OFX

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OFX Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Good
  • Transfer speed: Good
  • Safety and reliability: Very Good
  • Customer satisfaction: Good

Advantages

  • Free for large transactions
  • High level of security
  • No transfer limit

Disadvantages

  • High flat fees for some countries

0 users would recommend it

0 users wouldn’t recommend it

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What is OFX?

OFX offers international money transfers and forex currency trading. They previously used the name OzForex. They are processing more than 3000 transfers daily and are operating in 197 countries. The company is based in Australia but has expanded its branch and side projects throughout the world. You could’ve heard about their local alternatives UKForex, CanadianForex, NZForex, USForex, or ClearFX and Transfers. Later, they have connected to one international company.

How Does OFX Work?

They offer you easy and convenient methods to transfer your money overseas. Just visit their website, sign up, and order the payment online. You can also download the mobile app to manage your finances wherever you are.

OFX Fees and Costs

OFX doesn’t charge any additional fees for UK and US customers. Other countries have to send at least $10,000 to have a free transaction. In other cases, there is a flat fee of $15 for smaller transactions.

It’s also worth noting that your bank or other financial intermediaries could add up to the fees. Especially if you are paying for the transaction with a credit card. Therefore, it’s best to order the payment directly through OFX to avoid any additional costs.

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OFX Exchange Rate

Compared to other international money transfer providers, OFX offers rather attractive exchange rates. However, the margin depends on the amount you are exchanging. The mark up is at around 0.6% to 2% above the currency mid-market. The bigger amounts you transfer, the better are the rates.

OFX Limits

There are no limits when it comes to transferring money internationally with OFX. The customer can send as little or as much as he wants in any period of time. Not many platforms can offer them.

However, the platform notices that “regulated currencies like Chinese Yuan (CNY), South African Rand (ZAR), and Korean Won (KRW) may be subject to government regulations.” There may also be some additional financial regulations or local limits in your location. Therefore, it’s better to check them before the transaction. But when it comes to the sole OFX money transfer service - it’s limitless.

OFX compared to wire transfer and banks

The services of OFX are significantly cheaper than regular wire transfers of banks. Banks use the SWIFT network or other financial intermediaries, which accumulates more fees and are prone to delays.

How to use OFX?

To start making fast international payments, you need to create an account on the OFX website.

How to sign up?

Go to their website and click on a “register” button. You will then be transferred to a secure page, where you can choose what type of account do you want. There are three different possibilities, but most likely an ordinary personal account should fit your needs. OFX also has an extensive offer for businesses. The registration and verification process may be different for different people because of your nationality and country of residence.

Fill out any needed information like your full name, birthday, or address and proceed to a verification section. There you need to provide your drivers license number or other documentation to verify that it is really you.

Is OFX safe and reliable?

Security

The account itself and, most importantly, your money has three levels of security. Apart from identity verifications, there is also a Secure Socket Layer (SSL) encryption. They are also verified by Norton, which you may know from a popular anti-virus software.

It’s worth noting that OFX has won the “Digital Identity Excellence Award in Fraud Prevention.” They have developed and incorporated new security measures to spot phishing, malware, or other attempts to steal users money or data.

Comments

The majority of the reviews found online is rather positive. It is a great advantage for the company, as it shows the users are enjoying the money transfer services, and the public opinion about the company is positive.

“I used OFX for the first time recently and I was incredibly impressed with the overall service. When you first make an account the customer service team call to ensure you have no issues and offer any assistant. From when I sent over the funds the money was in my Foreign account within 24 hours. OFX also offered an exchange rate that beat other transfer companies by a lot. I’m very happy with my experience and would certainly recommend.” ~ writes Benjamin in his Trustpilot review of OFX

“I have used OFX (and OzForex before they changed their name) for many years. Each time transfers have gone picture perfect. They are also very flexible when things go wrong due to no fault of their own, i.e. small payment difference adjustments, payment delays etc. I've seen a few negative reviews and one was mentioning their customer service on weekends. This is just a business like any others, so I do not expect them to be online 24/7. [...] I regularly recommend them and they have saved me thousands over the years by providing better exchange rates. I have also used them to transfer money to at least 4 other countries and it's always gone A+.” ~ Roel on Trustpilot

When it comes to potential downsides, you can find many reports about “hidden fees” or other transfer confusion. It seems that in many cases, it might be the fault of the customer’s bank. For example, it is adding up for using credit or debit cards to pay for the transfer. The platform may not notify the users properly about potential bank costs. Therefore, make sure to double-check them before making any transfer.

“Beware! I went through all the steps and, although the exchange rate from USD to Euro was not that great. I went with them anyway. Then as I created the transaction, I was still told “Transfer fee: FREE.” However, AFTER I submitted it. I get the transaction receipt where I am informed that: “Other Fees: 20.00 EUR” I called (customer support) and got some excuses, but I should be informed of all fees prior to submitting the transaction. I will find another way to send money next time I need to...” ~ warns Jon in his review on Trustpilot platform

“[...] I really feel that I have been wronged by OFX. First I’ve been transferred from one branch (Canadian, US, Australian…) to the other for a while as they didn’t know who should deal with my file. Then I have been provided wrong information by at least two representatives during the process, and even had a representative hang up on me when I was asking her to find a creative solution to move forward with my transaction. And most of all, I had never been told forehand about documents I would be required to provide in order to confirm the transfer. With all of this OFX kept my money for about 7 weeks, time during which the exchange rate had improved in my favor, but when released my funds they released them with the original exchange rate, 1500 euros less then I would have received had they considered the current exchange rate. [...]” ~ Stephanie on ICOMPAREFX review platform

In some cases, especially for larger payments, business deals, or property purchases, you might need to provide additional documentation and information about the deal, which may delay the transfer process.

Customer Support

You can contact the OFX customer support directly through a telephone call. They don't have representatives in all countries. However, they can help you in Australia, United States, United Kingdom, New Zealand, Canada, Hong Kong, Ireland, Germany or Spain, and France.

The opinions vary, and there are hundreds of representatives to take into consideration. While reading through reviews, you can find many positive comments. There are even examples mentioning their assistants by name who were helpful and very patient despite the user’s difficulties. Other cases show that the support didn’t really know how to deal with a particular problem.

OFX is also very active on all of the review platforms and is quickly responding and asking for details when users are reporting problems. This shows that they are willing to cooperate and solve any potential issues or transfer problems.

The overall evaluation of their customer support should be rather positive. On the other hand, the FAQ section could have a better design. However, it still answers the basic questions.

Final Thoughts

OFX Money Transfer Review

OFX seems like a right choice for fast and cheap transactions. However, they may lack transparency in some additional bank fees. It also appears that because of a flat $15 fee for some countries, it is better to use them for larger payments only. Over a certain amount, the transaction is free of charge. The overall design of the platform and mobile app are on a very good level. It is rather easy to register and order the payments. The customer service call you to ensure you are having a pleasant experience with your service and are very responsive to the problems, despite a few negative reviews.

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