Our experts at Exchange Rate IQ research on every money remittance company to provide independent and unbiased reviews on them. The same procedure has been adopted by them to provide the review on OFX Money Transfer Company which offers remittance services in more than 80 countries from the US via mobile and web.
OFX, which was known as OzForex offers money transfer services to Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals. It also offers money transferring services as expatriates and small businesses. It is one of the world’s largest companies specializing in foreign exchange and international payments. Some of the benefits of using OFX services are:
24*7 customer assistance available
Competitive exchange rates
Multiple transfer options
Review of OFX :
Launched in the year 1998, OFX is an Australian online money remittance company with headquarters in Sydney. It offers transfers to individuals, small traders and businesses with a minimum transfer amount of USD $1,000 or similar amount in another currency. One can send money for multiple purposes through bank transfer, including property, education, emigration, family transfers, luxury goods, wedding, and for savings without any maximum transfer limit. The company offers multiple types of transfers including:
Bank-to-Bank Transfer
Online Transfer
One Off Payments
Spot Transfer
Forward Contracts
Market Orders
Recurring Transfers
One can only send the funds through a bank account as it does not take payments through debit and credit card. It also does not offer cash pick-up service which is a drawback for it.
The company offers 24/7 customer support in various countries for immediate redressal of grievances, so one can contact it anytime. It also allows 24/7 trading facilities over the phone or online, which might make it the first ever currency trading firm to be open on weekends also. The company is highly secured so that one can transfer funds worry-free anywhere.
So, on an overall basis, we rate it 7.5 out of 10.
Pricing : How much does OFX cost?
7
/10
The company charges different fees for transferring funds from different countries and also has a fee-free threshold. Some of the currencies that you transfer and the fee charged are provided under:
OFX Transfer Fees
Currency
Fee
Fee Free Threshold
AED
50
30,000
AUD
15
10,000
CAD
15
10,000
DKK
20
50,000
GBP
7
3,000
USD
5
5,000
SGD
15
10,000
HKD
60
50,000
OFX Exchange Rates
The company offers the best exchange rates in the market where one will get the rates with a margin as low as 0.4%. Once you agree with the exchange rate and start the transfer process, the rates get locked so you will know what exact amount will be received by the beneficiary. You can check the fee for transferring funds here at OFX Currency Converter.
Any Other Fee
In most of the cases, intermediary banks do not charge any fee, but OFX won’t guarantee any deductions from intermediary or receiving bank when transferring your money to the beneficiary account. For example, JPY and ZAR attract additional fees due to local laws.
This fee charged by the company is high compared to many of its competitors, and therefore, we rate it 7 out of 10 under the pricing head.
Transparency: Does OFX have any hidden fees?
9
/10
OFX Transfer Hidden Fee
The company does not charge any hidden fees from its customers. However, some third-party banks can charge fee in-between to complete the transaction so one must check with the bank before transferring funds.
OFX Money Transfer Tracking Details
One can track the OFX transfers on their dashboard. The company also provides the details of transfer to users through SMS and email.
So, for the transparency of OFX, we rate it 9 out of 10, as it is not providing direct tracking procedure for the user.
Transfer Speed: How long does it take to send money through OFX?
7/10
The company offers bank-to-bank transfers as well as online transfers. So they both differ from each other and take different time, according to the country and the currency you are sending.
If you are sending money using Bank to Bank transfer services of OFX, then it will take 2-5 business days.
In online transfers, it will take 1-2 business days, which is faster in both domestically and internationally.
The company is not offering instant transfer services as many of its competitors. Therefore, we rate it 7 out of 10 for its transfer speed.
Coverage: How many Countries & Currencies does OFX support?
7/10
The company offers transfer from Australia, Canada, Hong Kong, New Zealand, the United States, the United Kingdom and Singapore to over 100 countries in 55+ currencies. Some of the major currencies supported by the company are:
Currencies Supported by OFX Money Transfer
AED
AUD
CAD
PLN
THB
ZAR
INR
USD
SGD
SEK
GBP
EUR
DKK
MXN
CHF
NZD
NOK
JPY
HUF
FZD
PHP
MAD
LKR
XFP
There are still many countries which are needed to be cover by the company to provide its services worldwide because many of its competitors are providing services to approximately 200 countries. Therefore, we rate it 7 out of 10 for its coverage and for using the services of OFX login here.
You will be on a new page. Here select the type of account you want to set up, i.e., Personal Account, Sole Trader account or Business Account.
Enter all the personal or business details as asked by the company.
Enter the banking details and verify your identity.
Submit all the details.
You will get a confirmation email. Click on it.
Enter the details of the recipient.
Submit it and enter the amount you want to send through OFX website.
Recheck all the details and confirm the transfer.
Send money with OFX
OFX send money to Russia
OFX money transfer covers the whole of Russia as it helps people from the USA, Canada, Australia, the UK and many other places. It offers flexible transfer options with 24*7 customer support and no maximum transfer limit. Once you register yourself on the website and company manages to send money to your bank in Russia, you can add documents required for the completion of account registration and send money to Russia. Although it does not offer services in all the banks, it helps you to make the transfer in another bank account if possible which will be received by the recipient within 5 business days.
Send money to Canada with OFX
You can receive and send money from Canada with OFX as it outsmarts the banks by providing higher exchange rates and low transfer fees. Some of the Canadian banks where you can transfer money are Toronto-Dominion Bank, National Bank of Canada, Royal Bank, Bank of Montreal, Bank of Nova Scotia, etc. It takes approximately 2-3 days to transfer money to Canada from any other country where it providing its services.
Send money to Spain with OFX
Whenever you look for transferring money to Spain, go for the low-cost high exchange rate transfers, which provide you with better exchange rates than the bank. So, we have found you the one and that is OFX which offer flexible transfer option with 24/7 customer support. You can send a minimum amount of AUD 250 or similar amount in other currencies with no maximum transfer limit and least transfer fees.
The company offer transfers in 55 currencies where you can also choose forward contacts to schedule the transfers. It also offers business transfers and limits orders on more than 30 currencies with no maximum transfer limit for over 100 countries.
User experience of OFX
8/10
OFX international money transfer has been offering its services from the past 15 years and handled more than $100 billion in forex transactions. The company has overall good reviews on Trustpilot, still, some of the positive and negative aspects as per the users are:
Positive:
Better exchange rates compared to most of the banks
Easy and simple website
Highly secured
Negative:
Website available in English only
No cash pick-up available
OFX Customer Service Details
Country
OFX Phone Number (Personal)
OFX Phone Number (Business)
International
+61 2 8667 8090
+61 2 8667 8091
Australia
1300 300 424
1300 300 524
USA
1-888-288-7354
1-888-966-6888
Canada
1-800-680-0750
1-855-680-0745
New Zealand
0800 161 868
0800 161 898
UK
+44 207 614 4194
+44 207 614 4195
Hong Kong
(+852) 3008 5721
(+852) 2777 7147
OFX Mobile Apps
The company is offering its Android as well as iOS apps, which you can download here:
You can have a look at the OFX transfer rate by using the apps without logging in, which is good for users who just want to know the exchange rates only.
OFX Referral
The company provides a unique link to refer any person through your account. If the person uses the services of OFX through that link and transfers the minimum amount than both of you will be rewarded for it.
OzForex (OFX.com) Promo Code
The company shares promo codes with its users through mobile notification, email and SMS. They can use this promo code for getting better exchange rates.
So, keeping multiple factors in mind, the experts of Exchange Rate IQ have given it 8 out of 10 in user experience head. For using the services of OFX sign up here.
Security : Is OFX Safe?
10/10
OFX provides a higher level of digital security as it is secured by Norton's Symantec SSL certificate so that one can transfer funds with confidence. It has been regulated by various authorities in the countries it is serving. Some of these are:
It is a full member of the Australian Financial Markets Association and is regulated by the Australian Securities and Investments Commission.
The company is registered as a Money Services Business at a federal level with the Financial Crimes Enforcement Network in the USA.
In the UK, it is regulated by the Financial Conduct Authority as an Authorised Payment Institution.
In New Zealand, it is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
In Canada, it is a BBB accredited business and regulated by FINTRAC.
All these accreditations and regulatory shows that the company is highly secured and offers safe services to its customers, henceforth, we rate it 10 out of 10 under the security head.
Transfer Type And Modes
Pay In Options
Bank
Pay Out Options
Bank
Service Mode
Online
Exchange Rate Type
Fixed
OFX FAQ's
Does OFX offer Forward Exchange?
Yes. OFX offers forward exchange and you can also adjust the date of Forward Exchange Contract for a maximum of 12 months from the date it was originally entered.
With OFX, sending money is not only easier but also cheaper. For amounts of money that do not exceed $10,000, a small standard fee of only $15 is charged. You will not be charged any fee for amounts exceeding $10,000. This is very cheap when compared to banks that charge hefty and exorbitant prices for your transfers. Even more enticing is the fact that you can save up to 75% on the exchange rate margin and get to keep more of your money.
Does OFX lock-in rates before the completion of the transaction?
Yes. You can yourself lock-in the exchange rates before transferring the funds to the company. So the recipient will receive the amount that is shown in the final transaction page.
How can I register with OFX to begin making transfers?
Signing up with OFX is very easy. Upon downloading their mobile app, you will need to provide your full name, your date of birth, current residential address, occupation, contact number and email after which you should be contacted concerning the status of your registration after a few business days. You may be required to submit certain documents of yourself for identification and completion of the process.
Can I track my transfer with OFX? If yes, how can I do so?
OFX goes out of its way to send notifications along the way until your transfer is paid thanks to the reliable OFX tracking feature. These updates are sent via SMS or E-mail depending on your selected mode of contact. Also, by clicking on the deals and orders tab on this money sending app, you will see the funds received notification that will let you know when they have received your funds from the bank and the funds paid notification upon transferring your funds to your recipient’s bank account.
Can I cancel a recurring transfer plan when I want to?
It is possible to make errors when making your transfer no matter how keen you are. That is why OFX gives you the option of canceling your transfer plan. However, certain conditions have to be met. For a start, they will sell the balance of the purchased currency and buy back the balance of the original currency. This way, your deposit will be returned minus any losses that may have been incurred due to exchange rate variations.
With OFX, it is easier to send money to more than 190 countries as they have almost every corner of the globe covered. To see the full list of currencies that you can transact in with OFX, click here and get to know if your country is eligible for making transfers with OFX.
I made a dreadful mistake with forwarding my funds and when I discovered my mistake, it was at least 5 days later. When I resent my funds correctly, I still received the agreed rate from before.
by John Whitehead
Late but still given the agreed rate!
Review published
ago
I made a dreadful mistake with forwarding my funds and when I discovered my mistake, it was at least 5 days later. When I resent my funds correctly, I still received the agreed rate from before.
by John Whitehead
OFX always very efficient
Review published
ago
OFX always very efficient . i have been using them for many years and never a problem. Rates are always better than major banks.
by Marina Isles
OFX always very efficient
Review published
ago
OFX always very efficient . i have been using them for many years and never a problem. Rates are always better than major banks.
by Marina Isles
Excellent speedy service.
Review published
ago
Excellent speedy service.
by P Withill
Excellent speedy service.
Review published
ago
Excellent speedy service.
by P Withill
A quick transfer
Review published
ago
I was impressed on this occasion with how quickly the transfer occurred in one day.
by Bruce
A quick transfer
Review published
ago
I was impressed on this occasion with how quickly the transfer occurred in one day.
by Bruce
Asking for too much PII
Review published
ago
Initial verification asked for my passport. Okay, a passport is a good method to verify. Employers use this since the US government has already verified identity and vetted prior to getting a passport.
Then a video. Okay, I can see this to make sure I actually am the person in the passport photo.
Next they ask for the SSAN. TOTAL B*LLSH*T!!!!! I have to provide my SSAN to get a passport, so I'm already verified. OFX DOES NOT NEED THAT to make a transfer.
I will be providing my bank account information for doing a transfer.
So, you want my passport, my bank account information and my ssan. Every piece of information an identity thief would need! My ID (passport), my address (from the passport), my bank account information and my ssan. Identity thief's dream! Whether you intend anything nefarious or not, if you are ever hacked, then I'm screwed.
As someone else said, prepare for a colonoscopy. You can claim it's for security, but for transferring money, you do not need the SSAN to verify me. The passport process has ALREADY done that.
There's security and then there's idiocy. OFX crosses the idiocy line.
Edit: In their reply, they say they must have this because it's a highly regulated industry/business and to "facilitate" transfers. Nice try, but other companies can make a transfer without subjecting people to PII abuse. But, not OFX. To transfer money, the banking information of the sender and the banking information of the receiver is needed to "facilitate" a transfer.
by John
A seamless transfer
Review published
ago
A seamless transfer
by Kent Techritz
So incredibly easy and efficient.
Review published
ago
Extremely easy and efficient and helpful. ❤️
by Pamela Nichols
Always good service
Review published
ago
Always good service but difficult to contact when phone advice is required.
by Colin
Actually this 5 star rating is not for…
Review published
ago
Actually this 5 star rating is not for OFX, its for this particular representative in SG, Kevin Ng, who relentlessly, assuringly and went out of his way to help me with a txn that experience hicupp.
Long story short, i did a test txn on 11jul24 and everything went well. So on 15th of july i did another txn but my funds was 'stuck' for almost 4 days!!! due to compliance issue. Numerous back n fore emails didnt get it resolved plus difference intimezone exacerbated the problem.
Kevin empathise my situation,took charge and resolved it thru his proactive initiative with the office in HKG. His POSITIVE attitude is truly commendable and i am glad n fortunate to have his great exceptional support.
Marcus
by Marc
5 days to clear
Review published
ago
5 days to clear. Multiple emails, calls and screenshots. Total waste of time. Never use again
by Grant Maxwell
Using OzForex is extremely easy
Review published
ago
Using OzForex is extremely easy, and not expensive. I recommend it any time
by Guy Miquel
Unacceptable
Review published
ago
I've been using OFX for several years as I had been living overseas for the better par of two decades. I have a long history of making foreign transactions. It seems that every time I login there are new obstacles and security requirements that just create more roadblocks and chew up my valuable time. I needed additional security clearance for my latest transaction. My ID details were required. I submitted them 5 times, with nobody being able to tell me what was wrong until the last submission - and it was never acknowledged in writing.
My emergency passport (expiring at the end of this year) that I am able to use to travel to and from the USA was not acceptable to pay for my children's tuition fees in Australia. This is unacceptable. It was unnecessary. I will not be using OFX again. If I could have rated this with no stars, I would have, as nothing is what I was able to accomplish with OFX.
by Chris
Effective, Efficient 5* Service
Review published
ago
we have used OFX services for more than 10 years and continue to be impressed by their prompt, efficient and effective service.
by Norma Slade
Quick service
Review published
ago
Quick service. Good exchange rate. Easy to transfer money.
by Janet Horridge
Always have a great experience
Review published
ago
Always have a great experience. The best rates and ease of use.
by David Marriott
OFX is a reliable service for…
Review published
ago
OFX is a reliable service for international money transfer it's easy to use with competitive rates and low fees
by Ferrand Kanady
Efficient and quick
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ago
Efficient and quick
by RON TILLEY
Responsive, Good service
Review published
ago
I wanted to take a moment to express my appreciation for the responsive and excellent service I have received from your team. Throughout my interactions with your company, I have been consistently impressed by the level of responsiveness and the quality of service provided.
by ykn pro
First rate money transfer service
Review published
ago
Once set up, this is an extremely easy and convenient way to send money between countries. I've used it dozens of times over the past 5 or 6 years (with amounts large and small) and have not encountered a single problem
by Cyril
Lovely lady on phone Bernadene so…
Review published
ago
Lovely lady on phone Bernadene so patient and efficient got the job done straight away.
