Compare OFX exchange rate fees with our calculator.
OFX Review: How to transfer money with OFX.
OFX, previously referred to as NZForex, ClearFX, OZForex, USForex, UKForex, and CanadianForex, is a global leading forex exchange company and the largest non-banking FX provider in Australia. Founded in 1988 by Gary Lord and Matt Gilmour, this company had helped other companies and individuals make money transfers faster at a low cost than other competing providers.
To date, the company has helped more than 1 million people transfer over 150 billion dollars to 197 countries, across fifty-five currencies. The company has headquarters in Canada, Singapore, the UK, the US, Hong Kong, and Sydney. Although they have a set minimum transfer amount, OFX is rated as one of the best international money-transfer providers. In this article, we will focus on a comprehensive review of OFX. Read on to learn about this and much more.
OFX Service & Coverage
OFX provides several services to sole users. Also, they offer specialized services designed to meet the unique needs of online sellers and businesses. Here are some of the services they offer:
1. OFX Accounts
All OFX users need to create an account to access the initiate transfers and live exchange rates. Interested users can quickly create an account through the OFX website. Nonetheless, you must verify basic details such as location, bank account details, and identity before you are granted access to their services. It might sound inconvenient to some people, but it helps protect your account from identity fraud on the brighter side. For instance, an unknown user gets hold of bank account information and tries to move money from your account overseas. To some extent, you might be required to show identity documents.
2. Transfer Funding Alternatives
All money transferred through OFX is gotten from your bank account, whether in wire or debit transfer. OFX does not allow users to fund transfers using debit/credit cards, check, or cash. For those who go by wired transfer, be ready to incur a $25 transfer fee.
3. Mobile OFX App
The OFX mobile-money transfer app is compatible with both Android and iOS devices. With this mobile app, you can initiate money transfers 24/7. You can track your money transfer history using this app. Moreover, this app displays the current mid-market rates, and the recent upgrade even shows live, customer-estimate rates.
4. OFX Telephone Transfers
Aside from the mobile app, and OFX website, you can initiate transfers at any time by telephone. OFX has a network of offices worldwide that are available 24/7. For those out on an adventure, or have limited access to the internet, this can be a viable option.
5. Recurring Transfers with OFX
To those who need to transfer money overseas regularly, and periodically, i.e., mortgage payments, or foreign salary, they can set up an automated recurring transfer, set a year, or more from the current date. You can also set up the fixed payment plan- it will lock all transfers for the current rates.
6. Stop Loss and Limit Orders
For those under tight schedules and don’t have time to monitor the exchange rates all day, the limit orders come in handy. This service allows users to select an exchange rate (not the current), which, when reached, will automatically initiate a transfer.
7. Business Features
OFX provides special accounts that come with exclusive features, not available to individual users, for medium-sized and small businesses. The most significant feature is the International payroll support that can payout up to 500 employees at a go. This exclusive feature also incorporates the Xero accounting software. Any transfers to China are only available for business users.
8. OFX International Currency Accounts
For online entrepreneurs, who make multiple international sales, OFX provides an exclusive multi-currency account. This account saves users a considerable amount of cash as compared to conventional money transfers. Besides, it speeds up the transfers.
The currencies supported are GBP, Euro, Australian Dollar, US dollar, Hong Kong dollar, and the Canadian dollar. These accounts are linked with eBay, Amazon, Shopify, Etsy, and other online stores for enhanced user-convenience.
9. Forward Contracts
For those set to make transfers at a future date, they can use forward contracts to lock in the current rates for transfers that will happen a year or later. OFX charges a meagre fee for this service. However, this fee might increase if the exchange rates significantly change.
OFX Review: What you can expect from OFX
- It is mobile-friendly.
- They offer excellent customer support.
- You can initiate transfers at any hour.
- Creating an account is quick and easy.
- OFX does not charge any transfer fees.
- They do not allow any debit/credit card funding.
- Transfers might take some time.
- OFX doesn’t allow local cash pickup.
In conclusion, OFX is a reputable International money transfer provider. It offers several services for both business and individual users.