Outstanding Value: OFX
Transferring money overseas is a multi-billion dollar industry and for those who are transferring their hard-earned funds, finding an international money transfer provider that represents outstanding value is a must. In 2016 Canstar has researched and rated 19 overseas money transfer providers, with OFX achieving a 5 star rating.
Who is OFX
OFX was formerly known as OzForex and has been in operation for 17 years. A non-ADI (approved deposit institution), OFX advises that it facilitates approximately 3,250 transfers each day across 55 currencies, and offers 24/7 support for customers.
What international money transfer features are offered?
Canstar’s 2016 audit of the money transfer features offered by OFX, conducted in August and September 2016, uncovered the following online money transfer features offered by OFX:
- Zero fees for transfers above $10,000 (otherwise AUD$15)
- Transfers available by the following means:
- Mobile App
- 55 Currencies available, including:
- US Dollar
- Hong Kong Dollar
- Great Britain Pound
- New Zealand Dollar
- Japanese Yen
- Singapore Dollar
- Indian Rupee
- Swiss Franc
- Transfer limits:
- Min – $250
- Max – Unlimited
- Real-time exchange rates
- 24hr Telephone helpline
|TOTAL CURRENCIES AVAILABLE||55|
|United Arab Emirates Dirham (AED)||Yes|
|Canadian Dollar (CAD) available||Yes|
|Swiss Franc (CHF) available||Yes|
|Czech Republic Koruna (CZK) avail||Yes|
|Danish Krone (DKK) available||Yes|
|Euro (EUR) available||Yes|
|Fijian Dollar (FJD) available||Yes|
|British Pound Sterling (GBP) avail||Yes|
|Hong Kong Dollar (HKD) available||Yes|
|Hungary Forint (HUF) available||Yes|
|Indonesian Rupiah (IDR) available||Yes|
|Israel Shekel (ILS) available||Yes|
|India Rupee (INR) available||Yes|
|Japanese Yen (JPY) available||Yes|
|Kuwait Dinar (KWD) available||Yes|
|Sri Lanka Rupee (LKR) available||Yes|
|Mexico Peso (MXN) available||Yes|
|Malaysian Ringgit (MYR) available||Yes|
|Norwegian Krone (NOK) available||Yes|
|New Zealand Dollar (NZD) available||Yes|
|Oman Omani Rial (OMR) available||Yes|
|Papua New Guinea Kina (PGK) avail||Yes|
|Philippine Peso (PHP) available||Yes|
|Pakistan Rupee (PKR) available||Yes|
|Poland Zloty (PLN) available||Yes|
|Swedish Krona (SEK) available||Yes|
|Singapore Dollar (SGD) available||Yes|
|Thailand Baht (THB) available||Yes|
|Tonga Paanga (TOP) available||Yes|
|Turkey Lira (TRY) available||Yes|
|US Dollar (USD) available||Yes|
|South Korea (WON) available||Yes|
|Samoa Tala (WST) available||Yes|
|South African Rand (ZAR) available||Yes|
|Source: Canstar. Audit was conducted in August & September 2016 with information advised by OFX as being correct at that time. Please check current costs, features and offering on the OFX website.|
OFX Canstar 5 star rating
— OFX (@OFX_OZ) November 28, 2016
OFX, formerly called OzForex, offers a very strong combination of both exchange rate competitiveness and comprehensive features. Operating for 17 years, OFX boasts the transfer of more than $100 billion worldwide, across 190 countries and 55 currencies.
2016 is the first time that non-ADI’s have been considered in Canstar’s International Money Transfer Star Rating. Non-ADIs (including OFX) that met the following requirements have been included in the rating:
- Open to personal (not exclusive to business) customers.
- Allow transfers above $15,000AUD.
- Use traditional means to execute transaction (i.e. no peer-to-peer providers).
- Be the primary service provider (not a commission agent).
- Have been operating for a minimum of five consecutive years.