OFX (previously branded OzForex) was launched by Matthew Gilmour in 1998 as an Australian-based foreign exchange information website. In 2001 OzForex began offering its first online money transfer services. It has since grown to become one of the world’s biggest online foreign exchange companies with a strong presence in Australia, the United Kingdom, Canada, the United States and other countries in Europe and the Asian Pacific.
OFX is the parent company of the group that includes UKForex, USForex, CanadianForex, NZForex and Tranzfers. It’s expected that these companies will trade under the name OFX in 2016 and also that they will begin to share the same services which they don’t yet offer.
Richard Kimber is OFX’s CEO and managing director of OFX which is headquartered in Sydney with offices in London, San Francisco, Hong Kong, Toronto and Auckland.
Instant Transfers are OFX’s most popular service. Customers send money immediately by locking in their quoted rate and sending their funds for a rapid exchange.
Single Transfers- ‘Spot Deals’ also lock-in rate to send or receive funds with minimum transfer of AU$250 or currency equivalent elsewhere.
Regular Transfers-Minimum 4 transfers with a minimum transfer of AU$500. No OFX fees. Direct deposit is available.
Risk Management options for Personal and Business clients include:
Forward Exchange Contracts- Transfers can be set between 2 days and a year ahead to help manage cash flow. Locked in OFX rates. Minimum of AU$ 50,000
Limit Orders- Allow clients to chose currency target rate, 24 hours a day, 5 days a week. When rate is triggered, clients are contacted to complete transfer. Minimum AU$ 30,000, valid up to 6 months
FX Options- The option to transfer at a certain time and rate, in exchange for an up-front premium. Protection against adverse exchange rate shifts, clients gain if the rate improves in their favour. Minimum AU$50,000 for security with flexibility.
E-tailer Solution Features:
Options to plug into OFX’s Platform include:
Borderless Payments API: Business access to OFX rates and an award-winning international payments service while maintaining control over the experience. Ideal for businesses that have an existing platform ready to be powered by OFX’s API.
Platform as a Service: Customisable platform powered by OFX’s API can save on development time and costs. Interface can be tailored to suit brand and business needs, maintaining control over customer experience.
Full Service Partnership: White Label Solution allows business to outsource the end-to-end international transfer process to OFX. Customers are provided with a branded service; business has advantage of international transfer expertise and licenses.
Partner commission: Partnering client features OFX on their website so their clients can access OFX from their site. When clients click through to OFX and transfer finds, OFX will share part of the OFX’s commission.
Transaction Settlement: Utilising the OFX global payment network to access over 50 currencies in 198 countries.
Customer Management: On boarding, KYC, beneficiary management, and payment reporting.
Compliance: Transaction monitoring, network and rule-based screening, PEP and sanction checks.
OFX’s website works well to guide visitors to individual services which is also makes an effort to clarify in simple language that’s easy to grasp. These impressive statistics create an atmosphere of trust and high expectation to a first time visitor:
$84billion transfers, 3,250 transfers a day, 115 bank accounts in their global network, 55 currencies to date are handled.
Daily market news updates chart the market rates of the AUD against the USD, making it clear that OFX is still an Australian centered firm, albeit one with a global reach.
20 years of historical exchange rate data is available including annual and monthly rates.
Pros: Corporate options are OFX’s strongest suit. Partnering with business, sharing API, transaction settlement, customer management and compliance services provide opportunity for business. Helpful case study articles show real world applications many OFX partners are currently benefitting from using. For private clients, the option of making an instant transfer with a debit card is convenient although not the best value. Beautiful and inviting website presents information and options available as clearly as is possible.
Cons: Ideally developed for the Australian marketplace, OFX isn’t a good fit for business clients seeking to utilize the partnering options in other regions. OFX’s business services haven’t yet been integrated to UKForex or other parts of their own global companies group.
Rated 9.1 on TRUSTPILOT with 189 reviews. Most reviewers were happy with OFX’s efficient services and friendly dealers. Several recent complaints regarded lengthy delays in completely transfers after funds had been received by OFX. One business was unable to resolve a transfer dispute for a month after OFX sent notice that funds to a supplier had been received, although they hadn’t been. The reviewer complained that he had wasted a month constantly chasing OFX by telephone before the issue was concluded. One found the transfer rate he received wasn’t even a good as the notoriously expensive rates seen at Western Union online.
OFX is rated 3.9 out of 5 at Product Review with 133 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.
OFX is an industry leader when it comes to offering innovation to large businesses, an area which they are expanding globally even as their own companies are becoming unified. They also provide what they term instant transfers to individuals as well as a full range of foreign exchange services.
It’s stunning to see reviews that point to a month delay for a business account issue to be resolved. With so much energy focused on their business options, it would be anticipated that a dedicated dealer would be one hand to guarantee business clients need not waste their time chasing their foreign exchange company to complete a transfer effectively. The best companies aren’t always the ones with the volume OFX enjoy, often what’s the most important innovation is simply an expert dedicated dealer to oversee the transfer process whether a personal or corporate account.
4 out of 5 stars. Despite excellent business innovation, customer service issues let down this global industry giant.
OFX is rated 3.9 out of 5 at ProductReview with 133 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.
Given OZFX’s global market share, the company would do well to resolve individual problems in real time, rather than chasing the unhappy clients after they haven’t been able to get a response to problems by email or telephone. Dutifully following up after complaints have reached the review stage isn’t working to make OZFX #1 in customer satisfaction.