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.
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:
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:
| 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.
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.
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.
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.
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:
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.
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:
Negative:
| 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.
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:
| 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.
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.
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.
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.
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.
Paid money to a company in South Africa for outdoor equipment but because the word "hunting" is part of their name my transaction was declined by OFX. It took them more than 2 week to inform me and meantime I am under the impression that the company received the payment. I will never use this company again as customer service was poor and I am still waiting for my money.
Worst experience with payment processing I’ve had. I started my account with them in hopes for paying the employees overseas but it took me 3 weeks just to start an account. The compliance team does a thorough check which I don’t have a problem with but after I send one document, they kept asking for more with every email thread instead of one single time asking for all. After the three weeks on having my account approved. I started using it finally, sent 6 payments to my employees, first, it said 1-2 business day but at this point, it’s been about 5 business days and my employees still haven’t received the payment. I tried calling their support and they all say the same thing(it’s still processing) Some other points to note:- - My account randomly stopped working in the middle of doing payroll after sending the salary to half of my employees - Their exchange rate is probably the worst I’ve seen in the undustry.
Reliable and trustworthy
Rang help line who helped me through process of transfer. Was impressed with knowledge and efficiency. Transfer went smoothly monies arrived in bank account within 24 hours. Also received good rate for amount transferred.