OFX

ofx review
  • Editor Rating

  • Rated 4.5 stars
£50 to £9999999
  • 90%

  • OFX Review
  • Reviewed by:
  • Published on:
  • Last modified: November 10, 2016
  • Exchange Rates
    Editor: 92%
  • Website Friendly
    Editor: 91%
  • Customer Service
    Editor: 81%
  • Overall
    Editor: 91%

OFX Review

OFX (previously branded as OzForex) was launched by Matthew Gilmour in 1998 as an Australian-based foreign exchange information website. In 2001 OzForex launched its first online money transfer facility. It has grown to be one of the world’s largest online foreign exchange companies with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.

Richard Kimber is OFX’s CEO and managing director of ZFX which is headquartered in Sydney with offices in London, San Francisco, Hong Kong, Toronto and Auckland.

OZFX was the parent company of a group that includes UKForex, USForex, CanadianForex, NZForex and Tranzfers. Rebranded as OFX, in December 2015, OFX unveiled the new brand and OFX.com[17] in Australia. “This was the first step in a program that will see the Group’s seven regional brands consolidated into a single global brand”.

In July 2016 the website clearly states that “OFX is the new UK Forex”.

It’s expected that all the remaining companies will trade under the name OFX in 2016 and also that they will share similar services although this isn’t yet currently the case.

 

ofx

ofx

 

Personal Services:

  • 24/5 availability for trade
  • Mobile app
  • No fees for transfers over AUD 10,000
  • Each transfer made is entered into a draw with 10 chances to win $ 1,000

Instant Transfers are OFX’s most popular service. Customers send money immediately, locking in their rate and anticipating a rapid exchange

Single Transfers ‘Spot Deals’ also lock in a rate to send or receive funds with minimum transfer of AUD 250

Recurring Transfers Scheduled transfers for monthly expenses have zero OFX fees. Direct deposit is available. Minimum 4 transfers with a minimum transfer of AUD 500

Risk Management options for Personal and Business clients include:

  • Forward Exchange Contracts: Transfers can be booked between 2 days and a year ahead to help manage cash flow. Locked in OFX rates. Minimum of AUD 50,000
  • Limit Orders: Allow clients to set currency target rate, 24 hours a day, 5 days a week. When target rate is triggered, clients are contacted to complete transfer. Minimum AUD 30,000, valid up to 6 months
  • FX Option: Affords clients the right, but not the obligation, to transfer at a certain time and rate in exchange for an up-front premium. Protection against adverse exchange rate shifts allows client to take advantage if the rate improves in their favour. Minimum AUD 50,000 for security with flexibility.

E-tailer Solution Feature:

  • Local collection accounts available for online merchants to collect global revenues in USD, GBP, EUR, CAD, AUD, HKD
  • Savings of up to 60% on exchange rates and fees
  • No fees to open accounts; no OFX outgoing fees to transfer funds to domestic bank account
  • Rapid delivery to business account
  • Funds delivered to business account quickly
  • Accounts approved within 4 business days; collection account numbers are delivered within 2 business days

Options to plug into OFX’s platform include:

  • Borderless Payments API: Business access to OFX rates and an award-winning international payments service while maintaining control over the experience. Ideal for businesses that have an existing platform ready to be powered by OFX’s API
  • Platform as a Service: Customisable platform powered by OFX’s API can save on development time and costs. Interface can be tailored to suit brand and business needs, maintaining control over customer experience
  • Full Service Partnership: White Label Solution allows business to outsource the end-to-end international transfer process to OFX. Customers are provided with a branded service; business has advantage of international transfer expertise and licenses
  • Partner commission: Partnering client features OFX on their website so their clients can access OFX from their site. When clients click through to OFX and transfer funds, OFX will share part of the revenue (OFX’s commission)

Partnership Features:

  • Transaction Settlement: Utilising the OFX global payment network to access over 50 currencies in 198 countries
  • Customer Management: On boarding, KYC, beneficiary management, and payment reporting
  • Compliance: Transaction monitoring, network and rule-based screening, PEP and sanction checks

Website:

OFX’s website is lush with liquid graphic images that draw visitors in with emphasis on individual services. Terms are clarified and re-tooled to simplify the list of services available. Impressive statistics work well to create an atmosphere of trust and high expectation to a first time visitor.

Statistics include: $84 billion transfers to date, 3,250 transfers a day, 115 bank accounts in their global network, 55 currencies to date are handled.

Daily market news updates chart the market rates of the AUD against the USD.

20 years of exchange rate data is available including annual and monthly historical rates.

Pros: For private clients, the instant transfer option using debit card is a rapid service that beats bank rates, if only by a small margin. Beautifully inviting website presents the information and options available as clearly as is possible.

Corporate options abound with OFX. Partnering with business, sharing API, transaction settlement, customer management and compliance services provide opportunity for business. Helpful case study articles show real world applications other OFX partners are currently using.

Cons: Geared for the Australian and UK marketplaces, OFX isn’t a good fit for business clients seeking to utilise the partnering options in other regions. OFX has yet to bring these services to other parts of their own global team.

Reviews:

Rated 9.2 on TRUSTPILOT with 1,175 reviews. Most clients praise OFX’s friendly, efficient service. Three recent concerns regarded unnecessary delay in releasing currency after funds had been received by OFX. A business transfer to a supplier was unsatisfactorily handled when OFX emailed that the transfer had taken place although it hadn’t. A month passed before the error was resolved by OFX while the businessman dealt unsuccessfully with OFX phone support staff. A third found the rate he received was poor compared to Western Union online.

OFX is rated 3.9 out of 5 at Product Review with 141 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.

Editor’s Review:

What sets OFX apart from smaller companies offering rapid exchange is their terrific team of business-minded professionals. OFX has set a high standard in the industry with business innovation, yet still has time for instant transfers, its own term for spot trading.

It’s a pity that OFX’s personal accounts customer service can’t keep pace with the company’s business accounts expansion.

Innovative excellence to big business aside, with 3,250 transfers a day, dropping the ball on customer service is quite a mistake to make. Given OFX’s global market share, the company would do well to resolve individual problems in real time, rather than chasing the unhappy clients after they haven’t been able to get a response to problems by email or telephone. Dutifully following up after complaints have reached the review stage isn’t working to make OFX #1 in customer satisfaction.

4 out of 5 stars.

 

 

 

 

Pros

OFX is rated 3.9 out of 5 at ProductReview with 133 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.

Cons

Given OZFX’s global market share, the company would do well to resolve individual problems in real time, rather than chasing the unhappy clients after they haven’t been able to get a response to problems by email or telephone. Dutifully following up after complaints have reached the review stage isn’t working to make OZFX #1 in customer satisfaction.