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OFX Money Transfer Review

(Parent company – OzForex; Subsidiaries include UKForex, USForex, CanadianForex and ClearFX)

Quick FactsPros and Cons
ofxtransparent

Established: 2005.


International Clients: ✓ Accepted


Currencies Offered: 155


Minimum Transfer: £/€/$ 100 per Transfer (Lowered from £750)


Trading via: Online Platform, Email or Telephone


Offices:

OFX has global offices in Auckland, Sydney, Toronto, San Francisco, and Hong Kong and London. The London Office is named UKForex.


Regulation: ✓ Financial Conduct Authority (UK),  ASIC (Australia),  FinCEN (USA),  FINTRAC (Canada).


Fees: No Wire Fees.


Client Reviews: 1,310 Reviews on TrustPilot (for both UKForex and OFX)


Client Rating: 9.1 / 10 (average between 8.9 UKForex and 9.1 for OFX)


Website: http://ukforex.co.uk (UK), http://ofx.com (Australia)
Websites merged into OFX brand:  http://canadianforex.ca, http://usforex.com, http://clearfx.com, http://nzforex.co.nz

🏆 Deloitte awards every year from 2005-2011 (Fast 50, Fast 500 Asia Pacific).

🏆 BRW Fast 100, 2005

🏆 UK Trade & Investment International Business Awards Finalist, 2006


Our Rating: 90.8%

🔎 View Rating Breakdown


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Get Free Quote – Australia

Pros

 Worldwide Offices, Local Offices in the Most Important Locations

Local bank accounts in UK, USA, Hong Kong, Australia, NZ

24/7 Customer Support

Accept debit / Credit with local processing

iOS and Android Apps

Good client feedback

Large trading volumes of $20bn Annually – Industry Leader

A public company – completely transparent

Cons

Trading some currencies requires a phone call

Customer Support waiting time could be too long

Confusing branding: OFX for Aus, UKForex for UK


Our Rating: 90.8%

🔎 View Rating Breakdown


 

Receive a Free Quote – UKForex UK

Receive a  Free Quote – USForex USA

Receive a Free Quote – OFX Australia

 

Read More:

Company Information and Credibility


Company size:  

Founded in 2005, UKForex is owned by the OzForex Group (OFX:ASE), which also owns CanadianForex, USForex, NZForex, Tranzfers and ClearFX. It can be difficult to tell where UKForex stops and OFX begins. But suffice to say, UKForex benefits from OFX’s infrastructure and licensing, and is thus able to serve customers all over the world.

OFX boasts 600,000+ fund transfers last year, which are AUD$20 billion in foreign exchange transactions last year, and approximately 65,000 website visits every day. The OzForex network employs about 250 people worldwide, offering excellent customer service and some of the best industry rates to people and businesses in many nations.

OzForex was rebranded as OFX with their new website OFX.com on Dec 2015. It is expected that in 2016, all subsidiary companies including UKForex will merge into OFX as well.


Regulated By: 

Financial Conduct Authority (UK), ASIC (Australia), FinCEN (USA), FINTRAC (Canada).


Awards: 

🏆 Top 10 Largest Currency Brokers UK – Wikipedia

🏆 Deloitte awards every year from 2005-2011 (Fast 50, Fast 500 Asia Pacific). 

🏆 BRW Fast 100, 2005

🏆 UK Trade & Investment International Business Awards Finalist, 2006


Conclusion: 

UKForex benefits from being part of a larger network of international currency transfer companies. Primarily serving UK-based clients, UKForex provides good customer service and some of the best rates you can find anywhere. Low exchange rates are only possible because of the vast range of the parent company, OFX.

Credibility Rating

Client Feedback


Research:

There are a few hundreds of client reviews on TrustPilot and ReviewCentre.

TrustPilot has several two separate pages dedicated to the UK – here, and to the Australian OZForex here. In total there are 185 reviews with an average score of 9.3. About 170 are glowingly positive, while 10 are complaints.

ReviewCentre has 150 additional review, with overall rating is 4.8/5, with as little as 5 complaints.

There are new reviews added daily for the new company name OFX, and we will update this OFX reviews with them as soon as they accumulate.


Positive:

Clients absolutely love UKForex, OFX, USForex and CanadianForex. These are their main takes:

  • Local Client Support
  • Local Bank Accounts
  • Great Rates
  • Helpful staff
Negative:

Complaints are scarce, but the ones we did see were about the following:

  • Poor rates provided.
  • Delay in deals.
  • Privacy issues.

Conclusion:

We find no avail or substance in the vast majority of the complaints. Isolated incidents where people claim the rate they have received is sub-optimal doesn’t say much, and same goes for complaints about delay.

As far as privacy go – as part of the regulator’s role in Anti Money Laundering, UKForex must provide proper documentation to each transfer they send.

There aren’t many UKForex and OZForex review in comparison to the other large companies, but 300 reviews of which 95% are positive gives us high level of confidence that clients appreciate the service provided to them.

User Rating

 

Case Study: Chris Gray / Your Empire

Who:

Chris Gray of Your Empire

What:

A property investor who has built a vast property portfolio in Australia, allowing him to semi-retire at age 31

When:

1999 and on going

How:

Moved to Australia from the UK and used OFX to invest here in Australia

Setting the scene

chrisgrayyourempireOriginally an accountant by trade, Chris found he had a talent for property investment and has been actively investing since the age of 22.

I bought my first property in England for £80,000 which was a lot of money back in 1994. I still own this property, which is now worth over £400,000.”

Chris first came to Australia in 1997 and despite working 7 days a week and living in a backpackers’ dormitory he still found time to hit the beach every day. He enjoyed Australian life so much, that when he returned to the UK he qualified as an accountant as that gave him permanent residency in Australia. At 27 he relocated his life to Australia and with it, his property portfolio.

I began pulling equity out of my UK properties and transferring the money to Australia to enable me to purchase property here. I was moving large sums of money up to $100,000 at a time and was comparing rates across banks when I remembered someone had recommended I have a look at using OFX. The difference was considerable and I’ve been using it ever since.”

Chris bought his first Australian property in 1999 in Coogee just before the Olympics for $360,000 when people were warning of a future property crash. That property is now worth $1m+. Since then he has continued to build his personal property portfolio, which currently stands at 12 properties here in Australia.

A new business

Chris semi-retired from full time work as an accountant at age 31 and now travels around the Asia Pacific region to countries like Hong Kong and Singapore coaching others on how to do the same or doing it for them.

When I retired from being an accountant so young, I had so many people ask how I had managed to do it. I ended up writing a book called ‘The Effortless Empire – the time-poor professionals guide to building wealth from property’ which seeks to financially educate and empower people.

I now regularly host on Sky News Business talking about personal wealth, buying properties and managing money. I also travel around Australia and Asia conducting seminars and use OFX to pay for venues and sponsorships.”

A highly recommended solution

Thanks to the seamless experience with OFX, it’s a service that Chris recommends to clients of his property investment company, Your Empire.

Your Empire helps its clients buy 50-100 properties a year in Australia and we have a lot of expat clients located in Asia who are looking to invest in Australian property and need to transfer money.”

I’ve definitely found a solution that I will continue to stick to and will continue to recommend to clients. Every once in a while I check out what the difference in rates is between OFX and banks out of curiosity, but OFX always remains ahead. It’s great to be able to advise people that they don’t have to settle for the rates that their banks are offering them and they can save thousands on their transactions.”

 


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Exchange Rate & Fees


Research:

Fees: A £7 charge is applied to all transfers of £3,000 or less (or currency equivalent), with all greater amounts transferred for free. This holds true for UK and international clients. There are no other fees or commissions for this service.

OFX’s newest fee policy is that all trades are free of charge regardless of transfer volume.

Exchange Rates:

As with all other major currency brokerages in the world like World First, Global Reach Partners, or Moneycorp, the exchange rate markup applied by OFX is quite flexible and heavily dependent on the currency routes and volumes which are being traded.

A small transfer of less than several thousands of dollars involving an exotic pairing (for example: HKD to NZD) will be just slightly less expensive than in banks, but the popular corridors like GBPEUR will be a lot cheaper, especially if large volumes are traded.

The only indication we have about how expensive or cheap UKForex / OFX really is, comes from client reviews, which are generally very positive about this aspect. Out of several hundreds reviews scrutinized by us, we found several dozens of satisfied clients who specifically mentioned how low the cost was in comparison with their banks or other companies they have test.

From our experience in the foreign exchange industry – it makes a perfect sense. Large companies are able to offer better rates to their clients because their own fx costs are minimal.

Limits:

 £750 is the minimum transfer allowed, with no advertised maximum. Customers who would like to send smaller amounts can be served by fellow OzForex subsidiary Tranzfers.

Recently UKForex and the entire OFX group changed the minimum transfer limits to £100 or equivalent in US Dollars, Australian Dollars, Canadian Dollars, New Zealand Dollars or Hong Kong Dollars.


Conclusion:

UKForex was a very traditional payment provider until 2015. Fixed fees were applied to any transfer lower than 3,000, and the minimum transfer was 750.

In 2016, together with the new re branding from OzForex to OFX, they have really stepped up their game to stand in one line with many other providers who offer lower minimums and a no-fee policy across the board.

Seemingly, their rates are also up to par with other global leaders in this field, and thus, a client can expect that OFX would provide him with the cheapest quote available on the market.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices:  UKForex has a single office in the UK. OFX has global offices in Auckland, Sydney, Toronto, San Francisco, London, and Hong Kong.
  • Ways to approach: Email, Phone – 24/7!
  • Translations: None.
  • Accepts clients: Worldwide.
  • Currencies Handled: 155 currencies which is quite a complete selection.
  • Client reviews: Happy with the support they have received.

Conclusion:

The OFX brand, and its UK subsidiary UKForex, is turly a service oriented company.

1) It has recently started offering 24/7 telephone and email support which is a unique perk that no other company we have reviewed offered.

2) Clients are extremely happy about the level of service they have received by their dealer or the support team, and many of them even mention their dealer’s name on their reviews.

3) As a public company, OFX has to withstand harsher restrictions than other companies. That means totally transparency. Any client can easily view the latest reports that have been published to know what this company is up to, and how much money they’re making off of their clients.

In addition to that, OFX is a very global company with a very wide selection of offices across the world, a local payment settlements in the the USA, Canada, Australia, Europe and of course – in the UK. That means that in all of these countries you can send money domestically to them in order to fund your transfer, and you can also pay via debit card for smaller transfers (which again, is quite unique in the landscape, most companies would only accept a UK debit card).

Global Reach Score

Additional Functionalities


Hedging:

OFX / UKForex has a good offering of hedging tools, including: spot contracts, recurring payment discounts, forward contracts, and limit orders. These, combined with clear communication from UKForex’s customer service providers, helps users anticipate and take advantage of ideal market conditions.


App:

A fully functional money transfer app which is available on both Android and iPhone devices, and even though it’s newly released has already gathered 1,300 reviews with rating of 4.2 / 5 (on Google Play Store), making it one of our chosen top currency apps 2015.


Online sellers:

OFX has recently joined companies like World First and Currencies Direct who are offering specific array of service for online sellers on marketplaces like Amazon . OFX, similarly to other companies, helps such merchants to create a foreign collection account overseas, so he can receive payments in local currencies when he sells abroad. That is a big step for OFX and their service seems terrific.


Conclusion:

Pretty standard hedging offering for businesses, but all the basics are provided and we know for certain the level of professionalism is higher than the industry standard. Online sellers in particular can enjoy unique features.

The app is refreshing, and appears to be on the higher-end of things, which is a big advantage compared to majority of companies which don’t have apps.

Special Features Score

Review Summary
  • Credibility Score - 95%
    95
  • Client Feedback - 92%
    92
  • Fees, Exchange Rates - 90%
    90
  • Global Reach, Availability, Service - 95%
    95
  • Added Values - 80%
    80

Bottom Line

OFX and its British subsidiary UKForex are definitely a great choice for transfers of all sizes. Those who are sending smaller amounts of money abroad can enjoy the easy-to-use online payment system, their "no fee" policy on trades of all sizes, and the fact you can fund the transfer through a debit card. Those are are sending or receiving larger amounts of foreign currency, can enjoy their 24/7 support from a dedicated dealer, competitive rates, and more than all - be confident that their money is safe with one of the world's largest payment providers.

90.4 %

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19 comments

  1. R McDarmid

    Have used UK Forex, since 2011, with 15 trades to date, and they have always provided a good service with an easy web interface. Generally the rates have always been amongst the best that I had stumbled across… but after a recent promotional first trade offer from Transferwise, I tried them and saved UK £50 on a £3k trade, vs. UK Forex.

    However, this was a one-off and I checked a day later without the promotion, and they were about the same. So no real reason to make a permanent switch.

    Doing some more thorough searching today, I was enticed by Xendpay, so tried a £3 k GBP trade to Baht … admittedly the markets were closed on the weekend, but UK Forex would have given me THB162,491 if I traded.

    Xendpay, gave me THB164,769 … in UK currency, thats an extra GBP £40 in my pocket, and not at a promotional rate.

    I hope they take note of their new competitors.

    Posted on December 12, 2015
    • compare

      Russ, we appreciate the elaborated review. Cheers!

      Posted on December 13, 2015
    • michael

      Initial registration 5 days ago had no response from my 2 e mails have sent passport details etc and still no one has contacted me ..dreadful service ..when logging on the system does not work keeps refreshing put in a phone number and the predictor showed someone elses!! very poor and not safe will not us again ..thanks

      Posted on May 11, 2016
      • compare

        Michael thank you for your feedback, yayks! We’ve been doing some tests of our own and feel you’re correct with your insights. The sign up process is sub-par and it is really not expected of a company this big which has been running for so long. Did you try any other companies?

        Posted on May 11, 2016
    • compare

      As an update to your comment – our Xendpay review have demonstrated people are extremely unhappy with the firm. Unlike UKForex who have always provided you with a proper service. So it could be that in theory Xendpay is cheaper for smaller transfers, but we believe trust is the most important factor.

      Posted on September 20, 2016
  2. AYLİN AKATA

    good

    Posted on February 9, 2016
    • compare

      Thank you for your review – could you elaborate what you liked about UKForex/ OFX? Thank you!

      Posted on February 9, 2016
  3. Bob Mortimer

    Very interesting I have used ozforex Australia for the past four years no problem, but know they have been taken over or changed there wed site the old one was with out doubt the best but now very little information and only show yesterday rate so have been looking for some one ells, so thank you I will try Xendpay and Transferwise

    Posted on February 26, 2016
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      Hey Bob, thank you for your feedback. OzForex which as now rebranded itself as OFX has actually improved the quality of its website and services (from our perspective), but it’s human nature to appreciate familiar interfaces, and of course it’s perfectly fine. Nothing is more “Australian” than OFX in all honesty, but if you’re looking for other alternatives you should consider World First and TorFX (both with local offices in Oz). Transferwise is also a solid firm (though their AUD rates are slightly worse than GBP rates). Xendpay is one of the worst ranked firms on this website with dozens of very angry client reviews on its page – have a look. Hope this have helped you, and thanks again for your comment!

      Posted on February 26, 2016
  4. sivana

    UKForex have a great trust score

    Posted on April 2, 2016
  5. Anthony

    I’ve used OzForex in the past to transfer CAD to AUD with no issues. Now I need AUD to USD.

    This time round it wasn’t easy. I had to call to update AUD to my sell list. Their phone system had only 2 options, new account setup or make a deal. I hit 2 then waited 20mins to get to a guy who said I need to speak to customer service to update my sell list.. ahhh isn’t that who I’m speaking with? Another 20mins on hold. I speak with a lady who confirms my details and adds AUD to my sell list. I specifically stated ‘So now I will be able to transfer AUD to USD correct?’ to be sure. She said yes. She knows I’m in Aus. She had an Aus accent. I figured I’m all good.

    Login and USD not AUD has been added to my sell list… :( Bugger me if I’m going to go through the loops to call them back again. Not good enough when there’s plenty of competition out there.

    Will give TorFX or World First a shot. Thanks for the reviews on this site for helping me find a competitor :)

    Posted on April 18, 2016
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      Hi Anthony thank you for the great feedback! This is especially insightful!
      What you’re describing here is the “good and bad” about the OFX group.

      On one hand you have ultra-local services, support and bank accounts whether you are residing in Aus / UK / USA / Canada or Europe.
      On the other hand each company in the OFX group is tailored towards very specific usages, and each of them has default buy and sell currencies that don’t necessarily match their clients intents.

      TorFX and World First are great choices for Australian clients, with local offices and processing, and a wide array of currencies to SELL and BUY which are added by default to your online trading system. You would not have to wait on the phone for 20 minutes in order to make a request, they should appear there and be readily available for you regardless of your whereabouts.

      Wishing you the best of luck, and if you would find the time, please do come back here to report about your findings.

      Thanks again for the insightful feedback,
      MoneyTransferComparison.com Staff

      PS We added your valuable feedback into the review’s body under “cons”

      Posted on April 19, 2016
      • Anthony

        So I went with World First in the end. Was an easy setup process and so far their customer service to get me setup and make my first transfer was great. I like their idea of assigning you a personal trader. I have his number and direct email – he’s been very switched on and responded straight away. Feels much better than just going to random people picking up in a call center and passing you around.

        Their front site is slick and onboards you well. The back is less user friendly in the design but it’s functional and easy to use. I was setup and made my first trade within the same day. Saved $12AUD on a better rate than OFX. Not a huge amount but was nice to have a better rate while trialling their service.

        I guess now I have both services setup I’ll compare the rates and go with the best deal at the time. Bottom line is the money in the end. But World First is clearly better service and more dialled into the Aussie market from my point of view.

        Posted on April 21, 2016
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          Anthony, thank you again for the superb feedback! we appreciate the fac you came back here to report your findings – this is extremely helpful.
          Signing up with multiple companies and comparing rates when you need to make a transfer is a great system and we’re sure you will enjoy great rates with both companies.

          We will copy your comment into the World First review as well.

          Posted on April 21, 2016
  6. Nina B

    I used to use UKForex whenever I needed to make transfers. It was pretty straightforward but now since they have changed things around where you can only have 1 currency for selling, I’m rather put off about it and will look at other competitors.

    I was on the phone for 10 minutes to put in a new currency and when I checked the new sell currency list, there was the new currency and my old one was removed. I enquired if I could have two currencies for the sell list but the guy on the phone was very reluctant. He said I’d have to call again if I needed a new currency to sell. It’s a huge inconvenience to have to call them every time I need to switch my sell currency and go through the hoops of waiting, identifying myself and etc. I mean if you see a good currency rate, you don’t want to be on the phone for 10 minutes to be able to sell it. Ideally they should be letting you have a few currencies you can sell. Very limiting!

    Another thing I noted which I find odd is the rates kept bouncing around between EUR/GBP even though the markets are closed (it’s 20:30 CET now). One moment you were making £14 more then it was only £6 etc. I don’t know if this is standard but it doesn’t feel right.

    Thanks for the tips here! I will be checking out World First to see if I get better customer service.

    Posted on May 31, 2016
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      Nina thank you so much for your comment.

      Indeed, we heard about this issue with UKForex and it is completely and utterly unreasonable to have to call them to switch your sale currency. Spot-on feedback! We are looking forward for new and exciting things to happen with UKForex though. They have branded their Aussie brand OzForex into OFX and seemingly improved their offering and smoothness; It should happen in the UK and the US also, eventually. Great choice about World First! Since you are already quite knowledgeable and experienced in the field, you may want to try our other top choices as well. If you would find the time, we would be happy to hear about your experiences… your review was one of the best ones we’ve received so far and we are very thankful for the time you took to write it down.

      Re: forex market – the forex markets are open 24/7 except for weekends. It’s a decentralized market so there’s always some activity, unlike the stock markets. Hope this helped!

      Posted on June 1, 2016
  7. compare

    Update: we have been in contact with OFX regarding some negative comments that have been posted on this review. We feel the small mishaps were more of growing pains of a long re-branding rather than “faults”. Looking forward for more fresh client feedback to tell us what they think about the new OFX.

    Posted on July 17, 2016
  8. Grover Bradey

    He has lived and worked in Australia, Hong Kong, USA, and the UK. Prior to joining OFX Kimber was Chief Operating Officer of ANZ Global Markets incorporating its leading FX business.

    Posted on August 4, 2016
  9. Giuseppe Jirsa

    UKForex have a range of useful services. В I have listed out most of them below with some links to their website to learn more.

    Posted on August 28, 2016

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