OFX was formerly known as OZForex, and is to this day the largest Australian owned money Transfer Company. It was started by Matthew Gilmour in 1998, and has headquarters in Sydney along with other global offices in London, San Francisco, Hong Kong, Toronto, and Auckland. We’ve put together an OFX review below to help you decide if you should use make a money transfer with OFX.
OFX pride themselves on five things:
- They are cheaper than most banks
- Have exceptional customer Service
- Global Support Team
- 5 Star value awarded by Canstar
To view the fees and rates of a number of providers and banks, you can utilise our comparison table here.
What will this OFX review cover?
Here at The Currency Shop, there are few things we like to ensure before we recommend companies to you for international money transfers. We like to know they are good value for money, offer a level of ease and convenience for you and your circumstances, and most importantly, keep your money as safe and secure as it can be. In this OFX review, we will explore:
- How to make an international transfer
- How safe OFX is
- Fees and Charges
- How long the transfer will take
- Pros and Cons of OFX
How to make an international transfer
OFX has a head office in Sydney, as well as a global office in Auckland, making them accessible in New Zealand.
To make an international transfer, then the steps are relatively simple:
- Create an account with them
- Tell them how much and where you would like to send the money, and they will give you a quote based on their exchange rate at the time.
- Send them the payment via Bpay, bank transfer or debit card
- They transfer your funds within 1-2 business days
Ways to make an international transfer
You can make an international transfer in 3 ways:
- Through the OFX app (available on iOS and Android)
- Over the phone (Australian number)
You can also choose different methods of payments to suit your circumstances:
- Single Transfer: Lock in the exchange rate, send OFX your funds and they will send to the recipient immediately. Minimum transfer for this method is $250.
- Recurring Transfers: Set up a transfer schedule with OFX, and they will do the rest. The minimum number of transfers for this method is 4, and the minimum amount is $500.
- Buy Now, Transfer Later: If you wish to lock in an exchange rate but are not ready to send the funds, then you can do this and wait up to 12 months to send the payment. The minimum transfer for this method is $50,000.
- Limit Orders: If you wish to transfer a payment when the exchange rate reaches your target, then OFX will contact you to complete the transfer. Minimum transfer for this method is $10,000 over the phone or $30,000 online.
- FX Option: You can transfer at a time and rate in exchange for an up-front premium. Allows you to lock in your exchange rate but move it if it moves more in your favour. The minimum transfer amount for this method is $50,000.
How safe is OFX?
OFX is regulated by ASIC (Australian Securities and Investments Commission) and their parent company is listed on the Australian Securities Exchange (ASX).
Fees and Charges
OFX will charge you a fixed fee of $12NZD for any international transfer made under $10,000.
Their website shows a currency converter that allows you to assess the transfer fee, your savings and the exchange rate. However, you might notice that the exchange rate offered on this is what’s called the ‘Market rate’, i.e. the rate that banks charge. OFX take smaller margins than banks, and the exchange rate they offer is what’s called the ‘OFX Customer Rate’.
This rate is determined by two factors:
- How often you transfer with OFX
- The amount you are transferring
How long does the transfer take?
The time taken to process and complete the payment is dependent on where you are sending it. OFX can transfer USD quicker than other currencies and typically send the payment the same day (dependent on when you process the transfer). Other currencies, such as AUD, GBP, or EUR are typically completed within 1-2 business days.
To read more about how long international money transfers take, you can read our article here.
Pros and Cons of OFX
|Cheaper than most banks||$12 transaction fee for all transfers under $10,000|
|Payment methods to suit different circumstances and obtain best exchange rate||Minimum $250 transaction|
|Office in Auckland||You have to create an account with them|
|5 Star Canstar review rating|
OFX Review: Case Study
Jenny lives in Auckland and wants to transfer money to her brother who lives in Hong Kong. As Jenny usually flies to Hong Kong or her brother will visit Auckland, they rarely have to organise an international transfer. However, her brother needs some financial help and Jenny is able to give it to him.
Jenny has used OFX for over two years now and knows how flexible and secure they are as a money transfer company. She also knows that she saves loads of her money by not going through her bank in New Zealand.
Jenny decides to transfer her brother money based on OFX’s ‘Single Transfer’ option, as she wants him to receive the money as quickly as possible. OFX offered an excellent exchange rate and only a minimal transfer charge, so Jenny could relax knowing that her little brother had received the money safely and securely.