Overview

OFX offers businesses and individuals international money transfers at rates much lower than traditional banks. Operating globally, OFX converts transfers from 15 major currencies into over 55 currencies. Their platform is user-friendly, with transfers typically taking 1-2 business days to most countries. You can easily track your transfer online or via their mobile app.

OFX, one of the largest currency transfer companies globally, leverages its extensive experience to provide cost-effective transfers along with a variety of additional services that cater to both individuals and businesses.

How it works?

OFX facilitates transfers from 15 major currencies to 47 major and minor currencies. The major currencies supported are:

• US dollar (USD)

• British pound (GBP)

• Euro (EUR)

• Canadian dollar (CAD)

• Japanese yen (JPY)

• Australian dollar (AUD)

• New Zealand dollar (NZD)

• Singapore dollar (SGD)

• Hong Kong dollar (HKD)

• Swedish krona (SEK)

• Swiss franc (CHF)

• Danish krone (DKK)

• Polish złoty (PLN)

• Norwegian krone (NOK)

• UAE Dirham (AED)

The minor currencies include:

• Brazilian real (BRL)

• Mexican peso (MXN)

• Indian rupee (INR)

• Malaysian ringgit (MYR)

• Thai baht (THB)

• Philippine peso (PHP)

• Russian ruble (RUB)

• Turkish lira (TRY)

• Israeli shekel (ILS)

When you visit the OFX website, the first option you’ll encounter is to check rates. It’s important to note that these rates are mid-market rates and do not include the margin that OFX applies to all transfers. To view the actual amount that the recipient bank account will receive for your transfer, follow these steps to sign up:

1. To register for a personal or business account, simply provide your name, email address, country, residential address, and phone number for a personal account.
2. During registration, you will specify your preferred currency pair and have the option to calculate the amount received for a transfer made at that moment.
3. After you register with OFX, a customer support representative will contact you promptly to discuss your requirements and inform you about the necessary documentation. Typically, this documentation includes 1-2 proofs of photo identification (such as a driver’s license, national ID card, or passport) and 1-2 proofs of your current residential address (such as a bank statement, tenancy agreement, utility bill, or letter from a government body).
4. Once you submit the required documentation, your account should be activated within 1 business day.
5. Upon approval, you can start making payments. You’ll have access to track your payments online or through the OFX mobile app.

OFX Fees and Rates

Recently, OFX eliminated their flat-rate transfer fee, so the only charge now is an exchange rate margin. This margin varies depending on the currency pair involved. For major currency pairs like the US dollar, British pound, and Australian dollar, the margin is typically around 1% of the total transfer amount. For minor currency pairs at the receiving end, such as Mexican peso, Indian rupee, and Thai baht, the margin can be around 2% of the total transfer amount.

As a result, OFX tends to offer cheaper rates than its competitors for smaller transfers. However, as the transfer amount increases, the cost relative to competitors may become higher due to the margin applied to the exchange rate.

To determine if OFX offers the best rate for your desired currency pair (e.g., USD to EUR, GBP to INR), you can easily register for an account. Upon registration, you’ll gain access to view the exact amount that the recipient bank account would receive if you were to initiate a transfer today. This transparency allows you to compare and evaluate OFX’s rates against other providers before making a decision.

Once you register with OFX, a member of their team will contact you to discuss your requirements and provide information about any necessary documentation. OFX’s support representatives have shown a willingness to offer better exchange rate margins than those advertised on the platform. In certain situations, they are also open to matching prices offered by competitors. If you find the charges for your preferred currency pair unsatisfactory or discover a better rate elsewhere, informing OFX could potentially lead to a more favorable deal.

Processing Time

After you initiate a transfer with OFX, it generally takes 1-2 days for the funds to reach the recipient’s bank account. The exact timeframe can vary based on factors such as the currency pair involved and the recipient’s country and bank. It’s important to note that banks in certain countries may have longer processing times for incoming transactions.

If a transfer is taking longer than anticipated, you can contact your bank to inquire about their usual processing times. Additionally, you can monitor the status of your payment by logging into your OFX account online or through their mobile app. This allows you to track the progress and stay informed about when the funds are expected to be received by the recipient.

Security

OFX operates under the registered trade name of OzForex Ltd, which is a publicly-traded company on the Australian Securities Exchange. Its subsidiary, USForex Inc., is a licensed money transmitter in the United States and is registered as a Money Service Business with the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

OFX collaborates with Symantec to implement identity protection, fraud prevention measures, and SSL encryption to safeguard customers throughout the transfer process until the funds safely reach the recipient’s bank account.

Customer Support

OFX offers 24/7 customer support from its 6 global locations. A dedicated customer support representative will contact you soon after you register to discuss any specific requirements and guide you through the documentation necessary for setup. OFX can be reached at any time, day or night, through a toll-free number for assistance.

Bottom line

OFX is a provider specializing in bank-to-bank foreign currency transfers globally. It offers individuals and businesses fast and cost-effective options for transferring money to foreign bank accounts. OFX does not impose transfer limits or wire transfer fees. Instead, it applies a margin of approximately 1-2% on the exchange rate for each transfer.

Apart from Forex payments, OFX provides a variety of features including robust customer service, streamlined payment solutions, and currency risk management tools tailored for businesses. Additionally, OFX offers an option to receive e-commerce payments in six different currencies. The service ensures complete security, and globally, customers have trusted OFX to transfer approximately $100 billion to date.