OFX International Money Transfer Review
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Since 1998, OFX (formerly known as Canadian Forex) has made more than 1 million domestic and international money transfers and over $119-billion worth of exchanges. They now have 115 bank accounts in their global network and can provide more than 55 different currencies. While they originated in Sydney, Australia, they also have offices in Toronto (CA), San Francisco (US), London (UK), Hong Kong (CN), and Singapore (CN).
How Do You Send Money Through OFX?
Although exchange rates and delivery times can vary depending on where and how you’re making transfers, there are several ways that you can send money with OFX:
- Online – Perhaps the easiest and cheapest way to make money transfers with OFX is through their website, where you can create an account within a few minutes and make transactions 24/7.
- Mobile Device – OFX also has an app that you can download from the App Store or Google Play on your smartphone or tablet, which allows you to do the same kinds of transactions, but may have a more limited range of countries available.
- At Your Bank – You may also be able to make transfers toward your (or someone else’s) OFX account through your bank or credit union. However, this may not be an option with every financial institution, and delivery times can vary according to business hours (might not be available on weekends, holidays, etc.).
Canadian Banking institutions where you can transfer money with OFX include:
- Toronto-Dominion Bank (TD)
- National Bank of Canada (NBC)
- Royal Bank of Canada (RBC)
- Bank of Montreal (BMO)
- Bank of Nova Scotia (BNS)
Did you know that you can get a cash pick-up when using a money transfer?
What Types Of Transfers Are Available At OFX?
Like most money-exchange businesses, OFX offers individuals and businesses a few different ways to transfer funds domestically and abroad, including but not limited to:
- Money and Wire Transfers (Singular, Recurring)
- Bank-to-bank transfers
- Online and in-app transfers
- Peer-to-peer transfers
- Spot transfers
- Market orders
What Information Is Required To Transfer Money With OFX?
As mentioned, there are several ways to transfer, deposit, and exchange currency through the OFX website, using their app, or in-person at select locations. In order to create an account and perform different transactions, you may need to provide certain personal and financial details, such as:
- 2 pieces of government photo ID (driver’s license, passport, etc.)
- A recent utility bill or other proof of your address
- Your bank account and/or debit card details (if any)
- Your recipient’s personal and financial information (if any)
- Your business details (if any)
- Your email address and phone number
Before you get started, keep in mind that the exact details and documents you need can vary depending on how you’re applying, where you’re applying from, which and how much currency is involved, and what kind of transaction you’re performing.
What Types Of Payment Options Does OFX Offer?
Unfortunately, OFX does not make or accept money transfers using cash or cheques, so be sure to check their website or call their customer service line to find out exactly how their transfers, exchanges, and other transactions work. Nonetheless, there are a number of payment options you can access through OFX, including:
- Electronic funds transfers (EFT)
- Direct debit
- Credit cards
These payment methods can change depending on how you’re doing your money transfer and where you’re sending it from. For instance, BPAY is a bill payment system that’s exclusive to Australia. Don’t worry, when you create your account, OFX will send you a full list of their payment and transfer options.
What Are The Key Features Of OFX Currency Transfers?
|Transferable Amounts||$150.00 – over $10,000 USD|
|Transfer Channels||Phone agent, online, in-app, in-person|
|Types of Transfers||Bank deposit, app Wallet, EFT, etc.|
|Payment Options||Credit card, debit card, PayPal, BPAY, etc.|
|Service Coverage||Over 100 countries|
*Note: minimum/maximum OFX transfer amounts may vary based on currency/location.
How Fast Can You Transfer Money Through OFX?
|Bank-to-Bank||2 – 5 business days|
|Online/In-App||1 – 2 business days|
|EFT, P2P, etc.||1 – 2 business days|
*Note: delivery times and maturity dates may vary based on service/location/amount.
How Much Does It Cost To Transfer Money Through OFX?
Remember, OFX offers a number of payment and transfer methods, as well as over 50 currencies to more than 100 countries. As such, the service fees and exchange rates you encounter can fluctuate greatly depending on several factors, such as your location, currency type, transfer method, and the amount of money you’re sending.
Here are some examples of how OFX transfer fees work:
- A $15 fee will apply for a domestic transfer of $10,000 Canadian dollars or less. However, no fee will apply if you’re transferring more than $10,000 CAN.
- If you’re transferring US dollars internationally, you can expect to pay about 2% – 3% of the final transaction amount (5$ to send under $5,000 USD)
All this said, one of the best things about OFX is that they feature some of the lowest exchange rates of any currency transfer business. In fact, you may see margins as low as 0.4% (although rates may change depending on the various economic factors).
While they cannot offer instantaneous transactions like the average financial institution, an OFX money transfer may be slightly cheaper than using your credit card, which can come with a 3% – 6% premium fee for international payments (not including interest).
Is OFX Safe To Use?
Though they are not as well renowned as companies like MoneyGram and Western Union (who service more than 200 countries each), OFX does have a relatively large global reach, allowing you to make transfers to over 100 countries from:
- New Zealand
- United Kingdom
- China (Singapore & Hong Kong)
The OFX network is also secured by Norton’s Symantec SSL Certificate, which means they have a higher level of digital security than many other currency transfer businesses out there. In Canada, they are listed as an accredited company with the Better Business Bureau and are regulated by FINTRAC, as well as many international authorities.
All this makes OFX a perfectly safe money transfer service to use for various types of domestic and overseas transactions.
To learn more about transferring money to a bank account, click here.
Is OFX The Right Money Transfer Service For You?
Now that you know more about OFX, how safe they are, and what types of transactions they offer, here’s a list of some of the major pros and cons of their network, so you can decide whether they’re the right currency transfer service for you:
- Cheaper than using your debit or credit card internationally
- Lower exchange rates than financial institutions and other transfer companies
- Wide range of locations, currencies, and transaction types available
- Adjustable transfer amounts and service fees
- Online, In-App, and customer support services can be accessed 24/7
- Exchange rates can increase based on various factors (country, economy, etc.)
- High service fees can apply for certain transactions and transfer amounts
- Website can only be viewed in English
- Transactions using cash or cheques are not possible
- Fewer service locations than other transfer companies
Can I track my transfer?
Can I cancel my OFX transfer or make a partial payment?
Is it possible to lock-in my exchange rate?
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