OFX Money Transfer Reviews

There is an extra fee for transferring money and they don’t have a clue how much it is
Here is a copy from their customer service stating that

OFX sends the exact amount of currency as per your transaction. However, depending on what route the payment takes and the relationship between the correspondent banks, an intermediary bank may deduct a fee from the payment amount prior to forwarding funds to the beneficiary.

This fee can vary in amount and we cannot predict whether it will occur, or it if does, what amount will be deducted.

It is important to note that OFX do not take the fee and the fee could be deducted with any foreign exchange provider or bank that you use.

We cannot guarantee the fee will not be charged and we do not reimburse you if a fee from another institution is charged.

Used the service for the first time 2 months ago, was able to send money abroad no problem.

Two month later, I try to send money to the exact same person, and nothing happens for days. Then I get a call out of the blue from OFX, asking me to reverify my info, which I did. Then I get an email a couple days later asking me to verify for a third time!! Frustrated, I called in and for the money to be sent back which the rep obliged. However, now today they are saying they can let transfer my money back!! So here I sit, on hold with OFX once again...

Set up account, verify account, call to verify account, visual identification back and front, video verification. Nine days later your visual verification was to blurry. Two days later glare. I finally asked them to send money back to my original bank. Need to take pictures to verify the money OFX has in their possession came from my account. Two days later needs to go through compliance department. Hopefully in two days I will be back where I started and can use Wyse which takes seconds. Headaches beyond belief. 4 hours on the phone with someone in Toronto who tells me someone in Australia will try to contact me tomorrow morning. Run from this service

I’ve been trying to verify my account with this company for months. I sent them a year of bank statements to verify funds. They never replied. Then when I called them they wanted me to send more because the month had rolled over. I provide them again. Then they ask me for proof of the source of the funds. Why did they not ask me for this in the previous 6 phone calls I’ve had with them. I talk to reps who tell me everything is fine and they’ll get back to me later in the day. Nothing. It is always something and they just can’t get it together. Now they say I don’t have the funds in my account to move over the amount I said I would move over 8 months ago. I’ve been using other apps to transfer smaller sums over because this company is such a mess. Go with anyone else if you can. This company just wastes your time and doesn’t care. Just the absolute worst.

You advertise a free of charge transaction; however, you, nowhere, mention that internally you collect your share of the money.
You advertise that you provide the best exchange rate on the market and you have a button in your app to show it. It looks so good so that you go ahead and start a transaction, just to find out that the transaction includes a different exchange rate than the previously shown on the other page in OFXMoneyTransfer .
I switched from my bank to OFXMoneyTransfer to transfer money because “it was FREE of charge fees; which it is not the case. My bank BVAA at the time of the transaction shows all the fees that were applied right in front of you.
Clearly a more transparent approach!
Cheers

So i installed OFXMoneyTransfer so i could send money back and forth to a friend who lives in the uk. During the first 30min of having OFXMoneyTransfer installed, even after putting my license number into OFXMoneyTransfer i got a message saying “account needs verification” and it said i had to call them. Then over the next day or two i called them a few times and they asked really dumb questions and the email they needed to send me finally showed up in my inbox. Then your account will be good to go but then a few days later they need to verify something else and after u send the required info apparently it takes 3-5 business days for them to verify. Its like theyre trying to waist your time.

I am retired from the USA and live in Mexico City. My pension is deposited in dollars in the US. Nerd Wallet recommended OFXMoneyTransfer and so far their part of the deal works well. If I bridge a weekend or use an unfamiliar bank, it delays the deposit but it can all be planned. It’s free, reliable and gives a fair exchange rate.

Once you set up your account and list the accounts you wish to transfer to, it is a simple process to send money to Mexico.
Real time exchange rates locked in at the time of transfer.
Now with two factor authentication, super safe.
Highly recommended.

Great service, got money from Canada to US in 36 hrs, transferred almost 100k, great customer support, track your transfer, no exorbitant transfer fees. I am highly thankful to OFX for coming to rescue when my bank did not let me do wire transfer when it was needed the most.

Love the OFX app and service. First there is no fee for wire transfer and my bank charges $35. Second, the exchange rates are also better than my bank. It is win win! Plan on five days for the transfer plus/minus 1-2 days. I use OFXMoneyTransfer in the USA and also in Fiji and have sent money to Fiji, Australia and Spain. No worries. Thank you OFX!

I have used OFX to regularly transfer money internationally for a couple of years (mainly GBP to USD). The exchange rates are always competitive. The online system works very smoothly. On the occasions I have had to call customer service, the representatives have always been friendly, knowledgeable and professional.

Great service but the rate changes more frequently within an minutes I was trying to make an transfer and want to added another recipient by the time I did that the rates Change it within $10 different . That is the only issue

As a long time loyal customer I called and complain because wise kept having better rates, they topped up my free transfers and gave me a preferred rate. For this reason I will stay a long time loyal customer & the service of wise is really bad, once I spent two hours on the phone just to log into my account & wise never returns my calls. I hate the service of wise, but ofx has very good service, they always return my calls, are friendly and efficient. I have been a customer since 2016 & I strongly recommend OFX if you want to transfer money safely & efficiently.
Thank you to Lily Cai

Clean clear interface and no hidden fees.
Once you set up your bank accounts in the banks of each country making transfers is extremely simple. Been using for over a decade and they have never let me down.

I have been happy with the services provided by OFX over the last few year. It provides a simple, reliable and predictable service at no charge that would cost a lot more via the normal banking service. The Customer Service at OFX is also responsive in providing answers to any inquiries I may have in a timely manner. I am very thankful that the OFX app is available.

I have a daughter studying abroad for all 4 years of University. After paying exorbitant bank transfer fees the first year, I searched for a better option. I found OFX and it has been a great option. OFXMoneyTransfer and website are both great. And the customer support via email and phone has been outstanding. Now that I have my recipients and funding source set, OFXMoneyTransfer is a very quick and easy tool to transfer money to pay tuition, rent, etc.

I had been looking for a way to transfer funds between my accounts in Europe and the United States for several months, until I discovered OFX on Google and decided to set up an account.

Now that I use their service, I cannot remember the last time I had to pay a fee to my European bank to transfer money to my U.S. checking account.

OFX using intermediary banks for international transactions and telling you funds are paid once the intermediary bank received funds, if there is an issue in the national transfer OFX will consider funds paid and will not inform you. If you have an issue with any transactions there is no way to escalate or get any extra support and it will take forever to be resolved, 3 weeks already and my funds still lost.

Update: There is currently a problem where passwords with certain special characters won’t be recognized, that’s why I was not able to login. After changing it I’m now able to access my account.
The old layout was much better, there is no option to add or edit recipient details anymore.

It was great to be able to send money on the fly, but since the new update OFXMoneyTransfer is useless because I cannot sign into my account. Only desktop and mobile browsers work now. I changed login information and OFXMoneyTransfer is still the only place I cannot login.
If this gets resolved it would be 5 stars.

I used Forex and now OFX for about 7 years now. I get preferred rates; timely rate alerts; fast and convenient execution software; use prearranged sender and receipt accounts for a seamless experience. Got an issue or a general question... a knowledgeable and friendly staff and prompt email replies and quick phone call replies.

All round a great experience ... a well deserved 5 star rating!

Aaron L