OFX Company Background and History

OFX was founded in 1998 by a team of entrepreneurs who were frustrated with the high fees and poor exchange rates offered by traditional banks for international money transfers.

The company's early success was driven by its innovative use of technology to streamline the transfer process and provide better exchange rates to customers.

OFX was initially known as OzForex, but it rebranded as OFX in 2016 to reflect its expansion into global markets.

Today, OFX is a leading online foreign exchange company that serves over 170 countries and territories around the world.

OFX has a strong backing from its investors, with Accel and The Carlyle Group being two of its key institutional investors. These two investors participated in OFX's latest funding round, which was a PE round on November 19, 2010.

The company has also received significant funding over the years, with its latest funding round being a PE round for an undisclosed amount. OFX has used its funding to make strategic investments, such as its $6.1 million investment in European treasury management cloud software company TreasurUp in July 2021.

OFX has also been involved in mergers and acquisitions, including its acquisition of Canadian global foreign exchange service provider Firma in May 2022.

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In 2020, OFX received an unsolicited approach and entered into discussions about potential mergers and acquisitions activity, but these discussions were discontinued due to market uncertainty.

OFX made its largest strategic investment to date in July 2021, investing $6.1 million in European treasury management cloud software company TreasurUp.

In December 2021, OFX announced an agreement to acquire Canadian global foreign exchange service provider Firma, which was completed in May 2022.

OFX has received funding from several investors.

Its latest funding round was a private equity round on November 19, 2010, for an undisclosed amount.

Two investors participated in its latest round, which includes Accel and The Carlyle Group.

OFX has 2 institutional investors including Accel and The Carlyle Group.

These investors have likely played a significant role in shaping the company's growth and direction.

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OFX's leadership team is made up of experienced professionals with a deep understanding of the foreign exchange industry.

The company's CEO, Scott Egan, has over 20 years of experience in the financial services industry, including leadership roles at PayPal and eBay.

OFX's leadership team prioritizes innovation and customer satisfaction, driving the company's growth and success.

The company's focus on customer satisfaction has led to a strong reputation for reliability and trustworthiness, with over 1.5 million customers worldwide.

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In 2015, OFX underwent a significant name change to OFX.com in Australia, marking the first step in a broader program to consolidate the group's seven regional brands into a single global brand.

This move replaced territory-specific brands such as UKForex, CanadianForex, NZForex, and USForex, as well as ClearFX and Tranzfers.

John Malcolm took over as CEO in February 2017, replacing Richard Kimber, who had previously led the company.

Our leadership team is comprised of experienced professionals who have a proven track record of success.

They have a deep understanding of what makes a team effective, having worked together to achieve a 25% increase in productivity through better communication and task delegation.

One of the key characteristics of our leadership team is their ability to empower their team members, giving them the autonomy to make decisions and take ownership of their work.

This approach has led to a significant reduction in turnover rates, with many team members staying with the company for 5 years or more.

Our leaders are also skilled at providing constructive feedback, using the "sandwich method" to balance criticism with praise and encouragement.

This approach has been shown to be effective in motivating team members and helping them grow in their roles.

They are also skilled at building strong relationships with their team members, taking the time to understand their strengths and weaknesses and providing support when needed.

OFX has several competitors in the foreign exchange market, including XE Money Transfer and TransferWise.

XE Money Transfer is a popular alternative, offering competitive exchange rates and low fees.

TransferWise is another well-known competitor, known for its transparent fee structure and borderless account options.

OFX's services are often compared to those of Currencies Direct, another foreign exchange specialist.

Currencies Direct offers a range of payment options, including online transfers and debit cards.

The choice between OFX and its competitors ultimately depends on individual needs and preferences.

OFX offers a range of services to help individuals and businesses manage their international money transfers. They provide competitive exchange rates and lower fees compared to traditional banks.

Their online platform allows users to send money to over 190 countries, with a focus on Australia, New Zealand, the US, and Europe. This makes it a convenient option for those with international financial needs.

OFX's services also include the ability to lock in exchange rates for up to two days, providing users with certainty and control over their transactions.

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To use OFX, you'll first need to sign up for an account on their homepage by clicking 'Get Started'. This will ask you whether you're transferring as an individual or through a business entity.

You'll need a mobile number to use OFX, as they require 2-step verification for transfers. After creating your account, OFX will ask you to verify your information by providing a photo of yourself holding a government-issued ID that has your photo on it.

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You can skip this step and go back to do it later, but OFX won't process a transfer without identity verification. OFX may also contact you during the process for further verification or to clarify some of your information.

To set up a transfer, you'll need to type in the amounts and select the corresponding currencies. You'll also need to confirm your bank account to fund the transfer and lock in the current transfer rate.

For US customers, this will typically involve an electronic bank transfer, wire transfer, or ACH direct debit. After funding the transfer, give OFX the details of where you want the money to be sent, and their system will take care of the rest.

You can track the transfer by logging into your account and clicking on the ‘Deals & Orders’ tab, or set up notifications in the system to stay informed.

OFX's transfer fees and exchange rates are designed to save you money. They have no transfer fees for any of their transfers.

However, a third-party bank or intermediary may charge a fee, which can be deducted from the value of the transfer. You won't know the exact fee in advance.

OFX distinguishes between the true mid-market rate and their 'retail' or 'customer' rate, which is an upcharge on the exchange. This rate is based on the amount of the transfer, how often you use their service, and the currency you're transferring.

Here's a breakdown of the key points to keep in mind:

Keep in mind that you won't know your customer rate until you log in to your account and lock in the currencies and amounts.

OFX transfers can run as fast as any standard bank-to-bank transfer, but speed ultimately depends on the banks and currencies involved.

Most major currencies can take 1-2 business days from when OFX receives your funds, but it's worth noting that some same day deliveries can be available for bank transfers between the US and Europe.

Other currencies can take anywhere from 3-5 business days from when OFX receives your funds, which is why it's essential to plan ahead and allow for some flexibility in your transfer timeline.

Overall, you can expect the process to take between 2-6 business days total, from when you initiate the transfer to when the funds are delivered.

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OFX launched a Rates API in late 2017, which has proven popular with almost 200 developers registering to use it via the Apigee platform in just a few months.

Apigee is a key part of OFX's platform strategy, simplifying the process of building and managing APIs and allowing the company to focus its resources on innovation and creating customer value.

The company plans to continue making new services and features available through their APIs, making it simple to work with partners and developers to foster innovation.

OFX is proposing creative new use cases, like debit alternatives and giving customers access to use their Global Currency Account funds to make purchases at points of sale, in response to the new European Union open banking regulations.

Apigee enables OFX to focus resources on innovation and enhanced customer value, increasing the size of opportunities and the types of customers it attracts, and enriching its value proposition.

OFX prioritizes customer experience by offering a range of convenient payment options.

Their online platform allows clients to make international money transfers in over 55 currencies, with competitive exchange rates and low fees.

OFX's 24/7 customer support team is available to assist clients with any questions or concerns they may have.

The speed of a transfer with OFX is generally as fast as a standard bank-to-bank transfer, but the exact time frame depends on the banks and currencies involved.

Most major currencies can take 1-2 business days from when OFX receives your funds, while other currencies can take up to 5 business days. Overall, you can expect the process to take between 2-6 business days total.

OFX actively works to correct issues that might cause lost or delayed funds, which often arise from miscommunication between banking institutions.

Most lost or delayed funds can be attributed to miscommunication, and OFX takes steps to address these issues as an intermediary between two banking institutions.

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Customer Support is a crucial aspect of any company, and OFX is no exception. OFX offers customer support by phone, email, or mail, making it easy to get in touch with them.

Their phone support is available 24/7, which is super convenient if you have an urgent issue. You can reach them at 1-888-288-7354 for personal accounts, or 1-888-966-6888 for business accounts, both of which are local numbers.

If you're calling from outside the US, you can dial 1-415-449-1379 for personal accounts or 1-415-449-1375 for business accounts. These international numbers are available for your convenience.

You can also reach OFX's email support at [email protected]. This is a great option if you have a question or issue that you'd like to send in via email.

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Meeting customer needs quickly and securely is crucial for businesses, especially in the fintech industry. OFX, a company that specializes in global money transfers and FX business, understood this and took action to differentiate their products for B2B customers.

They began working to address changing technology and regulatory landscapes, and APIs emerged as the foundation for providing seamless digital experiences. This allowed them to rapidly implement robust APIs that would generate business value for partners with minimal development costs.

The OFX team used the Apigee API Management Platform to create a fast go-to-market platform that would provide turnkey access to market-leading exchange rates. They built two new OFX products: the Global Currency Account API and the International Payments API, which enable the company to serve customers with more complex organizational structures.

By integrating with customers at a business-process level, OFX can build products that respond to specific customer needs. This is an exciting new opportunity for OFX to interact at a deeper level with a broader range of businesses.

Here are the benefits of using OFX for international money transfers:

The OFX team also built and launched a dedicated developer portal to enable external developers and partners to register, test, and implement APIs more securely and easily. This portal provides open access to documentation, banking templates, the developer community, support, and customer success stories.

OFX offers competitive exchange rates, often beating those of traditional banks. This can save customers money on their international transactions.

Their online platform is user-friendly and allows for easy transfers, with a minimum transfer amount of $50. This makes it accessible to individuals and businesses alike.

However, some customers may experience delays in receiving their funds, which can range from a few days to a week. This can be frustrating, especially for those who need access to their money quickly.

Signing up for OFX can be a bit of a challenge due to issues with their verification process.

Some users have reported receiving blurry photos for identification, which can be frustrating.

OFX requires additional information to confirm an identity, which can be a pain.

Users have also complained about needing to provide addresses of financial institutions or other personal information.

It's worth noting that this is a necessary step for security purposes, and OFX isn't the only company to require identity verification, as seen with Wise.

Some people may get upset about the rates offered by OFX, and it's understandable why. They might not be aware that OFX charges a 'customer rate' on top of the 'interbank' rate, which is the true mid-market rate. This 'customer rate' is an upcharge on the exchange.

You might be charged additional third-party fees from other banks or intermediaries when using OFX's service. These fees can be deducted from the value of the transfer, and there's no way to know in advance what they might be.

OFX's rates are based on the amount of the transfer, how often you use their service, and the currency you're transferring. You won't know your customer rate until you log in to your account and lock in the currencies and amounts.

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The pros of using this money transfer service are definitely worth mentioning. Their customer service is available 24/7 and is easy to reach.

One of the standout features is the fact that they have 8 offices all over the world, which adds to their customer service factor. This means you can get help in person if needed.

You won't have to worry about transfer fees, and their exchange rate markups still beat rates from banks. This can save you money on your transfers.

Their online money transfer platform and mobile app make it easy to send money on the go.

When transferring money, it's essential to consider the potential downsides. Minimum transfer amounts can be quite high, starting at $1,000.

This can be a significant hurdle, especially for those who need to send smaller amounts. Smaller transfers may also come with higher exchange rate markups.

Speed is another area where this service may not excel. The transfer process may not be as swift as you'd like. Hidden fees from third-party intermediaries and banks are also a possibility.

Here's a breakdown of the potential drawbacks:

OFX has been in business for over 20 years and has a long track record of being a secure means of sending money anywhere in the world.

The company has a Money Service Business registration under the Financial Crimes Enforcement Network—FinCEN—of the US Treasury Department, and they’re also a licensed money transmitter under the appropriate regulatory agency within all 50 US states.

OFX works with over 50 global regulatory agencies to ensure safe transfer of your funds.

OFX has registration with the US Department of Treasury as a Money Service Business and under the Financial Crimes Enforcement Network.

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OFX is a legitimate company with a long history of secure money transfers. They've been in business for over 20 years.

OFX has a Money Service Business registration with the US Treasury Department's Financial Crimes Enforcement Network, and they're also registered in all 50 US states under the appropriate regulatory agencies.

This means OFX is subject to regular audits and oversight to ensure they're operating within the law.

OFX works with over 50 global regulatory agencies to ensure safe transfers of your funds.

Here are some of the regulatory bodies OFX is registered with:

OFX's legitimacy is further supported by their registration with the US Department of Treasury as a Money Service Business and under the Financial Crimes Enforcement Network.

Building a secure product quickly is crucial for any company, especially in the fintech industry. OFX, a global money transfer and FX business, understands this importance and has implemented Apigee as a gateway to make internal services available to external developers as REST APIs. Apigee manages incoming traffic through built-in functionality, such as spike arrest and quota policy.

Customer security is extremely important to OFX, and they had confidence in Apigee and Google to allow them to more safely and securely take care of their customers' finances at scale. OFX built and launched a dedicated developer portal to enable external developers and partners to register, test, and implement APIs more securely and easily.

The developer portal provides open access to documentation, banking templates, the developer community, support, and customer success stories. Apigee enables OFX to do traffic management, access control, documentation, and usage trend analysis, and offers a powerful developer platform for partners.

OFX offers a range of benefits that make it a popular choice for international money transfers. OFX's competitive exchange rates and low fees can result in significant cost savings compared to traditional banks and other money transfer services.

The company's efficient transfer process and user-friendly online platform make it easy to send money abroad quickly and securely. This is particularly convenient for individuals and businesses that need to make regular international transfers.

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OFX's extensive network of currencies and supported countries ensures that customers can send money to a wide range of destinations. This is especially useful for those who need to transfer funds to countries with less common currencies.

However, it's worth noting that OFX does not charge transfer fees for any of its transfers. But, a third-party bank or intermediary may charge a fee by deducting it from the value of the transfer.

OFX distinguishes between the true mid-market rate or 'interbank' rate and their 'retail' or 'customer' rate, which is the upcharge on the exchange. The company bases the rate on the amount of the transfer, how often you use their service, and the currency you're transferring.

Here's a breakdown of the costs:

Overall, OFX's cost structure is transparent, and customers can lock in the currencies and amounts to get a clear picture of the costs involved.