OFX (formally known as Ozforex) is an Australian money transfer provider. In Canada, it is known as CanadianForex Limited, and it is a wholly owned subsidiary of OZForex Limited. All aspects of using OFX’s service is done online – from the account set up to the actual transfer of funds. They are known to have exceptional customer service and this is one reason, among many, that the company has been so successful.
The Currency Shop says:
- OFX excels at online user experience and customer service
- Compared to big banks they offer quite competitive exchange rates
- If you’re interested in checking out foreign exchange rates, fees and services of other providers, check out our comparison tool.
What will this OFX review cover?
The most important thing to understand here is what the actual costs are for transferring money with OFX. In this article, we’ll dig into the following:
- Is OFX safe and secure?
- With OFX, what fees are there for sending and receiving money?
- How do you send money overseas with OFX?
- Pros and cons of using OFX
Is OFX safe and secure?
OFX is registered with FINTRAC (registration no: 08560392). It is also part of the global OZForex group and as previously mentioned, it is a wholly owned subsidiary of the publicly-owned Australian Corporation OZForex group limited (ACN: 165602273)
For more information on their security practices check over here.
Fees involved to send and receive money
OFX charges a standard fee of AUD 15 for transactions under AUD 10 000.
Standard fee is free provided that you transfer more than AUD 10 000.
It is important to note that the fees charged are in AUD and it varies according to the current exchange rate.
What exchange rate will you get when transferring money with OFX?
This depends on the currency being converted and the needed amount. But a good rule of thumb is to know that the larger the quantity the better rate you’ll likely receive.
To get an idea of what rate might get you can use OFX’s currency conversion tool. Type in a few example amounts and you will be shown market rates. The tricky part is that this is not the rate you’ll receive — the only way to know for sure is to contact OFX or divide your currency amount by USD to get the real rate.
How do you send money overseas with OFX?
In order to send money via OFX, you’ll need to create an account (free) via three simple steps:
- Enter your personal details
- Input your money transfer details
- Confirm your account via email
The next step is to get a rate quote. If you are happy with it, you can go ahead and key in the receiving bank’s details and lock in your transfer. You should receive a confirmation email and for security purposes, you can track the transfer online. Most OFX transfers take 1-2 days to complete.
You can also use OFX to bring funds back to the Canada from abroad. From your registered OFX account, you can pay the foreign currency into an OFX transfer, which is then converted into CAD and credited to your bank account in Canada.
To fund an OFX transfer you need to set up a direct debit from your bank account. They currently do not accept credit cards or checks.
Need an alternative method of paying?
The only way around this is to arrange a domestic transfer from your bank to OFX by withdrawing available funds from your credit card into another account – and then sending it across.
However, be aware that by doing this you are effectively taking a cash advance on your credit card and could, therefore, be exposed to associated fees and interest rates of your credit card issuer.
The countries and currencies you can use OFX for are:
OFX supports a wide range of standard and exotic currencies. Click here to find out if they support the currency you are looking for.
Pros and cons of using OFX
Pros of using OFX:
- Easy and fast online set-up backed up by competent customer service.
- Competitive exchange rates (especially compared to banks).
- No fees, except for the exchange rate margin.
- 24/7 service.
Cons of using OFX:
- Minimum transfer of AUD 250 (again, check exchange rates for your intended currency)
- OFX does not accept cash, checks , bank drafts or credit cards
- They do not provide personal advice
- They don’t offer foreign currency accounts
Related Link: Click here to visit the OFX website