Please note that OzForex has rebranded to OFX

Inverell

  • 2 reviews
  • 1 question
  • 1 answer
  • 2 helpful votes
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Hesitant to use this service

3 out of 5, reviewed on Oct 05, 2018

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!

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OFX Official

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... read more »

Worst forex transfer I have used

1 out of 5, reviewed on Sep 29, 2018

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

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OFX Official

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 ... read more »

Verified Customer

Great service however security may be an issue

3 out of 5, reviewed on Sep 17, 2018

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.

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OFX Official

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 technol... read more »

Very Happy Customer

5 out of 5, reviewed on Jul 31, 2018

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 *****

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

5 out of 5, reviewed on Jul 24, 2018

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.

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  • 1 review
  • 1 question
  • 1 helpful vote
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These people are so rude

1 out of 5, reviewed on Jul 02, 2018

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 person found this helpful, do you? Yes

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OFX Official

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 ... read more »

They Are Holding My Money

2 out of 5, reviewed on Jun 11, 2018

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.

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OFX Official

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 pri... read more »

Toowoomba

  • 3 reviews
  • 1 comment
  • 3 helpful votes
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Simple and easy

5 out of 5, reviewed on Jun 05, 2018

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

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OFX Official

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

Wellington

  • 2 reviews
  • 1 answer
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from Canada to New Zealand

5 out of 5, reviewed on May 22, 2018

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

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OFX Official

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

  • 6 reviews
  • 2 comments
  • 1 answer
  • 5 helpful votes
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Good straight forward service

5 out of 5, reviewed on May 05, 2018

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.

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OFX Official

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

  • 1 review
  • 3 helpful votes
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Good service for small transfer just not large ones

2 out of 5, reviewed on May 02, 2018

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.

3 people found this helpful, do you? Yes

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OFX Official

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 thi... read more »

  • 1 review
  • 2 helpful votes
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Still better than banks but there are cheaper alternatives...

4 out of 5, reviewed on Mar 20, 2018

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.

Cheers,
Dan

2 people found this helpful, do you? Yes

Comments
OFX Official

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 d... read more »

Best I've found so far

5 out of 5, reviewed on Mar 14, 2018

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.

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  • 1 review
  • 2 helpful votes
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Do not deal with this company

1 out of 5, reviewed on Feb 20, 2018

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!

2 people found this helpful, do you? Yes

Comments
OFX Official

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 ... read more »

Sydney

  • 3 reviews
  • 6 helpful votes
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All was good before I tried to transfer money back home to Russia

2 out of 5, reviewed on Feb 10, 2018

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.

3 people found this helpful, do you? Yes

Comments
OFX Official

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 i... read more »

Brisbane

  • 8 reviews
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They say they can't receive payments from third parties....

1 out of 5, reviewed on Feb 06, 2018

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.

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OFX Official

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... read more »

Better service than expected

5 out of 5, reviewed on Jan 21, 2018

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.

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OFX Official

Thank you for the wonderful feedback, Kaylean! We're happy to be of service.

Best regards,
The OFX team

  • 1 review
  • 2 helpful votes
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Verified Customer

Customer Service Representatives Need Training

1 out of 5, reviewed on Jan 12, 2018

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.

2 people found this helpful, do you? Yes

Comments
OFX Official

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 transfe... read more »

No longer fee free - no longer the company for me

1 out of 5, reviewed on Dec 19, 2017

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.

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OFX Official

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

Brisbane

  • 4 reviews
  • 7 helpful votes
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Support staff need training

2 out of 5, reviewed on Dec 19, 2017

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.

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OFX Official

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... read more »

1 of 11 pages


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?

Sharman asked on Oct 08, 2018

Answer this

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.

dcad asked on Oct 02, 2018

Answer this

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?

Greg K asked on Aug 12, 2018

Answer this

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

See all 36 questions about OFX