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 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.
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:
E-tailer Solution Feature:
Options to plug into OFX’s platform include:
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.
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.
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.
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.
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.