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In my personal experience, I have found OFX to be an excellent choice for international money transfers. One of its standout features is its extensive global reach, offering services in over 190 countries and supporting more than 55 different currencies. This level of worldwide coverage gives you the flexibility to send money to virtually any corner of the globe, making it a reliable option for a wide range of international financial transactions.
One of the remarkable aspects of OFX, which I’ve personally appreciated, is the absence of any restrictive limits on the amount of money you can transfer or how frequently you can do so. This means you have the freedom to send the funds you need without being hindered by arbitrary caps or constraints. This flexibility has proven incredibly useful in managing various financial obligations, especially for larger transactions or recurring transfers.
Nonetheless, it’s essential to note that OFX does have limitations in terms of how cash is sent and received, based on my own experience. OFX exclusively supports bank-to-bank transfers, which distinguishes it from some other money transfer services. While the reliability and security of bank transfers are undeniable advantages, it’s worth mentioning that recipients can’t access their funds through retail store pickup or home delivery options, as some other services may offer. This might be a minor inconvenience in certain situations, but it’s a trade-off for the overall strengths OFX brings to the table in terms of global reach and transfer flexibility.
OFX Specifications
OFX is a significant corporation in the field of money transfers, and it operates offices all over the world, including in Canada, the United States, the United Kingdom, and Australia. It offers a robust phone-based support network that is available all over the world and can be of great assistance to customers. The majority of its attention is directed toward customers who conduct transactions online.
| Feature | Description |
|---|---|
| Data exchange format | XML |
| Supported data types | Account balances, transactions, investment holdings, bill payment information, tax forms |
| Authentication methods | Username/password, OFX token |
| Security features | SSL/TLS encryption |
| Compression | Supported |
| Error handling | Detailed error messages |
| Extensibility | Supports vendor-specific extensions |
| Popularity | Widely supported by financial institutions and software applications |
| Cost | Royalty-free |
| Visit Website |
What is OFX?
OFX, headquartered in Sydney, transfers money to businesses and individuals in 55 currencies and 170+ countries. Matthew Gilmour launched OzForex in 1998. CEO Richard Kimber runs operations in Dublin, Toronto, Hong Kong, Auckland, Singapore, London, and San Francisco. They’ve been listed on the Australian Stock Exchange since 2013.
Online money transfer company OFX has 24/7 customer support and a mobile app. Foreign currency hedging is available to SMEs. OFX is not a bank but is licensed by financial regulators in Australia, Singapore, Hong Kong, New Zealand, the UK, EU, USA, and Canada. You can trust OFX to follow anti-money laundering rules and protect your money.
OFX review: Payment Methods Available
As a result of my own use of the service, I can say with certainty that OFX is one of a kind among money transfer companies. This is principally attributable to the practical function that enables filling of bank accounts. When compared to other companies that facilitate money transfers, this specific benefit, while certainly advantageous, does restrict the variety of accessible possibilities. When it comes to making payments with OFX, the two basic options are to either set up an ACH direct debit through an application or send money through a bank wire transfer.
Furthermore, it is important to note that when utilizing OFX, the recipient has the option to receive funds straight into their bank account, and this is the only location available for receiving the transferred money. This is something that should be taken into consideration when making a transfer. This streamlined technique guarantees that the transaction procedure will be both secure and easy to complete.
OFX review: Transfer Fees
As a result of my own transactions, I can attest to the fact that OFX is without a doubt the most advantageous option available in terms of fees associated with international money transfers. Their competitive advantage rests in the fact that they do not levy any transfer fees on any of your transactions, making this a compelling selling feature. This generous feature not only makes OFX an alternative that is easy on the budget, but it also has the potential to result into significant savings, especially if you transfer money internationally on a regular basis.
It is important to keep in mind that some banks that are engaged in the process of transferring funds may charge a fee in certain circumstances. It is vital to be aware that OFX does not have any control over this price, and they have no say in the matter of whether or not you will be subject to any charges in these kinds of situations. You can, however, take advantage of more reliable and cost-effective international money transfers thanks to the fee-free structure that OFX makes available to its customers.
OFX review: Support
On Tuesday night, we called customer service toll-free. A recorded voice said OFX was getting several calls due to “recent world events.” The automatic system said to push 1 to finish registration. Press 2 to transfer. We waited eight minutes for an OFX person to answer. The call dropped. While we waited, OFX tried to call back, but we couldn’t respond.
The phone number that appeared was called back. We were queued and given recorded instructions again. A representative from OFX called 16 minutes later. Call sound was poor, making it hard to understand the agent. How long do transfers take? What are transfer fees? We were told different from what the OFX website said.
Final Words
Finally, OFX is a trustworthy and easy-to-use foreign money transfer service that offers good exchange rates and low fees, making it a good choice for people and businesses that need to send money to another country. OFX makes it easy and quick to send money to other countries with a strong online base and a mobile app. People know that their customer service is quick to respond and helpful.
Some users may find the verification process a little annoying, but generally, OFX is a good choice for sending money between countries because it is cheap and easy to use. Keep in mind that exchange rates can change, so it’s important to know what the current rates are when you use OFX.
OFX review: The Good and Bad
OFX is a great choice, but it is not necessarily the greatest choice in every circumstance. We have personally used OFX for more than ten years, but we also recommend other services, and in this review, we will uncover when it works and when other services could be superior. Although we have personally used OFX for more than ten years, we also recommend other services.
The Good
- Allow one-time and recurrent transfers.
- Reviewers praise customer service and support.
- They are cheaper than most due to no transfer costs.
The Bad
- Can only transfer money by bank transfer.
- The only language is English.
Questions and Answers
How secure is OFX? OFX is a reputable and risk-free exchange. They are subject to the guidelines of the Australian Securities and Investment Commission and hold a license to operate in the Australian financial services industry. When sending money overseas, OFX is required to adhere to a number of very strict criteria.
If you need to make large money transfers, OFX is a more cost-effective option than Tranferwise; yet, depending on the currency, OFX may be more expensive for some minor money transactions. Be mindful of the payment method that you use while working with Transferwise, as doing so may result in an increase in the fees associated with the transaction.