Perhaps you remember OFX from one of its earlier names, which was OzForex, UKForex, Tranzfers, or USForex. The good news is that this money transfer service still ranks as one of the best choices you can use for fund transfer needs. It provides services for transferring international monies, automated payment plans, and even futures contracts with great exchange rates and very low fees.
About the Company
OFX was first launched in 1998 as a website dedicated to information about foreign exchange information. The company has now expanded to provide foreign money exchange services and provide international payments across six continents, with over 200 employees. In the year 2014, the company completed over a half million fund transfers. The company has banking relationships with a large number of well-respected global banks-like Barclays, UBS, and Bank of NY Mellon.
OFX offers money transfer services that allow clients to pick out what time and currency rate suits their foreign exchange needs. The products range from spot transactions that are executed right away, with OFX finding the best foreign exchange rates that are available on the foreign exchange markets.
Forward contracts are also available, and these offer the benefit of letting the client protect their assets from exchange rate movements. Limit order options are also available for use, and these allow customers to place the order on the condition that they secure the rate they want.
OFX specialists will only execute the money transfer when the rate is at the customer’s preferred exchange rate. Limit orders are usually the best option for transferring large amounts of currency, especially when the customer is not under any sort of time restraints/restrictions.
OFX helps individuals set up automated currency transfers for whatever their individual needs are-anything from car payments to mortgage payments to tuition fees, or any type recurring payment for that matter. Fixed regular payments can help protect against currency rate fluctuations and changes and allows the customer to lock in a rat that is favorable to them up front and then use that rate on a continuous basis. Customers can switch between non-fixed payment plans and fixed, which allows them to take advantage of a changing exchange rate to change the amount of the transfer or even cancel it altogether. Auto-payments also offer the great benefit of being free of transfer fees, which saves clients’ money.
These are products designed for business and corporate customers that need international money transfers and exchange risk management. Some advantages that you get with OFX include dedicated FX specialists, a 24 hour, 7 days a week online platform that has a wide range of currency analysis tools, and features lower rates as opposed to what you’d find in a traditional banking branch.
Sending money overseas or with OFX gives corporate customers choices so that they can keep track of their exposure to currency exchange risk. Forward hedging contracts, limit orders, and spot contracts are all available to corporate clients. OFX will also provide you with market tools to keep track of the foreign exchange market changes.
Business clients can choose to set up auto-pay plans for recurring business payments, like rent or payments for equipment and supplies. Virtually any type of scheduled payment you can think of can be taken care of through this service. They are very easy to establish and can help your business save money on transfer fees.
OFX operates and is under regulation in many jurisdictions, like Australia, where the headquarters are, the UK, and the USA. It is also under regulation in Canada. The company is listed on the Australian Stock Exchange, thus OFX is required to respect a very strict set of rules that include transparency in the disclosure of certain information.
Per these regulations, OFX holds clients’ funds separately from its own business accounts in segregated accounts which are held with respected and highly rated banking institutions. If the company has any sort of financial solvency issues, your money remains safe.
OFX is also held to high capital requirements and uses a wide range of internal procedures and methods including risk management, comprehensive staff training, audits, and accounting. The company has been in operation for over 20 years, has handled more than $100 billion since then, and thus has earned a reputation as one of the most experienced and trusted foreign exchange businesses in the entire world.
Services and Coverage
The services offered by this company are great for many reasons and take the guesswork out of transferring.
Recurring Transfers-If you need to send money internationally on a regular basis, you can automate your transfers for up to 12 months with OFX. OFX will automatically receive your funds, convert them for you at the rate you agreed upon initially, and then transfer you money to the selected beneficiary account. You also can set up a fixed payment plan that will lock in the exchange rate, remaining the same for all your transfers throughout the plan.
Forward Contacts: A forward exchange allows you to lock in the exchange rate today for a future transaction of up to 12 months later. This is helpful if you think the current exchange rate is a favorable one, or if you’d rather not gain exposure to the current foreign exchange fluctuations to get a better grip on your cash flow and risk. When you set up the forward contract, you only pay a small deposit and then pay the rest when you make the transfer.
Limit and Stop Loss Orders: These allow you to choose an exchange rate which will automatically trigger a transfer when it is reached by foreign exchange markets. This way you do not need to keep a constant eye on the exchange rate, and you can set a target level which you will not miss.
Business Customers: OFX is proud to work with businesses around the world and across many industries to help them meet any and all foreign exchange needs. You can pay suppliers in China, outsource costs to India, and do global payroll through bulk payment uploads or integration through Xero, and so much more like acquisitions of other companies, international investments, or the processing of receivables through your local collection accounts.
They even have an online seller solution-so if you work through Amazon, for example, you can receive payments this way. The helpful blog and resources available at OFX even seek to help new and upcoming sellers get on their way starting their business with helpful articles that answer many concerns new online retailers face.
Daily Market Reports: Every day the knowledgeable employees at OFX publish data on how different currencies have been trading. You can keep up to speed on how the market is performing and changing. You can then decide which is the best time to make your international money transfer.
OFX does not charge any transfer fees for Moving.co.nz users. This means that the entire amount-not a single cent-is converted at the exchange rate you agree to.
The exchange rates of OFX are some of the best we have seen on the market. Their rates get better the more money you send, and we have seen some margins as low as .4%. After you agree to the exchange rate with OFX, the rate will be locked in so that you know ahead of time just what amount your beneficiary will get, regardless of how the rate changes over time.
In the vast majority of cases, payments are taken care of via domestic bank accounts. There does not need to be any intermediary or receiving bank fees. In other cases, OFX makes certain that there will not be any deductions from the intermediary or receiving banks when you transfer your money to the beneficiaries’ account. The only two exceptions are JPY and ZAR, whose additional fees come from local regulations.
Our Bottom Line
OFX is a great way to transfer your money and perform all international currency exchanges, as far as we are concerned. They are a company who seems to really value their client base.
Reasons We Love it:
- Help is available 24/7 over the phone or on the web with people around the world. The business world never closes-thankfully, they understand and are always there to help.
- This is one of the largest companies with the greatest amount of experience you could ask for-they know what they’re doing.
- Their extensive banking network provides you fast, inexpensive collection and delivery of your money.
- You will love the top-notch customer service and expertise.
- Trustpilot rates OFX 4 out of 5 stars with over 1000 customer reviews.
What We Don’t Care For
- Services are only offered in English.
- This service is slightly more expensive than some others for sending small sums of money.
Altogether, trusting your money with OFX is not a gamble or a guessing game. You will get great service with rates you already anticipate, as well as fast cash distribution. This is a service you can use with confidence.