OFX is a big name in the money transfer industry. The company has over $20 Billion of yearly revenue and $340 million in market capitalisation. It owns 10 offices with different clients from small businesses to investors, ex-pats and foreigners.
This review tackles on the level of service that the company provides. We focus on the fees and exchange rates, pros and cons.
About OFX Money Transfer
Established in 1998, OFX is recognised by the OzForex Group (OFX: ASE) – one of the adored and biggest money transfer companies in the world. Beforehand, the business had separate brand names per market: UKForex, CanadianForex, USForex, NZForex, Transfers and ClearFX. However, in 2017 the brand was incorporated into OFX and profits from the various licensing and inclinations from all these different brands developing beneath one company. Currently, the UK division of OFX is named OFX UK, the Australian one is OFX Australia, and so on.
The site primarily began as a Foreign Exchange information site, who was then engaged by the foreign exchange department of a bank.
Overall, OFX is apparently one of the reliable companies in the foreign exchange and international payments company in the world. Moreover, the company was authorised by the UK Financial Conduct Authority (FCA).
OFX Exchange Rates, Fees and Additional Costs
OFX has a single pricing system for its transfers.
The company doesn’t charge any transfer fees. Unlike with other money transfer businesses, the amount you transfer goes to your recipient without any deductions.
Exchange Rate Fees
The margin normally ranges between 0.4% and 1.5%. Though the fee is variable, it is way cheaper than banks which charge around 4% up to 5% over mid-market rates.
Other than transfers to Japan and South Africa, that acquire extra charges for all companies because of the local regulations. Besides, transfers to other countries either through intermediary banks incur no additional charges.
Pros and Cons
- Offices around the globe has local presence in most regions
- Customer support is available 24/7
- Available in iOS and Android Apps
- Excellent client feedback
- Transparent company and transaction
- Intermediary and receiving charges are unusually taken
- You have to use phone calls when trading some currencies
- Customer support may take long
Alternatives To OFX International Money Transfers
TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers. TorFX also offers stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. Also, there’s no cash pickups and multilingual website.
They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned. It also depends on the transfer amount, and the payment mode.
You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.
The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge. The minimum amount you can transfer is at £500.
XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.
How Does OFX Works?
- Register by completing your information online.
- After your booking, OFX will contact you to complete your sign up.
- If OFX needs to provide further confirmation, you may have to submit some documents.
- Login on the OFX platform and get a quote.
- Input your recipient’s bank account information and schedule your deal.
- You can send your payment via bank transfer and OFX will carry out the transaction for you.
- The exchange rates are much better than the banks
- Customers were very happy with speedy transfers
- Using OFX is easy and simple.
- OFX’s customer assistance is good
- Some customers experience delays with their transfers
FAQs On Money Transfers
How does International Money Transfer work
If you wish to transfer money straight from your UK bank account, you can do so through your bank’s online banking platform. You will need to provide additional information, including the following:
- The name and address and the destination country of the recipient of the money
- The bank account number of the sender and the international bank account number
- You have to state the amount you wish to transfer, currency that OFX will convert
- Specify the party to settle the fees. Is it to be paid fully by the recipient or you or by both of you?
With this guide, you can now easily, cheaply and conveniently send money overseas stress-free. If you do not know yet how to go about it, you can contact an experienced Moneycorp expert on TorFX Currency Transfer or online money transfer service to help you.
Are All Companies that transfer Money Regulated by the Financial Conduct Authority (FCA)?
While all UK-based firms providing overseas money transfers are authorized by the Financial Conduct Authority, it is important to check with their official website to know whether or not the provider you are about to enlist is an authorized member.
How long does it take for Money to Hit a Foreign Account?
Foreign exchange brokers are known to offer the fastest ways of transferring money overseas. They can help you send money so that your recipient gets it the same day or the following day. As for street banks, this could take a few days (between 4-6 days) for the recipient to receive. However, banks also offer expedited services at an extra cost.
Which is the cheapest Option, a business money transfers or a bank?
Typically, business money transfers are less costly than to banks. Banks tend to offer lower exchange rates besides the additional charges such as commissions, administration. Therefore, it is good to always check and compare banks as well as currency brokers to see which ones offer favourable exchange rates and lower fees.
How Do I check the best Deals for International Money Transfers?
Everybody is interested in ways to cut on cost and increase the overall benefits, so you can compare money transfer services using some of the online platforms and tools such as FXcompared, XE.com, Currencies Direct and Finance.co.uk where you can see and choose the most competitive quotes. By providing the details about the currency and the destination, you can find a custom-made quote that suits your specific needs.