OFX (prev. USForex) Review

OFX US Products for Individuals

OFX’s services for individuals allow customers to make money transfers or international payments at the time and with the exchange rate that best meets their needs. For customers who wish to transfer money, there are three methods they can choose from: spot orders, forward contracts, or limit orders. Spot orders are executed immediately. The OFX currency specialist will do a forex comparison to find the best foreign exchange rates available. Once they’ve located the best rate, they will execute the transaction on behalf of the client.

Forward contracts give customers a way to lock in a currently favorable exchange rate, even if they do not need to send money immediately. Once the rate is secured, the customer can execute the transfer at a future date. Forward contracts give customers the ability to protect their assets from fluctuations in exchange rates. Customers can also choose a limit order, which gives the customer the ability to specify the exchange rate they want. The USForex currency specialist will only execute the transfer when the rate reaches the customer’s specified range. If the customer has a large amount to transfer, or does not have an urgent need to send the money immediately, a limit order can be a good choice, as it allows the customer to execute only when they achieve the exchange rate they want.

Automatic payment plans and currency transfers are another service offered to USForex customers. By establishing an automated schedule of payments or transfers, customers can save time and money on their fx international payments or transfers. These services can be used for any type of payment or transfer need, such as rental or mortgage payments, school fees for relatives studying abroad, subscription fees, regular payments on a loan, or any other type of ongoing payment. When setting up an automated plan, customers can choose a fixed regular payment, which allows them to lock in a favorable exchange rate for a period of payments. This can provide protection against currency rate fluctuations and is good for a maximum of 12 months. When the customer’s 12-month fixed payment plan is about to expire, a USForex specialist will contact the customer to either re-establish a new fixed payment plan, or to change or end the plan.

OFX US Products for Businesses

OFX offers businesses and corporate clients money transfer, international payments, and risk management services, 24-hour access to cutting edge technology systems, and the highest level of customer service. OFX provides its business customers with a dedicated FX specialist, currency analysis tools, and deep understanding of the foreign exchange marketplace. Because OFX has access to interbank markets, they can offer favorable exchange rates and lower fees than are typically charged at a bank.

Business clients are better able to manage their exposure to currency exchange risk by using one of the three transfer services offered by OFX: spot contracts, forward contracts, and limit orders. OFX also provides market tools and ongoing support from forex market specialists to help businesses stay on top of their international market exposure.

Business clients can choose to establish automated payment plans for their ongoing business payment needs, such as employee salaries, subscription fees, vendor supplies and services, and any other type of regularly-occurring payment. Fixed and regular automated plans are easy to set up and can save clients valuable time and money in the long run.

About OFX

OFX was launched in 1998 and is one of the leading international payments and online foreign exchange services. The company has locations on six continents, with over 200 employees.