OFX Review
- There are several layers of security protocols put in place to protect users.
- 2-factor authentication is supported.
- OFX is a regulated entity with a strong track record.
- Ability to lock in transaction costs prior to effecting them is a great advantage and hedges against forex fluctuations.
- Transaction costs go down with increasing volume.
- Verification process is easy and not time-consuming.
- No email or live chat support.
- The number of countries served by OFX is quite limited.
OFX is an Australian company which is in the business of currency exchange as well as money transfers and remittances. The company was formerly known as OzForex, and commenced operations in 1998 under that name. Its money transfer service was launched in 2001. International expansion launched the company into the US, UK, New Zealand and Canadian markets. The company rebranded to OFX in 2015.
In 2013, the company was listed on the Australian Securities exchange with the trading name OzForex Group Limited (OFX), making the company a publicly listed company.
Exchange Platform
OFX offers its users two ways to send money:
On the Web
Users can send money through OFX by using the online platform that has been created for this purpose.
Mobile App
Those who love to use their smartphones and tablets for transactions can download the OFX iOS and Android apps from the respective app stores. Use the links on OFX website to direct you to the app stores to ensure that you download the authentic versions of these apps.
Countries Served
OFX performs money transfers to the following countries:
United States
Europe
United Kingdom
Australia
Canada
Japan
New Zealand
Belgium
China
France
Germany
Hong Kong
India
Indonesia
Ireland
Italy
Malaysia
Mexico
Netherlands
Philippines
Sweden
Switzerland
Taiwan
Thailand
Exchange Market
What services does OFX offer its clients?
Rapid transfer
This allows for two models of money transfer services: single transfers and recurrent transfers. Both require a minimum of 100 GBP. However, recurrent transfers require that at least 4 transactions be done in a monthly cycle. Users can lock in FX rates to avoid currency fluctuations. All transactions are spot transactions.
Risk Management
Users can also use two models of risk management in transfers.
“Buy now, transfer later” is a form of forward contract which requires a minimum of 20,000 GBP. Time to complete transaction is between 2 days and 10 months. You can lock in your transfer rate and send later at that rate without fear of fluctuation in exchange rate affecting your transfer.
Target rate setting for transfers is a form of limit order where the trader chooses a suitable exchange rate and only completes the transfer when that exchange rate is reached.
Deposit and Withdrawals
OFX has to receive money from sending parties to be able to do business. The user must identify how much is to be sent, who the recipient is, and which currency to send in. Therefore, the following channels of transaction can be used for this purpose.
Bank transfers from the user’s account. This can be done using an electronic bank wire or bank debit card.
Cash deposits, credit cards, bank drafts and cheques are not accepted.
Help and Support
Customers of OFX can reach the company’s customer service department by phone and through social media channels.
United Kingdom:
Personal +44 207 614 4194
Business +44 207 614 4195
Fax: +44 207 614 4180
International
United States: 1-888-288-7354 and 1-888-966-6888.
Canada: 1-800-680-0750 and 1-855-680-0745
New Zealand: 0800 161 868 (toll free) and 0800 161 898
Australia: +61 2 8667 8090
Hong Kong: +852 2777 7147 and +852 3008 5723
Ireland: 1-800-948-364
Germany: 0800-181-7242
Social media channels are:
Facebook (www.facebook.com/ofx)
Twitter (www.twitter.com/ukforex)
Security and Fairness
A money transfer business is one which has to operate with impeccable integrity, because clients are basically entrusting the company with their money and are paying to have it transferred to the intended recipient. OFX’s money transfer business started the same year that the September 11 attacks occurred, which beamed the spotlight on remittance companies and their unwitting role in possible terrorist financing. OFX therefore has had to put in place several measures to ensure not just security of funds of legitimate clients, but also to keep out illicit funds.
Here are some of the security measures implemented by OFX.
Two-factor authentication (2FA), which requires a numeric code for secondary login after the primary login details have been done.
Automatic time outs for periods of inactivity, which require the user to login again.
Users are periodically asked to supply answers to their security questions.
Advanced technology is also deployed to monitor patterns of registrations, logins and transactions so as to identify and flag all suspicious activity.
Multiple-layered anti-fraud systems that can detect and prevent phishing attempts and block malware and fraudulent apps which can be used to steal user information.
SSL data encryption for a secure browsing experience when using OFX’s website.
The company is registered with the HMRC as a Money Services Business and is licensed by the FCA as an Authorised Payment Institution (Firm Ref. No. 521566).
Conclusion
OFX has transformed into a leading name when it comes to money transfer services and remittances. OFX has a strong global presence which houses 246 employees of 47 different nationalities. It also has a positive media image. When you put together the security measures and the number of customers that have been served with no complaints whatsoever, OFX can be configured a safe place to use when you wire your funds to family and loved ones.
Screenshot
