OFX Review

OFX UK Money Transfer Review Homepage

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 and Trustpilot provides reviews.

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The pros and cons of using

Products for Individuals

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. OFX'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.

Products for Business

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.

About OFX

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.’

Amount Received £ 10,000.00
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Other International Money Transfer Quotes

Moneycorp

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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 $12,848.80
GBP £205.71
saved vs. banks
Bank Beating Rates

TorFX

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Est. 2004

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 $12,874.76
GBP £225.71
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

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

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

Amount Received
USD $12,835.82
GBP £195.71
saved vs. banks

OFX (UK)

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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 $12,813.76
GBP £178.71
saved vs. banks

WorldFirst

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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 $12,846.20
GBP £203.71
saved vs. banks

Global Reach (formerly FC Exchange)

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

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

Amount Received
USD $12,861.78
GBP £215.71
saved vs. banks

RationalFX

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Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
USD $12,868.27
GBP £220.71
saved vs. banks

Azimo

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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.

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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 $12,978.00
GBP £305.25
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.
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The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Amount Received
USD $12,783.91
GBP £155.71
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Amount Received
USD $12,873.46
GBP £224.71
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
USD $12,868.27
GBP £220.71
saved vs. banks

WorldRemit

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Est. 2010

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

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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 $12,828.16
GBP £189.81
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.
 

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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 $12,551.34
No saving vs. banks

PayPal

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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.

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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 $12,521.84
No saving vs. banks

Other Services

Popular Money Transfer Routes

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.