OFX is an international money transfer service provider. They offer a number of services for individual users, as well as specialty services that are specifically designed to meet the needs of businesses and online sellers.
Unlike it’s competitors, OFX does not charge a fixed exchange transfer fee for each transfer and their exchange rates are considered the best in the industry. Continue reading our OFX review to learn more about the specific features it has and see if it fits your needs!
OFX Summary
PROS
- Easy online set up
- No transfer fees
- Low exchange markup fees
- No maximum transfer amount
- Mobile App
- 24/7 customer service
CONS
- No credit or debit card funding options
- Offers only bank-account-to-bank-account transfers.
- No same-day or overnight delivery option
- No local cash pickup option
- Not available in Montana, Nevada, South Carolina or Wisconsin
- Minimum transfer is $1,000.
How OFX Works
With OFX, you can send and transfer money using their website, mobile app (via iOS or Android), or through a phone call with a customer service representative. The payment and delivery options are through bank account only. whether it’s direct debit or domestic wire transfer.
OFX Mobile App
OFX is available to both platforms, iOS and Android! The app lets you check live market exchange rates, start an international transfer and track your money while it’s being transferred, anywhere at anytime!
Step-By-Step Guide to OFX
- Register online and fill out the important and necessary details
- OFX will then call you to complete the process of setting up your account, if you have any questions at this time they can also answer them for you.
- OFX might require you to submit more documentation if additional verification is required.
- Login to the OFX platform and get a live exchange rate quote
- Then enter the recipient’s bank account details and lock your deal.
- Send funds from your bank to OFX within 48 hours and OFX will take care of the rest.
OFX Rates & Fees
At any amount of money sent, OFX will doesn’t charge any transfer fees. So the entire amount you transfer, without deductions, will be converted at the agreed-upon exchange rate.
OFX offers the best numbers when it comes to exchange rates. So the more you send, the better your rates will be. To get the accurate rate of what you’ll have to pay, you need to set up an account and login.
But when making a transfer, you’ll get a final exchange rate that you can lock in, so this gives you time to transfer funds form your bank account to OFX without worrying about the rate changing.
OFX Transfer Speed
The speed of your transfer may depend on factors like: bank holidays, weekends, currencies, payment method, or whether it’s a domestic or international transfer.
International transfers on average take two to five business days. Since it’ll be one or two days for the company to receive funds from your bank account, plus an additional one to two days to deliver to the recipient.
Since other providers have the ability to wire money internationally instantly, funding time for OFX is not as strong in comparison.
Send Money to:
- United States
- Europe
- Hong Kong
- France
- Australia
- India
- Singapore
- Taiwan
- United Kingdom
- China
- Japan
- Denmark
- Canada
- New Zealand
- Germany
- Saudi Arabia
OFX Customer Support
OFX has different support teams globally from Australia, the Unite States, the United Kingdom, Canada, New Zealand, Hong Kong, and Singapore. Because of their network around the globe, the company is able to offer phone and email customer support 24 hours a day for seven days a week. Even though there’s not a live chat feature online, you can still take advantage of their information sources on OFX’s FAQ webpage.
OFX Security
To provide the customers the security they need, OFX does the following security measures:
- Identity protection, so all your passwords, security questions and automatic timeouts are used to keep your account as safe as possible.
- OFX has many approaches to identify and prevent fraud with sophisticated technology that monitors each registrations, logins and transactions that helps detect suspicious activity. Ensures customers for fraud protection.
- With SSL encryption, it will help keep your information from being intercepted, so you’re safe whenever you register and log into OFX’s online services.
Why Choose OFX?
- We’re regulated by United States Department of the Treasury Financial Crimes Enforcement Network.
- They have experienced support staff that are around global offices in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.
- They have better rates and fees than the banks, and have securely transferred over $100 billion worldwide since 1998.
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Bottom Line
OFX is another online money transfer service that delivers to more than 80 countries worldwide using the app or through their website. This is the best option if you’re looking for a cheaper bank-to-bank transfer option and speed isn’t an issue for you!
If this is not the one for you, see other money transfer services you can take advantage of! For other international transfers compare OFX with Xoom, Transferwise, and Remitly.
While you’re here on HMB, check out our list of the Best Cashback Apps and Cashback Shopping Portals. Also learn more ways to earn Credit Card Bonuses!
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