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OFX (OzForex) Money Transfer Review

Launched in 1998, the OFX (previously OzForex) is a foreign exchange services firm with offices in Sydney, Auckland, London, San Francisco, Toronto, and Hong Kong. Accepting international transfers, automatic payments, futures contracts and FX options for values of at least AUD $1,000, OFX offers personalized service and provides financial expertise for more than 47 currencies. OFX is regulated by the ASIC.

OFX Review

OFX (prev. OzForex)


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OFX (prev. OzForex)

OzForex Products for Individuals

OzForex’s money transfer options for individuals include three money transfer choices. The spot contract allows the customer to execute the transaction immediately, once the OzForex specialist finds the best foreign exchange rates on the forex markets. The second option is a forward contract, where the customer has the choice of locking in a favorable exchange rate and then executing at a future date. Forward contracts can help customers protect their assets from exchange rate movements while deciding the best time to execute. The third option is a limit order, where the customer chooses when they’ll send money, based on when the rate reaches their trigger point. In a limit order, the customer is able to keep track of the almost constantly-moving forex markets and execute a transaction when it suits their requirements. This option is best for customers who do not need to send money immediately.

OzForex customers can opt to establish automated currency transfers for mortgage payments, school fees, regular payments to a business for services or subscriptions, loan payments, or any other type of ongoing payment. OzForex offers fixed regular payments that provide protection against currency rate fluctuations, or non-fixed payments if customers do not need to lock in a specific rate. Automated payments offer the added benefit of fee-free transfers, allowing customers to save money. To establish an automatic, fixed payment plan, customers must pay a deposit that is equal to one payment installment.

OzForex Products for Businesses

OzForex business services include international money transfers and exchange risk management services. Advantages include a dedicated FX dealer, tiered pricing levels, an online platform that is available 24/7 offers a currency calculator and risk management tools, and the ability to easily monitor payments and transfers.

Clients are able to choose between sending money using a spot rate and purchasing forward hedging or limit orders to help manage their risk and currency exposure. OzForex will also send market alerts and provide regular updates from the dedicated FX dealer. Businesses can be better prepared to understand the forex markets and manage their currency exposures with OzForex market and economic commentary.

Automated payment plans are available for business clients who need to make ongoing, recurring payments for employee salaries, royalties, vendor supplies and services, rents, or any other type of regular payment. Payment plans are easy to establish through an OzForex specialist, and preferential pricing is available for ongoing plans.

About OzForex

The OzForex Group was founded in Australia in 1998 as a foreign exchange information website. It has since grown into a specialist international payments service provider, with over 200 employees in offices in Australia, the United Kingdom, Canada, the US, and Asia. In 2014, the firm completed 581,000 fund transfers, and had AUD$13.6 billion in foreign exchange transactions.

OzForex maintains strong relationships with a number of large banks spread across the globe, including UBS, Barclays, and Bank of New York Mellon. The OzForex platform is also used by a number of well-known financial firms, including ING Direct, Moneygram Money Transfers, Macquarie International Money Transfers, and Travelex International Payments.

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