop or mobile website. Registration through the OFX mobile app is not currently available.

After submitting your application, an OFX team member will call you to complete onboarding and may request additional documents for verification if needed. According to OFX, business account approvals are typically done within 4 business days.

Our Verdict: 8/10

Trustpilot: 4.4/5 (based on 10,650 reviews)

Most people using OFX seem genuinely happy with the service. Transfers are easy to set up, the rates are better than what you would get from most banks, and the customer support team, especially the account managers, often gets personal mentions for being responsive and helpful. For larger transfers or more complicated needs, having someone you can talk to directly makes a real difference.

However, there are still some frustrations. A few clients ran into delays during onboarding or compliance checks, and not everyone liked having to call when they needed quick help since OFX does not offer live chat. Overall, if you are looking for a reliable service to move money internationally, OFX delivers. But if you are expecting a fully instant, app-driven experience, it may feel a little slower compared to newer platforms.

Need a multi-currency account for your global business? Consider Statrys.

Statrys is a licensed payment service provider in Hong Kong, offering global payment solutions tailored to businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI).

With a Statrys business account, you can hold, receive and send money in 11 major currencies: SGD, USD, EUR, GBP, HKD, AUD, CAD, JPY, RMB, CHF, and NZD. Save more on transfer fees with local payments in 12 currencies, including SGD, USD, EUR, GBP, HKD, CNY and JPY, and you can track your incoming and outgoing payments in real-time.

In addition, Statrys offers forward contracts at competitive rates, allowing you to secure rates for future transactions. Statrys also offers virtual and physical prepaid Mastercard® to ensure businesses can make secure purchases on the go and withdraw cash at ATMs worldwide.

Every Statrys account includes a dedicated account manager to ensure you get personalised support whenever you need help with your accounts or payments.