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




Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



Reviews powered by

2,361 customer reviews on OFX on Trustpilot


22 hours ago
by Faattat

5 stars

AS promised

AS promised, all procedures were efficiently handled and I was kept in touch throughout the transaction as to where the deal was at that time. The buy...Read more

AS promised, all procedures were efficiently handled and I was kept in touch throughout the transaction as to where the deal was at that time. The buy sell spreads were a touch generous but I am sure they will improve upon that as they gain momentum. Would definitely use them again.

1 day ago
by Antony

5 stars

Very professional

Very professional, responsive and a pleasure to deal with. Would definitely recommend for anyone to use when moving money overeas

4 days ago
by damian drever

4 stars

was very happy with the support and …

was very happy with the support and results if need in future will use thx


More reviews

4 days ago
by Ross

5 stars

Fast and efficient service

Fast and efficient service with good exchange rate. Delivery next day befor mid day. I highly recommend this company. I had to speak to them by phone...Read more

Fast and efficient service with good exchange rate. Delivery next day befor mid day. I highly recommend this company. I had to speak to them by phone prior to my order and found the staff to be both polite and informative.

5 days ago
by Otho Thompson

5 stars

This was my first time doing a foreign …

This was my first time doing a foreign currency exchange with an online company. Prior to this time, I had used my bank. The rates at OFX are very good,...Read more

This was my first time doing a foreign currency exchange with an online company. Prior to this time, I had used my bank. The rates at OFX are very good, and I received excellent support via telephone and email. The transaction is completed, the funds are where I need them to be in the amounts I expected, and I am completely satisfied. Thank you.

5 days ago
by Olele Lapuaho

5 stars

Very happy with their service

Very happy with their service. I will not use banks to transfer money overseas anymore.

6 days ago
by Szames Franck

5 stars

Excellent customer service, thanks

5 stars to OFX for their professional and excellent customer service (Special thanks to Rachael who help me each time I needed help). I will definetely...Read more

5 stars to OFX for their professional and excellent customer service (Special thanks to Rachael who help me each time I needed help). I will definetely recommend OFX.Everything is smooth. 0 star for the intermediary bank fee, I would like to understand what does an Intermediary bank do to charge this fee ?

6 days ago
by Andy S

5 stars

Great experience

Great experience and I'd use them again. Its a stressful time transferring money but it was quick and efficient and I thank them for that.

6 days ago
by Just Me

4 stars

Easy and pretty fast

Clear instructions to create transaction, transfer to OFX account was easy transfer to my US account was faster than I expected - thanks

1 week ago
by James

5 stars

Great experience

Great experience, first time user. Transfer was quick, inside 2 days. I would highly recommend OFX to anybody who wishes to transfer money and not have to...Read more

Great experience, first time user. Transfer was quick, inside 2 days. I would highly recommend OFX to anybody who wishes to transfer money and not have to pay the excessive fees charged by the banks.

1 week ago
by Raoul Dunk

5 stars

So easy

First time user. Very competitive rates and fees. Easy transfer via BPay to the overseas bank. Love it!

1 week ago
by Phil Kawaguchi

5 stars

professional and patient

professional and patient, everything was smooth and seamless

11/11/2017
by David A Clayton

5 stars

I was a little skeptical dealing …

I was a little skeptical dealing outside of a conventional banking organization however, once I completed the OFX compliance requirements and compared...Read more

I was a little skeptical dealing outside of a conventional banking organization however, once I completed the OFX compliance requirements and compared exchange rates, I made my first international transfer without any issues. I am now completing my third (3) transaction and completely satisfied. Dave.

11/10/2017
by Tint Lwin Thaung

1 stars

No more business

It was horrible service that I received from OFX. I transferred money from Australia to Thailand to make credit card payment. Being a regional head, I...Read more

It was horrible service that I received from OFX. I transferred money from Australia to Thailand to make credit card payment. Being a regional head, I got to travel around the world and the last payment request I made from Myanmar while I was on business travel and the compliance team said that they can not accept that. If they can not accept, I should be told earlier before I paid my fund to OFX. Now after I made payment my fund to them, they said they can not transfer fund to my bank account in Thailand. It was ridiculous service and I took half day to get my payment refunded. I talked many unfriendly consultants (apart from Ms Kimberley Subanda) and they made all things to be more difficult. The first consultant who called me was the worst as she spoke with machine gun speed to non-english speaking customer. No more business with your company that invade the personal business of customer. SHAME to be with you for a while

11/09/2017
by Robert McKinlay

5 stars

They are a first class company.

They are a first class company to deal with. Swift and efficient with no hassle at all.

11/09/2017
by Ray

5 stars

great service

great service, kept updated throughout thank you

11/08/2017
by Karl P Blom

5 stars

Used OFX previously with no issues

Used OFX previously with no issues. They are reliable and transfer was quick. I was more than pleased with their service.

11/07/2017
by Julia Walsh

5 stars

The Best

Great rates, great service, courteous and helpful staff.

11/04/2017
by Tony Cox

5 stars

Great service

Great service - easy to set up and use

11/03/2017
by Florian Muggli

2 stars

OFX is expensive, not transparent and very slow

In short: OFX is expensive, not transparent and very slow I compared OFX and TransferWise and originally thought OFX had the better offer. I started a...Read more

In short: OFX is expensive, not transparent and very slow I compared OFX and TransferWise and originally thought OFX had the better offer. I started a transfer with OFX and was shocked when I saw they added a hidden fee of CHF 20. They said it's an intermediary fee (was not shown anywhere on the screen before I hit submit, hence very unfair and not transparent). The next day, I set up an account with TransferWise and transferred the same amount (USD 1000 to CHF). TransferWise was much faster (one business day vs. five business days). I got CHF 25 more credited to my account via TransferWise, that's about 2.5%... OFX was a huge disappointment, TransferWise a very positive surprise.

11/03/2017
by Manolis Papaspiros

5 stars

Great first experience.

I recently registered with OFX for the first time to transfer a large sum of money from Australia to Greece. My initial apprehension was quickly...Read more

I recently registered with OFX for the first time to transfer a large sum of money from Australia to Greece. My initial apprehension was quickly dissipated by the high level service, communication and professionalism I received from OFX. I would unequivocally recommend OFX.

11/03/2017
by Alan Lilley

5 stars

First Class service.

First Class service.

11/03/2017
by Richard

5 stars

Very good service

Very good service

11/01/2017
by Thomas Copp

5 stars

Great service

Transferred GBP to AUD, did it at 10pm on a Monday, was in my Australian account by 11am the next morning. Was worrried I'd screwed up so called them up,...Read more

Transferred GBP to AUD, did it at 10pm on a Monday, was in my Australian account by 11am the next morning. Was worrried I'd screwed up so called them up, great customer service, guy on the phone was great help, gave me a very good rate aswell!

11/01/2017
by Graham Stanley

5 stars

Very pleasing

Was a little nervous about “trusting” our money to other than a bank, but the whole transfer experience was very transparent, plenty of staff...Read more

Was a little nervous about “trusting” our money to other than a bank, but the whole transfer experience was very transparent, plenty of staff available on the phone to answer queries, the extra value achieved by using OFX, rather than the bank will come in very useful. Definitely recommend

11/01/2017
by Jim Bundren

1 stars

sent money not recieved

Sent m,oney on the 20/10. Still has not gone into recipients account, now the 31/10 OFX cant tell me why, they were supposed to send me another email and...Read more

Sent m,oney on the 20/10. Still has not gone into recipients account, now the 31/10 OFX cant tell me why, they were supposed to send me another email and still have not

11/01/2017
by Chris Sylvester

1 stars

After 6 days since being told that the …

After 6 days since being told that the funds were in the recipient's account the funds had still not been recieved. A day after querying this with...Read more

After 6 days since being told that the funds were in the recipient's account the funds had still not been recieved. A day after querying this with customer service I have still to teceive a response. Unfortunately this review process didn't permit awarding zero stars.

10/31/2017
by Tony Butcher

5 stars

New Customer

This was the first time I used OFX. It was really easy with good exchange rates and their was a person to help at the end of a phone if needed. Thank you.

10/31/2017
by Eileen Bedford

5 stars

I have used this company for quite a …

I have used this company for quite a while on a frequent basis. I have found the whole process to be seamless and hassle free. When I have wanted to...Read more

I have used this company for quite a while on a frequent basis. I have found the whole process to be seamless and hassle free. When I have wanted to speak to someone they are accessible on the phone and always deal with any queries promptly and go out of their way to do this. I find their rate is the best and coupled with their excellent service, they are in the best in the market. I would highly recommend them.

10/31/2017
by Bernhard

2 stars

First bad experience.

Dear Sir / Madam, Your email from this morning 30.10.2017 Quote: “Now that your first OFX transfer is complete” My answer: Deal confirmation date...Read more

Dear Sir / Madam, Your email from this morning 30.10.2017 Quote: “Now that your first OFX transfer is complete” My answer: Deal confirmation date 20.10.2017. The funds are still not in my account. So the transfer is not complete. Quote: “We believe that our expert staff, competitive exchange rates and speedy delivery of funds are all pretty great.” My answer: The maturity date was shifted day by day without any information to me. Only after a phone call from my side, it turned out that due to additional bank charges not known to me the transfer was blocked without any information to me. End of the day, sorry to say I’m not happy at all. Again the funds are still outstanding. Comparing your rates with other services I do not agree that your rates are very competitive. Bernhard


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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