With OFX news you enjoy access to daily market analysis and discover how your currency has been tracking with their exchange rate tools
With the reach information and analysis people get from OFX news, you’re going to find out if OFX is your best option.
Pros of Ofx News
- They have physical presence globally
- They have a very competitive exchange rate (in most situations)
- Top ranked service by third party reviewers
- Offline platform + online service option
Cons of Ofx News
- Little amounts can be expensive
- You have slow bank to bank transfers only (But speed comes at a cost, you know)
- No cash pickup is offered
How Does OFX Work?
- It is easy to register with OFX. The setup process is clearly defined and if you think you need any assistance, customer service “dealers” are there to help.
- It takes less than five minutes to register, then you will have to check your identity, either automatically or by email.
- You might get a call from someone at OFX as well. They call themselves “dealers,” but really, they just are there to help answer any questions you have.
Setting up a Deal on OFX
It is time to set up a transaction once you are registered and after you login. This can also be done on the phone, but I find that their online platform is powerful but easy.
Selecting the currencies and number is as easy as logging into your account.
Then you need your account to be supported.
Depending on the country your bank account is in, there are several key ways to finance your OFX account:
- Electronic Bank Transfer (Canada, Australia, US and UK)
- Wire Transfer (Canada and US)
- ACH Direct Debit (US)
- BPay (Australia)
- Debit Card (UK)
In most instances, Electronic Bank Transfer is used by companies.
How to Track your Funds on OFX
By logging into your OFX account and navigating to the “Deals & Orders” tab, you can monitor the switch (both past and present transfer snapshots available).
Challenges with using OFX
- Delays in Account Verification. Generally, OFX verifies the documents submitted reasonably quickly during registration. However, they will also require additional documentation (such as recipient IDs and bank statements), which may take an additional 4-5 days.
- This is because OFX allows you to send huge sums of money that calls for daily inspection to deter fraud or money laundering (from $1,000 USD to $2 billion!).
- Compared to many rivals who routinely freeze accounts whenever you get over around $7000 USD or £4000 GBP or $9500 CAD/AUD, the advantages of this are massive.
2.Transfers delays or slow transfers. When a slow or unprecedented delay in transfers is observed. There may have been any of these three reasons:
- The bank at the end of the receiver may need to ensure that the transactions are in accordance with local and international legislation for the transfer of currency. So, even though OFX sends the cash through, it will take 1-2 business days for the recipient’s bank to check and process the payment.
- Transactions are typically handled rapidly in major currencies, such as USD, GBP, AUD, CAD, EUR, NZD, and JPY (within 1-2 business days). But transfers to or from less common markets in regulated currencies (such as Chinese Yuan, South African Rand, or Korean Won, etc.) can lead to delays (3-5 business days). If you initiate a move on a holiday or on weekends, you can may see some delays.
- Transfers can also be postponed if any information is wrong or incomplete (your or your recipient’s).
3. Accounts Getting Blocked. A handful of users complained that when initiating a transaction, their accounts were blocked. OFX also has to do things by the book as a controlled financial service company, and from what we could tell, several problems related to this were easily solved. For instance;
- You must ensure that you do not initiate company transactions from a personal account.
- You must also have your own bank account connected to your OFX account (transactions would be blocked if you link the account of a friend or family member to fund transfers).