CanadianForex Review

OFX (prev. CanadianForex) Products for Individuals

CanadianForex offers secure money transfers with some of the best money transfer rates, as well as the ability to make recurring fx international payments, to their individual customers. CanadianForex customers can choose between three methods to send money abroad: the Basic Money Transfer, a forward contract, or a limit order. The Basic Money Transfer is a spot option, which is a transfer that is executed immediately using the best exchange rate that the CanadianForex currency specialist can find. Once the specialist has found the best rate, they will execute the transaction for the customer.

If the customer has found a favorable exchange rate but does not need to send money immediately, they can purchase a forward contract, which gives the customer the ability to lock in the favorable rate but use it at a future date. Forward contracts are a great way to protect the customer from fluctuations in exchange rates. Limit orders are another way that customers can preserve their money if they are concerned about rate fluctuations. Often used for large money orders or when the customer does not have to send money immediately, a limit order allows the customer to specify the exchange rate they want. The CanadianForex currency specialist will only execute the transfer when the rate reaches the range the customer specified.

Recurring transfers are a way for CanadianForex customers to make money transfers or international payments on a regular, ongoing basis. Recurring transfers allow the customer to set up an automatic payment plan, saving them time and money on their international money transactions. Recurring payment plans are a great option for customers who need to make regular international payments for a loan or debt pay-off, for a mortgage payment or monthly rent payments, for paying tuition fees for children studying abroad, for a vendor payment, or any other recurring payment. Recurring transfer plans can be set up as fixed payments, for those customers who have a set amount that they need to pay on a regular basis (a mortgage payment, for example), or as a non-fixed payment, which is good for customers who need to send money overseas periodically, but in differing amounts. Non-fixed payments can be a good option for customers who are sending money to relatives living abroad where the amount may be different from payment to payment.

Non-fixed payment plans do not require a deposit. Fixed payment plans do require a deposit up-front when setting up the plan. The deposit is equal to the amount of one payment, and is due at the time the first payment will be made.

OFX (prev. CanadianForex) Products for Business

CanadianForex gives corporate clients the ability to make overseas money transfers and international payments, as well as providing forex risk management services, 24-hour access to the cutting edge technology systems pioneered under the OzForex Group, and superb customer service. CanadianForex assigns a dedicated FX market specialist to its business customers. This specialist will have a deep understanding of the foreign exchange marketplace and will work with the corporate client to manage their foreign exchange risk exposure.

CanadianForex also gives its business clients the ability to set up recurring transfers, allowing them to automate their international payment needs, including employee salary payments, subscription fees, vendor service payments, or any other type of regularly-occurring payment.

About CanadianForex

Launched in 2007, CanadianForex is a wholly-owned subsidiary of the OzForex Group, one of the world’s leading international payments and online foreign exchange services. The OzForex Group also includes UKForex, NZForex, and Tranzfers. The group has offices on six continents and employs approximately 200 employees. CanadianForex is registered in Canada with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada.