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Wondering ‘who is OFX’ and how secure is your money if you choose to make your international money transfer with them when you move to Australia? We’ve got the answers to this and more in this Q&A post. Let’s get to know OFX

Let’s get the boring bit out of the way. The answers in this article were provided by OFX. OFX is an affiliate partner of Smart Steps to Australia and links within this article are affiliate links. Please do your due diligence before choosing financial services as this article is not meant as financial advice.  

You can find OFX in the Move to Australia Directory here.

Who is OFX? Find out in this Q&A

Can you tell us a bit of background about OFX? How long has the company been around, who started it and where did the idea come from?

We grew from an idea that there had to be a better, fairer way to move money around the world. That was over 20 years ago, and since then over 1 million customers have trusted OFX with transfers in 50+ currencies to 170+ countries. That’s AU$200bn+ OFX has helped to move around the world. OFX clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts.

When it comes to moving money, peace of mind is important. OFX is monitored by over 50 regulators globally and works within a network of carefully selected banking partners. So, whether you’re sending money to friends and family abroad, or doing business across borders, OFX can get your money where it needs to go. Fast, simple, secure.

How do OFX’s services help and benefit customers and what qualities make it different to other companies in the industry?

OFX help individuals and businesses to securely send and receive money, without excessive bank fees. OFX has 20+ years foreign exchange (FX) experience and has been ASX-listed since 2009. OFX clients enjoy support from a global network of currency experts, on call 24/7. They call them “OFXperts”. These currency experts help OFX clients stay ahead of currency fluctuations and better understand foreign exchange. For business clients, the OFXperts help protect the business’s profits with tailored currency risk management strategies.

Not only do OFX offer a variety of FX products like Spot transfers, Limit Orders, Forward Contracts and Global Currency Accounts, but they also offer FX tools to help clients stay informed about global currency markets. (You can find out more here). 

OFX became a public company in Sydney in 2013. Their stock ticker is OFX and industry sector is ‘Diversified Financials’. OFX is regulated by over 50 regulators globally. Being regulated includes taking part in frequent audits, working within industry guidelines and following legislation. OFX has never been subject to regulatory or enforcement action.

When dealing with customers all around the world, how does OFX manage customer service with so many different time zones?

With 8 offices around the world, OFX is part of the same local communities as their clients, while being connected to the global OFX network. Their currency specialists (OFXperts) are available 24/7, so their clients can speak to someone about their currency needs, day or night.

How easy is it to get started transferring money abroad with OFX?

It’s as easy as 1,2,3

  1. Register for your free account here
  2. An OFXpert will call you to welcome you. Make sure you let them know the name of your partnership (Smart Steps to Australia) to unlock your partner benefits.
  3. Start transferring!

Do customers need to speak to an OFX advisor to move their money abroad, or can they choose to just do everything online themselves?

A selection of Australian money to show the best way to bring money into Australia

Once your OFX account is active, clients can make currency transfers from their online account independently. Simply enter the amount you want to send or the amount you want the recipient to receive to see your customer rate. Next, add your recipient and their account details and choose your payment option. If everything looks correct, press confirm to lock in your transfer.  

How is a customer’s money protected during the transfer process?

OFX has held an Australian Financial Services licence for over 20 years and is regulated by ASIC and AUSTRAC.

OFX monitors transactions for suspicious activity with sophisticated technology. Our teams are highly trained, and they have a dedicated Financial Investigation department that specialises in the detection and prevention of fraud.

Click here to learn more about OFX’s security measures.

Does OFX have sustainable and ethical practices? 

OFX has a range of policies in place. Click here for information on OFX’s Corporate governance. Click here to see OFX resources for shareholders, analysts, and potential investors.

Learn more about OFX

If you’d like to find out more, you will find OFX listed in the Move to Australia Directory or you can get started by creating an account with OFX here.