Please note that OzForex has rebranded to OFX
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.
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?
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.
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.
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.
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.
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.
St Kilda W
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!
Stay away from OFX!
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.
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!
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!!
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.
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.
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.