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OFX is a global money transfer platform for bank to bank transfers. The firm is based out of Australia and has been in service for the past 20 years. OFX facilitates transfers across 80+ countries with support for all major currency pairs. The minimum amount one can transfer through OFX varies across different countries. OFX claims to settle over 80% of currency transfers within 24 hours. OFX claims to be cheaper and quicker than traditional bank transfers, and its major competitors. The only drawback with OFX is that it provides bank-to-bank transfers only.
OFX gives customers easy access to money transfers in over 55 currencies.
Trusted Globally: They’re registered with the Financial Transactions and Reports Analysis Centre of Canada.
Global Support: Experienced support staff located in global offices in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.
Great Rates: Better rates and fees than the banks, and have securely transferred over $130 billion worldwide since 1998.
OFX charges fees in two ways:
Exchange Rate:
Their exchange rate gets better the more you send, with margins as low as 0.4%. After you agree on an exchange rate with OFX, the rate will be locked in so that you know in advance exactly what amount your recipient will receive, regardless if the rate changes.
Fixed Transfer Fees:
OFX has one standard fee of $15 CAD if you’re transferring under $10,000 CAD. If you’re transferring more than $10,000 then they won’t charge you a transfer fee. Sometimes banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it and is settled via domestic bank accounts.
OFX is full of good people to work with! Great and thorough on phone which made me feel more more confident using the platform.
I've been using OFX for over a year now transferring funds to my U.S. bank account. The rates are always great and the customer service is also outstanding. Thanks so much OFX.
