OFX began as an Australian foreign exchange information website. that was launched by Matthew Gilmour in 1998. In 2001 OzForex launched its first online money transfer platform. It has steadily expanded into one of the world’s largest online foreign exchange companies with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asian Pacific region.
The OFx group is an immense combined company with $84 billion transfers, 3,250 transfers daily, 115 bank accounts in their global network and 55 currencies to date are handled.
In 2016, the process of integrating all subsidiary companies including USForex has begun with website synergy. The company intends to continue to merge into an OFX re-branding, which provides a higher standard of business service than USForex currently offers.
USForex offers individuals transfers those with recurring payments overseas or investing abroad as well as small and moderate-sized importers and exporters.
24-hour access 5 days a week for private and corporate clients
$150 minimum amount for transfer
USForex provides Personal Accounts:
USForex provides Business Accounts:
USForex Charges Fees for Currencies other than USD
Information abounds on every single page with a dashboard homepage featuring a market rate currency calculator. USForex’s website does not yet resemble UKForex’s newly rebranded OFX site- as part of the merge with OFX. The site doesn’t feel localised as there is nothing that puts any emphasis on USForex’s clients, except that the same content regarding Brexit is turned to suggest those trading Sterling and USD might consider a forward contract if they fear the Sterling will fall if the UK exits the EU.
OFX have not yet been combined in to a single brand matching services with USForex- as has begun with UKForex, recently as its re-branding to OFX begins.
OFX offers a variety of services that USForex doesn’t have the benefit of such as:
E-tailer Solution Features:
Options to plug into OFX’s Platform:
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.
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 revenue (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: Transactional monitoring, network and rule-based screening, PEP and sanction checks.
TESTPILOT rates USForex as poor with 4.8/10, due to 13 out of 38 reviews being complaints. many are titled ‘Terrible Experience’. Compliance was disorganized because clients were not given a single dedicated dealer, nor were compliance officers calling from a single US office, rather, because service was scattered over global offices, clients had conflicting responses from a series of compliance calls. USForex calls this their ‘on boarding process’ and claims that the US regulates them so heavily they are unable to ‘on board’ many clients ( it appears that the firms global compliance team has difficulty consolidating their regulating bodies’ requests). Another pattern is that when there are delays, customer service makes assurances that funds will be released the following day, and simply continues these assurances daily when clients call for weeks.
ReviewCentre rated them much better:4.7 out of 5; a 96% recommendation from 105 reviewers. Most were positive client feedback-especially for those using OFX and USForex in combination to send to and from Australia. Others reported delays and one wasn’t happy with the rate not matching what was promised.
Yelp rates USForex 4 out of 5 stars with 15 reviews. One compared USForex with his bank and after subtracting fees and charges concluded that foreign exchange firms do not beat bank rates by much- which indicates that USForex isn’t at all competitive with smaller transfers like the $100 for was sending, since banks aren’t either.
USForex seems not to benefit from being part of the global firm, OFX, so far. Sharing customer support with global offices may improve, as these are early days for the groups’ integration process. Recent client complaints point to Australian (OFX) customer service and compliance struggling to serve US clients. The website featuring ‘My FX Dashboard’ has been up-dated and no longer makes USForex feel like a forgotten Californian outpost, giving US clients reason to hope they are served by a global firm with a localised presence, but, unfortunately the customer service and compliance issues, combined with so-so rates are disappointing. The company claims they employ a blend of cutting edge technology and superb customer service to bring a better deal to corporate and private customers alike, but, since only the business clients have the benefit of dedicated dealer support, private clients are left with scattered support that has been seen to cause delays and ‘on boarding issues’.
3.5 out of 5 stars, USForex site is merging into OFX, but the firm still struggles to improve global customer service.
24/7 access works well for clients across the globe in different time zones.
Static website looks ridiculous in innovative San Francisco! Site offers no eCommerce for merchants who can go elsewhere and enjoy state of the art partnership connections. Calculation tools aren’t accurate or helpful, the calculator is readily available everywhere and doesn’t indicate what the real rate of exchange will be after negotiation.