In this review, I examine the various services and features OFX provides. The information contained here is accurate at the time of writing this article.
Are OFX’s rates competitive? Can I rely on their services for swift and secure transfers? What level of customer support does OFX offer? In my thorough review, I dissect these questions and more to give you a clear, concise understanding of OFX’s services.
I’ll examine user reviews and research extensively to offer a comprehensive guide. Whether you’re transferring funds for personal or business reasons, my review aims to provide the insights you need to decide whether OFX is the right choice for you.
- My Verdict On OFX
- How To Choose if OFX is Right for You?
- What are OFX’s Pros and Cons?
- Is OFX a cost-effective option?
- Can I Trust OFX with My Money?
- Are OFX’s Transfers Fast?
- What Does OFX Offer its Customers?
- What Are OFX’s Customers Saying?
- Are OFX’s Customer Support Easy to Reach?
- What is the OFX Account Setup Process?
- How convenient is OFX’s mobile app?
- Alternatives to OFX
My Verdict On OFX
OFX offers a solid mix of competitive rates, robust security, and dedicated support for individuals and businesses navigating the market.
Individuals making occasional, larger transfers will find OFX’s fee structure and exchange rates appealing. However, those needing multi-currency accounts or faster transfers might consider alternatives like Wise or Remitly.
Businesses benefit from OFX’s fee-free larger transfers and risk management services. Still, they may find the need for more diverse payment methods and the absence of app-based business account registration limiting.
In short, if cost-effective, secure, and moderately quick international transfers match your needs, OFX stands as a strong candidate. However, considering complementary services may be wise for specific needs like instant transfers or diverse currency handling.
How To Choose if OFX is Right for You?
The platform provides the option to lock in exchange rates, offering predictability in financial planning. This is especially valuable for managing large transactions or investments, ensuring stable costs despite market changes.
The availability of round-the-clock support ensures that users can get assistance with their transactions as needed, providing peace of mind and timely problem resolution, which is crucial in the fast-paced world of international finance.
Comprehensive business solutions from OFX, including international payroll and software integration, streamline financial management for global operations. These tailored services facilitate currency risk mitigation and efficient operations across borders.
For a deeper insight, we have included a brief table of OFX’s key factors, which you must consider before you can make an informed decision.
OFX at a Glance…
| Features | OFX Information |
|---|---|
| Company Name | OFX |
| Transfer Fees | No flat-rate fees; margin on exchange rate varies by currency pair. |
| Exchange Rates | 1-2% margin above mid-market, depending on currency pair. |
| Min/Max Transfer Amount | No limits |
| Transfer Speeds | 1-2 days for major currencies, 3-5 days for minor currencies. |
| Available Countries and Currencies | 50+ global currencies, transfers available to 170+ countries. |
| Payment Methods | Direct debit and wire transfers are available; varies internationally. |
| Delivery Methods | Bank account deposit. |
| Customer Service | 24/7 phone support. |
| User Reviews and Ratings | 6,600+ reviews on Trustpilot, averaging a rating of 4.3 out of 5. It’s praised for its hands-on currency support, with some criticism surrounding customer service and transfer times in certain currencies. |
| Security Measures | Fully licensed and encrypted |
| Mobile App Availability | Available for iOS and Android; includes rate tracking and transfer management |
| Special Features | It offers currency risk management tools and global currency accounts for businesses |
| Regulatory Compliance | OFX is regulated by over 50 different authorities worldwide, including the FCA in the UK. FRN Number: 902028 |
| Cancellation Policy | A Termination Amount is charged on all cancellations, which is calculated on the day you cancel. |
| Annual Amount Processed | More than £100 billion transferred globally in the 2023 fiscal year. |
| Office Locations | OFX has global offices, including major locations in the United Kingdom, Canada, Australia, and Europe. |
| Staff Volume (Group Statistic) | 700+ employees |
| Owners | Led by CEO Skander Malcolm |
What are OFX’s Pros and Cons?
- Diverse Currency Options: OFX supports various major and minor currencies, offering versatile solutions for global money transfers.
- Enhanced Rate Lock-in Options: Provides the option to lock in rates for a specified period, safeguarding against currency fluctuations.
- Comprehensive Market Insights: Daily Forex Market News by OFX aids informed decision-making by discussing currency trading data.
- Comprehensive Business Solutions: Tailored business services, including international payroll and integration with third-party accounting software.
- Diverse Transfer Types: Different transfer options like single, recurring, and market orders to suit different user needs.
- Variable Transfer Speeds: Transfer times can vary, leading to unpredictable delivery schedules, especially when dealing with specific currency pairs or recipient banks in different countries.
- Exchange Rate Margin: Although competitive, the markup on the mid-market rate can impact the total cost, particularly for more significant amounts or when dealing with minor currency pairs.
- Customer Service Inconsistency: While generally well-rated, individual experiences with customer support can vary, with some users reporting delays or less satisfactory interactions.
- No Multi-Currency Account: Unlike some competitors, OFX doesn't offer a multi-currency account for managing and holding funds in different currencies; this can be limiting for frequent travellers or businesses dealing in multiple currencies.
In conclusion to the pros and cons, OFX offers a streamlined and secure money transfer service with a robust customer support framework and competitive rates. However, its dependence on bank transfers and the limitations in pay-out options, coupled with transfer thresholds and variable transfer speeds, might require consideration based on individual or business transfer needs.
Is OFX a cost-effective option?
OFX offers competitive exchange rates, typically around 1.5% above the mid-market rate, and stands out for its no-fee policy on larger transfers. However, a flat fee applies for transfers below certain thresholds, such as £7 in the UK for amounts below £3,000 and $5 in the US for amounts under $5,000.
Potential users should note that OFX requires both the sender and recipient to possess bank accounts, and the service is not available for transfers to mobile wallets or cash pickup locations.
Below, I have provided a selection of popular money transfer paths to provide you with a scope as to their current rates, and then beside them, the amount you would receive in said currency from a £100,000 transfer.
OFX’s Exchange Rates
| Currency Pathway | Exchange Rate | Received from £100,000 |
|---|---|---|
| GBP – EUR | 1.1603 | €116,030 |
| GBP – USD | 1.2632 | $126,320 |
| GBP – AUD | 1.9139 | $191,390 |
| GBP – CAD | 1.7001 | $170,010 |
| GBP – NZD | 2.0641 | $206,410 |
| GBP – ZAR | 23.7768 | R2,377,680 |
| GBP – AED | 4.6075 | AED 460,750 |
| GBP – THB | 44.5295 | 4,452,950฿ |
| GBP – JPY | 185.7647 | ¥18,576,470 |
* I have accessed the OFX website and established a personal account to guarantee that the information provided above is accurate at the time of writing this review. These rates may vary slightly from the present personal and business rates.
Can I Trust OFX with My Money?
In my experience with OFX, they’ve always prioritised a wealth of safety and security measures, constantly evolving to maintain your trust. Their commitment is evident through strict adherence to regulations from various government bodies, ensuring your identity is protected, as well as segregating your funds for added peace of mind.
OFX Safeguarding Clients’ Funds
Central to OFX’s security measures is a process known as ‘safeguarding’. As an EMI, OFX is required to keep your funds in separate bank accounts, distinct from the company’s operational funds. This segregation ensures that your money is protected and can be promptly returned in the event OFX ceases business.
Returning your safeguarded funds is their top priority, showcasing a high level of financial protection. Importantly, this safeguarding applies to all transactions where money is sent to a third party, ensuring comprehensive coverage across OFX’s services.
However, it’s important to note that safeguarding protection applies only when sending money to a third party. Transfers between your own accounts are not covered by safeguarding.
OFX Security Measures
- Identity Protection: OFX uses tools like passwords, multi-factor authentication (MFA), security questions, and automatic logouts to safeguard your identity and prevent unauthorized account access.
- Fraud Prevention: OFX actively monitors all account activities to detect and prevent fraud, using advanced systems to identify phishing, malware, and other security threats.
- Cyber Security: OFX protects your data through encryption, secure coding, ongoing security checks, and measures like CAPTCHA and MFA, ensuring compliance with global security standards.
- 2-Step Verification: For an extra layer of security, OFX requires a password plus a unique 6-digit code for account access, significantly enhancing protection against unauthorized entry.
OFX Regulatory Compliance
As with most EMIs, OFX operates under strict regulatory oversight globally, engaging with over 50 financial regulators. In the UK, it’s regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), a status that mandates adherence to high operational and financial standards.
Are OFX’s Transfers Fast?
OFX is recognised for its efficient transfer services, completing international transactions within 2-4 business days, bar occasional exceptions. OFX usually processes transfers within 1-2 business days for major currencies such as EUR or USD, extending to 3-5 days for other, more exotic currencies.
While it may not be the fastest option available, with some providers such as XE Money Transfer and Wise offering instant transfers, OFX’s strength lies in its cost-effectiveness rather than focusing on speed.
The company also offers a ‘Rapid Transfer’ service, efficiently facilitating single or recurring transfers. For urgent needs, OFX can occasionally expedite same-day deliveries, particularly between the US and Europe, though this is irregular.
What Does OFX Offer its Customers?
OFX caters to both personal and business clients with tailored services.
For individuals, OFX offers cost-effective international money transfers. It is ideal for expats, overseas property investors or those with family abroad.
Businesses benefit from OFX’s market expertise, currency risk management, and streamlined payment processes, supporting global commerce and payroll.
Both client groups enjoy competitive exchange rates, 24/7 customer support, and a user-friendly platform, efficiently meeting a spectrum of transactional needs.
What Are OFX’s Customers Saying?
According to Trustpilot, OFX has an average score of 4.2 stars, with 78% being 5-star, 8% being 4-star, and 9% being 1-star. OFX seems to stand out for its transparency and cost-efficiency. Its users appreciate the absence of transfer fees and competitive exchange rates.
Reviews highlight the broad currency support, catering to a wide range of global transfer needs. The OFX mobile app is praised for its functionality, including real-time exchange rate updates and transfer tracking. However, some customers experience technical glitches, such as freezing and prolonged loading times.
While transfers involving major currencies are typically swift, customers note that transactions in exotic currencies can align with traditional bank processing times, taking up to 3-5 days. Customer support also receives commendation for its round-the-clock availability and quality assistance.
Some customers suggest that OFX could enhance its service by adding live chat for immediate support and speeding up transfers, which presently take two to four business days—streamlining website navigation and broadening payment methods beyond bank transfers.
Additionally, offering multi-currency accounts for individuals and a more comprehensive range of exotic currencies has been a frequent suggestion to meet international clients’ diverse needs better.
Are OFX’s Customer Support Easy to Reach?
OFX’s customer support is highly accessible and versatile, offering 24/7 assistance through phone, email, and mail, ensuring a global reach with multi-channel support.
Customers appreciate the convenience of contacting OFX’s customer service team across different time zones and receiving personalised support for larger transactions.
While the company’s website doesn’t offer a live chat feature, it provides organised information and FAQs. Moreover, the well-rated mobile app offers added convenience, allowing customers to handle their transactions and access support.
Reviews indicate that OFX’s customer service is reliable and responsive, often going the extra mile to rectify transfer speed or sign-up process issues.
What is the OFX Account Setup Process?
- Registration: Begin by clicking ‘Register’ on the OFX website and enter your details. This step is free and doesn’t require you to make a transfer.
- Initial Contact: After your registration, an OFX team member will reach out to complete the setup process and answer any queries you might have.
- Verification: Most customers are verified automatically, so paperwork is usually unnecessary. However, if additional documents are needed, OFX will inform you immediately and guide you on submitting them via their secure site.
- Account Creation: Once the verification process is complete, your account will be ready to make transfers. Somebody will then call you to confirm and discuss payment options for your first transfer.
How convenient is OFX’s mobile app?
The OFX app delivers a seamless and secure experience for global transfers, allowing users to monitor rates and track transactions efficiently.
- Download and Access: Download the OFX app from your device’s app store, register or log in, and set up your account with essential details.
- Live Rates and Preferences: Access live market rates for over 50 currencies and save your preferences for faster future reviews.
- Initiate Transfers: Input the currency details, view the current rate and the exact recipient amount, and proceed to add your recipient’s details.
- Adding Recipients: For new recipients, input their bank account information. The details are saved for future transactions, simplifying repeat transfers.
Storing currency preferences and recipient details simplifies and accelerates subsequent transfers. Further enhanced by robust security measures such as fingerprint and FaceID login, on top of direct document uploads, the app ensures a user-friendly experience that prioritises safety and convenience.
Alternatives to OFX
| Provider | Exchange Rates | Fees | Processing Times | Currencies Supported | Limits | Customer Support |
|---|---|---|---|---|---|---|
| OFX | Mid-Market + 0.5-2% margin | £0 | Typically 1-2 business days | 50+ | No limit | 24/7 phone, email and live chat support |
| TorFX | Mid-Market + 0.5-2% margin | £0 | Typically 1-2 business days | 60 | No limit | Mon-Thur: 8:00 AM – 7:00 PM Fri 8:00 AM – 5:00 PM Sat: 9:00 AM – 1:00 PM |
| Currencies Direct | Mid-Market + 0.5-1% margin | £0 | From 3 hours to 2 business days | 40 | £300,000 | 24/7 phone, email, and live chat support |
| TransferGo | Mid-market rates + 0.2-2.2% margin | From £0 to £2.99 per transfer | From 30 minutes to 3 days | 60 | No limit | Weekdays from 7 to 6 via email, and phone support |
| Wise | Mid-market rates + small margin | Varies (amount/currency) | Typically 1-3 business days | 50+ | Up to £1,000,000 per transfer | 24/7 live chat, email, and phone support |
| Western Union | Mid-market rates + 2-5% margin | Flat: £10 + 0.4% of the transfer amount | Typically 1-2 business days | 130+ | Up to £500,000 per transfer | 24/7 live chat, email, and phone support |
| MoneyGram | Mid-market rates + 3-4% margin | Flat: £3 + 2% of the transfer amount | Typically 1-3 business days | 100+ | Up to £9,999 per transfer | 24/7 live chat, email, and phone support |
| WorldRemit | Mid-market rates + 2-3% margin | Flat: £0.30 + 3% of the transfer amount | Typically 1-2 business days | 70+ | Up to £100,000 per transfer | 24/7 live chat, email, and phone support |
| PayPal | Mid-market rates | Varies (amount/currency) | Varies | 200+ | Up to £10,000 per transfer | 24/7 live chat, email, and phone support |
| Revolut | Mid-market rates | Flat: £0 + 0.5% of the transfer amount | Typically 1-3 business days | 30+ | Up to £10,000 per transfer | 24/7 live chat and email support |
| Remitly | Mid-market rates + 1% margin | Flat: £0 + 0.5% of the transfer amount | Typically 1-2 business days | 150+ | Up to £100,000 per transfer | 24/7 live chat and email support |
| CurrencyFair | Mid-market rates | Flat: £0 + 0.5% of the transfer amount | Typically 1-3 business days | 50+ | Up to £500,000 per transfer |
What Is a Limit Order with OFX, and How Does It Work?
A limit order with OFX allows you to target a better exchange rate than the current market rate. You set your desired rate, and OFX monitors the market for you.
If the market reaches your target rate, OFX automatically books the transfer on your behalf. This tool helps manage currency risk and aims for a more favourable exchange rate.
How Can I Ensure My Personal Information Is Secure with OFX?
OFX prioritises the security of your personal information through robust measures. Advanced encryption and security protocols are utilised to protect your data against fraud.
Additionally, they are regulated by multiple international financial authorities, ensuring adherence to stringent security standards. Using strong, unique passwords for your account and enabling 2-step verification, if available, is recommended.
What Are the Requirements for Registering with OFX?
To register with OFX, you must provide personal details, including your full name, date of birth, address and contact information. You may also be required to provide identification documents such as a passport or driver’s licence to verify your identity. The exact requirements may differ based on your location and the account type you’re registering for.
Which Mobile Devices Are Compatible with the OFX App?
The OFX app is compatible with most iOS and Android devices. You can download it from the Apple App Store or Google Play Store. The app allows you to check live rates, initiate transfers, track transfers, and manage your recipients and personal details.
What Features Are Available for Online Sellers Using OFX?
Online sellers using OFX can benefit from features like the Global Currency Account, which allows you to hold, manage, and transfer funds in multiple currencies. This is particularly useful for managing revenues from international marketplaces. OFX also offers competitive exchange rates and tools for managing currency exposure, helping online sellers maximise profits.
How Can I Track My Transfer with OFX?
After initiating a transfer with OFX, you can track its progress by logging into your OFX account and navigating to the ‘Transfer History’ or ‘Deals & Orders’ section.
OFX also provides notifications and updates at each stage of the transfer process. For additional support or detailed tracking information, you can contact OFX’s customer service.
How Does OFX Handle Currency Fluctuations During a Transfer?
OFX handles currency fluctuations during a transfer by offering the option of locking in an exchange rate when booking the transfer. This feature, known as a ‘forward contract,’ allows you to secure a rate for a future transfer, protecting you against adverse market movements.
Additionally, OFX provides tools like ‘rate alerts’ to notify you when your desired exchange rate has been reached, helping you make informed decisions about when to transfer.
Can I Cancel or Modify a Transfer After It’s Been Made with OFX?
OFX’s ability to cancel or modify a transfer depends on the transaction stage. If the transfer has yet to be processed or the funds have yet to be sent to the recipient, you may be able to cancel or modify it.
However, once the transfer is in progress or completed, altering the details may not be possible. Reviewing and confirming all transfer details before finalising the transaction is essential.
For specific situations, contacting OFX’s customer support is the best way to understand your options and any potential fees for cancelling or modifying a transfer.
Why Can’t I See The Recipient I Just Added on OFX’s Online Transfer Platform?
If your added recipient isn’t visible on OFX’s platform, it’s likely due to a currency mismatch. OFX sorts recipients by the currency you’re sending to them.
When adding a new recipient, select the currency for the transfer. Recipients saved under that currency will be displayed for that transfer, simplifying currency management.
It could also be due to a system update or a delay in the refresh rate. In this case, it’s recommended to refresh the page or log out and log back in; if the problem persists, consider contacting OFX customer support.
How Do I Add A Recipient Or Edit Their Details on OFX?
To add a recipient or edit their details on OFX, log in to your account, navigate to the recipient section, and select the option to add a new recipient or edit an existing one.
You must provide the recipient’s name, address, and banking details. The platform’s intuitive form will guide you through the process, ensuring you input the correct information based on the recipient’s currency and country.
