OFX Money Transfer Review
Formerly Known As: UKForex / USForex/ OZForex
Pros and Cons
- Worldwide Offices, Local Offices in the Most Important Locations
- Local 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
- Intermediary and receiving fees are rarely taken
- Trading some currencies requires a phone call
- Customer Support waiting time could be too long
Review Table of Contents
| Is OFX Money Transfer Reliable? |
| Case_study |
| Do Clients Like OFX Money Transfer?|
OFX Money Transfer Reviews from Across The Web
| OFX Money Transfer Exchange Rate & Fees |
| Global Reach & Service |
| Additional Functionalities |
| The Overall |
| Comments |
Is OFX Money Transfer Reliable?
Founded in 2000, OFX is owned by the OzForex Group (OFX:ASE). Previously, the company has separate entities and brand names per market: UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX, but in 2016-2017* the brand has consolidated into OFX and benefits from the multiple licensing and capabilities from all these distinct brands coming under one roof. The site was originally started as Foreign Exchange information site by Matt Gilmour and Gary Lord, who were then employed by the foreign exchange department of a bank.
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. Other subsidiary companies like UKForex merged into OFX in 2017.
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
OFX benefits from being part of a larger network of international currency transfer companies. Primarily serving UK-based and Australia-based clients, OFX 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.
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 here 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.
our 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 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 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 reviews, with an 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.
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 the same goes for complaints about a delay.
As far as privacy goes – as part of the regulator’s role in Anti Money Laundering, OFX must provide proper documentation to each transfer they send.
There aren’t many OFX reviews in comparison to the other large companies, but 300 reviews of which 95% are positive gives us a high level of confidence that clients appreciate the service provided to them.
OFX’s 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 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 OFX really is, 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 a perfect sense. Large companies are able to offer better rates to their clients because their own fx costs are minimal.
Limits: 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.
Intermediately and receiving fees: Based on its strong global presence with as many as 197 banks across 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 banks account 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 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.
Global Reach & Service
Ways to approach: Email, Phone, Online – 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.
In addition to that, OFX is a very global company with a very wide selection of offices across the world, a local payment settlement in 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).
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 OFX customer service providers, 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, 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.
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.
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 the majority of companies which don’t have apps.