OFX - Independent review

All you need to know before sending money with OFX

8.30/10 Very good
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OFX review by Monito

OFX (previously known as OzForex, NZForex, UKForex, CanadianForex, ClearFX, USForex and Tranzfers) is one of the world’s largest companies specializing in foreign exchange and international payments. The company was established in 1988 to provide individual and corporate clients with a superior digital alternative to existing foreign exchange services. OFX has transacted over $100 billion in its history, sending money to bank accounts in 197 countries and in over 50 currencies. The company is headquartered in Sydney with 5 other offices around the world, and is listed on the Australian Stock Exchange. This allows OFX to offer 24/7 trading facilities over the phone or online, which might make it the first ever currency trading firm to be open on weekends.

By leveraging network effects, OFX are able to provide pricing and service normally reserved for institutional customers. Their lower fees and better exchange rates will save you plenty of money compared to using traditional solutions such as banks, while their foreign exchange experts will answer all your questions and guide you throughout the entire process.


PROS
  • Available 24/7 over the phone or online with teams around the world
  • One of the largest and most experienced companies in the business
  • Extensive banking network provides fast and cheap collection and delivery of funds
  • Outstanding customer service and expertise
CONS
  • A bit more expensive than other solutions for sending small amounts
  • Only available in English




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2,184 customer reviews on OFX on Trustpilot


1 day ago
by maria avila

5 stars

thank you so much it is always a …

thank you so much it is always a pleasure to deal with this company.

2 days ago
by Peter Townsend

2 stars

OFX service outage

Regular user of OFX. Recent transaction from US to UK held up now for 4 days. I called in and was told the transaction might go through tomorrow to...Read more

Regular user of OFX. Recent transaction from US to UK held up now for 4 days. I called in and was told the transaction might go through tomorrow to recipient but will not leave account until Friday. Very Odd. No proactive customer service advising that they are suffering outage.

2 days ago
by edgar carbaat

1 stars

They promised 3 days

They promised 3 days, then 4 , now 6 for a simple transfer usa to spain their mistake they admitted and I lost out on a very good deal. they overpromise...Read more

They promised 3 days, then 4 , now 6 for a simple transfer usa to spain their mistake they admitted and I lost out on a very good deal. they overpromise and under deliver. they called and they said they would deposit the money to the recipient before they would direct debit from my account. which sounded weird. I waited another day and called them myself and now it will be day 6 possibly 7 , who knows... will never use again


More reviews

1 week ago
by Mark Smith

3 stars

Previous trades were OK but the new …

Previous trades were OK but the new control panel is awful. You can't see market information- you have to go to public site to find anything- they were...Read more

Previous trades were OK but the new control panel is awful. You can't see market information- you have to go to public site to find anything- they were better before. Also for some ridiculous reason Australian Dollars is not listed for spot deals- they list New Zealand Dollar instead- don't they know where they are located. Their contact details are mediocre- very limited international - no Skype.

1 week ago
by Jack Child

5 stars

Great customer assistance

My transfer was complicated by the restrictions placed on my account by my credit union. Mr. Ben Currie-Nguyen worked most patiently with my to help...Read more

My transfer was complicated by the restrictions placed on my account by my credit union. Mr. Ben Currie-Nguyen worked most patiently with my to help resolve these issues towards a successful completion.

06/15/2017
by Wan Yee

4 stars

Rates Alert

Please make RATE ALERTS be more relevant to users. I don't want to be informed of interbank rates. I am not a bank. I want the exact rates that I have to...Read more

Please make RATE ALERTS be more relevant to users. I don't want to be informed of interbank rates. I am not a bank. I want the exact rates that I have to pay if I go ahead with the transaction.

06/15/2017
by Michelle

5 stars

Having recently switched our company from AFEX…

Having recently switched our company from AFEX to OFX, we find the online transaction system is very simple and clear to navigate through making for a...Read more

Having recently switched our company from AFEX to OFX, we find the online transaction system is very simple and clear to navigate through making for a great user experience, this is supported with prompt and friendly customer service. Highly recommend!

06/14/2017
by Lynne Cohen

5 stars

This agency gives me the best service

This agency gives me the best service, great rates and a real person to speak to when I need. Thanks OFX. Lynne

06/14/2017
by Geoffrey Grand

5 stars

RECOMMEND

Superb to deal with from start to book to e.mail's from to finish

06/12/2017
by James Cromie

3 stars

Website & call centre flawed

Friendly staff etc. however appears to be a problem with the website. When trying to change my profile details I am immediately redirected to the home...Read more

Friendly staff etc. however appears to be a problem with the website. When trying to change my profile details I am immediately redirected to the home page and cannot change anything. Has resulted in me being phoned on my UK phone while in Australia which will likely show up on my phone bill. Have also, on several occasions been cut off from the call centre when being transferred between departments. These are fundamental issues with your point of contact with customers that need to be addressed.

06/10/2017
by Yvonne “SuitcaseOnWheels” Osborn

5 stars

Praise for excellent phone support by Bailey.

I was called this morning by Bailey. Despite the early hour she was alert, polite, on the ball and provided me with top notch customer service. I can only...Read more

I was called this morning by Bailey. Despite the early hour she was alert, polite, on the ball and provided me with top notch customer service. I can only hope that all of my future interactions will be as pleasant, professional, and efficient. -Yvonne

06/10/2017
by Alan

5 stars

Always get good service from this team.

Always get good service from this team.

06/09/2017
by A Graham Robinson

4 stars

Service excellent but new website very …

Service excellent but new website very poor. Previously we had running graph of the currency we were watching so we could follow trends, but nothing now....Read more

Service excellent but new website very poor. Previously we had running graph of the currency we were watching so we could follow trends, but nothing now. Great shame.

06/09/2017
by Nicola Henry

5 stars

I was really impressed with OFX

I was really impressed with OFX - the service was fantastic!

06/08/2017
by KEA

5 stars

Easy smooth process

Easy smooth process. Received so much more than if I had used my bank to do it.

06/07/2017
by Holly Ransom

2 stars

17 business days from US to France?! Unacceptable delay.

I've used OFX for a number of transfers from my home account at BofA to my own checking account at BNP Paribas in France -- two of the largest banks in...Read more

I've used OFX for a number of transfers from my home account at BofA to my own checking account at BNP Paribas in France -- two of the largest banks in their respective countries. YET, despite the advertised 1-2 business days advertised transfer time to France (after debiting US funds - see OFX home page) this has NEVER been the case for me. It always takes several weeks for the funds to be deposited in France AFTER they have been debited from BofA -- and I am simply going from myself to myself over there. Couldn't be simpler. In May 2017, most recently, it took OFX a FULL 17 business days (AFTER debiting my US bank acct) to FINALLY get the funds to my French bank account. Just an unacceptable delay, with no explanation on their part during the entire process.

06/07/2017
by Richard

1 stars

I would give them 0 stars if I could

I would give them 0 stars if I could. AVOID USING THEM AT ALL COSTS.. I did a small transfer from Aud to Thb recently. It took 3 working days to arrive...Read more

I would give them 0 stars if I could. AVOID USING THEM AT ALL COSTS.. I did a small transfer from Aud to Thb recently. It took 3 working days to arrive .. not two as their website claims. Not a big deal but that was just the start. The amount that arrived in my Thai bank account was 460thb less that the amount I bought from ofx. Why? Yeah good question... apparently they use Bank of America as their clearing bank and Bank of America chose a circuitous path via Bank of Bangkok and maybe others before getting to my account. And each intermediatory bank took a fee before passing on my money. With OFX you have no control over this and they have a nice disclaimer on their website saying they are not responsible for these fees. You could imagine your transfer going through 5 or 6 third party banks before arriving..each one taking a fee. So you have no idea how much will actually arrive in your bank account. I will stick with Western Union. Their fee for small transfers is lower and you actually receive the exact amount stated. No hidden charges

06/03/2017
by Cynthia Tolley

5 stars

OFX is a company I've dealt with for …

OFX is a company I've dealt with for many years and never once have I had a problem. They are efficient, helpful and informative and I have no...Read more

OFX is a company I've dealt with for many years and never once have I had a problem. They are efficient, helpful and informative and I have no reservations in recommending the company to friends, always a job well done!!!

06/03/2017
by dan thompson

2 stars

Not a good service- does NOT transfer …

Not a good service- does NOT transfer funds nearly as fast as advertised. OFX claims to transfer funds internationally to most countries in 1-2 days, and...Read more

Not a good service- does NOT transfer funds nearly as fast as advertised. OFX claims to transfer funds internationally to most countries in 1-2 days, and so far they have taken a minimum or 7-12 days to make a simple transfer from a major US bank to the largest bank in France. Never has it taken less than a week, and presently I am awaiting a transfer from 11 days ago that OFX has not replied about.... NOT recommended - go back to WU- Dan Thompson Geneva Switzerland and USA

06/02/2017
by Albert Ebenezer

5 stars

Great rates and Quick transfers

Great rates and Quick transfers! Always used OFX for all my FX needs.

06/02/2017
by Hector Gallagher

5 stars

I use your services infrequently but on …

I use your services infrequently but on each occasion I find it very easy, reliable and trustworthy.

06/01/2017
by Stephen Jacobs

5 stars

An excellent professional service

An excellent professional service

05/31/2017
by Maree

5 stars

Great Service !!!

OFX offers great rates and service; and it's fast and easy to organise your own transactions online.

05/31/2017
by Elizabeth Briger

5 stars

Great

Great, friendly, highly efficient service. Thank you

05/31/2017
by Happy Customer

5 stars

Happy to recommend based on my experience...

I'm always sceptical of companies like this so having looked at the reviews I thought I'd give it a go. Having recently made 2 transfers for quite large...Read more

I'm always sceptical of companies like this so having looked at the reviews I thought I'd give it a go. Having recently made 2 transfers for quite large amounts the funds cleared within a few days as advised. The exchange rate is better than PayPal & without fees. I was transferring from GBP to EUR. Happy to recommend based on my experience. Edited for spelling.

05/29/2017
by YUNIS

5 stars

Found good and fast way to transfer …

Found good and fast way to transfer money especially after they waive their fees but I hope the work on making the exchange rates tighter

05/27/2017
by Bob Ravenhall

5 stars

Top Class Service …

I have used the services for a few transactions and there has never been a problem, I will continue to use the services of OFX and trust that many more...Read more

I have used the services for a few transactions and there has never been a problem, I will continue to use the services of OFX and trust that many more new customers will enjoy the TOP CLASS SERVICE

05/24/2017
by Peter Koval

5 stars

Great service at a very reasonable price.

OFX provide a great service at a very reasonable price of $15. I have been using them for many years to send money to my family in Slovakia and the...Read more

OFX provide a great service at a very reasonable price of $15. I have been using them for many years to send money to my family in Slovakia and the service never failed. The money arrives in approx. 2-3 days. Once you are registered with them, the whole thing is very easy.

05/23/2017
by A Dick Denvil

3 stars

Barely satisfactory result to query of …

Barely satisfactory result to query of Deal Processing to Australian by call to Phone contact 1300 300 424 (Rachel) at 2120 hrs AEST. Deal done 19...Read more

Barely satisfactory result to query of Deal Processing to Australian by call to Phone contact 1300 300 424 (Rachel) at 2120 hrs AEST. Deal done 19 May and authorised and cleared from Sender Bank to OFX on the same day. Now at nearly 2200 hrs Monday - DEAL STILL SAYS AWAITING FUNDS Considering as how a full business day has passed (and the bulk electronic transfer bank to OFX would have been done around midnight Friday or Saturday at latest), in these days of electronic speed the given excuse for slowness of OFX processing, as a throwback to 3 to 5 days of handling/clearing cheques, is hardly these days applicable. No help or guidance to real information was given as to supposed rollover past Deal Maturity date

05/20/2017
by Fredy Perez-Retamozo

1 stars

Horrible experience.

Horrible experience. Made a transfer on May 10, 2017 from USA to Canada and until today(May 19, 2017) they did not deposit my money. I was dealing with...Read more

Horrible experience. Made a transfer on May 10, 2017 from USA to Canada and until today(May 19, 2017) they did not deposit my money. I was dealing with many people that they do not even know what they were talking, using technical words to try to confuse me. Until now I do not know where is my money. I asked for a Manager, nobody called in 2 days. Then a Manager named Jennifer called and did not even left a voicemail. Have to waste my time to call again to just realized that this woman was just useless. The real situation is that you can not trust this company.


OFX are very well reviewed on Trustpilot, with an average rating of 9.2 stars out of 10. Here’s a summary of what OFX customers have to say:

Positive
  • The exchange rates are much better than the banks, and “the best around” according to certain customers.
  • Customers were very happy with how quick the entire process was, with the money being delivered the same day in certain cases.
  • Using OFX is easy and simple.
  • OFX’s customer service is top notch, friendly and professional.
Negative
  • A few customers had isolated incidents with OFX, such as the money taking an extra day to arrive due to banking holidays, extra compliance checks, or falsely entered beneficiary account details.


Can I trust OFX?

OFX (the trading name of OzForex Group Ltd) operates and is regulated in multiple jurisdictions, including Australia where it is headquartered (regulated by ASIC under an Australian Financial Services Licence), the UK (Authorised Payment Institution regulated by the FCA), the US (registered with FinCEN as a Money Services Business on a federal level, and licensed as a Money Transmitter in 49 states), and Canada (Money Service Business registered with FINTRAC federally, and with AMF in Quebec). The company is listed on the Australian Stock Exchange, which requires OFX to respect a strict set of rules including transparent disclosure of certain information.

As per regulations, OFX holds clients’ funds completely separate from its own business accounts in so-called segregated accounts which it holds with highly rated financial institutions. Should the company have any financial difficulties, your money would be safe. OFX is also required to meet strict capital requirements and employ a range of internal procedures including staff training, risk management, audit and accounting.

OFX has been operating since 1988 and has transacted over $100 billion since then, making it one of the most experienced and largest foreign exchange businesses in the world. With over 270 employees spread across 6 offices, OFX certainly has a global footprint.

Overall, OFX is probably one of the most trustworthy companies in the foreign exchange and international payments business in the world.


Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 630685

 







How OFX works


1. Register by filling in your details online.

2. After your registration, OFX will call you to complete the account setup and answer any questions you may have.

3. If additional verification is required, which happens in a minority of cases, OFX will ask you to submit additional documentation.

4. Login on the OFX platform and get a live exchange rate quote.

5. Enter your recipient’s bank account details and book your deal.

6. Send your funds to OFX via bank transfer within 48 hours, and OFX will take care of the rest!

If you prefer, you can set up your transaction with an OFX dealer over the phone, or through the OFX mobile app which is available on both Android and iOS. The OFX app allows you to check live market exchange rates, initiate an international money transfer, and track your money while it’s being transferred, at any time and from anywhere.


 


 

OFX exchange rates and fees

OFX transfer fees: OFX charges no transfer fees for Monito users on all their transactions. This means the entire amount, with no deductions, is converted at the agreed-upon exchange rate

OFX Exchange rates: OFX has among some of the best exchange rates in the market. Their exchange rates get even better the more you send, with margins as low as 0.4%. After you agree on an exchange rate with OFX, the rate will be locked so that you know in advance exactly what amount your beneficiary shall receive, regardless of how the exchange rate evolves.

Other fees: In 85% of cases, payments are settled via domestic bank accounts, without any intermediary or receiving bank fees. In other cases, OFX guarantees there won’t be any deductions from intermediary and/or receiving banks when transferring your money to the beneficiary account. The only exceptions are JPY and ZAR, which may attract additional fees due to local regulations (this applies to all providers).


OFX supported currencies

AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP Pound Sterling
HKD Hong Kong Dollar
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
PLN Polish Zloty
SEK Swedish Krona
SGD Singapore Dollar
USD US Dollar
ZAR South African Rand

Exotic currencies (receive only)


AZN Azerbaijani Manat
BGN Bulgarian Lev
BND Brunei Dollar
CZK Czech Koruna
EGP Egyptian Pound
FJD Fiji Dollar
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli Shekel
INR Indian Rupees
KRW South Korean Won
KWD Kuwaiti Dinar
LKR Sri Lankan Rupee
MAD Moroccan Dirham
MGA Malagasy Ariary
MYR Malaysian Ringgit
OMR Omani Rial
PEN Peruvian Nuevo Sol
PGK Papua New Guinea Kina
PHP Philippine Peso
PKR Pakistan Rupee
SAR Saudi Riyal
SBD Solomon Island Dollar
SCR Seychelles Rupee
THB Thailand Baht
TOP Tongan Pa anga
TRY Turkish Lira
TWD Taiwanese Dollar
TZS Tanzanian Shilling
VND Vietnamese Dong
VUV Vanuatu Vatu
WST Samoan Talar
XOF CFA Franc
XPF CFP Franc

 

Additional services

Recurring transfers with OFX

If you have regular needs to transfer money internationally, e.g. to pay for an overseas mortgage, receive your pension abroad, repatriate a foreign salary, or pay for overseas tuition, you can automate your transfers over up to 12 months with OFX. By setting up a direct debit or a regular transfer from your bank account, OFX shall automatically receive your funds, convert them at the agreed-upon rate, and transfer your money to the chosen beneficiary account. You can even set up a fixed payment plan, which locks in the exchange rate so that it remains the same for each of your transfers throughout the plan.

Forward contracts

A forward exchange contract allows you to lock in an exchange rate today for a future transaction up to 12 months later. This is particularly interesting if you believe the current exchange rate is favorable, or if you would rather not be exposed to the foreign exchange fluctuations to better manage your cash flow and risk. When setting up the forward contract, you only pay a small deposit, and pay the rest when you make your transfer.


Limit and stop loss orders

A limit order allows you to choose an exchange rate which, when reached by the foreign exchange markets, will automatically trigger a transfer. That way, you don’t need to constantly monitor the exchange rate, and can set a target level which you won’t miss.

OFX FX options

Currency options (also known as FX options) give the right (but not the obligation) to exchange money at a predetermined rate at a future date. They allow you to guarantee a worst case scenario, while potentially benefiting from fluctuations of the exchange rate in your favor.


Business customers

OFX works with many companies around the world and across industries - from mining to e-commerce - to help them meet their foreign exchange needs. Examples include paying suppliers in China, outsourcing costs to the Philippines, global payroll through bulk payment uploads or Xero integration, international investments, acquisitions of other companies, process receivables through local collection accounts, and their new online seller solution (e.g. to receive Amazon payments).

Daily Market News

Every day, the experts at OFX publish an analysis of how different currencies have been trading. This allows you to always keep up to speed on how the market is evolving, and decide when is the best moment to make your international money transfer with OFX.


The story behind OFX

OFX was launched in 1988 by Matt Gilmour and Gary Lord. It was originally set up as a website providing information on foreign exchange under the name OzForex. When Gilmour lost his job at the foreign exchange department of a bank, he saw the potential to help people get better exchange rates and superior customer service when making their international money transfers. The goal was to bring the entire process of exchanging currencies online to allow significant cost savings. Originally focussing on the Australian market, the company quickly expanded to New Zealand in 2001 under the name NZForex, the UK in 2005 under the name UKForex, Canada in 2007 under the name CanadianForex, Hong Kong in 2011 under the name ClearFX, and the US in 2012 under the name USForex. OzForex became a publicly traded company on the Australian Securities Exchange under the code "OFX" in 2013, and began a brand consolidation in 2015 under the single brand name “OFX”.

 


Which documents will OFX require to verify my identity?

To comply with anti-money laundering (AML) and know your customer (KYC) regulations, OFX must verify your identity and address. If you reside in the UK, the US, Australia, New Zealand or Western Europe and have not recently moved, they may be able to do this electronically. If not, you will be required to provide verification documents.


Identification Documents

It should be a copy of your current driver's licence or passport.

Proof of address

In order to verify your address, OFX will need a copy of a document from a reliable institution showing your name and your address. This document can be a a utility bill, current tenancy agreement or a letter from a government body, and must have been issued within the last 3 months and addressed to yourself. In addition, you must provide a bank statement or an address verification code which will be sent to you by OFX.

Contact

Australia: Personal 1300 300 424 (Local call) // +61 2 8667 8090 (International) // Business 1300 300 524 (Local call) // +61 2 8667 8091 (International)

United States: Personal 1-888-288-7354 (Free call) // Business 1-888-966-6888 (Free call)

Canada: Personal 1-800-680-0750 (Free call) // Business 1-855-680-0745 (Free call)

New Zealand: Personal 0800 161 868 (Free call) // Business 0800 161 898 (Free call)

United Kingdom: Personal +44 207 614 4194 // Business +44 207 614 4195

Hong Kong: Hong Kong 9am to 7pm (+852) 2777 7147 (Free Call) // Hong Kong After Hours 800 969 599 (Free Call)



Offices

 


Australia

Level 19
60 Margaret St
Sydney
NSW 2000
>

United Kingdom

1st Floor
85 Gracechurch St
London
EC3V 0AA

United States

49 Stevenson St
13th Floor
San Francisco
CA, 94105

Canada

Suite 1002
145 King St West
Toronto, ON
M5H 1J8

New Zealand

Level 27, PWC Tower
188 Quay St
Auckland


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Key facts about OFX

Service information

Time to open an account -
Minimum amount -
Maximum amount -
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents -

Company information

Type of service provider Foreign exchange companies
Active since 1998
Headquarter Sydney, Australia
Regulated by ASIC

Contact information

Contact support -
Service hour -
Twitter @OFX_OZ
Facebook ofx
Youtube OFX-it


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