ofx money transfer

How Does OFX Money Transfer Work

May 22, 2022

OFX is an Australian payments and foreign exchange company headquartered in Sydney. The company was previously known as OzForex before changing to its current name. It provides money transfer services to MoneyGram, Travelex, Capital One 360, Xero, and Macquarie International Money Transfers. Furthermore, the company provides financial money transfers to individuals such as expatriates, migrants, and small businesses. We shall look at how OFX money transfer works.

The company has come a long way since it started in 1998 under the leadership of Matthew Gilmour. Since then, it grew from being an Australian company to an international payment company operating in various countries such as Australia, Canada, the United Kingdom, the United States, Europe, and the Asia Pacific. It began offering international money transfers through ING Direct in 2009.

As we speak, OFX has millions of dollars of operating income. It has various subsidiaries, including CanadianForex, NZForex, UKForex, USForex, and ClearFx. The critical people for the company are Skander Malcolm (Chairman) and John Alexander Malcolm (CEO and Managing Director). Most of the company’s activities happen online, and you can see various services when you visit the institution’s website.

How to get started with OFX?

You can start using the company’s services by creating an account online. You need to visit its website, then navigate to the registration area to get started. Before opening your account, you should first choose whether you want a personal account or a business one. The personal account is for individuals who need to move funds globally. The business one is for companies, e-commerce traders, or sole businesses.

When opening a personal OFX account, you need to enter the country you live in from the drop-down menu, your email address, and hit proceed button. Your email will be your username. Next, you can choose your currency and the estimated transfer amount per year. After that, you should provide your particulars such as your title (Mr, Mrs, or Miss), first legal name, middle legal name, and the last legal name. Next, provide the date of birth and your phone number.

Aftre providing the personal details, you then enter your home address details. You must provide your premise/building/property name, unit type and number, street name and number, street type, city or suburb, ZIP, nationality, and occupation.

After that, confirm your email username, then create a strong password. Choose a security question and answer. Check all your details to ascertain the accuracy, tick the two boxes to agree on the written issues, and hit submit for processing. You can then wait for further communication.

When opening a business account, you need to tap the Business option, enter your country, first name, last name, business type, business email, and phone number, then hit Submit and Continue.

Which currencies does OFX support?

ofx money transfer

The platform supports various currencies of the world, which include the following.

  • AED: United Arab Emirates Dirham
  • AUD: Australian Dollar
  • CAD: Canadian Dollar
  • EUR: Euro
  • GBP: Pound Sterling
  • HKD: Hong Kong Dollar
  • HUF: Hungarian Forint
  • CHF: Swiss Franc
  • DKK: Danish Kroner
  • ILS: Israeli Shekel
  • JPY: Japanese Yen
  • MXN: Mexican Peso
  • SGD: Singapore Dollar
  • THB: Thailand Baht
  • TRY: Turkish Lira
  • NOK: Norwegian Kroner
  • NZD: New Zealand Dollar
  • PLN: Polish Zloty
  • SEK: Swedish Kroner
  • USD: US Dollar
  • ZAR: South African Rand

The above are the standard currencies that the company supports. We have others that they call exotic currencies that you can still use with your account.

How does OFX money transfer work?

It is crucial to understand how the platform operates before opening an account. The platform operates in the following manner.

1) Open a free OFX account

You can sign up for a free OFX business or personal account in under 5 minutes. As you saw earlier, you can create an account from various world regions since the company operates internationally.

2) Send your money

Once your account becomes active, you can send money to your loved ones using the most convenient currency. You only need to input the recipient details and use BPay or an electronic Bank Transfer to send your finances. You can send money directly to the recipient’s bank account using the OFX wire transfer.

Wire transfers require you to transfer money using the routing number and account number if transfering to a US account. You may need other details when sending money to other countries.

OFX supports more than 190 countries, and you can send funds via its website or mobile app. Depending on your scenario, you can make a single transfer or a recurring one. Setting a recurring transfer will be helpful if you have employees you pay via the platform, mortgage rates, or school fees, among other fixed-amount payments. You only need to set the transfer schedule and leave the rest to OFX.

You can lock a rate to transfer later if you think the rates will increase one of these days.

3) Track the transaction

After sending funds, you should track your transfer online or via the app. Most transfers are complete within 24 hours, although the estimated time is 1-2 days for most currencies.

How to send money through OFX?

Sending money through OFX is easy once you create an account. You can send money online by following the steps below.

  • Log in to your account to get started.
  • Enter the recipient’s bank account details, then lock in your transfer.
  • Send your funds to OFX, who will then do the rest.
  • After that, the OFX global network of bank accounts facilitates the conversion of your funds before delivering them to your recipient quickly and securely.

You can see how the transfer is easy to make, especially when sending an international transfer. While you can send money with a checking account number instantly from your account to another account within your bank’s branch, OFX makes it easy to send money to international bank accounts.

By the way, the company allows you to transfer finances any time of the day. Therefore, you can transfer money 24/7 and be sure that your funds will reach the recipient in good time. If you encounter issues in sending finances, you can speak to an OFX expert to have your issues sorted.

You can also utilize your debit card to make your transfers. The platform does not limit you to using bank accounts only. However, they allow sending money with debit cards only when making personal transfers. Remember that OFX supports business transactions.

The fact that the platform allows you to use a debit card for your transfers allows you to transfer money from one debit card to another debit card if the recipient account is a checking account with a debit card.

What if my funds do not transfer?

You can make a transfer at OFX, and the funds fail to reach the recipient. In most cases, the mistake is usually on the sender’s side. Money may bounce back to OFX if you provide incorrect details of the recipient. It is always good to double-check whether you have entered all the details for the recipient as they should be.

Another issue that can cause the money not to transfer is when you send it to an inactive or closed bank account. The recipient should ensure that their bank accounts are active. If sending funds to your recipient account in your home country, it is wise to call your destination bank to confirm if the account is still active.

That way, you will be sure that your money will reach the target account without fail. If everything on your side is okay and funds still do not reach the recipient’s account, you can contact the OFX customer care to have the issues solved.

How much does OFX charge to send money?

It is impressive to note that OFX does not charge transfer fees. They just take a small percentage to cover the transaction cost when you make a transfer. However, they usually deduct less than what most online marketplaces charge for cross-border payments.

Also, there are no setup fees or monthly account fees. Therefore, it is one of the best money transfer platforms you can utilize today.

Is OFX better than bank-to-bank transfers?

Even though some banks may accept ACH payments instantly depending on various factors, OFX remains an excellent money transfer platform, especially for international transfers. You only need to open an account and start sending money.

You have seen that the company does not charge fees when transferring money. Banks must charge hefty fees when sending money to international recipients. For bank wires, you will pay transfer fees and receive charges.

Despite OFX being a fantastic money transfer company, it still faces stiff competition from rivals such as PayPal, Wise, MoneyGram, Western Union, and Remitly. By the way, PayPal is among the most used money transfer companies globally.

Bottom line

OFX is an Australian payments and foreign exchange company headquartered in Sydney. The company was previously known as OzForex before changing to its current name. It facilitates international transfers whereby you can make your transfers using various currencies.

You should open an account to get started, whereby you can open a personal or business account. The OFX transfers are usually free, even though they take a small percentage to cover the transaction costs.

Posted by Spencer Tierney
Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.