OFX Review: Low-Cost International Money Transfers

An online money transfer service, OFX lets you initiate transactions 24/7 in 55 currencies. The biggest draw to OFX is its low cost. There are no transfer fees, and it’s exchange rates are some of the best in the industry.

OFX’s proof of popularity is in the numbers. With more than 3,250 transfers made daily, the company has handled more than $100 billion in foreign exchange transactions.

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OFX: In A Nutshell

OFX: How It Works

You can send money using the OFX website, mobile app, or by phone with a customer service representative. Payment and delivery options are by bank account only, either with direct debit or by domestic wire transfer.

OFX accepts transfers as a little as USD $1,000, with no maximum limit.

Mobile App

Available in both iOS and Android, the OFX app lets you check live market exchange rates, initiate an international money transfer and track your money while it’s being transferred, at any time and from anywhere.

Step-By-Step

To use OFX, follow the steps below:

1. Register online by filling in your details.
2. OFX will then call you to complete setting up your account, as well as answer any questions you might have.
3. OFX might ask you to submit more documentation if additional verification is required.
4. Login on the OFX platform and get a live exchange rate quote.
5. Enter your recipient’s bank account details and lock in your deal.
6. Send funds from your bank to OFX within 48 hours.
7. OFX will take care of the rest.

OFX Rates & Fees

Regardless of the sending amount, OFX does not charge any transfer fees whatsoever. This means the entire amount you transfer, without any deductions, will be converted at the agreed-upon exchange rate.

When it comes to exchange rates, OFX offers some of the best numbers in the industry. The more you send, the better your rates. In order to see an accurate rate of what you’ll have to pay, you need to set up an account and log in.

When you do make a transfer, you’ll get a final exchange rate that you can lock in, which gives you time to transfer funds from your bank to OFX without having to worry about the rate changing on you.

OFX Transfer Speed

Transfer times depend on factors like:

• Bank holidays
• Weekends
• Currencies involved
• Payment method
• Domestic vs international transfer

International transfers with OFX take, on average, two to five business days. It’ll be one or two days for the company to receive funds from your bank account, then another one to two days to deliver to your recipient. Because other providers have the ability to wire money internationally almost instantly, I’d say funding time is not a strong point for OFX.

OFX Customer Support & Satisfaction

OFX has a global support team with offices in Australia, the United States, the United Kingdom, Canada, New Zealand, Hong Kong and Singapore. Thanks to this network of offices around the world, the company is able to offer phone and email customer support 24 hours a day, 7 days a week. Although there’s no live chat feature online, you can take advantage of the organized list of helpful information on OFX’s FAQ page.

On TrustPilot, OFX has a 4 out of 5 rating.  Among the complaints were the following common issues:

• Slow or lost transfers. Because OFX advertises a one- to two- day funding time, customers get understandably upset if their transfer takes longer than promised. Sending money to Canada, Australia, New Zealand and countries in Europe, will most likely only take up to two days. However, you can expect transfers to developing countries to take a bit longer. Regulations, unstable financial institutions, poor communication, fraud or corruption might add to the delay, or even the loss of a transaction.
• Sudden account closure. OFX, like all its industry peers, has the right to shut down your account for any reason, at any time, and without notifying you. While it might not seem fair to you, OFX has to follow regulations in the countries it operates in. This means the company bears the responsibility to help prevent bank fraud, money laundering and other financial crimes.

OFX Security

To ensure OFX provides its customers with a safe and secure service, the company has the following security measures in place:

• Identity protection. Passwords, security questions and automatic time-outs are used to keep your account safe.
• Fraud protection. OFX has a multi-layered approach to detecting and preventing fraud with sophisticated technology that monitors registrations, logins and transactions to identify suspicious activity.
• SSL encryption. This type of encryption keeps your information from being intercepted, so you’re safe when you register and log into OFX’s online services.

Even with these security features in place, you should abide by the following best practices to keep your information safe:

• Keep your passwords and security details to yourself, so no one can access your online accounts.
• Download security updates and use anti-virus software to protect against attacks from new viruses.
• Identify and delete email scams, and filter and delete spam.
• Avoid using unsecured WiFi networks for secure transactions, like banking or online shopping.

My Impressions

If speedy transactions aren’t a priority for you, then OFX is a great, cheap choice for international money transfers. It has extremely low costs and excellent customer service. For faster transactions, however, you’ll want to consider other options.

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