Whether you’re considering OFX for your personal or business transfers, this post provides all the essential details.
In this comprehensive OFX review, we’ll dive into the features, fees, customer feedback, and overall user experience.
By the end, you’ll have a clear understanding of what OFX brings to the table and whether it aligns with your requirements.
What is OFX and how is it Different?
OFX, formerly known as OzForex, is a global foreign exchange company that helps individuals and businesses transfer money internationally. The company offers a range of services that allow users to transfer money across countries. They also offer spot contracts, forward contracts, limit orders, and more.
One of the key ways that OFX differentiates itself from other foreign exchange companies is through its competitive exchange rates and low fees. The company is able to offer these rates because it deals directly with banks and financial institutions, rather than using intermediaries.
OFX has a user-friendly online platform that is easy to navigate. The platform allows customers to track their transfers in real-time and also provides a range of tools and resources to help them make informed decisions about their transfers.
OFX offers a high level of customer service, with representatives available 24/7 to assist customers with their transfers. The company also provides a range of educational resources and tools to help customers better understand the foreign exchange market.
Pros and Cons of OFX
Pros
- Excellent accessibility in a variety of locations worldwide.
- Offer recurring and one-time transfers.
- Great customer care and assistance.
Cons
- There’s a minimum transfer requirement of $1,000.
- You can only send transfers from one bank to another – no cash or credit card options are available.
Who is OFX For?
OFX is best suited for individuals and businesses that need to transfer large sums of money internationally. The company’s competitive exchange rates and low fees make it an attractive option for those who need to send large amounts of money abroad, such as ex-pats, international students, and businesses that conduct international trade.
Individuals who frequently travel or have family members living abroad may also find OFX to be a convenient option for sending money overseas. The company’s online platform is easy to navigate, making it simple for customers to track their transfers.
OFX may also be a good option for people who are not satisfied with the exchange rates and fees charged by traditional banks. The company’s direct relationships with banks and financial institutions allow it to offer rates that are often better than those offered by traditional banks.
How Does OFX Work?
Here is a general overview of how OFX works:
- Sign up: To use OFX, you will first need to sign up for an account on the company’s website. The process is straightforward and involves providing personal and contact information, as well as identifying documentation.
- Request a quote: Once an account is set up, you can request a quote for the currency they wish to exchange and the amount you want to transfer. OFX will provide a quote for the exchange rate and fees.
- Confirm the transfer: When you’re satisfied with the quote, they can confirm the transfer and provide the recipient’s details.
- Transfer the funds: OFX will then instruct you to transfer the funds from your bank account to OFX’s account. This process can take a day or two, depending on your bank. OFX then transfers the funds to the recipient’s account. The time it takes for the funds to reach the recipient will depend on the currency and the country, but it is generally completed within a couple of days.
- Track the transfer: You can track the status of your transfers in real-time on the OFX website.
Is OFX Safe and Legit?
OFX is a reputable and legitimate global foreign exchange company. The company is licensed and regulated by several financial authorities around the world, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the United Kingdom.
This means that the company is subject to strict regulations and oversight, which helps to ensure the safety and security of funds.
OFX also uses secure technology to protect customer information and transactions. Encryption and other security measures are deployed to protect your personal and financial information from unauthorized access.
Additionally, OFX is PCI DSS compliant which is an international standard for data security.
What are OFX’s Fees (for US Customers)
The fees for using OFX can vary depending on the service and the country where the users are located. For US customers, OFX charges a flat fee for each transaction, which ranges from $4 to $15, depending on the amount being transferred.
The company also charges a small margin on the exchange rate, which is typically a fraction of a percent.
It’s worth noting that OFX’s fees are generally lower than those charged by traditional banks for international money transfers. It’s always recommended that you check the fees for your specific transfer on the OFX website or by contacting the OFX customer service team before making a transfer.
See Cheapest Transfer From the US.
What are OFX’s International Fees?
The importance of having bank accounts in as many nations as possible for businesses like OFX cannot be overstated. This makes it possible for banks to offer extremely low fees (or fee-free in some cases).
Currently, there are over 115 bank accounts that are compatible with OFX around the globe. That’s why the company usually charges a flat fee for each transaction.
The company also charges a small margin on the exchange rate. It’s always recommended that users thoroughly research and compare different options before making a final decision.
See Cash Apps That Don’t Charge A Fee.
OFX’s Customer Reviews
The customer reviews for OFX are positive almost everywhere, with some exceptions.
On Trustpilot OFX currently hold a rating of 4.2/5, with around 5,500 reviews. Most of the customers commend the exchange rate and fast transfer times. However, some users have also experienced transfer delays.
OFX’s rating on the Android Playstore is 4.6/5 with 3,400 reviews. Furthermore, they have a 4.8/5 rating on the Apple store.
See our review of Best Cash Apps.
OFX Alternatives
There are several alternative services to OFX that individuals and businesses can use for international money transfers. Some popular options include:
Wise: TransferWise is a UK-based online money transfer service that allows individuals and businesses to transfer money internationally at a low cost. The service operates on a peer-to-peer model, which allows it to offer competitive exchange rates and low fees.
See our OFX Vs Wise Comparison.
Wise is known for its low fees for small amounts of money, which makes it a big competitor of OFX. Therefore, individuals who want to send less than $1,000 overseas may benefit more from using Wise.
CurrencyFair: CurrencyFair is another P2P platform that allows you to transfer money at a low cost, with a focus on helping you save money on the currency exchange rate.
Related posts: XE vs OFX.
Verdict
OFX is a reputable global foreign exchange company that provides a range of services for international money transfers. The company is licensed and regulated by several financial authorities around the world and uses secure technology to protect customer information and transactions.
Customers appreciate the user-friendly online platform that allows them to track their transfers in real time and the 24/7 customer service support with knowledgeable representatives.
Those who want to transfer $10,000 or more overseas would benefit the most from OFX. Their fees and transfer times for large sums of money are impressive.
However, if you want to transfer small amounts of money online with fewer fees, alternatives like Wise may be a better option.
FAQ
Does OFX have a business account?
Yes, OFX offers a business account service that allows businesses to easily manage their international money transfers. The business account service is designed to provide businesses with the flexibility, security, and cost savings they need to effectively manage their international finances.
What are OFX sending limits?
Currently, there is no limit on the amount of money you can transfer. Most major currencies like USD, CAD, JPY, and others can be transferred freely.
How to receive Money with OFX?
Receiving money with OFX is a straightforward process. Here are the general steps:
1. Sign up for an OFX account: First, you’ll need to create an account with OFX.
2. Verify your account: After signing up, you’ll need to verify your account by providing a government-issued ID, such as a passport or driver’s license.
3. Provide the sender with your OFX account information. Once your account is verified, you’ll need to provide the sender with your OFX account information.
4. The sender initiates the transfer: The sender will then use their bank account to initiate the transfer to your OFX account.
Receive the funds: Once the transfer is complete, the funds will be credited to your OFX account. You can then withdraw the funds to your linked bank account.
Can you use OFX everywhere?
OFX is a global money transfer service that operates in over 170 countries and supports more than 50 different currencies. If you want to transfer money using OFX and want to check if your country qualifies then you can check this list.