Please note that OzForex has rebranded to OFX
Rude staff, "Useless global currency" account. Do not use
Very bad experience with them.
Got a phone call with support.
Very rude, sighing when I explain my problem. No interest whatsoever in solving my problem.
I open a global currency account with OFX.
and then I use the service to trasnfer my USD to the global currency account
Apparently, you can't transfer your money from OFX to their Global Currency Account.
Incompetent staff and practices
A number of staff sent me conflicting information then proceeded to gaslight me be requesting more and more I fit stiin that they already possessed. When I asked for a refund they now want proof it was paid and what account it went in and out of (they are still holding the funds in their account which they acknowledged) and they were the ones that offered the refund in the first place because after 22 transfers it all of a sudden didn’t suit them that the bank account is trsnsfered from 22 times was not allowable any more
On 2nd Oct I transferred money which I do every month. On the 3rd I called due to receiving an email that they needed more information. I called them the woman I spoke to said i had satisfied their questions. On the 28th of October I found out they were still holding my money. I requested a refund, they waited days to tell me they needed me to prove to them I paid them money. I sent a bank invoice. They still had issues with it. Fixed it on the 30th of October. They said it was all right. I spoke to them again on the 2nd of November (me callin...g them every time) they said they needed more information. From there it would take 24-48 hours to process. As of today, they are still holding my money. No reasons have been provided. No explanation. No contact from them. On the 2nd i also received confidential information about another persons deal and when I raised it as an issue, I received an email that simply told me to delete the email. When I asked what the process was if the person would be notified, they did not respond to that query. They should not be allowed to process money. They will hold your money without explaining why and will refuse to give it back.
Treated like a criminal
I have used this company for several years With good service. I just went to get a quote to exchange a cruise refund which is in pounds back into $A and found a note asking me to call them. When I spoke to a girl called Nicola, I was asked aggressively a lot of Qs regarding my plan for future transfers and amounts etc Without any any explanation as to why. In the end they revealed it related to a donation we had made a year ago to a small orphanage that we visited on a trip to Tanzania Africa. They now want the Charity Number. I don’t think t...hey have one. It appears that as I am unable to provide their this Number my account was regarded as suspicious. In order to continue to use their services I had to agree not to send any more funds to the Irphanage. I am extremely angry at the way the “interview” was conducted and find it very sad that we can no longer support this charity. I am informed my account will be restored in 2 business days. Time to find another service!
Total waste. Refusing to return funds
I have been a customer for 10 years. Transfer thousands of dollars between my accounts. The last transfer my customer number was out by 1 digital. Provided proof of transfer and they are refusing to return funds. Basically they have stolen my funds. DONT USE THIS COMPANY
OFX has no way of refunding money!!!!!!!
I registered for an account with OFX. They kept sending emails urging me to use their services and telling me what a good choice I had made! I set up a transaction from NZ to US and paid the amount to them. I then got a phone call to verify why I was sending the money. They asked me to provide an invoice which I couldn't do because I was transferring the money to a bank account so as to be able to pay for services by direct debit. Invoices aren't sent. The amount is just paid when a threshold is reached. I wouldn't have any receipt until after ...the service was used and I can't do that without having the money available in the bank account. I explained all this via the reply to the follow up email after the phone conversation and I was thanked for the clarification. And it had been passed on to wherever it had to go. I never heard any more and thought all must be well and I decided to login to my account to check the state of my transaction. Then I found I couldn't login my user name or password was incorrect which I knew it wasn't. I tried to reset it and got an email to say I needed to call OFX before I could log in to my account. So I did that and then was told my account had been declined after it didn't meet some internal requirement which is all secret ...they couldn't or wouldn't tell me why. Understandably I was shocked to say the least. When I got off the phone I realized they still had my money and there was no mention of it being returned. I rang back and they told me they couldn't refund it because I didn't have an account in order to set up a transaction and that I would have to go to my bank and ask them to recover it!!!!!!!!! which incurs a fee! The lady at the bank was astounded when I made the request. I can maybe understand them declining an account but how can they not have facilities to make a refund especially as transferring money is what the company does. All they need is my bank details which they probably still have or I could easily give them. When were they going to tell me my account had been declined if I hadn't tried to log in? Were they just going to keep my money if I hadn't asked there was no mention that they couldn't refund the money? Needless to say I won't be recommending their services to anyone.
Shocking customer service
The platform itself is ok. The customer service is horrendous. I had an automatic transfer happen and a beneficiary account created without my consent and no notification given as to why this had occurred. Naturally, I was suspicious and thought it could be fraudulent so I called the customer service team to investigate. I was transferred to an agent who gave me so much attitude and spoke to me like I was dumb for assuming the transaction was fraudulent... he was almost yelling at me because I asked extra questions to clarify my understanding o...n what had happened. I felt awful when I got off the phone. If OFX sent clear advice on what they were doing in my account and the action I needed to take then I wouldn't have been worried and need to call to see why money had automatically been debited from my global currency account without my authorisation. Based on this experience after I transfer my funds I'll be closing my OFX account and moving to another platform.
- Verified customer
Sleazy and fraudulent
OFX needs regulatory oversight or a class-action law suit. It openly breaks laws and hides its tracks using different names. OFX is registered as USFOREX in the US, CanadaForex in Canada, OZ Forex in Australia and so on. You cannot find any regulatory actions or complaints under OFX. OFX is:
1. Blocking large transactions online forcing customers to accept lower "client rates" over the phone not the rates advertised as inclusive of fees already.
2. Proclaiming that target rate "limit orders" can be canceled online, but not providing that f...unction 3. Not disclosing mandatory cancellation option to consumers as required 4. Promising instant notifications when the "limit order" target rate is reached, but failing to do so leaving customers trapped and unable to proceed with either the limit order or cancellations.
Delay transferring fund.
This company merged from OzForex which we have used 10 years. The service was good. However, the current one which called OFX is not as good as before. Often we have got a deal and pay the fund immediately to OFX. The fund will sit in their account for a few days before being remitted. Terrible!
The reviewer stated that an incentive was offered for this review
- Verified customer
Worst experience I've had sending money USD to AUD - Do not use.
Worst experience I've had sending non trivial amounts of money.
Do not trust these jokers with your money, they sat there for a week with 40,000 of my money just in limbo due to a compliance team error where I 'slipped through the cracks'.
Unacceptable to be in this position with no updates or notices as to why this transfer was stalled, never mind the fact people may be waiting for this money. Totally unprofessional and their customer support team just shrugged this off as small issue. It may be small to them but 40k is a lot of money to me.
Worse FX service I’ve ever received. 6 weeks on and off the phone with them after my TX was cancelled by them.
30 emails and 10 phone calls just to get me 10K back. No one took any responsibility and was just pushed from person to person.
To be avoided. They accept no responsibility when your money goes missing even if all the details are correct.
OFX used an intermediary who lost my funds (about AUD 6700) despite all the details being correct. They refused to accept responsibility or provide any useful assistance telling me to read the contract which states that the applicant bears all risk for losses caused by their intermediaries.
Their customer support was atrocious. They produced a message which they claim came from the beneficiary bank but was confirmed by them to have been fabricated. Once I told them the beneficiary bank said it was fake, they retracted this claim and blamed the...ir intermediary saying they cannot contact the beneficiary bank directly. Numerous other inconsistencies occurred. The first MT103 they sent me had information about a third party on it so I contacted them for the raw MT103 to see what the instructions were. They sent me a raw MT103 with those lines omitted. They first told me this was the recipient bank's address then when I showed it wasn't, they told me it was their account which they paid THB out of. Despite this they didn't know what bank it was until I told them (based on my investigations with the beneficiary bank). It seems the funds were accidentally deposited into a third party's account which OFX takes no responsibility for. To this day I have not received a raw MT103 that show what those instructions were or who that was. I used to recommend this company for their cheapness but now I know it comes at a cost. A very expensive lesson I wouldn't wish on anybody. Avoid this company.
On 4 February 2020, a transaction I attempted to make was blocked allegedly because the recipient had not provided his taxation details to his bank in Peru. This struck me as being a very odd. Despite this I provided the details of the recipient's National ID card to OFX (which I have no doubt the bank in Peru already had), and at the same time I was required to update my own details.
On 17 February, OFX emailed me to again update my details, the email stated that "we only need a few moments of your time." In reality OFX had frozen my acc...ount on 17 February, but had not advised me. I only discovered my account was frozen on 2 March, when I attempted to send money to Thailand as part payment for a house I am building there. I telephoned OFX and was informed that since building a house was a "new" activity, I had to provide OFX with evidence. In fact building a house was not a new activity, and indeed I had previously sent payments to Thailand, through OFX, for purchasing the land (on 11 September 2019), and for the commencement of building work (29 January 2020). OFX obviously does not keep very good records. The person I first spoke to from OFX, on 2 March 2020, demanded that I produce receipts to prove that a house really was being built. I then assembled 74 receipts, 70 relating to the building of the house, and four relating to paying for educational expenses in Peru etc. I then telephoned OFX again to find out what email address I should send my invoices to. It was not possible for the person I spoke to give me an email address; and, eventually, I was put through to the"manager". I finally got an email address, but as I pointed out to the manager, in the length of time it took her to come onto the telephone, I had just decided to reply to the email of 17 February, asking for a "few moments" of my time. I also pointed out to the manager that the whole process of attempting to deal with OFX took so long, that in the meantime I had contacted CurrencyFair, and sent off my money through them. OFX has a very peculiar form of record keeping, and is unreliable in the extreme. Do yourself a favour - and go somewhere else.
WORST AND TOTALLY INCOMPETENT
Made a transfer to India on a Monday and received a confirmation email that the funds had been paid on Tuesday. Money hasn't arrived up until even the next tuesday. Its been a week and the money transfer is for emergency medical expense overseas. Calling them is the most frustrating experience. No one has a clue about what's the status of the money is! Each time it's a different customer service person, who would give a different date on when they had made the payment. Its a big smoke screen and nothing is transparent. Pray to god that I will get my money at some stage!!
Terrible Customer Service
I told them that I was confused with the way their website works and that I was looking at other companies like TransferWise and they straight up told me You are better off using transfer wise. And then hang up on me. Worst experience with customer service Ive ever had
Terrible, good luck getting an account setup.
Preempted an international transfer for ongoing business expenses, didn't setup the account in time even though they had over 4 weeks to arrange and missed the deadline to make the transfer.
Worst Customer Service I have ever received from any company in Australia
I have NEVER received worse service from any company EVER! It is hard to fathom why service centre staff would go our of their way to try NOT help instead of being helpful if you giving them business.
I was about to do my 3rd transaction with them when I was spoken to again in a way that is not acceptable EVER.
OFX seriously? Have you not heard that in these days customer service is the only thing that sets you apart from your competition?
I just called another Forex company and you can not compare. I don't even know why I bothered after the first bad mannered staff member.
Fast great rates responsive deliver
Have used this guys for over 12 months now, monthly. Large and small amounts. Money arrives quickly, great comparable rates, respond quickly to queries, and no fuss. Took a while to meet all the regulations at set up but I understood that is due to the money laundering rules they must abide by. Highly recommend.
Worst funds transfer company ever.
Tried sending just $600 AUD to a friend in Thailand so that they could book some accommodation and transport for me for an upcoming holiday. All fairly unstructured with no firm plans - didn't want to be tied down to any particular schedule. OFX took my money held it for two days then rang me demanding an invoice to support the transfer otherwise they wouldn't process. Obviously cannot provide an invoice so now I have to spend time collecting all the screen shots for the transfer in an attempt to get my money back from these idiots.
Questions & Answers
I have had a bad experience with OFX lately, When it all started everything was just great all my transfers went through without a problem until i tried checking up my OFX account online because i sent some funds to a family friend who was not around to check up to see weather the funds has reached his bank account so just when i decided to check my OFX account online i was asked to call them before i could gain access to my account which i did only for one of the workers there to talk to me like i was some criminal for using their service after using it for months with no problems until i got off the phone and sent them an email demanding and asking them about the last transfer i made and made it clear to them about sending my funds back to me if it hasn't gotten to the recipient that was when their manager sent me an email telling me the funds was sent back to them for no reason and i simply asked this guys to send back my funds to my bank account just the same way they debited it out of my account only for the manager to tell me to go to my bank and ask them to make a recall before i get my money , I went to the bank and my bank manager had no idea of what a recall is even though the OFX manager seems to be the only nice person at that department am starting to loose my patient all i want is my money back i have read a lot of cases like this why would you stress people before sending back their funds to them ? You guys better make a ACH wire transfer to my account of the exact funds you debited out of my account i am not interested in dealing with you again all i want is my funds or i will sue you , I made a that transfer on 11th July till now am unable to get my money back since the transfer to the recipient bank was not successful and you confirmed to me that you have my money with you please kindly send back my money into my bank account or i will sue your company i won't wait much longer again . I won't advice or recommend any one to use OFX when i believe there are better money transfer companies out there who would not keep their customers funds for any reason.
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?
Would you be able to please send us an email at firstname.lastname@example.org 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.
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.
OFX holds a bank account based in the Japanese Yen but it is not a domestic Japanese account. It is held offshore.
The OFX Team
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.