OFX is an online money transfer provider established twenty years ago. It transfers money internationally to more than eighty countries through its mobile app and website. The company only deals with bank account transfers, this means their delivery purely lies on the standard banking hours and processing. It currently has more than two hundred employees and deals with over fifty five currencies. The features available in the OFX mobile app include; current mid-market rates and the status of transfers made by the user. OFX website does not have online live chats for clients but contains a list of helpful information.
OFX services have been regulated by FCA and several regulating bodies based on various countries. OFX offers their customers with regular transfers such as mortgage payments or tuition fees, a personal account manager who guides them through the process or currency markets as well as spot exchange transfers. Their business customers can also take advantage of their services in risk management, global payment solutions, multi-currency accounts and their business specialists who support businesses by management of foreign exchange demands.OFX Company has a fee model that is straight forward and their margin fee depends on the currency purchased though it is among the lowest available in this industry. The minimum transfer amount is 1000 dollars and their transfer period is one or two days.
Pros of OFX services
OFX has great customer services. It combines an easy to reach customer service and a totally different digital experience. Clients are able to reach a representative at an hour due to their location globally and the different time zones. Their website also offers a well organized list of information that is extremely helpful.
OFX offers the lowest costs of transfers among the many providers. There are completely no charges no matter the amount being sent by the customer. The exchange mark up rate at OFX is less than one percent. This places it above most of the international money transfer companies available globally.
The ease of use is another advantage of this company. OFX has a fast and simple online sign up process which can be done on their app or over a phone call. Identity verification process is also quick and they mostly ask for the driver’s license ID number then make a phone call.
OFX mobile app is efficient and is available in both android and IOS. The features in the App make are easy to follow and go through the transactions. It easily adds recipients and deals are locked within the mobile app. Previous as well as updated exchange rates are available in the app. This makes it possible to check on the appropriate time to send money abroad.
OFX has a global presence and supports several destination countries. It allows the transfer of over 55 currencies including a lot of exotic currencies. This also makes it easy to access customer support as their offices are located globally. OFX has seven global offices in Australia, NewZealand, Hongkong, Singapore, Canada, United States and UK.
OFX has no limits on the maximum amount of money that an individual can transfer. This makes it convenient as large amounts of cash can be sent using this money transfer provider. Considering their charges are low, it may be just the best option for your next transaction.
OFX Company has tools that help businesses to manage risks. The tools assist mitigate the risks from currency fluctuations. This helps their business customers to reduce the impact of currency changes on their business cash flow by reducing expenses.
Cons of OFX services
Transfer services with OFX take an average of two to four business days. This is because it takes one to two days for OFX to receive money from the client’s bank account and another one to two days for the delivery to the intended recipient. It does not have the best speed and may not be the best option when the funds are needed for an emergency.
OFX money transfers are only done via bank to bank accounts. This limits their customers’ transactions as they are only limited to the official bank working hours. The process also takes longer due to bank compliance. They do not have digital wallets for clients, cash pickup or international bill payments services.
The minimum transfer amount in OFX is 1000 dollars or 100 Euros. People who want to transfer money online in lesser amounts cannot be able to do so using OFX. They have to find other money transfer providers that are optimized for small fund transfers.