OFX 2018-01-22T10:54:34+00:00

OFX

ofx-review

Since its inception in a garage in Sydney’s northern beaches in 1998, OFX has grown to be a global player in international money transfer business in 17 years. It has offices in 6 major markets in the world: London, Sydney, San Francisco, Hong Kong, Toronto and Auckland with over 200 employees. Over the years, OFX has done more than £50bn in transfers with 3,250 transfers made every day and in 55 currencies. What makes it truly global is to merge UKForex, CanadianForex, NZForex, USForex as well as ClearFX to form a new brand OFX. OFX has 24/7 support and employees of 47 different nationalities working around the world.

OFX provides you with a simple 3 step process to transfer money. You can pay via bank transfer only i.e. Debit card and Electronic Bank transfer. Cash, credit card or bank drafts are not accepted. OFX claims to transfer to most of the countries in 1-2 business days. Same day payment is available too in some countries like USA, China and Hong Kong. They also provide Rapid transfer facility in which you can send or receive money right away. You can also do single transfer or recurring transfers at your selected rates.

Visit OFX
www.ofx.com
Founded: 1998
Headquarters: Sydney, Australia
Offices: Australia, New Zealand, UK, USA, Hong Kong, Canada
Regulated by: FCA, ASIC, FinCEN
Trading channels: website, mobile app, telephone

reviews on TRUSTPILOT

4-trustpilot

8.9/10 Great

OFX Key Features

Pay-in Options bank transfer
Recipient’s Options bank account
Min Transfer Amount $1,000
Max Transfer Amount there’s no max transfer amount
Speed most transfers are completed in 1-2 days
Transfer Fees $5 flat fee for less than $5,000; no fees for over $5,000
Exchange Rate medium markup on exchange rate
Currencies Available 55 currencies

OFX Review

Transfer Fees

OFX’s transfer fees vary depending on currency.

For US dollar, for instance, it charges a flat fee of $5 when you transfer less than $5,000, but there’s no transfer fee if you transfer more than $5,000. The fee free threshold for EUR is €5,000, and the flat fee becomes €10.

Generally, you can find transfer fees of different currencies on its homepage.

Exchange Rate

OFX’s markup on exchange rate tends to be in the middle level compared to its competitors. It is still quite lower than big banks and some giants like Western Union and Ria, which usually earn profit more than 4%. To save your hassle, the average margin on exchange rate for major currency pairs exceeds 2%. Few are below 2%, at 1.8% or 1.9%.

Delivery Speed

OFX does measure the delivery time in business days after it receives your funds. Most transfers to various countries usually take 1-2 days to complete. Same day payment is available in some countries. For example, send money from New Zealand to Australia can finish in the same day. Be aware, you have to account for the time of funding to OFX.

User Experience

OFX is one of the few companies that provide complete solutions for individual, business and online marketplaces.

Like few of its competitors, OFX’s customer service is pretty shining, serving clients by the phone 24 hours a day, 7 days a week, there’s no live chat at the moment though. It lets you transfer money online, via mobile app and over the phone.

One thing we don’t like is that OFX doesn’t reveal its exchange rate to you, unless you become a valid customer. The calculator on its homepage is only for mid-market exchange rates, which aren’t the rates you can really get offered. Using OFX’s Rate Alerts, you can simply set up some of your desired rate alerts for your later transactions.

OFX’s FAQs page is very helpful for some important information such as registration, currencies and fees, delivery times and so on. You need to shift one country to another (6 country sites) when it comes to checking transfer fees.

Visit OFX

OFX Pros and Cons

  • no transfer fees on amount $5,000 and more

  • same day delivery available

  • more channels – website, mobile app, telephone

  • 24/7 telephone or email customer services

  • easy to calculate fees on homepage

  • bank account only, no cash pickup

  • high min transfer amount ($1,000)

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