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OFX
3.4 from 219 reviews

Rip off!!!!

Its a shame I can only give them 1 star :(
I just wanted 700 USD and its been 4 weeks and still no money has been transferred!!!!
Do not go to them!!!!
I have so many emails of lies from them!!
I still dont know if I will get my money!!!
Last email was on friday and they said their bank has released the money and I will get it on Monday ... will its Friday and still no money!!!!!
DO NOT GO TO THEM!!!!!


They will change rates as they see fit

Wanted to do a one off transfer and locked in a FX rate via their website after creating an account. Transfer got cancelled and I had to speak with one of their representatives. Was advised a significantly lower rate would be offered and the original rate was no longer valid, checked spot rate and there was no movements. Checked their online booking service and there was also no movement. Didnt waste my time setting up a new transfer only to have it cancelled again, save yourself the time, these guy have no idea what they are doing.

1 comment
Hi Sunny Thank you for taking the time to share your recent experience with OFX. It appears you experience has fallen well short of our usual high levels of service. Due to to the highly regulated industry that OFX works within we do need to verify your details on your initial transfer with us. We will reach out privately to you for more details and to see if we can seek resolution. Kind regards The OFX Team

TERRIBLE COMPANY!

I need to make some small transfers for utility bills, and after signing up for an account with OFX and uploading my passport I received a welcome letter and thought all was well. Then the fun started when they needed two docs proving my identification and address (which I promptly supplied). After over a WEEK of calls and emails -- all with different reps and all saying something different -- nothing has been sorted out. It appears that there is no continuity or organization between the AUS, UK and US offices. I have signed up with other companies in the past and was given a designated representative who would even email me in real time, seamlessly helping me set up my account, but OFX appears to be a big jumbled mess of people who don't know what is going on. Going forward I would not trust them and will not be doing business with them.

1 comment
Hi Mo Thank you for taking the time to share your recent experience with OFX. It appears your experience has fallen short of our usual high standards of service. OFX is required to verify all our client's identification during the onboarding process, however we do strive to make this process as seamless as possible. One of our management team will reach out to you privately for more information so we can seek resolution for you. Kind regards The OFX Team

avoid at all costs

I initiated a large transfer with OFX and was unable to make the payment due to it being well above what the transfer limit that my bank allows with due to OFX being an “untrusted company” upon realising this I immediately sent my “account manager” an email informing them of this and asking for a suitable resolution.

I heard nothing in reply for 5 days until a different “account manager” told me that I would need to pay the money ASAP or would be required to pay over $5000 AUD in penalty fees as the exchange rate had changed over that time. Somehow under the impression that their complete lack or customer service and lack of professionalism is in some way my responsibility.

Now I am being threatened with legal action due to the transaction being incomplete through no fault of my own.

Avoid this company at all costs especially when moving large amounts of money, there are lots of other companies that are more professional and also offer better rates.

Absolutely disgusting.


Disappointing!

This is the first time I've used OFX instead of a SWIFT bank transfer and what a disappointment! OFX told me they are faster than SWIFT because they transfer money within the foreign location, from bank to bank, so there are not delays once you pay OFX. I set up the transfer request, paid OFX via instant pay in a bank-to-bank transfer (so they received my payment same day). It took them three days to confirm receipt of the money and another day to transfer funds to the foreign bank...which have still not arrived. Called their call centre and was told the funds are with my foreign bank, and tried to make out that my foreign bank is causing the delay. I explained that my foreign account is a platinum account, which means my deposits clear instantly. Absolute silence from the call centre guy... Basically, OFX is a whole lot of extra effort for absolutely zero benefit. If you're thinking about using them instead of a SWIFT bank transfer, save yourself the hassle and stick with you can rely on.

3 comments
Hi Dee, We appreciate the time you have taken to provide OFX with valuable feedback. Unfortunately it does seem your experience has fallen short of our usual high levels of customer service. We have private messaged you to address your concerns. Kind regards, The OFX teamThanks for reaching out to me and for your positive and practical actions. I will give OFX another chance the next time I need to transfer money.Thank you Dee. Again, our sincere apologies for the inconvenience caused. We look forward to giving you a better experience in the future!

Terrible, Horrible, Must be New At This!!!

Lost $1400 dollars on return exchange rates after money was returned to me... then the excuses came flooding in... but only after repeatedly calling for answers...
Will haunt you with follow up calls, emails, promising to be your personalised client manager prior to you parting with your money but as soon as you pay the funds, contact stops...
Only two reasons why I have given one star rating... for one, I can't give zero and secondly, they did manage to complete my $50 trial transfer to ensure the funds would reach my recipient... but it took 5 days! Sending anything larger creates astronomical problems...

1 comment
Hi and thank you for providing valuable feedback. We strive to provide high levels of customer service but in this case it seems as though your experience has fallen short of these standards. We would like to investigate this further and have private messaged you to ask for more details. Kind regards, The OFX team

Hides behind the buracratic wall

After having an account for a couple of years, our latest engagement saw them cancel our account. I am told there were compliance issues. I am a compliance nazi, our operations are clean as a whistle. What I found to be beyond obnoxious is that way that they treated us during this transfer. It was held up in the process and when we enquired they wanted more and more paperwork. Then over a 6 week period, TWO of their consultants confirmed they would work with us to work out the bugs. Then after the payment was late and OUR reputation was put on the line they closed the account without a conversation. When I rang and complained they stood behind the corporate line that they had no obligation to advise why. Not only did their compliance team get it wrong, not that you get to speak to anyone there, but they denied the conversations that had been had. Trust me, this operation doesn't pass the pub test. If you are looking for a company that will stand with you at the time you need help, find someone else. You just get tired of dealing with companies that are "Too big to fail".
What would happen if YOU treated YOUR clients in this way?

2 comments
Hi Antonio Thank you for taking the time to provide this candid feedback regarding your recent experience with OFX. Due to the nature of the industry that OFX operates in we must adhere to very strict guidelines regarding compliance. Our management team has reached out privately to discuss your situation. Kind regards The OFX TeamHave discussed at nausium for 6 weeks and was told that I will not get to speak to anyone above the middle management I spoke to. AND it wasn't the compliance issues you have to adhere to that caused the stress, as I said in my complaint, I understand that, it is that you WON'T let anyone know why. AND your team led me down a garden path for 6 weeks. You should stick to your mission statement. Some in your team have not read it.

Quick and efficient plus good rate

I just made a transfer from Sweden to Australia and I'm very happy with the ease of the process. Phone support was very good and it was easy to set up a new account. Before transferring I checked the exchange rate on netdania.com where you can see rates in 'real time'. I phoned up to get a quote which was around 0.5% (probably less) from the spot exchange rate. (for smaller sums you'd get a worse rate I'm sure) I locked in that quote and made the transfer from Sweden to a domestic account. A day later the funds were transferred to my aussie account. No extra fees. I'm pretty sure going through the banking system I would have had to pay fees, got a bad exchange rate and it would have taken longer. Happy customer!


Service is fine but rates are not competitive

I have used OFX for some time. Once set up, the service itself is fine. However, they used to have very competitive rates for transfers but this has been slipping. They are no longer that competitive. Need to shop around to get the best rates. Most of these services offer you a great initial rate, but then you have to keep comparing because the rates become very ordinary.

1 comment
Hi Sarah Thank you for talking the time to share your recent experience with OFX. OFX does strive to offer highly competitive rates to all our customers on all transfers. We do rate match where feasible. We would appreciate the opportunity to discuss this with you and seek resolution. We will reach out privately to seek further information from you. Kind regards The OFX Team

Hesitant to use this service

Ohhh boy - I’m still on an early stage of using this services, not sure how to handle it. I have 4 international transfers lined up but I was waiting to see what’s the first experience like. I love the update from their customer service team including online update. I transfer AUD to $2730 FJD. Fees of AUD$15 was also charged, NAB charged $10. With OFX exchange rate, it turns out to be a bit better than NAB. Cut long story short, it was paid in to my Fiji bank account with less $10 FJD. Together with bad reviews online, i will better stick with NAB for now!

1 comment
Hi Pats Thank you for taking the time to share this review with us. OFX does charge a $15 fee for all transfers under the value of $10000 AUD. Above this threshold there is no fee incurred. When transferring funds to a Fijian account there is the possibility of a third party bank taking a small fee. OFX does not receive this fee and will always transfer the value as stated when you confirm a transfer with us. We would welcome the opportunity to discuss your experience with us further. We will reach out privately for more information. Regards The OFX Team

Worst forex transfer I have used

I started a new transfer with ofx around a week ago which they cancelled on their own accord citing security compliance. When I called them up they told me they had not received the money inspite of me getting a confirmed transfer from my bank. After 3 calls to them and having to send them screenshots as proof that I have transferred funds to them they manage to find my funds :/ All this and they still have the audacity of charging a fee of $15
Never going to use them again

1 comment
Hi Checksum Thank you for talking the time to share your feedback on your recent experience with OFX. Due to the highly regulated nature of the industry that OFX operates in we occasionally need to cancel a transfer. If this is the case we will always endeavour to speak directly with our client before this takes place. We do require proof of payment documents in situations where insufficient information is available on the source of the funds such as a reference number. This is a security protocol and employed for the safety of our clients funds. Should you wish to discuss this matter further we have reached out privately for more information so we can attempt to seek a resolution for you. Regards The OFX Team

Great service however security may be an issue

Have used OFX for a number of years. Quick, efficient, good rates. I was however somewhat disturbed when my OFX account was hacked and my information compromised. I didn’t think that OFX response or security protocols were up to scratch given that they changed only my username and password. Long story short money was recalled and we "only" lost A$4000. OFX gave no other recommendation re security such as warning your beneficiaries or changing email passwords. So this is a reminder that you need to look after your own security as these companies are more concerned with churning DEALS than they are with putting up security barriers such as a further tiers of authentication like SMS authentication. I will continue to use OFX but will be far more wary.

1 comment
Hi Shane Thank you for taking the time to share this candid feedback with us. The security of our customers details is integral part of how we operate as a business. We use sophisticated technology to monitor registrations, logins and transactions to identify suspicious activity. Further information on OFX's online security can be found at https://www.ofx.com/en-au/security/ Unfortunately if the hackers access a customers emails or their recipient's emails this is outside OFX's control as it is not our systems. We're happy to hear that you will continue to use OFX for all your transfer needs. Please don't hesitate to reach out to our Client Managers directly if we can assist you further. Kind regards, The OFX Team

Very Happy Customer

ASX company and good rates, was why we initially dealt with OFX Found our financial transaction was smooth and professionally handled. (Unlike dealings with ANZ bank another time which also didn’t have as good rates and took over a week to hit the recipient account)!
Every person we have dealt with at OFX has been extremely professional, friendly and we would highly recommend *****


Fast and prompt service Australia to USA money in US account within 16 hours

I have used OFX 3 times and have transferred a large some of money Australia to US. All 3 transactions had the money in the US bank account within 16 hours of commencing transaction. Customer service exceptional on my first transaction they phoned two minutes after submitting to guide me through the process and see if they could be of assistance. I would not hesitate in recommending this service, they have great rates. I tracked over the course of 2 weeks and usually found best rate Australian time between 12.30pm and 2.00pm, but obviously this would change. Had no fees a safe and secure way to transfer money. The call centre was also not foreign operated so the support was fabulous.


These people are so rude

They have blacklisted me for trying to send money to a company they say they won't deal with. OK maybe that's their choice but why do this to me. I have done nothing wrong. Now a bank has refused to except my money for a purchase i wanted to make. I worry that this might give me a bad financial score.

1 comment
Hi Jinny We apologise that you have not found your experience with OFX to be a positive one. We appreciate your candid feedback. OFX operates in a heavily regulated industry and as a result means that we are not always able to proceed with transactions on our customers behalf. This can be for any number of reasons and is not necessarily a reflection on the customer. Please rest assured that we do not 'blacklist’ our customers. We have reached out to you privately for more information should you wish to discuss this further. Kind regards The OFX Team

They Are Holding My Money

This is the second time I have transferred money from America back to my Australian bank account and the second time OFX has held my money at least two weeks with me chasing and chasing them for it.

1 comment
Hi Lilly Thank you for taking the time to write a review. We are sorry to hear you've had this experience, it does not reflect the service levels we pride ourselves on. We have reached out via private message to seek further details to ensure we can resolve this issue for you. Regards The OFX Team

Simple and easy

The best rates out there always ...the process is simple and quick.. trust worthy agents ..money in the bank in no time

1 comment
Thank you for the positive feedback! Glad we've been able to make the process easier for you. Regards. The OFX team

from Canada to New Zealand

Great service. Very easy to move money from Canada to New Zealand since they have an account in a Canadian bank.

1 comment
Thank you for the positive review, Max! We're glad you enjoy our service. Kind regards, The OFX team

Good straight forward service

Used this service to transfer NZD to AUD recently. Communication from compnay was very good, with email updates sent at each stage of the process. Quick transfer and much better rates than the Bank were offering. Would use again.

1 comment
Thank you for the great feedback, John! We look forward to helping you with your next transfer. Kind regards, The OFX team

Good service for small transfer just not large ones

It’s a great service if you’re looking for transfer small amount of funds because they’re happy to charge you a $15. They offer some of the best spreads in the market although be careful with the T&Cs in their agreements because they reserve the right to not complete your transfer at their discretion and without reason. If you want to transfer a huge sum, you’re probably better off using another provider as they scruntise your transaction and after holding onto you funds for 2-3 weeks, they may tell you they cannot complete because of ‘compliance’. By then, the market would’ve moved against you and you’ve lost thousands of dollars already where you could’ve chosen Transferwise or your local money changer and that could done the job and saved you a whole of money and time. Great service for nominal transaction, just don’t bet the house that they’ll deliver on their service if you’re life depended on it.

1 comment
Hi Paul, Thank you for taking the time to share your feedback. We're sorry to hear that your recent experience with us left you disappointed and we sincerely apologise for the inconvenience this has caused you. OFX operates in a highly regulated industry, and our regulatory obligations and internal policies dictate that all transfers must satisfy our compliance requirements. As we hope you can understand, our number one priority is to keep the service safe and secure for all of our users, which is why we enforce these compliance procedures. Kind regards, The OFX team

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Questions & Answers

Hi, my OFX account is in Australia but I am working in France now for a short time. I have just entered a new recipient to my account because I want to exchange some AU$ from my home bank in OZ into euros and deposit it to the new recipients account. However, the new addition is not showing up on my list of recipients so I cannot complete the transaction. My new recipient is a company in Germany from whom I am purchasing a car - if that makes any difference. Any ideas?
1 answer
Hi Sharman, Would you be able to please send us an email at customer.service@ofx.com or give us a call at +44 207 614 4194, and we will have a look at your account? Alternatively, you could also send us a private message on either Facebook or Twitter, and our customer service team will assist you with this query. Best regards, The OFX team

I would like to transfer money from Japan to Canada. Does OFX offer a Japanese domestic bank account, so that I can fund the transaction with a domestic transfer? Thanks.
1 answer
Hi dcad, OFX holds a bank account based in the Japanese Yen but it is not a domestic Japanese account. It is held offshore. Kind regards The OFX Team

How easy is it to send money to Philippines from Australia? How many working days would it take to be deposited to a personal bank account?
1 answer
Hi Greg Thank you for reaching out. We can definitely help you transfer funds to a bank account in the Philippines. General turn around on funds is 3-5 business days as clearance times can vary from bank to bank. Transferring is as easy as Register. Fill in your details online – there’s no cost or obligation to make a transfer. We’ll call you. After you register, an OFX team member will call you to complete the setup and answer any questions you have. Verification. Most of the time we verify our customers automatically, so you won’t need to send us any paperwork. However, if we need any documents, we'll be in touch. If you would like more information or to receive a live quote our team are available 24/7 on 1300 300 424. Kind regards The OFX Team

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