OFX is an Australian online foreign exchange and payments company that has its headquarters in Sydney. It was started back in 1998 by Matthew Gilmour under the name of OzForex, which it later changed to OFX. The company provides various money transfer services to MoneyGram, Travelex, ING Direct, Xero, and Macquarie International Money Transfers, as well as small businesses, and individuals, predominantly migrants, and expatriates. OFX also operated many different territory-specific brands such as NZForex, UKForex, CanadianForex, USForex, ClearFX, and Tranzfers before consolidating them into OFX in 2015.
OFX is fully regulated in the United Kingdom as an authorized electronic money institution by the Financial Conduct Authority. They provide a wide range of foreign exchange and payment services as well as electronic money services. Also, OFX has is considered to be Great according to Trustpilot, giving it an 8.7 out of 10 score. It based on 3,480 reviews from people using the company’s services, where 80% of users gave it 5 out of 5 stars and an additional 10% awarding 4-stars. And as far as online reviews are concerned, this is a pretty good rating.
They are also known for their excellent customer service, as seen in many of these customer reviews, mentioned above. They provide experienced support staff in all of their global offices such as Australia, the United States, the United Kingdom, Canada, New Zealand, Hong Kong, and Singapore. They provide 24/7 support by using state-of-the-art technology, which enables customers to transfer money instantly in most situations after they encounter an issue.
Below we’ll present you with five major reasons why you should use OFX for all of your international trading needs.
Great Rates on International Currency
Banks and major financial institutions, like OFX, will usually give you an exchange rate that’s different than the one they use to exchange money between themselves. These are known as retail and market-interbank rates, respectively. This difference in exchange rates is what predominantly contributes to their bottom line.
But once you sign up with OFX, they will show you what those interbank rates are so that you can work out the difference for yourself. What’s more, they are very competitive, and the difference between the retail and interbank rate margin decreases as the amount you transfer increases. But even at the smaller amounts, OFX is still very competitive in comparison with banks or PayPal, for instance.
To give you an example, most banks will add an extra of anywhere in between 3 to 7% over the interbank rate, whereas PayPal adds between 6 and 8%. OFX, on the other hand, adds somewhere in between 0.5 and 2%. These differences account for the amounts being transferred as well as the type of currencies used. When it comes to major currencies, OFX offers pretty steady rates.
As an online money transfer provider, OFX handles over 55 currencies to over 190 countries around the globe. From the US, you can transfer money to more than 80 countries worldwide and is among the cheapest international money transfer providers around. And while the minimum amount to transfer is $100, there is no maximum transfer amount.
When people are looking to move to a different country, the last thing that pops into their minds is having to change banks once they get to their new destination. Nevertheless, this is something that they have to do, regardless. But since OFX is not a bank, it will be that much easier for you to move and still have access to their services, irrespective of where that place will be.
Besides, it usually only takes one or two days to send money abroad. Several factors influence this, particularly where you are sending the money to, the type of currency you are sending, and the payment choice, be it direct debit, bill payment, etc.
Excellent Website and Mobile Apps Make Managing Your Currency Easier
OFX also provides a strong website and mobile app for both iOS v7 and above, and Android Honeycomb (version 3.0/API Level 1) and above, allowing its users to send money on the go. The app is ideally suited for people who need to transfer some cash fast but don’t have the time or possibility to physically go somewhere to do so. The OFX platform allows you to make single transfers and keep track of all of them. You can also view real-time exchange rates, create, view, and edit existing recipients, or review all started and completed transfers.
You can also use the app to call or email the Personal and Business Customer desks directly as well as to view historical exchange rates charts, which are either daily, weekly, monthly, quarterly, yearly, or 3-year historical prices. You can also see foreign exchange news, set rate alerts and push notifications, or register for an account via the mobile site.
OFX Is Cheaper Than a Bank
You can also save up to 70% on the rates which banks such as ANZ, Westpac, NAB, and Commonwealth bank charge with OFX. Together with OFX, you can keep all of your foreign exchange expenses to a minimum. It’s important to know that when you are using a bank to transfer money, they will usually charge large margins on your transfers. It is in addition to a flat transaction fee that comes attached. But as we’ve established before, OFX is better at exchange rates than banks and will waiver any transfer fees when it comes to some of its transfers. So, if for instance, you are looking to transfer 10,000 Australian dollars with OFX, you can save 307 US dollars, or even more.
Sign up and See If OFX Suits You
Signing up with OFX is quite simple as compared with banks or other financial services. The registration process is clearly outlined while customer service representatives will be there to help if you need them. All you need to do is to register online and verify your identity. The registration process doesn’t take longer than five minutes, while the identity verification can be done either on the spot or via email by sending them a photo with your driver’s license or another form of ID.
The best way to see whether OFX is the international money transfer provider for you, the right thing to do is to sign up and give it a try!