OFX Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Convenience, safety, and ease of use are the hallmarks of the services
provided by international money transfer firms like OFX. It's not enough to
simply be able to send money anywhere in the globe; you also need to have access
to excellent customer support. Because this online money transfer operator
prioritizes customer security above all else, you may send your funds with
complete peace of mind when using their services.Visit
OFX Website.
It is likely that you are already familiar with OFX, particularly if you have
done research on the topic of moving money internationally. Using this company,
you will be able to send money to more than 190 different countries. You may
accomplish this goal by using either the website or the mobile app. The fact
that it is quite inexpensive in comparison to other suppliers of international
money transfers is the primary benefit that was discovered. Not to add, there is
no cap placed on the total amount that may be sent.
There are a lot of scenarios in which you can find it necessary to send money to
another country. Education, moving to a new location, and purchasing property
are three of the most typical reasons. Whichever it is, it's most probable that
OFX has taken into consideration both you and the particular requirements that
you have.
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You won't be dealing with novices because this company has more than twenty
years of expertise. OFX supports more than 55 different currencies, making it
suited for a large number of different nations. The company has grown from its
humble beginnings in a garage into a significant enterprise that serves more
than one million clients throughout the world. It continues to grow while
simultaneously attracting the support of increasingly important consumers, as is
typical for a profitable firm.
Although the facts and statistics have been presented clearly and accurately, this company provides more than just help with transferring money. The process of handling money overseas might be difficult, but OFX provides a variety of tips to help you navigate through it. The following is a small selection of the guides that can be found on their website: Paying Your Pension Abroad, Paying a Mortgage Abroad, Paying Taxes Abroad.
This sort of service is not reserved for a select few people; everybody may utilize it. However, there are certain reasons why international money transfers might be of help to some more than others. These reasons can vary from person to person. Take, for example:
Companies such as OFX are frequently beneficial resources for businesses. It's possible that you need to pay money to vendors located in other countries. There is also the possibility that you may have to purchase or sell your items in a foreign country.
Sellers that do business on Amazon or eBay have to be able to transmit and receive payments from customers located in other countries.
If you have just relocated to a foreign country, you might be searching for a means to get your money there.
Transferring money internationally is a service that will come in handy for people who are making mortgage payments in another country.
The service will be utilized to pay tuition costs by those who have children or other relatives who are currently studying in a foreign country.
This service will be useful for you if you are responsible for paying for a wedding that is taking place in another country.
It's possible that you're providing financial support for a family member who is either residing or traveling outside the country.
Those who have investments in foreign countries are going to need this particular kind of assistance.
Not finding your justification among these options? Please check out the official OFX website as we are confident that this dependable service provider will meet all of your requirements.
OFX was launched in 1998, and ever since then, it has been going from strength to strength. Those who are seeking a reliable company will find this to be a source of comfort in and of itself. Let's have a look at some of the other benefits that OFX has to offer.
OFX excels in the following areas:
The creation of an account is not at all going to cost you anything.
There are no fees associated with the transaction, regardless of where in the globe you are transferring your money.
Through the use of SMS, email, the mobile application, or the internet, you will always be able to monitor the status of your funds.
Transfers are handled in a timely manner.
You also have the option of setting up recurring payments at the times of your choosing.
Customer assistance is available around the clock, seven days a week, making it convenient for people with varying work schedules or in the event of an emergency. This service is available to customers in a number of different countries.
You can get the most out of the constantly shifting currency rates by taking advantage of the many transfer alternatives available.
Have we mentioned that you may choose from over 55 different currencies? We won't even begin to list them here, but just much whatever you can think of, they can probably provide catering for.
Individuals, professionals, corporations, and even internet retailers are all able to make use of the service. Your transfer criteria have very little to very few restrictions attached to them.
OFX is a respected company on a global scale and has offices in Hong Kong, Canada, the United States of America, New Zealand, Singapore, and the United Kingdom.
If we didn't take a look at the potential drawbacks of using OFX, this evaluation wouldn't be fair to the currency exchange. Where does OFX fall short in its operations? Among the restrictions are the following:
You cannot use credit cards to make payments when traveling outside of the country.
As contrast to actual sites where cash may be picked up, money can only be moved electronically between different bank accounts.
There is a barebones transfer required.
There is not an option for delivery on the same day.
Customers who wish to trade in certain currencies may be obliged to do it over the phone with a customer service agent.
The onboarding process for OFX is one that is uncomplicated, quick, and streamlined. This is the page where you may register to use OFX. You will be presented with the option of opening either a personal or a business account. After that, you will be prompted to enter some personal information about yourself. You'll only be asked for information that's essential, and no questions that are invasive or pointless will ever be posed to you.
At this point, OFX may contact you by phone solely for the purpose of confirming your identity. You will also be required to submit another form of identification in addition to this evidence of ID. Documents such as a passport, driver's license, or utility bill can be photographed or scanned and included here. It is completely safe to use their website. Check for the sign of a little padlock that is located in front of the HTML if you are unsure whether or not to believe us.
After you have everything set up, any communication between you and OFX may take place quickly by email or phone call by following three straightforward steps. You will now have the ability to send money to any person and place of your choosing.
The fact that a transaction may be arranged not just online but also over the phone will likely come as a relief to certain clients who prefer to do business in this manner. When it comes to matters concerning one's financial situation, some individuals would rather discuss it over the phone with a real person as opposed to settling it online. OFX offers both of these choices.
To begin, you'll need to sign into your account on our website. After making your selections for the currency and the amount, click the button labeled "Get Quote." After completion, you will be sent to a website where you may review the particulars of both bank accounts.
In this section, you will provide the bank information for the destination or recipient. When all is said and done, you will be able to transfer the monies to the receiver you specified earlier in the process. After that, OFX will oversee the management of the remaining tasks.
You have the option of configuring notification alerts, which will either send you an SMS or an email, or both, informing you of the current status of your transaction. You may keep an eye on when your cash arrive by tracking your package on your own using the app, through SMS or email, on the internet, or by using the website.
OFX is available to everyone who is using the site for legitimate reasons. Those who operate small to medium-sized businesses are in the greatest position to use our website to do any necessary currency exchanges involving foreign currencies. This is the best way to go about expanding your company's reach around the world, if that is one of your goals. This is in addition to those who sell items online and others who utilize it for a variety of the personal applications described earlier.
It is also appropriate for those who are interested in becoming partners with this money transfer business. You certainly have that choice! They provide partner agreements for a variety of purposes, including enhancing member perks, facilitating eCommerce transactions, integrating API platforms, and forming referral partnerships.
Have further questions? OFX is available to answer any questions you may have regarding your company or the relationship at any time.
The following is what we discovered with regard to the factors of expediency, security, and the transfer of monetary value:
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OFX offers the same high level of security as any other reputable financial institution. It is a highly regulated business, and the regulations that apply to it are carried out at each of their offices located in different parts of the world. This covers the United States of America, New Zealand, Canada, the United Kingdom, and Australia. Wherever they do business in the United States of America, they are required to comply with the specific state laws of that state.
OFX also possesses a Money Laundering Regulation Certificate, which demonstrates that the company complies with the anti-money laundering regulations of the countries in which it is licensed to conduct business. Additionally, they comply with applicable regulations pertaining to data privacy and are registered with the Information Commissioners Office (ICO). The Information Rights Authority is an independent authority that was established in the UK to deal with information rights.
Additionally, it is subject to the regulations of the Financial Crimes Enforcement Network, the Financial Conduct Authority, the Australian Securities and Investment Commission, and FinCEN. It has an official registration with the Singaporean Monetary Authority (MAS). If you need any further comfort, you should know that this firm is also covered by insurance in the event of an unexpected bankruptcy. In this scenario, clients who have outstanding transactions will have the opportunity to receive their money back with no fuss at all.
Therefore, it would appear that the likelihood of any fraudulent activity, illegal activity, or harmful behavior occurring with OFX is quite low. Bear in mind, however, that fraudulent activity can take place virtually anywhere and to any person.
There have been complaints from customers of OFX that the company is not the fastest international money transfer service available. It will take about two to four business days for the receiver of your payment to receive their funds. This is not a competitive offer given that similar services may be provided by other businesses in a matter of minutes. However, this will typically result in additional financial costs for the clients.
Consider looking into some of your other possibilities if you would want to withdraw a larger sum of money in exchange for a faster transfer time.
A significant number of problems have been reported by clients who assert that they have not received their payments. This is often not the fault of OFX but rather the banks at which the money has been received. Even while it may appear as though the money has not been sent, it is quite likely that the relevant bank is still in the process of processing the transaction.
You may have received confirmation from OFX that the money has arrived, but other sources may be giving you conflicting information about this. This is due to the fact that OFX does not take into account the amount of time it might take to complete transactions in receiving bank accounts. This is not always the case, and it does not indicate that you will not receive your money if it happens to be the case. It will simply take a little bit more time than was anticipated.
They provide support for over 55 different currencies and can transmit money to over 190 countries. The following are some examples, however the list is not exhaustive:
UAE - Qatar - Saudi Arabia - Oman - Kuwait - Bahrain - Australia – Belgium – France – Germany - Hong Kong – Japan – Indonesia – India - Pakistan; Bangladesh; Sri Lanka; Mexico; New Zealand; Philippines; Taiwan; Italy; Switzerland; Thailand; Sweden; The Netherlands; United States of America; and the United Kingdom
There is a good chance that OFX will cover the nation that you have in mind.
OFX may charge you around $15 for transactions that are less than $10,000 in some countries. Even while OFX won't charge you any set-up or transfer fees for greater amounts, the banks you use could. These costs might add up to a significant amount. However, if you check the available alternatives with your bank, you should be able to locate a free one. This is not something that OFX has a lot of influence over. They also have a local bank network, which means that they may pay directly into your bank account, regardless of where your bank is located; this should help reduce any additional expenses to a minimum.
In addition, there is a nominal fee associated with the exchange rate that ranges from 0.6 to 0.2 percent. As the total amount that you pay goes more, the percentage that you pay will go down. You may, on the other hand, save costs even further by taking advantage of the bargain that allows you to make an unlimited number of free transfers. You may also be able to reduce the fees that your bank assesses for the transfer of funds by more than sixty percent.
They do provide an improved exchange rate in comparison to conventional banks. Nevertheless, it is not a fixed number and can shift based on the myriad of circumstances that come into play. Once you have created an account with OFX, you will be able to view the exchange rate in its entirety.
For some, this is the lone aspect that matters at all. The procedure of transferring your money to the location of your choice involves a few different stages to be completed in order to be successful.
Your funds will initially be sent to OFX's bank account. This process, which will take around one or two days for transfers local to their offices, will begin after your funds have been received.
Your funds will be sent directly to the bank account of the beneficiary you have designated in another country from their own bank account. This might take up to three days on OFX's end, but the very most it should take is one day. At the very least, it could take one day.
You also have the option to pick a regular transfer function, which is useful for payments that have to be sent on predetermined dates, such as mortgage payments. By doing things in this manner, your money should be paid on time and to the appropriate location each week, month, and year.
This service for transferring money has, on the whole, earned very positive ratings. It can be seen on OFX.com that they have received 4.5 out of a possible 5 stars from Trustpilot.
Yes! If you work with the appropriate business, sending money internationally is as risk-free as it gets. Fraudsters are the only threat you should be concerned about, as they have the ability to penetrate anyone and almost any organization. Always keep a close eye on payments, especially ones that occur on a regular basis, and check to make sure that the amount of money leaving your account does not exceed what was anticipated.
This indicates that they are subject to the oversight of a number of different legal agencies to ensure that they are not engaging in any activities that are unethical or unlawful. They have been granted permission to operate as an electronic money institution by the Financial Conduct Authority.
OFX is aware of the complexities associated with money, and as a result, the company may, under certain conditions, agree to take partial payments. They are going to transmit it when they have received the total payment in its entirety.
Those who need to make a rapid money transfer may find the software to be quite helpful. Transfers can be tracked, single transfers may be made, live exchange rates can be viewed, and customer care centers can be contacted by phone or email.
If you submit your application through the company, you won't have to pay any costs. It's possible that third-party costs will apply.
After having your identification confirmed, you will then be able to make your first transfer.
OFX is a well-established and reliable financial transaction service. The service is regulated by a number of different financial security boards, which means that it is required to comply with valid legislation and guidelines.
The supplementary costs are extremely negligible, if not completely waived altogether. These rates are far cheaper than the ones you could get with your typical banks or with other competing services, however we still recommend XE Money Transfer as the best option overall. The amount of time spent in transfer is reasonable considering the cost. If customers have a question or concern, a customer service representative is available to take their call around the clock, seven days a week. Email can be used instead of the live chat feature that isn't present on the website.
The extensive list of nations and currencies that may be transacted with is indisputable and cannot be contested. When it comes to OFX, there isn't much room for debate. It is easy to understand why several evaluations of international wiring services have ranked OFX as the best option available.
OFX is an excellent choice if you want a service that can transfer money internationally. But you don't have to take our word for it; you can see for yourself by going to OFX.com to get the service set up and see for yourself how great it is. If you have any concerns regarding your account or need assistance getting started, getting in contact with a representative is simple and straightforward.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.