OFX App – Founded in Australia, OFX is an international money transfer provider. It allows you to transfer money in more than 49 currencies. By the way, OFX is short for Open Financial Exchange.
What is OFX?
OFX is a currency exchange service that makes it easy and fast for online sellers, individuals, and other businesses to send money overseas, exchange currencies, and make international payments.
Surprisingly, OFX has been in business for over 20 years and has facilitated the transfer of over £65 billion. Impressive, right?
OFX has offices in the United States (San Francisco), United Kingdom (London), Canada (Toronto), Australia (Sydney), Hong Kong, and Singapore.
OFX doesn’t usually charge any additional fees for transfers when you transfer money overseas, instead, it gives you a slightly lower exchange rate than the market rate.
You will love OFX when it comes to doing large international money transfers, especially when the exchange rates are very good. Truth is, making use of OFX will almost cost you less than transferring money using your bank or PayPal.
Sad to say, OFX is not very competitive in terms of transferring smaller amounts. If you’re sending less than $10,000, then a provider like CurrencyFair, TransferWise, and Revolut will get you a better deal.
Pros Using OFX
- They Offer excellent customer service
- No additional fees charged when sending money over $10,000
- You can send large amounts of money, where their rates are more competitive
- You get to enjoy a comprehensive mobile approach
- They cater for individuals, online sellers and other businesses
Cons Of Using OFX
- You need to have a minimum transfer amount
- You are charged a $15 transfer fee for any transfer amount less than $10,000 (not in US or UK)
- Sorry, credit card payment is not accepted
How Fast Is OFX?
- Same-day delivery when you use OFX’s global network of banks
- It takes a day or two days to send most major currencies overseas
- It takes 3-5 days for less commonly traded currencies.
OFX operates 24/7. Please note that OFX will not initiate any payment process until the money is in their account.
How Do I Send Money With OFX App?
You must create an account with OFX before you can send or transfer money. Here’s what you should do.
- Apply for an OFX account online through their website. Once you’re done with that, an employee from OFX will call you to complete the registration process.
- When you want to send money, you can do that online, through the OFX app or by calling OFX.
- You’ll need to fill out the details of who you want to transfer money to.
OFX will let you know the status of your transfer via email and SMS notifications.
How Much Can I Transfer With OFX?
OFX only has a minimum transfer limit of £100 in the UK, $1000 in the US, and $250 anywhere else in the world. There is no maximum limit for OFX app transfers.
The Details You’ll Need When You’re Sending Money
When you want to send money via the OFX app, you will need to provide the following details:
- The amount you’re sending
- The countries you’re sending cash to and from
- The currencies that you’re transferring money between
- The full name and address of the person you want to make a transfer to.
- The bank details of the person you want to make a transfer to such as sort code or routing number, in some cases IBAN (International Bank Account Number)
Ways To Pay OFX
OFX app lets you pay for your money transfers in these ways:
- Bank transfer to an OFX account with your client reference number, also known as a wire transfer
- ACH Direct Debit in the US
- BPay in Australia
- Using a debit card in the UK
- Using Direct Debit (only for business transfers)
Please note that OFX does not accept cash or cheques as a way to fund your transfer.
Ways To Receive Money From OFX
OFX only send money directly into a bank account overseas. They do not offer the option for home delivery, local cash pickup, or other options.