OFX Review byCurrencyComparison.co.uk
4 out of
OFX has been voted 4/5 or 92% out of 3881 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and we can also give them a thumbs up for Foreign Exchange Currency Transfers.
Who are OFX?
So who are OFX? OFX previously known as Ozforex has now merged under the OFX brand along with USforex and UKforex. OFX or Ozforex was launched by Matthew Gilmour in 1998 as an Australian-based foreign exchange information website. In 2001 OzForex launched its first online money transfer facility. It has grown to be one of the world’s largest online foreign exchange companies with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.
OZFX is the parent company of a group that includes UKForex, USForex, CanadianForex, NZForex and Tranzfers. It’s expected that these companies will trade under the name OZFX in 2016 and also that they will share similar services which aren’t currently the case.
Forward Exchange Contracts- Transfers can be booked between 2 days and a year ahead to help manage cash flow. Locked in OFX rates. Minimum of AUD 50,000. Limit Orders- Allow clients to set currency target rate, 24 hours a day, 5 days a week. When target rate is triggered, clients are contacted to complete the transfer. Minimum AUD 30,000, valid up to 6 months
FX Option- Affords clients the right, but not the obligation, to transfer at a certain time and rate, in exchange for an up-front premium. Protection against adverse exchange rate shifts it allows a client to take advantage if the rate improves in their favour. Minimum AUD 50,000 for security with flexibility.
OFX / Save now with smarter money transfers
Why should I use OFX?
Rated 9.1 on TRUSTPILOT with 189 reviews. Most clients praise OFX’s friendly, efficient service. Three recent concerns regarded unnecessary delay in releasing currency after funds had been received by OFX. A business transfer to a supplier was unsatisfactorily handled when OFX emailed that the transfer had taken place although it hadn’t. A month passed before the error was resolved by OFX while the businessman dealt unsuccessfully with OFX phone support staff. A third found the rate he received was poor compared to Western Union online.
OFX is rated 3.9 out of 5 at Product Review with 133 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.
Save now with smarter money transfers
This is really what sets OZFX apart from smaller companies offering a rapid exchange. OZFX has set a high standard in the industry with business innovation, yet still has time for instant transfers, its own form of spot trading.
It’s a pity that OZFX’s personal accounts customer service can’t keep pace with the company’s business accounts expansion. Given OZFX’s global market share, the company would do well to resolve individual problems in real time, rather than chasing the unhappy clients after they haven’t been able to get a response to problems by email or telephone. Dutifully following up after complaints have reached the review stage isn’t working to make OZFX #1 in customer satisfaction.