After more than 20 years in existence and over 65 billion pounds moved in international transfers, OFX has come to be regarded as one of the leading international money transfer companies in the world.
But is OFX actually worth it? Is the company good enough in terms of convenience, customer service, and value for money? And most importantly, is it the perfect fit for you?
These are all valid questions, especially given the options out there today when it comes to currency movement, exchange, and transfer. And this is why we have provided a detailed review below on all things OFX.
By the time you're done reading, you should have a complete picture regarding the company, its currency transfer process, and how fitting it is for your needs.
OFX, which in its full form stands for Open Financial Exchange, was founded in Australia and currently allows residents in more than 50 countries to transfer money abroad as easily as possible.
With offices in London, San Francisco, Sydney, Toronto, Hong Kong, and Singapore, the company thrives by being transparent, reasonable in its pricing, and offering a user interface that is relatively straightforward to transact on.
As you will find in our in-depth review below, OFX triumphs when it comes to a lot of factors that makes sure the company remains one of the very best options for international money transfer.
To make use of the OFX platform, you must first create an account and sign up. To do this you will have to visit the OFX website at https://OFX.com, and wait for a call from the company to complete the signup process.
Afterwards you can start sending money simply by providing recipient details and clicking send. These details generally include recipient’s name, address, and international banking details.
As mentioned earlier, you could use the OFX website for this, or you could easily make use of the mobile app, too, which is just as fast and convenient.
Lastly, once you're done initiating your transaction, OFX keeps you updated about your transfer status either through app notification, email notification, or SMS.
You can also make use of the website to check the status of your current and past transactions.
To understand what factors set OFX apart from its competitors, we take a look below at a few highlights of the company below. We also take a further look at some aspects that we either did not find very appealing, or that have generally been points of complaints by customers at one point or another.
Excellent Customer Support - When it comes to financial services, the importance of having a solid customer service unit can not be overstated. OFX excels in this area. Their customer support can always be reached easily, and are knowledgeable enough to help users through whatever problems or questions they may have about the platform.
No Additional Fees - OFX is known to offer very competitive fees, particularly when it comes to making transactions of a large volume (more than $10,000). And while this may cause anyone to wonder whether or not there are additional charges undisclosed, we can assure you that OFX does not have additional fees or hidden charges for any transaction, regardless of size.
Mobile Friendliness - Making use of a cross border transaction platform usually involves logging in on your computer. With OFX, you can make use of the platform even on mobile devices with the same degree of smoothness, speed, and convenience.
Convenience - OFX offers anyone the opportunity to send and receive payments online from all over the world. This is especially convenient for online freelancers, e-commerce owners and even other businesses who happen to have a lot of overseas clients and deal in large volume transactions on a regular basis.
Speed - OFX offers same day delivery when making transfers through any of their global bank networks. For some currencies, overseas transfer can take as much as 48 hours. For other currencies, particularly the less popular ones, overseas transfers can take as much as 5 business days. All in all, this has to be filed under advantages, seeing as the duration is quite consistent with the general standard among its competitors.
Low Volume Transactions - while OFX may be one of the best alternatives out there for carrying out high volume transactions on a regular basis, it is not necessarily the best option when it comes to low volume transfers. Apart from the US and the United Kingdom, transfers that amount to less than $10,000 incur a $15 transfer fee.
Credit Card Support - OFX does not accept credit card use on its platform. This is maybe understandable to an extent, but it is a feature which many past users of the platform have been known to complain about. Add this to the fact that there are other alternatives such as Wise that allow card payments, it becomes understandable why this is filed as a disadvantage.
Having examined what OFX is all about, along with its transfer process, advantages and disadvantages, the next logical move is to understand their reputation, reception trend among existing customers, and most importantly, how particularly fitting they are for your needs
Being one of the pioneers of cross border transfers, it is safe to say that OFX has one of the most well-established trust levels among companies in the same industry.
Previously known as OzForex, OFX has been in operation since the year 1988, and has never had a major regulatory challenge in all of those years. So when it comes to track record, there's really nothing to worry about with OFX.
OFX is regulated in the United States by FinCen, in the UK by the FCA, in Canada by FINTRAC, in Australia by ASIC, and in Europe by the Central Bank of Ireland.
While OFX is regarded as only decent when it comes to low volume transactions, it is mostly in high volume transactions that users are pretty much guaranteed an incredible value for their money on the platform.
As we'll see shortly under the fees and charges section below, transactions above $10,000, or equivalent in other major currencies, may imply a complete removal of the standard fixed $15 fees on transactions. Customers who fall under this category only have to worry about the marginal fees on interbank exchange rates.
Many users who have left reviews about OFX have usually praised the ease of use of the platform, a sentiment which we have also found to be quite true based on personal experience.
The process of initiating transfers on OFX is straightforward enough and the user interface is just as simple and direct as one would expect from a financial service platform.
Customer support is one of the highlights of OFX. Any platform providing such a sensitive service should usually have a very competent and reliable customer service unit. Sadly, though, this isn't usually the case for most companies in the sector.
OFX is a pleasant exception. Getting through to the company's support service is usually quite easy. Their response time is also as swift as the fastest around.
In addition to the speed and swiftness, OFX's support staff also possess a great deal of expertise and are known to be quite efficient in resolving issues in the best possible way.
Below are a few key information on how to get in touch with OFX's customer service unit.
Phone Number (US) - 1-888-966-6888
EMail Address - email@example.com
OFX provides customer support all year long.
OFX offers relatively fast processing speed on overseas transfers. For instance, once you have initiated payment successfully on your own end by making the appropriate transfer, OFX completes the process in no more than 2 days for popular major currencies.
Those who elect to make use of one of OFX banks all over the world can even enjoy same day transfers.
For less popular currencies, however, transfers are generally known to take about 3 days and no more than 5 days until completion.
It is also a great advantage that OFX offers its services 24/7 every day of the week, which means on your end you can initiate transfer anytime you want.
As mentioned earlier, OFX offers great rates for large transfers. However, it is also important to take note of some of the other fees you may incur by initiating transactions on the platform.
First of all, you should generally expect to pay some sending fee charged by your bank. Then you can proceed to calculate the actual OFX fees. And speaking of actual OFX fees, the company charges a fixed $15 for transfers below $10,000. Above $10,000 this fee is automatically waived under certain conditions.
This, of course, is one of the reasons why the platform is regarded as being more friendly towards large volume transactions than most of its competitors.
It should be noted, though, that apart from the fixed $15 fee, OFX also charges a margin on the interbank exchange rate. And finally, the recipient's bank may also charge additional fees of its own.
All in all, these are all the fees and charges you should expect when you make use of the OFX platform for international transfers.
Sifting through thousands of user reviews across multiple review aggregator platforms, it is clear to see that a substantial majority of customers found OFX to be a very efficient and reliable platform. About 80% of customer reviews rated OFX as having performed an excellent job in their services.
Most of the customers praised the platform for its easy interface, affordable rate, quick transfer speed for popular currencies, and helpful customer service.
The last point especially had a lot of special emphasis, with some users narrating their experience with customer support staff members in detail.
It should also be noted that about 7% reported having a bad experience with OFX. Most of these grievances were purportedly due to extended transfer times due to unspecified delays.
Knowing whether or not a cross border transfer platform is right for you requires considering a few conditions. You have to ask yourself how much you're transacting, how fast you want to get the transaction done, how particular you are about getting reasonable rates, and so on.
We take a look at these factors in detail below.
To quickly summarize, OFX is great for you when you're sending large sums in bank to bank transfers. The platform allows you to do this in the most affordable manner.
By large sums, we mean volumes above 7000 Dollars, 4000 Pounds, 4500 Euros, and about 10000 Canadian Dollars.
OFX also offers a great deal of flexibility and customization regarding exchange rates and setting up recurring transactions.
Lastly, OFX can be the perfect choice for you if you're interested in running multi-currency accounts that can be used whenever you're in a different country. Running such an account with OFX is also relatively easier to maintain than running similar accounts with traditional banks.
The exchange fees on OFX are considerably cheaper.
It should be noted, though, that OFX’s multi-currency option is only available for businesses and not individuals.
OFX has a lot of desirable qualities, but even after taking note of all of them, there are still certain scenarios where you may have to consider other options. One of such cases occurs when you only have cash to send and can't make use of a bank transfer.
Seeing as OFX does not, at the moment, support cash or cheque deposits, you would have to consider other alternatives to get your transfer done in this case.
Furthermore, there are quite a few "exotic" currencies not supported by OFX at the present moment.
Finally, the platform may also not be the best option for those who require personal multi-currency accounts. As mentioned earlier, OFX supports multi-currency accounts for businesses, but sadly not for individuals.
With decades of experience, an easy to use platform, and impressive customer service, OFX remains one of the foremost options to consider when it comes to making international payments.
And despite the numerous highlights of the company, without a doubt its best trait is the value it offers for large volume transactions of more than $10,000.
In case you find yourself having to make large volume international payments regularly, you may want to give OFX a try before concluding on a permanent cross-border platform going forward.
Below are a few frequently asked questions about OFX.
Yes, OFX does provide its users the options to make use of a mobile app for pretty much every functionality you'd expect to make use of on its website. The mobile app also has the added advantage of being more compact, convenient, and easy to use.
Both iOS and Android users can download the application from their respective app stores. Among some of the functionalities compatible on the mobile app are rate monitoring, rate alert setting, initiating easy transfers, and tracking payments and payment and history.
Yes, OFX provides a handful of special services for businesses alone. Among these is the Forex risk management service which aims to protect businesses from unstable currencies. With OFX's forex management feature, risk is limited through forward contracts and limit orders.
Another business exclusive service provided by OFX is the overseas payroll feature that allows businesses to pay their overseas staff members in their native currencies straight to their bank accounts.
Currently OFX does not offer compatibility for payments into countries such as Afghanistan, Belarus, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria and Zimbabwe. Côte d'Ivoire, Cuba, Iran, Iraq, Burma, Democratic Republic of Congo, North Korea, Lebanon.