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OFX Global Currency Account – BER Review

OFX International Money Transfers

  • Low cost and transparent fees
  • Excellent customer service and advice
  • Support is available 24/7 online or by phone
  • Rapid funds transfer with large network of banking partners
 

OFX Global Currency Account – Independent BER Review

Exchange Rates 4
Customer Service 4
Ease of Use 3

OFX Global Currency Account: A Summary

OFX has a 30-year history and is one of the largest foreign exchange specialists in the world. It offers a “Global Currency Account” (GCA) that allows businesses to hold, send and receive funds in 6 major currencies (GBP, EUR, USD, AUD, CAD and HKD). Multi-currency accounts enable businesses to invoice customers in their local currency, and with these accounts many of the costly, back-and-forth FX charges associated with cross-border trade can be avoided.

Though OFX clearly offers bank-beating FX costs, it is definitely more expensive than some other services in the market, particularly for more exotic currencies.

 

Positive

  • Well designed account dashboard
  • “Local” receiving accounts for 6 major currencies
  • Can create multiple accounts for each currency
  • Place transfer orders online or by phone.
  • No monthly account fees
  • Excellent 24/7 customer service
  • Longstanding company with vast FX experience
  • FX forwards, bulk and recurring payments with OFX
  • 80 percent of money transfers completed within 1 business day

Negative

  • Not for personal use; businesses only
  • Exchange rates a little worse than other services
  • No debit card
  • Transfers to bank accounts only
  • FX fees less transparent (included in the FX rate)
  • Can take as long as 6 days to receive account details
  • OFX limit orders for large transfers only (A$30,000, £20,000 etc.)

 

Who Is the Global Currency Account For?

The Global Currency Account is designed for online businesses with international exposure to GBP, EUR, USD, AUD, CAD and/or HKD but which do not have accounts for one or all of those currencies. The Global Currency Account will prove especially helpful for e-commerce companies, such as those selling on Amazon or Shopify platforms, and general import/export businesses.

 

Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Foreign Transfer ProvidersReceive USD($)Exchange RateFee AUDTotal CostTransfer ServicesTransfer SpeedDeal Links
OFX (OzForex) logo
6,843 USD
Compare
0.68430^0.81%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
TorFX logo
6,836 USD
7 USD
0.683600.91%Bank Transfers - Online & Phone1-2 days
Westpac logo
6,722.53 USD
120 USD
0.6736202.56%Online, Branch, Bank Transfers2-3 days
BankSA International Money Transfers
BankSA logo
6,644.68 USD
198 USD
0.665820.013.69%Online, Branch, Bank Transfers2-3 days
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
6,644.02 USD
199 USD
0.6658213.7%Online, Branch, Bank Transfers2-3 days
ANZ Bank logo
6,643.02 USD
200 USD
0.6655183.71%Online, Branch, Bank Transfers2-3 days
Bank of Queensland logo
6,638.03 USD
205 USD
0.6658303.78%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6,617 USD
226 USD
0.6630154.09%Online, Branch, Bank Transfers2-3 days
National Australia Bank (nab) logo
6,591.47 USD
252 USD
0.6606224.46%Online, Branch, Bank Transfers2-3 days
Commonwealth Bank (CBA) logo
6,534.08 USD
309 USD
0.65386 5.29%Online, Branch, Bank Transfers2-3 days
St George Bank logo
6,517.94 USD
325 USD
0.6531205.52%Online, Branch, Bank Transfers2-3 days
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6843 (0.81% from mid-rate)
USD amount:6,843 USD
Total Cost:0.81%
Time:
Rate Fetched: Fri May 24 2019 08:00:05 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
TorFX: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0
Exchange Rate:0.6836 (0.91% from mid-rate)
USD amount:6,836 USD
Total Cost:0.91%
Difference:
7 USD less than using OFX (OzForex)
Time:8:46 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (2.36% from mid-rate)
USD amount:6,722.53 USD
Total Cost:2.56%
Difference:
120 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6658 (3.49% from mid-rate)
USD amount:6,644.68 USD
Total Cost:3.69%
Difference:
198 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6658 (3.49% from mid-rate)
USD amount:6,644.02 USD
Total Cost:3.7%
Difference:
199 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6655 (3.54% from mid-rate)
USD amount:6,643.02 USD
Total Cost:3.71%
Difference:
200 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Fri May 24 2019 08:03:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6658 (3.49% from mid-rate)
USD amount:6,638.03 USD
Total Cost:3.78%
Difference:
205 USD less than using OFX (OzForex)
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.6784 (1.67% from mid-rate)
USD amount:6,617 USD
Total Cost:4.09%
Difference:
226 USD less than using OFX (OzForex)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6606 (4.25% from mid-rate)
USD amount:6,591.47 USD
Total Cost:4.46%
Difference:
252 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Fri May 24 2019 08:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6538 (5.23% from mid-rate)
USD amount:6,534.08 USD
Total Cost:5.29%
Difference:
309 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Fri May 24 2019 08:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6531 (5.33% from mid-rate)
USD amount:6,517.94 USD
Total Cost:5.52%
Difference:
325 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
05/24/2019
 

Account Fees

There are no account opening or monthly fees.

 

Exchange Rates and Transaction Fees

All Global Currency Account transactions with a foreign exchange component will be subject to an OFX exchange rate that includes a mark-up, and this makes the service somewhat less transparent than some newer firms in the industry that disclose fees separately.

OFX is certainly not the cheapest FX provider but it is not an expensive service by any means.

Further to costs built into the exchange rate, with OFX you might be asked to pay a flat transfer fee when you send money — a fee that varies by currency. For AUD, fees are currently set to AUD15 for amounts less than AUD10,000, and the same is true for CAD transfers (CAD15 for sub-CAD10,000). For GBP and USD transfers, no transfer fees are charged.

For currency routes that we looked at (routes involving AUD, INR, GBP, EUR and USD), the cost of an international payment with OFX averaged 1.4 percent of the transferred amount, which is exceptional when compared with the cost of sending money with a bank (bank charges might have averaged 4 percent for the same transactions), but is perhaps double what is paid with some of the newer firms in the industry that offer transfers at interbank exchange rates with or without a small, separate fee.

 

“Local” Accounts (For Receiving Major Currencies)

With a Global Currency Account, you’ll receive a unique set of account details for receiving each of the following major currencies free of charge: GBP, EUR, USD, AUD, CAD and HKD.

With these “local” account details, businesses can save substantial sums by avoiding unnecessary back-and-forth FX charges. An Amazon seller in the UK could, for example, receive funds from French customers worth €5,000, keep those funds in euros, and then send euro payments to Spanish suppliers worth €3,500. If the seller then wanted to withdraw profits to the UK, the only FX costs to be paid would be those on the remaining €1,500 which must be converted into British pounds. Without OFX’s EUR account, this Amazon seller would pay a EUR-GBP conversion cost every time money was received from the continent, and would pay a GBP-EUR cost on all Spanish supplier payments.

 

Is Money Safe in a Global Currency Account?

The short answer is “yes,” or at least as safe as it can be.

OFX deploys top-notch security systems, is highly regulated and has an inherently low-risk business model, which in the FX space means that it offers a deliverable-only FX service and does not take positions in the markets, thereby eliminating market risk.

As for your money, this is held separately from OFX’s own funds in a major financial institution.

As part of its account-protecting technology, OFX deploys algorithms that monitor registrations, logins and transactions to identify suspicious activity, and other tech includes a multi-layered fraud prevention system that works against phishing, malware and apps that might target customer accounts.

Needless to say, SSL encryption is used to keep your information safe from prying digital eyes.

At the time of writing, OFX was regulated by financial authorities in the UK (FCA), Australia (ASIC), Canada (FINTRAC) and the US (FinCEN).

More generally, OFX’s long history and excellent reputation also bode well when considering the safety of your money.

All said, we cannot see any reason why funds would be at risk in an OFX Global Currency Account.

 

Advanced Features

OFX provides a number of risk and FX management features that businesses will appreciate.

Forward contracts are an effective way of managing foreign currency exposures for those who stand to lose significant amounts if exchange rates move against them in the coming days or months (up to 12 months). A forward contract allows for locking in an exchange rate today for a transfer that you will pay for in future. Once you have opened a Global Currency Account, give one of OFX’s reps a call to discuss your unique hedging requirements.

Mass payments, such as those needed for payrolls, are easily done using Multipay, which can also be set up by giving OFX a call. With Multipay, up to 500 payments can be sent at once.

Limit orders allow users to convert money at a rate better than today’s. Once a desired exchange rate has been specified, OFX systems will monitor the FX markets 24/7 on a user’s behalf, triggering their money transfer once the market rate matches the desired rate. A downside of this feature is that the minimum limit-order transaction size is large, at AUD 30,000 or GBP 20,000 (varies by currency).

Recurring transfers are available, such as those needed for overseas mortgages. With OFX, a payment plan can be set up at a fixed, agreed-upon exchange rate so that you know exactly what you’re spending each month.

 

Customer Service

Customer service at OFX is 24/7 and support options are excellent. These include 10 national phone lines reaching support staff in 7 countries, email support and an extensive FAQ section on the main site.

Though there are disappointed customers to be found online, as there are with any service, the bulk of OFX customers (we estimate 80 percent) report highly professional support when things go wrong, with adjectives like “thorough,” “understanding,” “prompt” and “knowledgeable” used repeatedly to describe OFX staff.

OFX outlines a complaints policy on its site but be aware that a final response to complaints might take as long as 45 days, which is much longer than we’d like.

 

What Do Users Think of WorldFirst?

At the time of writing this review (May 2019), more than 3,000 of the 3,500 Trustpilot reviewers had rewarded OFX with a 5-star rating, and that should speak volumes. As you’d expect from any top firm in the payments industry, common themes within reviews relate to: “great exchange rates,” “excellent service,” “substantially better than the banks,” “quick service” and “easy to get hold of,” among others.

We should say, however, that the months leading up to this independent BER review appear to have been a little tougher for OFX. Though negative feedback still represented a very low percentage of total feedback (we estimate 10 percent), we did detect a significant pick-up in problematic transfers that wasn’t detectable for OFX’s main competitors.

Open an OFX Global Currency Account and start optimising your international transactions today.

 

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Posted to: Reviews

 

1 Review for “OFX Global Currency Account – BER Review”

  1. BER Team BER Team says:

    Very useful for online sellers

    3.7

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