OFX (previously UKForex) is a money transfer and international payments firm serving retail and business clients. The firm, formerly a subsidiary of the OzForex Group Limited, which was formed in 1998, specializes in finding the most favorable foreign exchange rates, providing a high level of customer service, and offering online products and services through its cutting-edge technology systems. OFX in the UK is FCA regulated.
OFX offers transfers at a lower cost than a bank, with money orders over £3,000 fee-free. They have three options for personal money transfers, providing customers the ability to tailor the timing and secure the currency rate that they prefer. If the customer needs to send money overseas immediately, they can choose a spot transaction. A spot transaction will transfer the money immediately at the available exchange rate. UKForex’s currency specialists will compare forex rates and locate the best foreign exchange rates.
If the customer is not sending their money immediately, but rates are favorable, they can purchase a forward contract, which guarantees the favorable rate for a future date. The customer can then choose when they wish to execute the transaction. UKForex also offers individuals the choice of sending their money using a limit order, which allows the customer to place their order on the condition that they are able to get the exchange rate they want. UKForex currency specialists will only execute the transfer if the rate is what the customer specified. Limit orders are often a good option for large currency transfer amounts, and when the customer does not need to send the money immediately.
OFX customers are able to establish automated currency transfers for any regular, ongoing forex payments they have, such as rent or mortgage payments, loan payments, school fees, business service fees, or subscription payments. Customers can set up fixed regular payments, which lock in a favorable exchange rate for a series of payments and can provide protection against currency rate fluctuations. Automated payments are fee-free, providing additional customer savings.
OFX specializes in small-to-medium sized businesses, offering them money transfer and international payments services along with risk management products and customized service, including a dedicated foreign exchange dealer who will create a plan to help the company reduce its foreign exchange exposure. OFX business services also include an online platform available 24/7, a variety of currency analysis tools, and lower fees than what are typically charged by a traditional bank.
OFX provides their business customers the ability to send money abroad using three distinct options: spot rates for immediate transactions executed at the most favorable rate the dedicated foreign exchange dealer can find, forward contracts to lock in favorable rates and execute the transaction at the time of the business client’s choosing, and limit orders, for specifying the rate the client prefers.
Similar to individual customers, business clients are able to choose automated payment plans for their ongoing business payment needs. Automated payment plans can save time and money, and can be used for a variety of ongoing company payment needs, including employee salaries, vendor supplies and services, or any other type of scheduled payment.
OFX provides currency exchange services and international payment options for both individual and business clients. Since 1998, the firm has focused on providing cutting-edge technological solutions for its money transfer and international payments clients. It employs approximately 200 employees with offices spread across six continents. OFX is publicly listed on the Australian Securities Exchange and trades under the ticker ‘OFX.’
The website and the information it provides on this site is for informational purposes only, and does not constitute an offer or solicitation to sell shares or securities. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website and its contents do not constitute investment advice or counsel or solicitation for investment in any security. This website and its contents should not form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. FX Compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.