Please note that OzForex has rebranded to OFX
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
- Verified customer
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 compani...es 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.
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.
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 ‘complian...ce’. 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.
Best I've found so far
I've transferred with ofx.com (ozforex.com.au) about 7 times between AU and NZ and once from USA. It takes about a week each time. I've always sent $1000+
Rates are better than the banks. They are registered with https://fos.org.au - Member number: 11340
ACN/ABN: 65092375703 - so worst case, you can have a long and drawn out government arbitration to get your money back (hopefully).
https://xe.com has better rates, but they're not registered in AU as far as I can tell, I don't trust them as much with my money.
Do not deal with this company
I totally agree with the negative comments about this company. They have asked me for so much personal information that I have decided to kiss goodbye to my money and deal with another company or even my local bank who will do the same thing without the security worries. I wouldn't even give it 1 star!
All was good before I tried to transfer money back home to Russia
Been dealing with OFX for a few months now making occasional transfers abroad (around $5,000 in total). All was good, never had any issue whatsoever.
Last time I tried making a transfer back home to Russia. Small amount of about $100. Called OFX and went through their standard questions: who was the recipient (my family), what the money was for (paying off my loan), and how much I would potentially transfer in the next 24 months (around $5,000). No complaints here, standard protocol with them.
I wired the money to OFX as usual. However, a...day later they got back to me saying they need more info of my recipient, such as their tax file number and the code of transfer purpose. That got me a bit concerned. From my experience, recipient's bank details are more than sufficient for companies like OFX to make transfers. Taking into account I was out of the country at the time and it was inconvenient for me to proceed with OFX services, I used a different company and called OFX to cancel the transfer and refund the money. They agreed to do so provided a send them a transfer receipt or internet banking screenshot with my bank's letterhead or website letterhead and clearly visible: amount of payment; date payment was made; full name and account number; account name or number the payment was sent to. As I said, I was out of the country at the moment, had no PC access and the document they had requested couldn't be obtained from my phone since it's impossible to get a screenshot with all the above info from both the app and the browser. That is not even mentioning that the very request feels a bit weird to me. What do you mean I have to prove that I transferred money to you in the first place?
They say they can't receive payments from third parties....
I have wasted so much time with this company finding out they cannot support me. I opened an ING account and OFX are their international transfers agent. I wanted royalty payments routed via OFX to my ING account. Long story short - they can't. Be really clear about their capabilities before you waste time with OFX.
Oh and don't expect help from customer service. I was told the money wasn't there when it was in an unassigned pool and then, when they found it, I had to get it reversed back to the payee to be paid through another international transfers organisation.
Better service than expected
Have been using this service for about 6 months for transfers to Canada. Have been impressed with the service and their rates are better than the competitors. Transfers usually take only one or two days, depending on the time of day the transfer is conducted. Always had good service when speaking to phone staff.
- Verified customer
Customer Service Representatives Need Training
I needed to set up an account to transfer funds from Canada to Australia since I am moving to Melbourne. I was told by the Australian Visa Bureau that using OFX was an easy and cost effective way to transfer my funds overseas. I followed the steps online and spoke to a customer service representative who told me that all I had left to do was verify my identity. She said I needed to send a digital photo or scanned copy of two items: my license or passport, and a recent Canadian bank statement. After submitting these items, I was sent an email fr...om the compliance team saying my documents were unacceptable, because the license was not a colour photocopy and the statement was not the original PDF file. They also informed me that I needed to submit a third document containing my proof of address from a different institution other than my bank in the form of a utility bill, phone bill, credit card statement, loan statement, or government letter. This document had to be an original. Nowhere in the original email, from the customer service representative, had it mentioned any of these details. I am a student and I live with my family so the utilities and cell phones are all on the same bill addressed to my parents, and I give them money towards it every month. I am only with one bank, so my credit card statement isn't a valid option and government letters have only been addressed to my home, not in the form of a PDF. After speaking to another customer service representative for over half an hour about my situation, the conclusion they came to was that they couldn't help me and I was unable to create an account with them. If the departments within this company were on the same page I wouldn't have wasted my time trying to open an account. If I had known from the first conversation or email that it was this impossible for a student to verify identity, I would have sought out a different means of sending my money before leaving Canada. However, I am now already in Melbourne, and stuck with limited funds while I find an alternative route.
No longer fee free - no longer the company for me
I used this service multiple times when they were ClearFX. I appreciated the fee-free transfer option. Imagine my surprise when I was prompted to login to the new company, OFX, as if nothing had changed. I even had access to all my old account and transfer details. It was only after I set up the transfer that I noticed a $15 fee now attached to my transfer! (Note - this is not from a 'middle bank', this is straight up from OFX). You bet if they were moving from fees to no fees, there would be heaps of advertising and promotion, but the addition...of new fees was kept mighty quiet (in fact many referral sites still refer to this company as 'fee free'). I will be taking my business elsewhere due to what I feel like is a bait and switch. Charging fees no longer makes you good value.
Support staff need training
It was a query about transferring South African Rands to Australian Dollars. I was informed that 'no problem', OFX could do it. However, I would need to transfer the funds to a New York bank! The support staff seemed unaware that certain forex control regulations exist in South Africa. Well, it 'was a problem'. As OFX do NOT have a South African bank account, they cannot provide a forex service from there.
- Verified customer
Professional and helpful service - great rate
I used Ozforex to convert pounds from my GBP account within Australia into AUD. The consultants were very helpful and despite being a little dubious myself - there is real trust element in these transactions - it went through smoothly. The rate was excellent and I don't know why anyone would use one of the banks. I compared all of them and their rates are dreadful. They are creaming it for doing virtually nothing. It may have been a bit easier to go through a bank but it would have cost thousands of dollars more for the convenience. It was defi...nitely worth the extra effort to use these guys - I've done 3 transactions and they've all gone well. The hardest part was dealing my own bank (HSBC) that I was transferring from. They made numerous mistakes along the way which slowed the whole process.
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 email@example.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.
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
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