OFX US Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 4.3/5 Great
OFX (US)
Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | February 13th, 2020

About OFX US

Launched in 1998, OFX US, formerly USForex in the US, is one of the world’s leading services for international payments and online currency exchange. The company serves both corporate clients and individuals in the US, is regulated by FinCEN, and offers competitive foreign exchange rates combined with a high level of customer service available 24/7.

OFX US is an internationally respected money transfer service offering high exchange rates and high-quality round-the-clock customer service.

OFX (US) Fees and exchange rate

FXcompared Score 3.1/5 Good
OFX (US)
Rating based on expert reviews by FXcompared
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OFX (US) Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
OFX US does not offer particularly competitive rates for low cost translations.
0/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
OFX US has competitive pricing for mid-sized deals.
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
OFX US has a competitive price for large deals.
4/5
Does FXcompared have direct access to the pricing
FXcompared receives prices directly from OFX US
2/2
Is it possible to lock in future exchange rates
No, but you can fix the rate during the placement of the transfer
1/1

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.

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USForex Review

OXF US will offer you

  • Money transfer/cross-border payment services for individuals and legal entities
  • Money transfers from a smartphone through iOS or Android application
  • Competitive foreign exchange services
  • Preoperative remittance prices

Ease of use

FXcompared Score 5.0/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Ease of use

Easy to understand website
OFX US site is clear and easy to navigate.
2/2
Simple sign up process (number of steps)
Create an account, enter your transfer details and make a payment.
2/2
Easy to setup a transfer once registered
It is easy to set up transfers and secure exchange rates.
2/2
Provider offers a service that our users often sign up to
Popular among users of Fxcompared.
2/2
Mobile notifications available on completed transfers
OFX send notifications while your transaction is underway.
2/2

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.

OFXUSApp.png

OFX (US) mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five-star customer service.

Mobile product

FXcompared Score 5.0/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Mobile product

Easy to use mobile website
Simple and optimised mobile website.
2/2
Easy to use mobile app
Applications are very intuitive and clear.
2/2
Can transact in the app
It can work with the application as easily as on the site
2/2
Range of in-app product offering
It is just as easy to make transactions on the app as on the website.
2/2
App store rating
Apple Store rating 0 and Google Play rating 4.8
2/2

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

FXcompared Score 4.5/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Credibility & Security

Fully licensed and authorised
The company is regulated by FinCEN.
4/4
Total amount transferred for their customers
100 billion dollars a year
3/3
Business revenue
Revenue estimated at $130.49m.
3/3
Year on year growth
4-6%
1/1
Number of employees
250
1/1
Head office location
Level 19/60 Margaret St. Sydney, NSW 2000, AU.
0/1
Branded search performance
Good brand search performance.
1/1
How long has the company been a partner of FXcompared
2/2
How long has the company been established?
OFX US has been established since 1998.
3/3
Quality of financial backers
2/2
Private or public company
Public company
0/1

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

FXcompared Score 5.0/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
OFX US offer financial services for businesses.
4/4
Broader product set for business
Additional products and offers for business.
3/3
Specialised team to support businesses
Yes, specialised support for business customers is on offer.
2/2
Receivables product options
Not available.
1/1
Marketplace seller product offering
There are some services offered for market sellers.
2/2

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

FXcompared Score 3.8/5 Good
OFX (US)
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
OFX US works more than in 195 countries.
3/4
Number of available languages
Six available languages for customers.
1/2
Pay in options
Through a bank account, debit and credit cards, as well as online payment methods.
2/4
Pay out options
To bank accounts, mobile apps or box office cash outlets.
2/2
Additional services
N/A
2/2
Minimum send amount
The minimum deposit ammount is $100.
2/2
Maximum send amount
There are no restrictions on the maximum amount of sending.
2/2
Speed and options for speed of transfer
Transactions are generally complete in 1–2 working days.
1/2

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

FXcompared Score 5.0/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to set up.
2/2
Ease of transfer
Customers find the service easy to use.
2/2
Exchange rates
Customers are generally satisfied with exchange rates.
2/2
Fees
Reasonable rates are available.
2/2
Solving issues
The team is helpful and will quickly resolve any issues.
2/2
Online/mobile experience
Website have full functionality and easy to use.
2/2
Customer service
Most reviews praise customer service.
2/2
Overall experience
OFX US is generally rated very highly on various sites.
2/2

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

FXcompared Score 4.5/5 Excellent
OFX (US)
Rating based on expert reviews by FXcompared
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Customer Support

How good is the help section on the website?
The help section is easy to read and comprehend.
2/2
Is there live online support?
Not available.
0/1
Is there email support - and to customers and non customers?
There is a generic customer support email address.
1/1
Is there phone support ?
OFX US can be contacted via telephone.
2/2
Is the company easy to contact?
Yes, email via website or app.
1/1
Are FAQs and support available in more than one language?
FAQs are available in numerous languages.
1/1
Is there an FX dealer to support customers
2/2

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

FXcompared Score 3.1/5 Good
OFX (US)
Rating based on expert reviews by FXcompared
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Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
Included as part of the cost.
1/2
Are the fees easy to understand?
Rates vary, but are easy to understand.
2/2
Does the company combine fees and exchange rate or clearly broken out?
Fees are separated from exchange rates.
2/2
Is a real time quote available without registering?
You must register to receive prices in real time.
0/2

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.

Alternatives to OFX (US)

TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
Currency Solutions
Rating based on expert reviews by FXcompared
Go to Currency Solutions

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Rates From The Average UK High Street Bank

Est. 1934

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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Amount Received
USD $11,979.22
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.

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Amount Received
USD $11,922.49
No saving vs. banks

How can a money transfer with OFX US be conducted?

It can be done in several ways — by phone, on the OFX US website, or by using a mobile application.

Is OFX US reliable?

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.

How does OFX US make money?

OFX US receives interest on the premium at the average market rate. Margin is usually between 0.4% and 1.5%. However, it can also take a commission, depending on the country.

Does OFX US have a transfer limit?

OFX US has a minimum transfer limit of $200.

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Why you can trust FXcompared's reviews

FXcompared's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writing in-depth reviews about money transfer providers.

We have partnerships with many money transfer providers (OFX (US) included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

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.