OFX Review

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Celebrated international money transfer service connecting our customers when it matters most. Best-in-class global payments provider for people and businesses for over 17 years.

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.

 

Fee: ? No OFX fees for FXcompared users.
Bank Partner: ? BofA, NAB, Macquarie
Speed: ? 1-3 days
Country Notes OFX is strategically positioned across Australia, USA, UK, Canada, New Zealand, Hong Kong, we bring global expertise to local businesses and communities worldwide.
Local settlement: ? Worldwide
Transfer methods ? Phone and online transfer services
Regulated By: ? ASIC
General Notes Handling $84 billion AUD across 190 countries in 55 currencies, our dedicated team are available 24/5.

The pros and cons of using OFX (prev. OzForex)

pros

No cost to open an account

No fees for transactions

Updated website and app design

Options to transfer funds online, by telephone or via email

Both iOS and Android mobile apps

cons

Only bank to bank transfers

Lower value encouraged to use the online platform versus sales team

OFX (prev. OzForex)

OFX (prev. OzForex) Products for Individuals

OFX screenshotOzForex’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.

OFX (prev. OzForex) Products for Business

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.

Interested in learning more about OFX? Read our interview with OFX CEO, Richard Kimber.

Amount Received £ 10,000.00
£ 91.90 Avg. Saving vs. Banks ?
EURn/a
USDn/a
CADn/a
AUD18,519.52

Compare Other Currency Rates

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Other International Money Transfer Quotes

Bank Beating Rates

TorFX

?
Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,883.12
GBP £225.71
saved vs. banks

Moneycorp

?
Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More Info Less Info

One-off payments | Regular payments | Great rates | Safeguarded customer funds

Amount Received
USD $12,857.14
GBP £205.71
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,844.16
GBP £195.71
saved vs. banks

OFX (UK)

?
Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

Amount Received
USD $12,823.38
GBP £179.71
saved vs. banks

Global Reach (formerly FC Exchange)

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More Info Less Info

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

Amount Received
USD $12,870.13
GBP £215.71
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More Info Less Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
USD $12,854.55
GBP £203.71
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More Info Less Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
USD $12,876.62
GBP £220.71
saved vs. banks

Western Union Business Solutions

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
More Info Less Info
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Amount Received
USD $12,792.21
GBP £155.71
saved vs. banks

Azimo

?
Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

More Info Less Info

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

Amount Received
USD $12,980.00
GBP £300.31
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
More Info Less Info
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Amount Received
USD $12,881.82
GBP £224.71
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More Info Less Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
USD $12,876.62
GBP £220.71
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More Info Less Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
USD $12,823.16
GBP £179.54
saved vs. banks

Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More Info Less Info

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

Amount Received
USD $12,559.49
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More Info Less Info

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

Amount Received
USD $12,529.97
No saving vs. banks

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. 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 (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.