Pros and Cons
- Global offices with local presence in the most important locations
- Open bank accounts in UK, USA, Hong Kong, Australia, NZ (Online Sellers)
- 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
- 115 bank accounts across the globe to allow local settlement for clients where possible
- Intermediary and receiving fees are rarely taken
- Trading some currencies requires a phone call
- Customer Support waiting time could be too long
This OFX review will explain all about the firm and its offering. How to use OFX money transfer, is OFX safe to use, what are OFX average exchange rates, what kind of tools do they offer beyond spot FX international money transfers, and more. This review is comprehensive and isn’t focused exclusively on OFX UK or OFX Australia – rather we intend to provide a holistic view of the company as a whole.View Review Rating Summary
Is OFX Money Transfer Safe?
Founded in 1998, OFX is owned by the OzForex Group (OFX:ASE) – one of the oldest and largest money transfer firms in the world. Previously, the company had separate entities and brand names per market: UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX, but in 2017 the brand was consolidated into OFX and benefits from the multiple licensing and capabilities from all these distinct brands coming under one roof. Currently, the UK section of OFX is named OFX UK, the Australian one is OFX Australia, and so on. The site originally started as a Foreign Exchange information site, launched by Matt Gilmour and Gary Lord, who were then employed by the foreign exchange department of a bank.
OFX money transfer boasted over 600,000+ transfers last year, equating to AUD$20 billion in foreign exchange transactions.With over 1 million customers globally it has approximately 65,000 website visits every day. The OFX network employs about 250 people worldwide, offering excellent customer service and some of the best rates in the industry to people and businesses across the globe.
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
Canstar – outstanding value in money transfers, 2016 – 2017
OFX money transfer is perhaps one of the most reliable and safe to use money transfer companies out there. In fact, OFX, trading on the Australian Stock Exchange, is perhaps the only money transfer company of its kind in this position, and as such – it undergoes great deal of scrutiny, a lot more than any private company would. Additionally, people have been using OFX to transfer money for 20+ years and the firm has kept a pristine reputation on OFX money transfer reviews from across the internet.
OFX 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 ongoing
How: Moved to Australia from the UK and used OFX to invest in Australia
Setting the scene
Originally 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.Cris Gray
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.Cris Gray
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.
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.Cris Gray
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.
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.Cris Gray
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 money transfer Australia 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.
Do Clients Like OFX Money Transfer? OFX Money Transfer Reviews from Across The Web
There are thousands of client reviews on TrustPilot and ReviewCentre.
TTrustPilot has now aggregated the previously separate reviews of UKForex and OzForex into the sole brand OFX (there is no distinction between OFX UK and OFX Australia). So be sure to check reviews relevant to your location to better understand the process and support team. In total there are 3950 reviews with an average rating of ‘Excellent’. Most OFX money transfer reviews are glowingly positive, while around 8% are 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.
In virtually all cases, complaints are as a result of delays with transfers. Which is a contrast to the many positive reviews regularly praising a fast service. As OFX makes the effort to respond to all complaints we can see some of the delays have been as a result of payment systems simply being closed on the weekend. Whilst others have been due to intermediary banks not forwarding funds fast enough. It should be noted OFX does not choose its intermediary banks, but rather the primary bank they use for payments will have a network of intermediary banks it uses.
As far as privacy goes – as part of the regulator’s role in Anti Money Laundering, OFX must provide proper documentation for each transfer they send. It’s worth noting that the larger providers, such as OFX, are likely to be the most stringent with compliance checks, given they employ a sizable compliance team across the globe.
OFX has a substantial number of reviews at 3950of which 92% are positive which gives us a high level of confidence that clients appreciate the service provided to them. Worth noting for comparison WorldFirst has over 7,000 aggregated reviews whilst TransferWise now has over 90,000 reviews.
OFX Exchange Rate & Fees
Fees: 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 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 OFX exchange rates really are, comes from client reviews, which are generally very positive about this aspect. Out of several hundred 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 perfect sense. Large companies are able to offer better rates to their clients because their own fx costs are reduced. Just like when a wholesaler saves money by buying in bulk from a manufacturer – the more currency an FX broker can purchase and the more payments they make – the better the deal they’ll be able to get with their banking partners.
Limits: Recently OFX UK 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.
Intermediately and receiving fees: Based on its strong global presence and holding as many as 115 OFX accounts s around the world, in most instances there won’t be any receiving or intermediary fees at all. OFX will make sure to transfer money between its own bank accounts where possible (certainly on major currencies to popular destinations) and credit the receiving account using a local transfer rather than a SWIFT wire.
OFX 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 rebranding from OzForex to OFX, they have really stepped up their game to stand in line with many other providers who offer lower minimum payment thresholds 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 quotes available on the market.
Global Reach & Service
Ways to approach: Email, Phone, Online – 24 hours, 7 days a week!
Accepts Clients: Worldwide.
Currencies Handled: 55 currencies which is quite a complete selection.
Client Reviews: Happy with the support they have received.
The OFX brand is truly a service oriented company. It has an impressive number of international offices and has been present in the major money transfer markets for a significant period of time. It launched in New Zealand in 2001, the UK in 2005, Canada in 2007 and the US in 2013. Meaning it has more history and experience in these markets than some startups who solely operate out of just one of these countries. It must be noted there is a lack of translations to the OFX website, so unless you’re happy to use English the service is limited. Perhaps a barrier for Europeans and Hong Kong residents who would prefer to use Cantonese.
In addition to all of this , we should re-iterate OFX is a very global company with a very wide selection of offices across the world. Local settlment is possible in the USA, Canada, Australia, Europe and of course – 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 bank transfer). This will reduce payment fees throughout the tranfer process and ensure payments can be processed as fast as possible.
OFX has a good offering of hedging tools, including: spot contracts, recurring payment discounts, forward contracts, and limit orders. These, combined with clear communication from the OFX customer service team, helps users anticipate and take advantage of ideal market conditions.
A fully functional money transfer app which is available on both Android and iPhone devices. Even though it’s still relatively newd it has already gathered over 2,300 reviews with a rating of 4.5 / 5 on Google Play Store and 760 reviews on the App Store (rated 4.8 / 5), making it one of our chosen best international money transfer apps. It also indicates to us that OFX is listening to customer feedback – after the first 1000 app reviews or so the OFX app was rated at 4.2 / 5 so it’s no mean feat bringing this score even higher.
OFX has recently joined companies like World First and Currencies Direct who are offering a specific array of services for online sellers on marketplaces such as Amazon. OFX, similarly to other companies, helps such merchants to create a foreign collection account overseas, so they can receive payments in local currencies when they sell abroad. Clients can hold funds in these accounts and have the option to make local payments (such as Marketplace fees) or transfer these balances into another currency, This is a big step for OFX and their service seems terrific.
Pretty standard suite of hedging available 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 the majority of companies which don’t have apps.