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OFX (page 2 of 11)

3.4 from 219 reviews

Still better than banks but there are cheaper alternatives...

Was using OFX for a few years. Great support, and rates, but I switched to another provider. Remove $15 transfer fee and you will get my business back.


1 comment
Hi Daniel, Thanks for taking the time to write a review. Would you please be able to send us your OFX username to customer.service@ofx.com and one of our dealers will get in touch? We'd love to discuss your feedback in more detail. Kind regards, The OFX team

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!

1 comment
Hi map, Thank you for providing feedback. OFX operates within a highly regulated industry, and our regulatory requirements and internal policies dictate that all of our clientele must satisfy our compliance requirements. As we hope you can understand, this keeps the service safe and secure for not only you, but every one of our users. We hate to see you go and would be happy to give you a call to discuss. Please reach out to customer.service@ofx.com and we will get in touch. Kind regards, The OFX Team

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?

Anyway, I had to wait for about a week till I got back home and was able to get an electronic statement from my bank. OFX were happy to accept it and refund the money. However, what happened after that was totally unexpected and outrageous in my opinion. They asked me to provide photo identification not only for the person in Russia who was the recipient of the transfer OFX was going to refund but also for another recipient who had absolutely nothing to do with it and to whom I successfully transferred money a number of times in the past, and no questions were asked.

When I kindly asked OFX representative why they would need that highly sensitive information, they couldn't really explain it other than referring to the need to satisfy regulatory requirements and that OFX are not at liberty to disclose why they request this information which got me even more unhappy.

Just for one second, you are asking me for HIGHLY SENSITIVE PERSONAL INFO of a THIRD PARTY which normally would need to be authorised by the third party themselves. And this is not just info, it is a SCAN OF PHOTO IDENTIFICATION DOCUMENT you are asking for. Without even saying why and hiding behind vague explanations which (to me) basically means that OFX wants personal info of my recipients just because they feel like it and they don't feel obligated to justify it.

Well, I'm sorry but if you can't tell me why you need identification documents of all my recipients and how you are going to use them in future, I don't agree to provide them.

I'd rather deal with a different company that doesn't ask for more information that necessary to facilitate transfers.

1 comment
Hi Anna, We regret to hear that your recent experience with us left you disappointed. Due to the heavily regulated global finance industry that we operate in, we are required to gather extensive information regarding our client’s transfers, especially when a sanctioned jurisdiction is involved. As we hope you can understand, this keeps the service safe and secure for not only you, but every one of our users. The questions asked by our customer service representative are part of a standard procedure, and are by no means intended to cause personal offence to you, or others. Please accept our sincerest apologies for this, and for the inconvenience this has caused you. A manager would be happy to give you a call if you wish to discuss this further, just let us know by emailing customer.service@ofx.com. Kind regards, The OFX team

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.

1 comment
Hi CaroS, We're sorry to hear you have had a poor experience, and that we weren't able to help you with your transfer needs. Please keep in mind OFX is fully regulated in each of the jurisdictions we operate in and must comply with all local laws and regulations. In Australia, Foreign Exchange Dealing is regulated by ASIC. It’s important to note that these restrictions on some payments are set by the regulatory authorities. 3rd party payments can also often arrive in our accounts with insufficient information as to who they belong to which can cause delays in the identification of funds. We hope this answers your questions, and if you have any alternative needs we would be happy to organise someone from our Dealing Team to contact you to discuss. Please let us know by emailing customer.service@ofx.com and we will get in touch. Kind regards, The OFX team

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.

1 comment
Thank you for the wonderful feedback, Kaylean! We're happy to be of service. Best regards, The OFX team

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 from 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.

1 comment
Hi Connie, We regret to hear that your experience with us has left you disappointed, and we sincerely apologize for the inconvenience. We would love nothing more than to help you with your transfer needs, however, our regulatory requirements and internal policies dictate that all of our clientele must satisfy our compliance requirements. We have been trying to reach you without success. Please let us know your contact details by emailing customer.service@ofx.com, and we will give you a call to discuss this further. Kind regards, The OFX team

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.

1 comment
Thank you for your feedback Nancy, and sincerest apologies for the mishap. Thanks for your time on the phone earlier and please do not hesitate to let us know if you are experiencing any other issues with your account. Kind regards, The OFX team

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.

1 comment
Hi Graham, We are sorry that you had a less than great experience with us, and we apologise for the miscommunication. OFX is aware that when it comes to moving funds out of South Africa to another country it can be very uncomfortable. Despite it being your money and your wish to move it overseas, the banks and regulations within South Africa can be difficult to navigate. OFX is able to provide our clients with the option to convert from ZAR but as you correctly state the bank account we are able to receive our clients funds from is held within the US. If you are able to work with your SA bank to transfer funds to our account we will be able to provide you with a great conversion rate into your local currency. One of our dedicated FX Dealers would be more than happy to give you a call. Please send us your OFX username to customer.service@ofx.com, referencing this review, and we will reach out to you. Kind regards, The OFX team

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 definitely 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.

High fees, good staff, although first time use of OFX was a bit confusing

First time use of OFX was a bit confusing until I spoke with multiple OFX staff. I was told receiver will get money in $US but after I transferred the money to OFX I was told the receiver will get the money in their local currency. I then had to speak again to OFX and this time I was told and confirmed by email it will be in $US. OFX staff were friendly.
As a first time user I did not pay the $15 fees (thank you) but a US$24 was deducted from the actual money being transferred. I must say although OFX states they cannot control these unknown intermediate banks/broker fees, I do not 100% trust that statement. Furthermore, In my case maybe some of this $US24 fees were applied then the $US money I transferred potentially first transferred to the receiver local currency then back to $US hence the big loss.

So if I use OFX next time to transfer a $US1000 from Australia, I would pay $15 (their fees) +$24 (theirs and their partners fees) = $US39 but if I use Western Union money in minutes I would only pay $AUS30 (~$US 22.5) but with a rate lower than OFX, however in total the recipient gets the same in about 30 minutes not days as OFX, and if I use Western Union onlineFX I would pay $AUS25 and get a bitter rate than OFX.

1 comment
Hi Sam, Thank you for sharing your feedback with us, we are sorry that your first experience with us did not live up to your expectations. OFX send the exact amount of currency as per your transaction. However, because we paid USD for you outside of the United States the payment was subject to intermediary fees that are unfortunately at the full discretion of the bank. It's important to note that OFX does not receive any portion of them, and the fees could be deducted with any foreign exchange provider or bank that you use. Please do not hesitate to reach out to us directly if you have any questions or wish to discuss your future transfer needs. Many thanks, The OFX team

Transaction completed by me on Monday and still not processed by Friday!

I set up a transaction to send an amount to a friend overseas that needed the funds quickly. The transaction was set up on Monday afternoon and funds sent immediately via EFT to the account nominated by these OFX. I followed up on Tuesday as I hadn't received a confirmation and got a useless response telling me that funds hadn't been received and not asking me for any further detail. I then received a message from a different person asking for information about my transaction, because they 'couldn't locate' my funds. I replied with information about the transaction and continued to get system messages telling me that I hadn't sent funds. I then received another message from the same person that I had already provided information to. They clearly hadn't read the first message I sent. I replied again. And received more automated requests in response. The amount is highly unlikely to be duplicated and I received yet another request for information regarding my transaction. This one is worded like they clearly see my funds and just want to play games with me. What a crap service!
Very slow.
Complete crap.
Stay away from OFX!

I received more of the same noise from these people on Saturday. At this stage I can only conclude that they are thieves. If you send money to OFX and they steal it from you, don't be surprised. While I don't advocate banks for foreign currency exchange, there are definitely honest and reliable providers out there. OFX don't deserve to be in business and so please don't give them yours.Hi, and thank you for taking the time to provide feedback. We are sorry that you have not had a positive experience with us. When our clients make payments via EFT we provide a Client Reference Number to leave as a reference on the payment. This ensures that incoming payments can be automatically allocated to the deals, as we receive thousands of payments each week. If the reference number is omitted, we will need to allocate the funds manually and request supporting documentation to match up your payment with the deal. Your funds have now been allocated, and we have reached out to you directly to answer any questions you may have. Kind regards, The OFX TeamI'm sorry, what funds have been allocated? You have sent a private message via this forum to attempt me to back down from my comments and I have declined to respond.

All good. Great communication.

I have never used this sort of service before, but OFX made it all easy. It was easy to set up an account online, then a consultant rang me to explain how things work, then an email to explain the process. I was contacted when my funds were cleared and contacted when the transaction was going through and contacted again when the money was deposited at the other end. Exchange rate was good and no transaction fees was a bonus.

Worst experience ever

I requested a quote to send USD amount to USD bank account in Turkey. The quote OFX provided was $10 better than WU's quote so I decided to send the money through them. After 3 days, the recipient informed me that he received the money less $10 and his bank deducted another $30. So don't try to be smart and use OFX to save $10-$15. I ended up losing $40 plus the cost of the new transfer which I have to send the lost amount to the recipient. Compared to the original amount I sent, that's 20%+ loss. Not worth sending the money in the first place.
Absolutely not recommended. Go to money transfer services where they exactly tell how much the recipient will get.

1 comment
Hi Hassam, Thank you for sending through your details and for your time on the phone. As discussed, because we paid USD for you outside of the United States the payment was subject to intermediary fees that are unfortunately at the full discretion of the bank and OFX does not receive any portion of them. However, we do value your feedback and will look into how this can be communicated better. Thank you for your understanding, we look forward to helping you with your next transfer. Kind regards, The OFX team

Feel myself totally disappointed

When I went from Canada to Ukraine for some time and tried to transfer money from my bank account in Canada to my bank account in Ukraine they began to ignore me not looking on the fact that I provided all proofing documents! They dropped confirmation calls and blocked my account for making the transfers with the only reason that Ukraine is of risky jurisdiction! Unexpected bad service!

Hi Deema, Thank you for taking the time to write a review and provide valuable feedback. OFX operate within a highly regulated industry and may need to request further information and/or additional documentation when our customers relocate to different jurisdiction. However, we regret to hear that your recent experience with us fell short of our usual high levels of service and would love the opportunity to discuss this in more detail. Please reach out to customer.service@ofx.com and we would be happy to give you a call. Kind regards, The OFX TeamI sent all that OFX asked. I wrote to Customer service. This is what they wrote to me: " It may be best to use your bank as our compliance team is still in the process of reviewing your documents and we cannot give you a specific timeline as to when they will be completed." And it was one month since I had sent them my documents. Is that not ignoring? I think this is real discrimination by the place where you are now. Because when I was in Canada OFX reviewed my proofing address documents for a couple of hours only!Can somebody please write me where I can give a complaint about such attitude to their customers from OFX?

You had 1 job, transfer my money.

You had 1 job, transfer my money.
I almost lost out on a real estate deal because they took over 2 weeks trying to wire the money to Japan. They originally said the SWIFT code was wrong and asked us for it. The SWIFT code is not some secret code that only the sender knows. The SWIFT code for each bank is easily available on the internet. Once they got that, they said it would take 2-3 days. Another 2-3 days and our mediator said no money. OFX said the money is in Japan and just awaiting our correct wire instructions to the final bank. Our mediator in Japan went to the bank and could not find any wired funds in that amount even when using the reference number. In fact the Bank of Tokyo Mitsubishi said they had never heard of OFX. Red flags going off everywhere.
When I called and asked to speak with a manager I spoke with [name removed]. After a long discussion that led to nowhere I knew all communication had to be done electronically from that point on in case this went to litigation. On [name removed] initial email to me her title was Senior Client Service Consultant, on all subsequent emails it was Client Service Consultant. Are we beginning to see the deception and lies yet?
OFX blamed us for the wrong wiring instructions when the exact same wiring instructions were given to Wells Fargo and they were able to wire funds to Japan in 1 day. Their excuse was that they are not a bank and process their payments differently. OFX uses typical stall tactics, they said it might take 7 days or longer to recall the funds back to their bank from Japan because the “wrong” wiring instructions were given. Then, once it is back in their bank they will have to wire it to Japan AGAIN with the right wiring instructions. Does this sound right to you? I told them to just return my money. I eventually did get my money back but not after losing on the exchange which amounted to about $800.
This was a foreclosure purchase therefore the tight and inflexible schedule. Our realtor in Japan had to push the paper work and payment through the court in order to not lose the deposit and property. Had we lost the property we would be suing OFX for compensatory and civil damages for breach of contract, non-performance and financial loss.
You might have success if you wire small amounts but I would never trust them with anything large or important! Lesson learned, it cost me way more in money, time and stress compared to the few dollars they promise to save you compared to regular banks.
In my opinion, stay away from OFX unless you want to lose money and time!!

Hi and thank you for taking the time to provide feedback. We are disappointed that you have not had a positive experience with us. As unfortunate as it may be, a delay may incur when we are provided with incorrect transfer details. For your security and privacy, we do not enter into transactional or account correspondence on public forums. We would encourage you to continue liaising with us via the phone or email as we have done to date. Thanks for your understanding. Regards, The OFX TeamTried to block my review by saying they did not believe I’ve had a genuine buying or service experience. As stated previously, the exact wiring information was given to Wells Fargo in a transaction before (our deposit for the property) and after OFX’s failed attempt. Wells Fargo was able to wire the funds with no problems both times. Whether you claim to be a bank or not, it is not YOU that makes up what information you require to wire funds. If you're saying that because you are not a bank you have different wiring instructions, BULL!! There are Banking Industry Standards and Practices for wiring funds and depending which fund transfer method you use whether it’s Fed Wire, CHIPS or SWIFT, each has its own rules and governing body. None of these rules are made by OFX, you just follow them. Anyway, a complaint has been filed with the BBB in San Francisco on October 2 to recoup my loss due to your incompetence.

Fast, efficient & great rates

I found OFX after reading a Choice recommendation on foreign exchange rates, but then got wary after reading reviews on productreview.com.au. Normally I use PayPal or the bank to transfer money abroad--both take about three days from account to account, and the exchange rates are not nearly as attractive. After some hesitation, I did go ahead with OFX and it saved me about $500 and the money arrived in the overseas bank account within one day. No money was taken off and the recipient received the amount stated by OFX quote. I am impressed and would highly recommend OFX.

Where's my money?

Have transferred money in the past, 2014, no problems, the rate looks good, but then they charge you $15 for smaller transactions, then my bank overseas charges me to receive, and OFX has some middle bank that also takes some money as well, so everybody's taking your money. This time, right now, transferred $5000, i forgot to put the reference number in the transaction, so i have been making phone calls for 5 days, with all OFX staff being horrible, sarcastic, and saying they don't know where my $5,000 is, i gave them a photo of the transaction from my online banking, which shows my bank account, my email in top right corner which is the email connected to OFX as well, it shows the date, it shows that $5000 was transferred to OFX's NAB account with their bsb and account number, and still, they are saying this is not accepted as proof, i am so stressed, and have basically lost $5000 at the moment, i am now waiting for another bank statement from my online bank account, and will try to use that as well, OFX are really horrible to deal with, i want to resolve this, i want my money, no matter what i have to do, but then i want to cancel my account, i don't want to ever go through this again, they just won't help and don't care, they keep saying it's a small amount, hard to find, the staff are all useless, no body will help, very sad situation and tomorrow will be 6 days with my $5000 in their account, not mine, and OFX don't respond to this review, not interested in hearing the same thing for the tenth time, all the staff i have spoken to, have no compassion, i hate OFX now. Almost 1 week now, Paid on 08/09/2017, now 14/09/2017still no money in the account i transferred to, spoke to a staff member there today, named [name removed], told him when this is sorted out, i will close the OFX account and never deal with them again, the guy was so arrogant and disrespectful, just like all the staff i dealt with, his response was, i will cancel it right now, i had to tell him, no, not now, when my money is in my account, this would be my 5th or 6st transfer with them, the staff don't care at all, they act like they own the business, OFX will go broke one day with staff like this, OFX is a disgrace.

1 comment
Hi Frank, Thanks for getting in touch. We pride ourselves on providing high levels of customer service, so we were really sorry to hear that your transaction didn't go smoothly. Having looked into your case, I gather that you forgot to include a transaction reference number when making your payment, as you shared. As a global business, we handle many transactions daily with a transfer total exactly the same round figure as yours, it seems $5k is a handy amount to transfer for lots of people. To compound the issue, we're all human, and unfortunately lots of our customers also forget to use their reference codes. It's a bit like when you go to the pet shop and look at goldfish in a tank - lots of money swimming around that looks exactly the same. In cases such as this, we have a responsibility to ensure that we manage to match each and every lost sum of money back to it's rightful owner. This can take some time, and requires very specific documents to be shared - to make sure that you are who you say you are, and that you did what you say you did (we take the responsibility of looking after your money very seriously, as we should). I gather that a delay in providing the correct proof of payment documents delayed matters further (photos can be easily tampered with). I know that moving money can be a very stressful experience, particularly when things go wrong, but please rest assured that our teams are working hard on your behalf to rectify the error that you made when making this transfer. Thanks for bearing with us. - The Team at OFX

Terrible service lost money still waiting

Transfers that do go through take forever. Have been waiting over a month now for one transfer and now they just told us they need to investigate. Do yourself a favour and use a real bank.

1 comment
Hi Bruce, Thank you for reaching out and apologies for the unsatisfactory experience. So we can ensure your problem is being resolved, could we please request that you send us your details to marketing@ofx.com? As you've mentioned, if we are investigating your transaction (and it has indeed been over a month) then no doubt our team is working tirelessly to correct whatever the issue may be. However, without being able to locate your profile, we cannot speculate. Please feel free to forward at your earliest convenience. Kind regards, The OFX Team

Used multiple times for transfers to China, highly recommended! Reliable service

Excellent company. Fast transfers and low fees/rates. This is my go-to company for transfers to China.
They are highly recommended by me.

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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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