The Loans Canada team sits down with Gary Schwartz of the Canadian Lenders Association to talk about open banking.
OFX International Money Transfer Review
Loans Canada: The Country's Best Loan Comparison Platform
Since 1998, OFX (formerly known as Canadian Forex) has grown to become a leading international money transfers company, moving $25 billion each year for its clients. They have 115 bank accounts in their global network and can provide 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.
How To Access The OFX Service?
OFX focuses on bank account to bank account transfers (no cash counters) and the service can be used independently of the bank that you are using. The service can be accessed 3-ways:
- Online – Through OFX’s website, where you can create an account in a few minutes and make transactions 24/7.
- Mobile App – Download the app from the App Store or Google Play to create an OFX account and book transactions directly from your cell phone.
- Phone – Although you will need to create an account online first, OFX offers 24/7 phone support, so you can talk to an expert about your transfer needs.
How Does The Service Work?
You can start transferring funds in 4 easy steps!
- Open an account – Register here in 5 minutes; it’s free! A client manager will contact you to finalize your account set-up and assist with transfers.
- Lock-in your rate – Get a real-time quote for the amount and currencies you’re looking to transfer. If you like the rate, lock-it in and enter the recipient’s banking details.
- Send your funds – OFX accepts bill payments, e-transfers, wire transfers or you can set up a direct debit.
- Your job is done! – Once OFX receives your funds, they will deliver to your recipient within 2 business days.
What Information Is Required To Transfer Money With OFX?
When creating an account, 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 details (to link for direct debit)
- Your recipient’s bank account details
- Your business details (for a business profile)
- 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 where you’re applying from and how much currency is involved.
What Are The Key Features Of OFX?
|Transferable Amounts||No minimum, no maximum|
|Transfer Channels||Online, mobile app, phone|
|Types of Transfers||Bank account to bank account transfers|
|Payment Options||Bill payment, e-transfers, wires, direct debit|
|Service Coverage||55 currencies|
|Speed of Transfers||1-2 business days|
*Note: minimum/maximum OFX transfer amounts may vary based on currency/location.
How Much Does It Cost To Transfer Money With OFX?
All foreign exchange providers can charge 2 types of costs; a fixed transaction fee (i.e. inbound/outbound wire fees) and a margin on the real exchange rate, the latter being the most important factor to consider. OFX charges no transaction fees, and because they use a local settlement system, they eliminate transaction fees charged by your sending/receiving bank. As for the margin taken on the real exchange rate, banks typically take a 2% to 5% markup, whereas OFX charges below 1%. You can check rates here!
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% for large transfers.
Is OFX Safe To Use?
Though they enjoy less brand recognition than companies like MoneyGram and Western Union (who service more than 200 countries each), OFX has a large global reach and is under the supervision of over 50 regulators globally, allowing you to make transfers to over 100 countries, including
- Unites States
- United Kingdom
- New Zealand
- 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 learn more about transferring money to a bank account, click here.
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?
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest
goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...