Last Updated on December, 2024
Are you looking for a way to send money overseas and protect yourself from currency fluctuations? OFX has got you covered. However, there is a lot more to it than just that!
From making it easy to send money internationally to cool features like “Multipay”, which lets you send money to more than one recipient at once with just one click, is OFX that money transfer specialist you’ve been searching for?
In this article, I’ve broken down what OFX is all about, so you can see why it might be the perfect fit for your global money needs.
Keep reading to avoid regrets.
Contents
- OFX Review
- What is OFX?
- Is OFX Available in the US?
- How Does OFX Work?
- Requirements for Opening an Account With OFX
- How to Use OFX?
- Is OFX Easy to Use on Your Mobile?
- Is it Secure to Send Money Through OFX?
- OFX Fees
- OFX Exchange Rates
- The Information Required for Sending Money.
- What is the Duration of an OFX Transfer?
- How to Make Payments with OFX?
- In Which Countries Can OFX Not Send Money?
- OFX Customer Reviews on Trustpilot
- Customer Support: OFX
- OFX for Business
- OFX Alternatives
- OFX Pros Cons
- Conclusion
- FAQs
OFX Review
OFX Key Features
That said, international money transfers with Wise include two distinct and transparent fees:
Overview
Are you considering OFX for your money transfers?
Here’s a closer look at its key features. OFX provides secure and reliable international transfers to a diverse range of supported countries, serving individuals and businesses. One notable advantage is the absence of an upfront transfer fee, preferring a slight markup on the target exchange rate for currency conversion.
OFX’s customer service track record offers a 24/7 phone line for smooth assistance with payment requests. However, it’s essential to note that OFX may be better suited for higher-value or business transactions, given the minimum transfer requirement of 1,000 USD.
Whether you’re an individual looking for easy money transfers or a business with international financial needs, OFX presents a great option.
What is OFX?
OFX was established in 1998 and is headquartered in Sydney. It is a global provider of foreign exchange and international money transfer services for individuals and businesses.
Operating across more than 170 countries, they support over 50 currencies. With offices in key locations like Singapore, Hong Kong, Dublin, and more, OFX has a global presence. Notably, they are not a bank but are licensed by financial authorities in multiple countries, including the Monetary Authority of Singapore.
OFX, publicly listed on the Australian Stock Exchange since 2013, has a proven track record of facilitating fast and secure foreign currency exchanges for over 1 million customers worldwide.
Is OFX Available in the US?
Yes, OFX is accessible to both individuals and businesses in the US. With the capability to send payments in over 50 currencies to 170+ countries, OFX provides a convenient solution. Moreover, the customer support team is available by phone 24/7, ensuring assistance whenever needed.
How Does OFX Work?
Setting Up an OFX Account
You know what? Initiating a transfer with OFX is a simple process. Start by visiting the OFX homepage and click ‘Get Started’ to sign up for an account. Choose between an individual or business entity, provide the necessary information, and create your account. Two-step verification using a mobile number is required.
Transfer Process
After account creation, verify your identity by submitting a photo with a government-issued ID. Setting up a transfer involves specifying amounts, selecting currencies, and confirming your bank account. OFX may contact you for additional verification.
Once funded, provide details for the recipient, and OFX handles the rest. Track transfers through the ‘Deals & Orders’ tab. The process is equally simple through the OFX app.
Sending an OFX International Transfer
To send an OFX international transfer, set up an account online or through the app. Choose from various payment options, including the app, online site, or phone.
OFX processes payments directly to the recipient’s bank account, usually through their network or, in some cases, via systems like SWIFT, with potential intermediary bank involvement and additional fees.
Requirements for Opening an Account With OFX
If you’re considering opening an account with OFX, here’s what you need to know about the document requirements.
Identity Verification for Personal Customers
Requirements for Business Accounts
How to Use OFX?
I hope you understand how to create an OFX account based on what I discussed above; now, I’ll discuss how to use OFX.
To start with OFX and send money overseas, follow these simple steps:
Is OFX Easy to Use on Your Mobile?
Discover the convenience of using OFX on your mobile device with its dedicated OFX app.
Here’s what you can do simply through your smartphone:
OFX ensures you stay updated on your transfer status through the OFX website and app, which are accompanied by SMS and email notifications. User reviews highlight the app’s speed and simplicity, earning it high ratings of 4.9 out of 5 on the App Store and 4.6 out of 5 on Google Play.
Is it Secure to Send Money Through OFX?
OFX ensures a secure platform for transferring money. USForex Inc., operating as OFX, is registered as a Money Service Business with FinCEN, holding necessary state licenses in the United States.
Oversight from 50 regulators, including the Financial Conduct Authority (FCA) in the UK and AUSTRAC in Australia, adds an extra layer of security. The comprehensive regulatory compliance makes OFX a trustworthy option for sending money internationally.
OFX Fees
When considering OFX for your international money transfers, it’s crucial to understand their fee structure.
This detailed OFX review examines the transparent cost structure, shedding light on how it distinguishes itself in the competitive landscape:
The OFX exchange rate is influenced by currency, market rate, transfer amount, and frequency. While the exact margin isn’t specified, OFX emphasizes offering rates lower than the high 5% most traditional banks charge.
Recipients might encounter additional charges from their banks. Still, OFX minimizes these transfer fees through a global network of local bank accounts, potentially resulting in lower fees to save money for the recipient.
OFX allows users to transfer funds starting at a minimum of USD 150. However, for any transfer amount below USD 10,000, a fixed fee of USD 15 will be charged. For businesses with varying transfer needs, OFX provides flexibility, and specific details can be obtained by contacting them directly.
Additionally, OFX’s competitive fee structure and reliable services make it a noteworthy choice when planning for future transfers.
OFX Exchange Rates
Understanding OFX exchange rates is crucial for evaluating the value you receive. OFX applies a modest exchange rate markup when converting your dollars to the recipient’s currency, a practice common among various money transfer providers and banks.
For example, if the mid-market exchange rate for USD to EUR is 1.200, OFX might offer a rate of 1.102, indicating a 0.9184 markup. While there is a markup, OFX typically maintains a smaller margin than major banks, making it a cost-effective option for many users.
If you want to evaluate the competitiveness of OFX rates, compare the offered rate against the mid-market exchange rate, which can be easily found using a currency conversion tool.
The Information Required for Sending Money.
When initiating an OFX money transfer, you must provide essential details:
Bank account details may vary by country but commonly include the sort code or routing number and the account number. Additionally, some transactions may require a SWIFT code or IBAN (International Bank Account Number).
What is the Duration of an OFX Transfer?
Discover the timeline for your OFX money transfer:
How to Make Payments with OFX?
Sending money with OFX is not as complicated a process as you think.
I’ll tell you the steps so that you will understand why:
Ensure a simple money transfer experience with these simple steps using OFX.
In Which Countries Can OFX Not Send Money?
OFX facilitates money transfers to an extensive list of 170+ countries globally. However, there are specific countries where OFX cannot set up a transfer, primarily due to global sanctions or practical reasons.
These countries include Afghanistan, Belarus, Burma, the Democratic Republic of Congo, Côte d’Ivoire, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria, and Zimbabwe.
It’s essential to check OFX’s latest information or contact their support for the most accurate and up-to-date details on supported countries.
OFX Customer Reviews on Trustpilot
Overall Rating
OFX has received 6,573 reviews, resulting in an average rating of 4.2 out of 5.
The distribution of ratings is as follows:
Most reviews reflect a positive sentiment, with users expressing satisfaction through higher ratings.
Individual Reviews
- Christine Moore Rated 5 out of 5 stars, date of experience: January 16, 2024
“OFX never let me down. I received cleared funds into my overseas account within 24 hours of application. Great rate, too. Wouldn’t use anyone else.”
- Eric Dear Rated 5 out of 5 stars, date of experience: December 21, 2023
“Once set up, the system is fast and easy to operate. Good rates and money arrive promptly. As they have a branch in the UK, money is an internal transfer and avoids bank receiving costs.”
- William Harris Rated 2 out of 5 stars, date of experience: January 17, 2024
“OFX has asked me for a copy of a recent bank statement from my Canadian bank. Due to regulatory requirements. Is this true, or is it a scam to get my bank details? They have already taken the money from my account but refuse to complete the transfer until I send it.”
- Susan Dymond Rated 4 out of 5 stars, date of experience: January 17, 2024
“Very efficient, although I do feel it is taking longer to receive money. It took over 12 hours to acknowledge receiving the funds in the originating country.”
These reviews collectively present a generally positive experience with OFX, emphasizing reliable service, efficient processes, competitive rates, and a dedicated account manager but also raising concerns about document requests and processing times.
Customer Support: OFX
Feel free to reach out to OFX anytime for assistance. Here are the contact details.
For Personal accounts:
Business accounts:
Partnerships:
OFX ensures global accessibility with offices around the world, providing 24/7 support to address your inquiries promptly.
OFX for Business
OFX extends specialized services to businesses, addressing various financial needs:
For online sellers, OFX introduces the Global Currency Account, providing local bank details across seven major foreign currencies. This account is compatible with popular online marketplaces like Amazon, eBay, and more. Elevate your business with OFX’s customized solutions.
OFX Alternatives
While OFX serves many users well, exploring alternatives is essential to finding the right choice for your needs.
Consider these alternatives for your international transfers:
Explore these alternatives to determine the most suitable option for international money transfer requirements.
OFX Pros Cons
Pros
Cons
Other online bank reviews:
Conclusion
OFX stands as a reliable choice, supporting transfers to 170+ countries.
With a reliable track record, transparent fee structure, and a broad reach of supported countries, it provides safe and efficient services.
The benefits of real-time rates, historical data, and 24/7 support make OFX a favorable option. If you prioritize safety, ease of use, and excellent customer service, OFX is worth considering for your international money transfers.
FAQs
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