OFX; AN IN-DEPTH REVIEW OF THE MONEY TRANSFER SERVICE

OFX has a website and a mobile app that make it perfect for anyone looking for a fast and convenient way to send money overseas.
OFX has a website and a mobile app that make it perfect for anyone looking for a fast and convenient way to send money overseas.

This OFX in-depth review is a thorough and unbiased look at the company. It covers everything from the company’s history to its products and services.

Mathew Gilmour founded OFX in 1998. Gilmour was looking for a way to help people transfer money internationally without dealing with banks or other financial institutions. He focused on making it as easy as possible for both senders and recipients of funds to get their money into their accounts quickly and easily.

The company has grown from its initial location in Sydney, Australia, to locations 8 office locations across the world – Australia, Ireland, United Kingdom, New Zealand, United States, Canada, Hong Kong, and Singapore. 

OFX, a money transfer service, allows users to send money overseas at competitive rates. OFX provides more than just foreign exchange services. The company offers many financial services, including international payments, currency exchange rates, foreign exchange rates, prepaid credit cards, prepaid debit cards, bill payment services, and mobile money banking apps (Android and iOS devices). 

OFX is one of the most popular online money transfer services. Using various methods, OFX allows users to send money internationally to a bank account, credit card, or PayPal account.

OFX TRANSFER METHODS AND OPTIONS

Sending channels: Online (website or app), mobile app (iOS, Android), and telephone.

Payment options:

  • Electronic banking (for example, BPay or POLi)
  • Credit/debit cards (Visa/MasterCard)
  • International bank drafts and checks
  • Cash deposits at Australia Post

Delivery options:

  • Electronic banking (for example, BPay or POLi)
  • Credit/debit cards (Visa/MasterCard)
  • International bank drafts and checks
  • Cash deposits at Australia Post

HOW LONG DO OFX TRANSACTIONS TAKE?

Transferring money from your  OFX account to a local bank account in Kenya will take approximately 3-5 business days. This estimate is based on past transfer records and is not guaranteed. The length of time depends on how quickly your bank processes the request and how long it takes to credit the funds back into your account after receiving the money from OFX.

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OFX EXCHANGE RATES

The OFX Exchange Rate is the figure banks, currency brokers, and other financial companies use when quoting exchange rates and fees. 

OFX APP

If you are looking for a simple, safe, and secure mobile banking solution, look no further than the OFX app. This app gives you instant access to your accounts wherever you are.

You can make transfers between your accounts, and if you need to pay bills, the OFX app makes it easy to send payments from your checking or savings account, using only your mobile phone number or email address to efficiently find whom to pay.

The OFX app makes it easy to transfer money between your accounts, view LIVE exchange rates, and set rate alerts.

You can also use the app to manage your existing transfers, view historical exchange rate charts, and keep up-to-date with news worldwide.

You can download the app from the iOS store or Android Play store.

PROS AND CONS OF OFX

Whether you choose OFX as a transfer method depends on what you are looking for. Here are the Pros and Cons of OFX money transfer. 

PROS

Easy to use: OFX makes it easy for users to send and receive payments. Users can also download the OFX app for easy access on mobile devices.

No fees: OFX does not charge fees for its services, making it an affordable option for businesses looking to send or receive money from overseas clients.

Wide range of currencies: The platform supports more than 120 currencies, and both individuals and businesses can use it.

High-security standards: OFX uses the latest security protocols to protect all transactions against fraud and theft.

Excellent customer service: Their customer service team is available 24/7 via phone or email to help with any questions regarding your account or its payments.

CONS

Not all banks support it: OFX is a bank-to-bank transfer format, so only banks that support it can send money to or from your account. If your bank does not work with OFX, you cannot send or receive money from them using OFX.

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High Transfer Threshold: OFX is suitable for transferring relatively more significant amounts exceeding 10,000 USD.  

HOW TO SET UP AN OFX BANK ACCOUNT

Signing up for a new OFX account is simple. 

  1. Visit the OFX website.
  2.  Click ‘Register’ at the top right corner of the OFX website.
  1. Select the type of account you want to create – business or personal account. Then Fill in your details – OFX will provide you with a form to fill in with your information depending on the account chosen.
  1. OFX will then call you to finish the registration process. In the process, OFX customer service will ask some basic questions, like what kind of currency you will be using.
  2. You will verify your account – OFX will request some documentation to get your account up and move. 
  3. You will receive an email notification that your OFX account is approved. 

OFX accounts are approved within four business days, and there are no registration fees or monthly account fees.

LINKING OFX TO YOUR LOCAL BANK ACCOUNT

Linking OFX to your local bank account is a simple process;

  1.  Log into your OFX account using the website or the mobile app. 
  2. Click on “Recipients” 
  3. Then select “Add New Recipients.” 
  4. From here, add the details for your domestic bank account. 
  5. The account that the funds are delivered to must be in your name.

WITHDRAWING MONEY FROM OFX TO YOUR BANK

 If you want to withdraw money from OFX to your local bank account, sign in and select “Cash” as the withdrawal option. You will then choose which account you want the money transferred from (USD or AUD), how much you would like to withdraw (up to your total balance), and which currency you want the funds transferred in. OFX will then transfer your money using International Bank Wire Transfer (IBWT), which can take about five business days, depending on your bank.

OFX VS. OTHER ONLINE MONEY TRANSFER PLATFORMS

With over 2 million customers and thousands of locations, OFX faces certain advantages over other services. In this article, we shall compare OFX to its competitors.

WHICH SCORES BETTER WHEN COMPARING OFX, WISE, AND PAYPAL?

When choosing a money transfer service, you will consider the transfer speed. When comparing OFX and PayPal, the latter comes out on top. PayPal is a money transfer service that offers many more features. With OFX, transactions take from one to five days to complete, depending on the type of account you hold with them. PayPal and Transfer Wise are both instants when transferring funds abroad, so they have an advantage over OFX in this respect.

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However, merchants have the advantage of OFX as they can receive their funds instantly plus the additional information about where the funds are coming from and going. This is critical in preventing chargebacks and fraud by using advanced anti-fraud tools such as AVS, CVV2/CVC2, Address Verification, etc.

Another key difference is that PayPal charges fees to both the buyer and the merchant, but OFX is not-for-profit and free for both parties. That means you can spend less time on paperwork and more time getting paid.

OFX VERSUS TRANSFER WISE

When transferring funds overseas, it’s essential to get the best possible exchange rate. However, that is not the only factor you will consider. Wise is a direct competitor of OFX, so which one is right for you?

OFX offers a more personalized service with account managers, Address Verification, and more for an individual. Transfer Wise would be perfect for sending smaller sums of money often. OFX caters to larger money transfers by working with individuals’ needs and the timing of transfers. 

Choosing amongst online money transfers will depend on your geographical location, speed of Transfer, costs of the transaction, and the nature of services offered. If OFX online money transfer works for you, so be it.

 If you are interested in using it, then good luck. If you found this article helpful, recommend it to a friend. 

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