OFX money transfer review
Are you thinking of transferring money and want to know if OFX is legit? Check out our OFX money transfer review below.
WHAT IS OFX?
OFX Australia was Ozforex
Oxforex has become OFX Australia. Being one of the leading services and a top-rated specialist international payment service provider, OFX is the number one solution for Australians who are looking for a safe and efficient way to transfer their money overseas. Founded in 1998 as OzForex, with $100 billion successfully transferred to different countries and in different currencies, OFX has around two million customers visiting the website each month. One of the motos of this well-trusted payment service provider is “Save money when you send money”, and for a good reason. OFX has grown to be a trusted service for online transactions, listed on the ASX in 2013, with worldwide reputation and offices around the world, in Sydney, London, San Francisco, Hong Kong and Auckland. With excellent online payment system, low fees and constant innovation, great customer service and 24-hour support available to the customers, it gained its good reputation over the years and continues to develop as a top-rated service in its category.
Is OFX legitimate? Is OXF safe to use?
Yes, OFX is legitimate! Yes, OFX is safe to use!
Always available to customers, with flexible transferring methods, including online transfer option, transfer via phone or agent, OFX, as a publicly owned company, offers a simple way to save and transfer money fast. It is listed on the Australian Stock exchange, is known for exceptional reliability and safety and is regulated by Investment Commission (ASIC). It offers customer support any time of the day, giving customers a possibility to call a member of OFX team any time of the day, in case you have some trouble with your account or transfers. This payment service provider uses Macquarie Bank’s global risk management policies, which all makes OFX a safe and trusted service a customer can rely on.
Transfer options and why choose OFX
It offers few transfer options to its customers, such as regular payments, one-off payments, spot deals, OFX options, limit orders, market orders or forward contracts. OFX is a great service to support any financial dealings when abroad and is a reliable way to manage finances effectively. From buying properties abroad and international investments, emigration, managing savings abroad, luxury imports, paying different taxes to get married or studying abroad; the reasons to choose a reliable international payment service such as this one are limitless. Here are some options customers find useful:
1. Spot deals – OFX offers a great solution for those who are looking for a quick way to transfer money. Based on given information such as how much, when and to whom the customer wants the funds to be transferred to, the customer will be offered a certain rate, which I based on the rate of the day the spot deal is made. When confirmed, the customer has 24 hours to transfer the funds to the recipient.
2. Forward contracts – Great option for customers who find it suitable, for one reason, or another, to lock in the current rate and keep it same from the moment the contract is signed, till it’s expiration. The one thing to pay attention when it comes to these contracts is that they have a maturity date, which means that the forward contract has an expiration date, which should be taken into consideration. This is a great option for those who would like to buy a property abroad, as locked rate helps customers have more control over finances, ensuring a more stable transaction. Also, the customer has to make an advanced payment, which varies from 5 to 10 % of the total sum. The rate, however, can be exchanged over time.
3. FX options – This is particularly useful in case the customer needs more flexibility when locking in a rate, and this is especially good when the currency changes and gets better than the one the customer previously locked at. Understandably, the expected downside of this option, comparing to the previous one, is that there is a 3 to 10% of the total sum to be paid for this kind of flexibility, as this is a considered a premium version of a forward contract.
There is also a possibility of choosing around fifty available currencies when making a transfer, although OFX does not make it possible for a customer to make a foreign currency account, meaning you can make an AUD account only. For those who are not so familiar with current currencies and market rates, there is an online currency converter available. What customer needs to do is simply visit the OFX website, type the chosen currency and the amount of money. The only trick here is to manually divide the currency amount by AUD amount to get the exact rate because otherwise, the displayed market rate is not the rate customer will receive.
OFX fees and exchange rate
The best part of choosing OFX as international payment service provider is a good exchange rate and reasonable fees. It buys currencies at a market rate and sells in smaller amounts. The exchange rate varies depending on chosen currency and the amount of money the client wants to transfer – the bigger the amount, the better the rate. Generally, OFX fees and exchange rates are than the banks. Fees are charged in the same currency the customer is selling. Moreover, there is a fee-free threshold for each currency, so if a customer transfers over $10.000 the transfer will be fee free.
How does OFX work?
Wondering how does OFX work? With OFX you can send your money via e-mail, with the app, phone or simply by visiting the website. The phone service is great, as well as customer service availability. OFX accepts bank transfers from your account and doesn’t accept cash or credit card, which can be a downside of this payment service provider. The only way to transfer money to your OFX account is by transferring funds using EFT or BPAY trough the bank. The only possibility to transfer money from your credit card is to withdraw available funds from your card to another account, and then send it across, which is a process that can include some hidden fees.
OFX currencies and countries
You can transfer your money to almost all countries in the world, make a personal or business transaction, which really gives a wide range of possibilities to any individual. While OFX transfers money almost to every corner of the world, more precisely to 190 countries, there are countries where the funds can’t be transferred and these are Afghanistan, Belarus, Burma, DR Congo, Republic of Congo, Cote d’Ivoire, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria and Zimbabwe.
Available currencies are: AED, AUD, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, IDR, JPY, KRW, LWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, , RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF and ZAR.
OFX transfer process
Offering the customers great service and trusted online transactions, OFX is simple to use and works in 3 simple steps.
1. The first step is to make an online account. When it comes to online access, you can set up your account online in just a few clicks, making OFX website easy to use, although identity validation does take some time. The registration itself is free, and so are the first two transfers. All the customer needs to do is enter personal details, such as your address, occupation and contact details, fill in the details of money transfer and confirm account details trough verification. You, as a customer, will get an e-mail and a phone call, which is necessary in order to confirm your identity and protect your account.
2. Login and order a transfer. After you, as a customer register and log in to your account in order to transfer money, you can choose how much money do you want to transfer and chose a currency, and then add the receiving account details, which is the second step. After selecting a rate, the customer must send the agreed sum of money to a recipient in 24 hours.
3. Receive funds. The final, third step includes delivery of funds to the recipient. To make sure you are well informed about the transaction from the very beginning after the transaction is done you will be notified that the funds have been received, and you also have the possibility to continually track your transaction via an app. Usually, transfers take 1 to 2 business days, but they largely depend on the country the customer is sending money to. While money sent to the UK and USA is usually available the same day the money is sent, for the most other countries there is 1 to 2 business days rule for the transfer to be available to the recipient. There is, however, a minimum transfer amount of $250.
What else does OFX offer to its customers?
Besides excellent customer service, years of experience and many successful transactions, the OFX has developed and continues to evolve and innovate. Its customers are not only those looking for a purchase or investment abroad or emigrants; this international payment service provider offers great deals for travelers or simply for business.
Can OFX be used online?
Yes, OFX has online tools available, where customers can easily access, compare and convert currencies, get important data information about the history of their transactions, as well as stay up to date with the latest changes on the currency market.
Does OFX have options for travelers?
Yes, for travelers, there is a travel card available, and its main purpose is to make traveling abroad much easier, at least when it comes to currencies in different countries customers travel to. This card allows you, as a customer, to select currencies without having to pay fees, which otherwise, with any other payment option, can’t be avoided when traveling abroad. This is a great way to spend without having to worry about transaction as much, and keeps all the money from customers bank account untouched.
Can OFC be used for business transfers?
OFX is also great for any kind of business transactions, considering how many people interact with business partners, suppliers, customers or employees worldwide. It offers business ways to reach recipients quickly, giving them a way to pay and receive money safely. It helps small and large businesses of all types to develop and grow, as well as online sellers.
For small business and medium business, this means saving money. How? OFX lets their customers and take advantage of the global network of financial institutions and has low margins, which is important since banks usually charge up to 5% above currency rate and low fees. This is a great way to grow business overseas. Thanks to well-developed online service and 24-hour access to a list of currencies, the business owners will be always updated and informed about the amount they locked in. This means when paying suppliers or customers overseas, business owners won’t be affected by high margins and transaction fees such as those they would come across in banks.
OFX Pros & Cons
Pros of OFX
1. Exchange rates, as well as margin rates, are much lower than those customers come across when dealing with banks. With this payment service, customers can save up to 75% on fees.
2. Great transfer speed allows OFX customers to transfer money quickly, in just 1-2 business- days and transfers to 190 countries. This is especially important, as the exchange rates won’t change drastically, and recipient won’t wait for too long.
3. OFX is safe way to transfer money overseas. It is regulated by Investment Commission and listed on the Australian stock exchange.
4. 24-hour support allows all the customers to contact OFX customer service any time of the day.
5. This is an easy way to transfer money, and it takes only 3 simple steps for money to go from the customer to the recipient.
Cons of OFX
1. There is no possibility of making foreign currency account, as OFX is exclusively focused on AUD as it’s number one currency when making an account.
2. The smallest amount of money that can be transferred is $250.
3. The only way to send money to OFX account is by EFT or BPAY.
We hope that you liked our OFX review. Do you want to know the best way to transfer large sums of money from overseas?
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