OFX Review

OFX delivers a world class international money transfer service. With OFX, money transfer deals can be initiated online, in their mobile app or over the phone.
 

What OFX offers

• International money transfers
• Personal account manager
• Regular transfers
• OFX mobile app

International money transfers - Described as Spot exchange contracts takes advantage of the current market rate on offer by choosing the ‘Spot Exchange Contract’ option.

Personal account manager - An OFX account manager gives you the confidence when sending large transfer amounts. The FX experts at OFX build relationships with their clients and help guide them through the process. The account managers can also guide customers through the current currency markets for upcoming transactions.

Regular transfers - Available for recurring transfers overseas such as mortgage payments, retirement fund payments and tuition fees.

OFX Mobile App - Money transfers can be created and tracked through their mobile app on Apple and Android.
 

What OFX doesn’t do

• Digital wallets for individuals
• FX optimised travel cards
• Cash pick up or international bill payments

OFX Score

OFX lost some points in this Category during the OFX review due to lack of digital wallet and travel card for individuals. Without these features, their service offering to individuals is very good.

OFX has a range of features and services perfectly suited to small, medium and large businesses operating in a global environment.
 

What OFX for business offers

• Risk management
• Multi-currency accounts
• Global payment solutions
• Business specialists
• Xero accounting integration

Risk Management

OFX has tools to mitigate risk from currency fluctuations. This helps reduce the impact of currency changes on your business’ cash flow by minimising expenses. 

Limit orders - Use limit orders to choose an exchange rate better than is currently on offer in the market. When the market moves in your direction, OFX will automatically lock in your requested rate.

Forward contracts - Lock the current rate on offer even if you have yet to transfer the funds to OFX. This helps minimize your risk if it looks like rates are moving in an undesirable direction.
 

Business Solutions

OFX has a range of business solutions that help global businesses integrate foreign exchange into their business process.

Multi-currency accounts - The OFX Global Currency Account creates a banking presence in foreign markets. The global currency account provides local banking details for receiving payments or funds in foreign markets. Local banking details available in USD,EUR,GBP, CAD, AUD and HKD. Repatriate funds with bank-beating exchange rates or pay suppliers out in the same currency. This lowers transaction costs and foreign exchange costs.

Global payment solutions - Send mass payments of up to 500 recipients with one click. Pay suppliers and overseas employees more easily and at a lower cost.

Business specialists - OFX specializes in supporting businesses of all sizes manage their foreign exchange demands. 

Xero accounting integration - Simply by integrating your Xero account with OFX business solutions, international payments and receipts can be reconciled faster and more accurately. Get business finance insights faster and reduce administrative overhead costs.
 

What OFX doesn’t do

• Business debit card optimised for FX

OFX Score

iCompareFX scored OFX highly with their Business customer benefits. OFX specializes in providing business focused solutions.

What is a Margin Fee?

OFX has a straight forward fee model. The fee is within the exchange rate offered. Deducting the real exchange rate from the OFX rate on offer shows what the fee is on the international money transfers. This is called a margin fee.

This margin fee can be between 0.5% and 0.8% of the transfer amount depending on what currency you are buying.
 

Are there additional OFX fees?

Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.
 

OFX and iCompareFX Offer

There are two OFX offers available for iCompareFX visitors.

• OFX and iCompareFX have teamed up to offer iCompareFX visitors a margin fee of 0.4%. This is a very low margin and will beat the competition most of the time.
• Not only that, but the additional fee is waived for the first two transfers if you are sending under $10,000.

Are OFX fees negotiable?

OFX is not just online. Therefore you can call OFX and discuss your foreign currency needs especially if you intend on using OFX for high volume or large transfers. You can call an OFX Expert to discuss your options.
 

OFX Score

iCompareFX scored OFX highly within the Fees category. They offer a very low exchange rate margin fee. Simple fee structure albeit the fee being within the exchange rate. The fees are even lower for iCompareFX visitors. 

What OFX does well

Sign up process - Fast and simple sign up process online, in the Apple or Android app or over the phone. 

ID verification - ID verification for compliance purposes is generally your drivers license ID number and a quick phone call to discuss your remittance needs.

Transfer speed - When OFX receives your money. The transfer can be 1 - 2 days. You are notified by email and via their mobile app of progress.

Mobile App - Easily add recipients and lock in deals within the app. Current and historical exchange rates are available to see if now is a good time to send money overseas.
 

Where OFX could improve

Payment options - Payment options are limited to sending funds to OFX by bank transfer and by debit card within the USA which lowers the cost of your transfer.  In-country options such as POLi (Australia) can increase your transfer costs due to 3rd party costs.

Minimum transfer amount -  The minimum transfer amount is US$1,000, AU$250, CA$250, £100, €250. People looking to send money online in smaller amounts will find other options optimised for small fund transfers.
 

OFX Score

While reviewing OFX, iCompareFX has scored well within the Ease of Use category.  This score took into account the items where OFX could improve.

What OFX does well

Supported destination countries - OFX supports over 55 currencies including many exotic currencies. 

Global presence - OFX has seven global offices in Australia, New Zealand, Singapore, Hong Kong, United States, Canada and the UK.

Customer support - Customer support is available locally in the global offices, over the phone and via email.
 

Where OFX could improve

Languages - Customer service and their website is in English only.

Customer registration countries - Currently OFX only supports customer account creation from Europe, UK, USA, Canada, Singapore, Hong Kong, Australia and New Zealand.
 

OFX Score

OFX’s score for the Supported Countries category was affected by the lack of multi-language support on their website.

What OFX does well

• OFX is fully regulated in multiple countries.
• ASX stock exchange listed and therefore audit, compliance and enforcing safety of customer funds is mandatory.
• OFX has a Trust Pilot score of Excellent. OFX customer service is active on TrustPilot engaging with customers and helping resolve legitimate concerns or complaints.
• iCompareFX visitors make thousands of transfers through OFX yearly.

Where OFX could improve

Exchange rate margin fee transparency

The margin fee is very low and the offered rate is perfectly visible prior to initiating a transfer. However it would be beneficial to the customer to see a breakdown of the real exchange rate and the margin fee percentage. iCompareFX believes this would improve the transparency of OFX fees to promote their low cost international money transfers.
 

OFX Score

OFX scored above average in this category. It’s main failing is the lack of full transparency of their fees while initiating the transfer. OFX could improve this score by separating the real exchange rate and the additional fee to demonstrate to the customer the actual fees being charged.