Penny Hoarder Review: OFX Money Transfer

OFX Money Transfer is one of the oldest and, no doubt, most reliable money transfer companies in the industry. It offers excellent rates, but more importantly, it also offers a wide range of extra services. Overall, you can definitely trust this company to hold up to its promises and deliver excellent service. Of course, there are some weaknesses to it, but no business is perfect. Reading a detailed OFX review should help you understand pros and cons of dealing with the company. This way, you will be able to decide whether it’s the right money transfer provider for you.

OFX Money Transfer History

The company was founded back in 1998. Back in those times, online money transfers as we know it today weren’t even a possibility. Therefore, the OFX website of the past was simply a source of information about foreign currency exchange.

Eventually, it evolved into a set of entities that offered money transfer and other currency services. There were quite a few of those licensed to work in different countries.

However, in 2017 all these smaller companies were united under one brand, OFX. It currently carries all the licenses and certifications. OFX branches in different countries are named OFX UK or OFX Australia. Therefore, you won’t be confused and can easily find this company.

Today, the OFX website gets over 60,000 unique views a day and the company has over a million customers. Moreover, it has offices in London, Sydney, Toronto, San Francisco, Auckland, Hong Kong, and Singapore.

OFX Currency Guidance

Good news for all traders, investors, business owners, and regular private customers using OFX services is that the original purpose of the website is still here. What used to be a small information portal is now one of the best currency guidance services in the industry. And one definitely needs expert foreign exchange guidance today, when FX markets are extremely volatile.

OFX Money Transfer is also a very appealing service provider for new investors. The advice offered by your dedicated dealer can help avoid some possible losses when investing internationally. Again, this is a good idea now, especially if you choose to invest in technology stocks. The world is deeply shaken up by the COVID-19 crisis and a great global economic recession has just started.

Economic problems will continue to get worse with unemployment rates growing fast. Sadly, it will take the world a while to recover from this blow. In the meantime, saving money on everything will become a priority. OFX Money Transfer offers help with that in several ways. You can judge the efficiency of its services by the fact that the company keeps growing in spite of the crisis.

OFX Money Transfer Security

One of the most important factors that make OFX Money Transfer one of the industry leaders is that this company is highly trustworthy. It’s regulated by the Financial Conduct Authority in the UK, ASIC in Australia, FINTRAC in Canada, and FinCEN in the USA. These are some of the most reputed and trusted regulatory bodies in the global finance industry.

Note that OFX is regulated and licensed to work in the USA. American regulations for money transfer businesses and FX brokers are among the strictest in the world. Only a few companies in this industry managed to get authorization to legally offer their services in the US.

OFX Money Transfer is a fully transparent company and you can trust it not to have hidden fees. It’s also perfectly safe from the digital point of view. The platform uses bank-grade encryption and offers a high level of protection for its customers’ personal information.

OFX Money Transfer User Ratings & Reviews

One of the best ways to assess trustworthiness of a money transfer company is to find out what customers and experts think about it. When it comes to OFX Transfer reviews, the overwhelming majority of those are positive. Over 90% of the company’s almost 4,000 reviews on TrustPilot are positive. The majority of them give it an Excellent rating.

Only about 8% of the OFX review database are complaints.

Main pros and cons highlighted by customers include:

Pros:

·         Good client support provided in multiple languages

·         Informed and friendly help

·         Multiple local bank accounts (OFX Money Transfer has 115 local bank accounts worldwide)

·         Fast transfers and service overall

·         Good OFX fees and rates

Cons:

·         Issues with privacy

·         Not the best rates on offer

·         Transfer delays

Please remember to take every OFX review and any other type of personal opinion post online with a grain of salt. They definitely offer helpful information, but they are also often biased. Therefore, you should always look at the overall stats, like customer approval and trust ratings. They should provide you with a fuller picture of the company’s service quality.

OFX Fees & Rates

The best thing about OFX fees is that there are no fees. The company’s policy means it doesn’t charge fees for any trades, regardless of their volume. That is one expense you won’t need to worry about. It’s also one of the main reasons why OFX money transfers are so cheap overall.

Note that there is a minimum transfer limit of $100.

OFX Money Transfer uses a flexible markup scheme. This means that there is no fixed markup above the mid-market currency exchange rate. This is a common policy for the majority of online money transfer companies. It usually works out in the customer’s favor, especially if you need to make a large transfer as you’ll get a discount.

Note that the markup depends mostly on the currency pair. Trading in exotic currencies is always more expensive, especially if the transfers are small (several hundred dollars, for example). You’ll get the cheapest rates if you make a large transfer of in a USD/EUR or other highly common currency pair.

Bear in mind that a quote is given on a case-to-case basis. This means that you will know the exact markup only when you request a specific quote. Otherwise, it’s impossible to judge the rates offered by the company. However, if you trust the OFX review collection, it shows that customers are usually very satisfied with the offered rates. You can definitely expect the markup to be 1% or less.

OFX Review: Platform & App

OFX is all about convenience and you can see this from the platform’s excellent technical functionality. You can use the web platform (meaning OFX website) to make transfers anytime and anywhere. The interface is intuitive and the registration process is simple.

However, it’s often more convenient for people today to use mobile apps. OFX Money Transfer offers one for both Android and iOS. The apps are easy-to-use and intuitive. They have high ratings on Google Play and App Store respectively. They are also updated regularly to improve the performance and boost security.

Businesses can benefit from different specialized features and services offered by OFX. For example, the platform can be integrated with online shops to make it easy for sellers to add it as a payment method.

OFX Money Transfer also offers a variety of hedging services to businesses and investors. You can manage all your forward contracts and other hedging tools using the same app.

Bottom Line: Can You Trust OFX Money Transfer Company?

OFX is one of the oldest and biggest companies in the money transfer industry. It’s highly trustworthy and offers good rates. The company charges no transfer fees at all and is highly recommended for large-volume and business transfers.