| TL;DR: UKForex Limited (FCA FRN 902028), trading as OFX, is an authorised electronic money institution incorporated in England (company no. 04631395). No transfer fee applies on transfers of £10,000 or more; a £15 fee applies below that threshold. Minimum transfer is £100. The FX margin is not published as a fixed percentage and varies by transaction. |
What is OFX?
OFX is the consumer and business brand of UKForex Limited, a company incorporated in England and Wales on 8 January 2003 (company number 04631395). Its registered office is at The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS. UKForex Limited is a wholly owned subsidiary of OzForex Limited (ABN 65 092 375 703), the Australian parent group. In the UK, the service operates under FCA authorisation as an Electronic Money Institution (FRN 902028), with the FCA register entry accessible via register.fca.org.uk.
OFX focuses on international money transfer rather than everyday banking. It does not offer a multi-currency debit card for daily spending. Its proposition is centred on competitive exchange rates for larger cross-border transfers, together with specialist products such as forward contracts (which allow customers to fix today's exchange rate for a transfer completed at a future date) and market orders (which trigger a transfer automatically when a target rate is reached).
FCA authorisation and regulatory status
UKForex Limited is listed on the FCA Financial Services Register under FRN 902028 as an Authorised Electronic Money Institution. This means the company is permitted to issue electronic money and provide payment services in the UK. Like other e-money institutions, it is not a bank and is not covered by the FSCS deposit guarantee. Customer funds are subject to the safeguarding requirements of the Electronic Money Regulations 2011: OFX must hold client funds in segregated accounts at approved credit institutions, separate from the company's own operating funds.
Prospective customers should verify OFX's current regulatory status by searching for FRN 902028 on the FCA Financial Services Register before transacting. The legal entity to confirm is UKForex Limited, not OFX Group or OzForex Limited, which are the Australian entities.
How OFX pricing works
OFX generates its revenue primarily through the foreign exchange margin - the difference between the interbank (wholesale) exchange rate it obtains from its banking counterparties and the customer rate it quotes. This margin is not disclosed as a fixed published percentage. Instead, the rate is calculated at the time of the quote and depends on the amount being transferred, the currency pair, the frequency of transfers, and prevailing market conditions. Customers receive the exact rate in the quote before confirming a transfer, so the total cost is transparent at that point, even if the margin percentage is not separately itemised on a published schedule.
In addition to the FX margin, a flat transfer fee of £15 applies to transfers below £10,000. No OFX-side transfer fee applies for transfers of £10,000 or more. Third-party intermediary banks and the recipient's own bank may deduct their own fees, and OFX does not control or receive any portion of those charges.
Key facts table
| Item | Detail | Source |
|---|---|---|
| Legal entity | UKForex Limited (t/a OFX) | ofx.com/en-gb/legal/ |
| FCA FRN | 902028 | ofx.com/en-gb/legal/ |
| Company number | 04631395 | Companies House |
| Registered office | The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS | Companies House |
| Transfer fee (under £10,000) | £15 flat fee | OFX fees FAQ |
| Transfer fee (£10,000 and above) | No OFX transfer fee | OFX FAQ |
| Minimum transfer | £100 | OFX FAQ |
| FX margin | UNVERIFIED: not published as a fixed percentage; varies by amount, currency and customer | OFX rates and fees |
| Currencies covered | 50+ currencies, 170+ countries | OFX send money page |
| Forward contracts | Available - lock in today's rate for a future transfer | OFX send money page |
Transfer types
OFX offers three main transfer structures for UK customers. A spot transfer is the most common: the customer books a transfer at the current quoted rate and sends the funds, typically settling within one to four business days depending on the destination. A forward contract allows a customer to fix an exchange rate today for a transfer completed on a specified future date - useful for those expecting to make a large payment (such as a property purchase overseas) and who want certainty on the rate. A market order sets a target exchange rate; OFX monitors the market and executes the transfer automatically if and when the target rate is reached.
These products suit customers with predictable international payment needs: pension transfers to a destination country, regular salary payments for an overseas property, or one-off large transfers for asset purchases. The combination of no transfer fee above £10,000 and specialist rate-management products makes OFX more naturally aligned with medium-to-large transfers than with small everyday payments.
How OFX compares to high street banks on rate
OFX publishes monthly rate comparison data verified by PinPoint Macro Analytics. As of 1 June 2026, on a transfer of £25,000 to US dollars, OFX's quoted amount was $32,515 compared to $31,142 at Barclays, $31,169 at Lloyds, $31,363 at NatWest, and $31,920 at HSBC, according to OFX's own published comparison. These figures illustrate the spread between OFX's rate and major UK banks, but they are point-in-time estimates based on sampled rates and may not be replicated in all transactions. Individual results vary by amount, currency pair, time, and market conditions.
What OFX does not offer
OFX is a specialist money transfer service, not a current account provider. It does not offer a debit card for daily spending, multi-currency card payments, savings accounts, ATM withdrawals, or lending products. Those requiring an account for everyday spending alongside international transfers should compare OFX against multi-currency account providers. The service also does not offer transfers to every country; coverage of 170+ countries is broad but not universal, and some exotic currency corridors carry longer settlement times.
As with all e-money institutions, OFX is not FSCS-protected. The Electronic Money Regulations 2011 require that client funds be safeguarded in segregated accounts, but there is no government guarantee scheme backing OFX balances in the way FSCS covers bank deposits.
Who OFX suits
OFX is well-suited to UK expats, property buyers overseas, pensioners receiving UK income and spending abroad, and anyone making larger one-off or periodic international transfers of £10,000 or more where the zero OFX transfer fee and potentially narrower margin versus a high street bank represent meaningful savings. Forward contracts make OFX particularly relevant for those with known future payment obligations in foreign currencies.
It is less suited to those sending under £1,000 regularly, where the £15 fee materially increases the effective cost, or to those who need a full banking service with a debit card and ATM access. For a direct comparison with other providers, see the Wise vs Revolut vs OFX expat comparison. For broader personal finance context relevant to expats, see Auto Enrolment Pensions UK and Building Society Savings and ISA Rates UK.
Verdict
UKForex Limited (OFX) is a well-established, FCA-authorised money transfer specialist with a clear fee structure: no transfer fee above £10,000, a flat £15 fee below that threshold, and an FX margin that is disclosed in the quote but not published as a fixed percentage. The service suits those making larger, less frequent international transfers and those who want forward contract or market order tools. It is not designed for everyday multi-currency spending. Verifying the current FCA register entry for FRN 902028 before transacting is advisable, and customers should always check the quoted rate and fee in full before confirming any transfer.
| Important notice: The information on this page is editorial and informational only. It does not constitute financial advice. FX rates, fees, and regulatory status can change; always verify current terms directly with OFX and confirm FRN 902028 on the FCA Financial Services Register at register.fca.org.uk before making any financial decision. OFX (UKForex Limited) is not a bank and balances are not FSCS-protected. |
Frequently asked questions
Is OFX regulated in the UK?
Yes. UKForex Limited (the UK legal entity trading as OFX) holds FCA authorisation as an Electronic Money Institution under FRN 902028. The entry can be verified at register.fca.org.uk.
Does OFX charge a transfer fee?
OFX charges no transfer fee (on its own end) for transfers of £10,000 or more. A flat £15 fee applies to transfers below £10,000. Third-party banks in the transfer chain may separately deduct their own fees, which OFX does not control.
What is OFX's exchange rate margin?
OFX does not publish a fixed margin percentage. The margin - the difference between the interbank rate OFX obtains and the rate it quotes to the customer - varies by transfer amount, currency pair, and other factors. The all-in rate is shown before the customer confirms any transfer.
What is the minimum amount to transfer with OFX in the UK?
The minimum transfer amount is £100 in all major currencies.
Can OFX fix an exchange rate in advance?
Yes. OFX offers forward contracts that allow customers to lock in an exchange rate today for a transfer to be completed on a future date. This can be useful for property purchases, pension transfers, or other large planned payments in foreign currency.
Related in this guide series |
Key terms explained |
