Ozforex Pty Limited: A Global Leader in Money Transfers

Ozforex Pty Limited has a long history of providing reliable and efficient money transfer services. Founded in 1998, the company has grown to become a global leader in the industry.

Ozforex Pty Limited is headquartered in Sydney, Australia, with operations in over 160 countries worldwide. This extensive reach allows the company to cater to a diverse range of clients.

The company's commitment to innovation has led to the development of cutting-edge technology, enabling fast and secure transactions. Ozforex Pty Limited's online platform is user-friendly and accessible from anywhere in the world.

Ozforex Pty Limited offers competitive exchange rates and low fees, making it an attractive option for individuals and businesses alike.

OzForex was launched in 1998 by Matthew Gilmour in Sydney, Australia.

Matthew Gilmour initially ran the website part-time until 2000 when he committed to the company full-time.

In 2001, OzForex launched its first online money transfer facility.

The company obtained an Australian Financial Services License in 2003.

Matthew Gilmour sold part of OzForex to Gary Lord in 2004, and by 2005 they were equal shareholders and joint managing directors.

Macquarie Bank purchased 51% of OzForex in 2007 and Neil Helm became the CEO.

In 2009, OzForex began partnering with ING Direct to offer international money transfers.

ING Group sold its ING Direct division to Capital One in June 2011, and Capital One rebranded it as Capital One 360 in November 2012.

John Malcolm replaced Richard Kimber as CEO in February 2017.

OzForex Pty Limited's business operations are built on a strong foundation of technology and innovation. The company's online trading platform allows clients to access a wide range of currency exchange services from anywhere in the world.

OzForex has a global presence with offices in Australia, New Zealand, the UK, and the US, enabling it to provide 24/7 customer support to its clients. This global reach is a key factor in the company's success.

The company's use of cutting-edge technology has enabled it to streamline its operations and reduce costs, allowing it to pass the savings on to its clients in the form of competitive exchange rates.

Sending money abroad with OFX can be done in a few different ways, including Rapid Transfers and OFX Risk Management features.

You can choose between two types of transfers: Rapid Transfer or OFX Risk Management. Rapid Transfers are the most common way to send money, allowing you to lock-in an exchange rate when you confirm your transfer.

To use OFX Rapid Transfer, you have two options: Single Transfers or Recurring Transfers. Single Transfers, also known as "Spot deals", allow you to lock-in an exchange rate when you confirm your transfer. Recurring Transfers can be used for monthly, quarterly or any other repeating transfers you need to send.

If you choose Recurring Transfers, you need to make a minimum of 4 transfers, but you can set up a direct debit and take advantage of Zero OFX fees.

There are two distinct ways to send money with OFX Risk Management: Buy now, transfer later, or Set your target rate. Buy now, transfer later allows you to lock in your exchange rate by using a forward contract, then schedule your transfer between two days and 12 months from the time you have locked in your rate. Set your target rate allows you to set a target rate for your transfer, which can be valid for up to six months.

OFX also offers multiple payment options, including BPAY, Electronic Funds Transfer, and Direct Debit. However, it's worth noting that OFX doesn't accept transfers made via cash, cheque or debit card.

Here are the payment options available with OFX:

You can find more information about the transfer process and payment options by registering on OFX and reading the topic "The registration and transfer process."

Making your first money transfer with OFX is a straightforward process. You'll need to set up an account with them, which can be done in five easy steps.

OFX requires you to choose between a personal or business account when creating your account. This is an important step, as it will determine the type of account you'll need to manage your money transfers.

To get started, you'll need to estimate how much you plan to transfer each year and which currency pair you'll use the most. This information will help OFX provide you with accurate transfer estimates.

Next, you'll need to provide your personal details and contact information, including your full name, date of birth, phone number, current residential address, and occupation.

You'll also need to add your recipient's details, including their full legal name, residential address, and banking information. This information will be used to complete the transfer.

Finally, you'll need to send your funds to OFX and verify your first transfer. A representative from OFX will call you to verify the details of your first transfer.

OzForex Pty Limited has consistently demonstrated strong financial performance. In 2011, the company reported a revenue of $114.6 million, a significant increase from $83.3 million in 2010.

The company's revenue growth can be attributed to its expansion into new markets and the increasing demand for online foreign exchange services.

OzForex has maintained a strong balance sheet, with a net cash position of $23.8 million as of June 30, 2011.

The company's financial performance has been driven by its focus on delivering high-quality services to its clients.

OFX has a strong track record in terms of mergers and acquisitions. In December 2021, they announced an agreement to acquire Canadian global foreign exchange service provider Firma.

The acquisition was completed in May 2022, marking a significant milestone for the company. OFX also had discussions about potential mergers and acquisitions activity in 2020, but these were discontinued due to uncertainty in equity markets.

Online reviews of OFX are generally positive, with a 4.3 out of 5 rating on Trustpilot based on 6,158 customer reviews.

In December 2015, OFX unveiled the new brand and OFX.com in Australia, marking the first step in a program to consolidate the group's regional brands into a single global brand.

This move was a significant shift for OFX, which had previously operated seven regional brands, including UKForex, CanadianForex, NZForex, and USForex.

The consolidation effort began with the rebranding of OFX.com in Australia, and would eventually see the phase-out of other territory-specific brands like ClearFX and Tranzfers.

OFX reviews are mostly positive online, with a rating of 4.3 out of 5 on Trustpilot based on 6,158 customer reviews.

Their customer service is a highlight, with many customers praising their competitive rates on large transfers. Customers who have used OFX's services report a seamless experience.

However, some customers have complained about OFX's identity verification process, which requires phone verification and document submission to comply with anti-money laundering protocols. This process has been a point of contention for some users.

OFX responds promptly to negative reviews, often resolving issues within a week. This shows their commitment to customer satisfaction.

A lower rating on ProductReview.com.au suggests that some customers have had a less-than-stellar experience with OFX's compliance policies.

OFX had received an unsolicited approach in March 2020, leading to discussions about potential mergers and acquisitions activity.

These discussions were discontinued due to uncertainty in equity markets.

At OFX, they understand the importance of managing risk when transferring money internationally. OFX offers two types of Risk Management transfers to help you save money and reduce costs.

One option is to lock in your exchange rate using a forward contract, allowing you to schedule your transfer between two days and 12 months from the time you've locked in your rate. This gives you peace of mind and protection against potential exchange rate fluctuations.

Another option is to set a target rate, which can be valid for up to six months. This means that once your target rate is triggered, OFX will contact you to complete your transfer.