OFX (US) Fees and exchange rate

OFX US fees and exchange rates

OFX US receives interest on the premium at the average market rate. Margin is usually between 0.4% and 1.5%. Despite the fact that the commission is variable, it is much lower than that of banks, which charge up to 5% at average rates. It should also be noted that OFX US has thresholds for a minimum departure of $200 for transfers.

If the average market rate and the rate offered are compared, the range is from 2% to 0.8%, which is good for large volumes.

By comparison, the total costs of banks can range from 6% to 3%.

For example, if a client saves 3% on transactions of $20,000, then this is $600. Fees charged by banks or card services (potentially at both ends) are also potentially significant.

OFX US has a network of local banks on the receiving side for most major currencies, so it can make payments to the account without attracting entry fees. Otherwise, this fee may reach $30/£20, but usually less, such as $15/£10.

Ease of use

Registering with OFX US is very simple. The installation process is clearly described, and customer service staff are always ready to help if required.

Registration takes no more than five minutes, after which the client will be able to confirm their identity, either automatically or by email.

After registration, the client will need to go through the standard user verification procedure.

Once registration is complete, the client can begin setting up the transaction.

This can be done in two ways: by telephone or via the internet.

There are several basic ways to fund an OFX US user account, depending on the country in which the bank account is located:

• Electronic bank transfer (Australia, Canada, US and UK)
• Bank transfer (Canada and US)
• ACH direct debit (US)
• BPay (Australia)
• Debit card (UK)

Electronic bank transfer is used by enterprises in most cases.

Mobile product

OFX US has a mobile app that is easy to configure and use. It is available to download for free on Android and iOS platforms.

Using the application, clients can:

• Register an OFX US online account
• Transfer funds from a bank account to the beneficiary’s bank account
• Get live exchange rates
• Receive updates about translations

Credibility & Security

OFX US, the trademark and name of OzForex Group Ltd, is registered in Australia and has been operating for more than three decades (since 1988). Over time, the provider expanded its global reach by opening offices in different parts of the world, signing agreements with 155 banks and supporting more than 55 standard and exotic currencies.

OFX US currently has more than 1 million active clients on its platform, and today the transaction volume exceeds $100bn.

OFX US holds an Australian Financial Services licence (AFSL) issued by the Australian Securities and Investment Commission (ASIC). Licensing gives the provider the right to enter into transactions and give advice on financial products regarding derivatives and foreign exchange contracts.

In addition to Australia, OFX US is registered and regulated in the US, Hong Kong, Great Britain, New Zealand and Canada. According to the rules, OFX US stores customer funds in separate accounts from its commercial accounts. This ensures the safety of customer funds at all times.

Business product offering

OFX US offers corporate clients money transfers, international payments and risk management services, round-the-clock access to the latest technological systems, and the highest level of customer service. It also provides its business clients with a dedicated foreign exchange specialist, currency analysis tools and a deep understanding of the foreign exchange market. OFX US has access to interbank markets, meaning it can offer favourable exchange rates and lower commissions than are usually charged at the bank.

Business customers can better manage their exposure to foreign exchange risk using one of the three translation services offered by OFX US — spot contracts, forward contracts and limit orders. OFX US also provides market tools and ongoing support from forex professionals to help companies stay on top of their international presence in the market.

Business customers can choose to create automatic payment plans for their current business payment needs, such as employee salaries, subscription fees, supplier supplies and services, as well as any other type of regular payments. Fixed and regular automated plans are easy to set up and can save customers valuable time and money in the long run.

Product Coverage & Service

OFX US has offices around the world, which allows transfers to more than 195 countries. The basket of 55 currencies it supports contains exotic currencies that senders would find expensive and difficult to transfer through the official banking system. In all countries, clients can only transfer to bank accounts. OFX US has entered into agreements with more than 155 banks worldwide to ensure coverage of all recipients.

Customer Feedback & Satisfaction

Overall, Trustpilot reviewers praise OFX US for its excellent round-the-clock support, favourable exchange rates and minimal transfer costs. Setting up on the platform is also very simple and quick. In just five minutes, a customer can send money to their business partner, supplier, staff, family or friends.

Availability — With the burden of a $0 transfer fee, most users claim to have saved hundreds of dollars by transferring their money through OFX US.

Professional customer support — OFX US customer support is more than just about availability. OFX US received thanks for helping clients when they got stuck, which allowed them to complete their translations as quickly and quickly as possible.

Reliability — When sending to different countries, users praised the constant communication and updates of their transfer until their money reached the recipient.

Customer Support

One of the most neglected factors when choosing a money transfer service is customer support. In the end, there may come a time when urgent help is needed in relation to a previously made transfer.

The good news is that the OFX US team can be reached by telephone 24 hours a day, seven days a week. Clients can access local phone numbers in the UK, the US, Australia, Hong Kong, New Zealand, Canada, Ireland, Spain, France, and Germany. Clients can also send OFX US an email — however, this is only recommended if the request is not urgent.

The common belief in the public domain is that OFX US’s customer service is top-notch, which is certainly a plus.

It would be useful if the platform had the possibility of real-time chat, but the team is not going to install it in the near future.

Transparency

OFX US offers transparent services and does not charge any hidden fees. The company blocks the exchange rate after the start of the transaction, and the recipient will receive the same amount.