OFX (previously known as 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 isn’t currently the case.
Richard Kimber is OZFX’s CEO and managing director of OZFX which is headquartered in Sydney with offices in London, San Francisco, Hong Kong, Toronto and Auckland..
Instant Transfers are OZFX’s most popular service. Customers send money immediately by locking in their rate and send their funds anticipating a rapid exchange.
Single Transfers- ‘Spot Deals’ also lock-in rate to send or receive funds with minimum transfer of AUD 250
Recurring Transfers-Scheduled transfers for monthly expenses have zero OFX fees. Direct deposit is available. Minimum 4 transfers with a minimum transfer of AUD 500
Risk Management options for Personal and Business clients include:
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 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 client to take advantage if the rate improves in their favour. Minimum AUD 50,000 for security with flexibility.
Borderless Payments API: Business access to OFX rates and an award-winning international payments service while maintaining control over the experience. Ideal for businesses that have an existing platform ready to be powered by OFX’s API.
Platform as a Service: Customisable platform powered by OFX’s API can save on development time and costs. Interface can be tailored to suit brand and business needs, maintaining control over customer experience.
Full Service Partnership: White Label Solution allows business to outsource the end-to-end international transfer process to OFX. Customers are provided with a branded service; business has advantage of international transfer expertise and licenses.
Partner commission: Partnering client features OFX on their website so their clients can access OFX from their site. When clients click through to OFX and transfer finds, OFX will share part of the revenue ( OFX’s commission).
Transaction Settlement: Utilising the OFX global payment network to access over 50 currencies in 198 countries.
Customer Management: On boarding, KYC, beneficiary management, and payment reporting.
Compliance: Transaction monitoring, network and rule-based screening, PEP and sanction checks.
OZFX’s website is lush with liquid graphic images that draw visitors in professionally while balancing the branding with emphasis on individual services. Terms are clarified and re-tooled to simplify the list of services available. Impressive statistics work well to create an atmosphere of trust and high expectation to a first time visitor:
$84billion transfers, 3,250 transfers a day, 115 bank accounts in their global network, 55 currencies to date are handled.
Daily market news updates chart the market rates of the AUD against the USD
20 years of exchange rate data is available including annual and monthly historical rates.
Pros :For private clients, the instant transfer option using debit card is rapid service that beats bank rate, if only by a small margin. Beautifully inviting website presents the information and options available as clearly as is possible.
Corporate options abound with OFX. Partnering with business, sharing API, transaction settlement, customer management and compliance services provide opportunity for business. Helpful case study articles show real world applications other OFX partners are currently using.
Cons: Geared for the Australian marketplace, OZFX isn’t a good fit for business clients seeking to utilize the partnering options in other regions. OZFX has yet to bring these services to UKForex or other parts of their own global team.
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.
This is really what sets OZFX apart from smaller companies offering 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.
4 out of 5 stars. Innovative excellence to big business aside, with 3,250 transfers a day, dropping the ball on customer service is a mistake to make.
OFX is rated 3.9 out of 5 at ProductReview with 133 reviewers. Complainants shared a pattern of being frustrated by poor customer service response to problems by both email and phone.
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.