Question 1

Is OFX regulated and how secure is it for international money transfers?

Accepted Answer

OFX is a highly regulated and secure provider of international money transfer services. It is regulated by several financial authorities including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Financial Markets Authority (FMA) in New Zealand. OFX complies with strict regulatory requirements involving segregation of client funds in separate accounts, advanced encryption technology, two-factor authentication, and frequent audits. These measures ensure that customer funds and personal data are well protected, making OFX a trustworthy option for secure money transfers globally.

Question 2

What are the trading costs and fee structure at OFX?

Accepted Answer

OFX offers a transparent fee structure with no transfer fees for most transactions, setting it apart from many traditional banks that typically charge higher fees. Instead, OFX earns revenue through competitive exchange rate margins generally ranging from 0.4% to 2%, which are significantly lower compared to banks charging up to 5% or more on exchange markups. There are no setup fees or monthly account fees, making OFX a cost-effective choice for international money transfers, especially for medium to large transfer amounts.

Question 3

What deposit and withdrawal methods are available at OFX?

Accepted Answer

OFX primarily supports bank transfers for deposits and withdrawals to ensure the safety and security of transactions. This method aligns with their focus on providing transparent, secure, and reliable international money transfers. Although bank transfers may take a bit longer compared to instant e-wallet payments, OFX transactions typically complete within 1 to 4 business days depending on the recipient bank and countries involved. Credit or debit card funding options are limited and generally not the primary method for funding transfers.

Question 4

Is OFX beginner-friendly for users new to international money transfers?

Accepted Answer

Yes, OFX is considered beginner-friendly due to its intuitive, easy-to-use web platform and mobile app available on iOS and Android devices. The platform offers straightforward navigation, real-time exchange rate tracking, transaction status notifications, and helpful guides and FAQs to assist new users. Additionally, OFX provides 24/7 customer support via phone and email to help users with any questions or issues. While it lacks extensive educational resources, its simplified approach and customer service make it accessible for beginners focused on currency exchange and international payments, rather than active forex trading.

Question 5

What types of accounts does OFX offer and who are they designed for?

Accepted Answer

OFX offers specialized account types tailored primarily for currency exchange and international payments rather than trading. The main accounts include Small Business Accounts for companies with yearly volumes up to $1 million, Medium Business Accounts for larger enterprises needing more features and personalized services, and Online Seller Accounts designed for e-commerce businesses that require multi-currency holdings and receiving payments in multiple currencies without needing multiple bank accounts. These account types are crafted to meet the specific needs of businesses engaged in international trade and money transfers.

Question 6

How fast are transactions processed with OFX?

Accepted Answer

Transactions with OFX typically take between 1 to 4 business days to complete. The exact transfer time depends on the countries involved, the currencies being exchanged, and the recipient banks' processing times. While the service is not instantaneous, OFX offers a secure and reliable transfer process with the majority of transactions completing within 48 hours. Users can track their transfer status in real-time via the OFX website or mobile app, providing transparency throughout the process.

OFX

Regulatory License

Account Information

Why Choose OFX

Key Point 1

Key Point 2

Key Point 3

Key Point 4

Key Point 5

Key Point 6

Key Point 7

Advantages

Disadvantages

Broker Details

More Brokers

Resources

Legal

Support