Please note that OzForex has rebranded to OFX
Complete Incompetence
Worse FX service I’ve ever received. 6 weeks on and off the phone with them after my TX was cancelled by them.
30 emails and 10 phone calls just to get me 10K back. No one took any responsibility and was just pushed from person to person.
Stay away!
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To be avoided. They accept no responsibility when your money goes missing even if all the details are correct.
OFX used an intermediary who lost my funds (about AUD 6700) despite all the details being correct. They refused to accept responsibility or provide any useful assistance telling me to read the contract which states that the applicant bears all risk for losses caused by their intermediaries.
Their customer support was atrocious. They produced a message which they claim came from the beneficiary bank but was confirmed by them to have been fabricated. Once I told them the beneficiary bank said it was fake, they retracted this claim and blamed the...Read more
ir intermediary saying they cannot contact the beneficiary bank directly. Numerous other inconsistencies occurred. The first MT103 they sent me had information about a third party on it so I contacted them for the raw MT103 to see what the instructions were. They sent me a raw MT103 with those lines omitted. They first told me this was the recipient bank's address then when I showed it wasn't, they told me it was their account which they paid THB out of. Despite this they didn't know what bank it was until I told them (based on my investigations with the beneficiary bank). It seems the funds were accidentally deposited into a third party's account which OFX takes no responsibility for. To this day I have not received a raw MT103 that show what those instructions were or who that was. I used to recommend this company for their cheapness but now I know it comes at a cost. A very expensive lesson I wouldn't wish on anybody. Avoid this company.Similar opinion? Write a review on ieatwords.com.au!
Patrick the Very UnhappySouth-Eastern Region, NSW
Go elsewhere
On 4 February 2020, a transaction I attempted to make was blocked allegedly because the recipient had not provided his taxation details to his bank in Peru. This struck me as being a very odd. Despite this I provided the details of the recipient's National ID card to OFX (which I have no doubt the bank in Peru already had), and at the same time I was required to update my own details.
On 17 February, OFX emailed me to again update my details, the email stated that "we only need a few moments of your time." In reality OFX had frozen my acc...Read more
ount on 17 February, but had not advised me. I only discovered my account was frozen on 2 March, when I attempted to send money to Thailand as part payment for a house I am building there. I telephoned OFX and was informed that since building a house was a "new" activity, I had to provide OFX with evidence. In fact building a house was not a new activity, and indeed I had previously sent payments to Thailand, through OFX, for purchasing the land (on 11 September 2022), and for the commencement of building work (29 January 2020). OFX obviously does not keep very good records. The person I first spoke to from OFX, on 2 March 2020, demanded that I produce receipts to prove that a house really was being built. I then assembled 74 receipts, 70 relating to the building of the house, and four relating to paying for educational expenses in Peru etc. I then telephoned OFX again to find out what email address I should send my invoices to. It was not possible for the person I spoke to give me an email address; and, eventually, I was put through to the"manager". I finally got an email address, but as I pointed out to the manager, in the length of time it took her to come onto the telephone, I had just decided to reply to the email of 17 February, asking for a "few moments" of my time. I also pointed out to the manager that the whole process of attempting to deal with OFX took so long, that in the meantime I had contacted CurrencyFair, and sent off my money through them. OFX has a very peculiar form of record keeping, and is unreliable in the extreme. Do yourself a favour - and go somewhere else.Similar opinion? Write a review on ieatwords.com.au!
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WORST AND TOTALLY INCOMPETENT
Made a transfer to India on a Monday and received a confirmation email that the funds had been paid on Tuesday. Money hasn't arrived up until even the next tuesday. Its been a week and the money transfer is for emergency medical expense overseas. Calling them is the most frustrating experience. No one has a clue about what's the status of the money is! Each time it's a different customer service person, who would give a different date on when they had made the payment. Its a big smoke screen and nothing is transparent. Pray to god that I will get my money at some stage!!
2 comments
ordeal Deal ID:543196D2
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AlexGreater Melbourne (Metropolitan), VIC
Terrible Customer Service
I told them that I was confused with the way their website works and that I was looking at other companies like TransferWise and they straight up told me You are better off using transfer wise. And then hang up on me. Worst experience with customer service Ive ever had
1 comment
OFXOFX
Hi Alex,
We apologise for the delay in replying to your review but thank you for taking the time to provide us with feedback.... Read more
We are disappointed to hear that you were not provided the customer service experience that we strive to provide and we would like to look into this for you further. Unfortunately, I have been unable to locate your account with us. Can you could please send an email to [email protected] and reference this review so we can look into your account and help resolve this for you. Kind regards, The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
Simmo64AU
- 3 reviews
Terrible, good luck getting an account setup.
Preempted an international transfer for ongoing business expenses, didn't setup the account in time even though they had over 4 weeks to arrange and missed the deadline to make the transfer.
1 comment
OFXOFX
Hi Simmo64,
We apologise for the delay in replying to your review but thank you for taking the time to provide us with feedback.... Read more
We are disappointed to hear that it took an extended period of time to set up your account as we aim to have client's account active as soon as possible. Unfortunately, I have been unable to locate your account with us. If you could please send an email to [email protected] and reference this review so we can look into your account and help resolve this for you. Kind regards, The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
Edwina DeenGreater Melbourne (Inner), VIC
Worst Customer Service I have ever received from any company in Australia
I have NEVER received worse service from any company EVER! It is hard to fathom why service centre staff would go our of their way to try NOT help instead of being helpful if you giving them business.
I was about to do my 3rd transaction with them when I was spoken to again in a way that is not acceptable EVER.
OFX seriously? Have you not heard that in these days customer service is the only thing that sets you apart from your competition?
I just called another Forex company and you can not compare. I don't even know why I bothered after the first bad mannered staff member.
1 comment
OFXOFX
Hi Edwina,
We apologise for the large delay in replying to your review but thank you for taking the time to provide us with feedback.... Read more
We are disappointed to hear that you were not provided the customer service experience that we strive to provide. I would like to look into this further unfortunately, I have been unable to locate your account with us. If you could please send an email to [email protected] and reference this review so we can get our Management Team to look into this for you. Kind regards, The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
Sara
- 5 reviews
Fast great rates responsive deliver
Have used this guys for over 12 months now, monthly. Large and small amounts. Money arrives quickly, great comparable rates, respond quickly to queries, and no fuss. Took a while to meet all the regulations at set up but I understood that is due to the money laundering rules they must abide by. Highly recommend.
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Nick R.
- 2 reviews
Worst funds transfer company ever.
Tried sending just $600 AUD to a friend in Thailand so that they could book some accommodation and transport for me for an upcoming holiday. All fairly unstructured with no firm plans - didn't want to be tied down to any particular schedule. OFX took my money held it for two days then rang me demanding an invoice to support the transfer otherwise they wouldn't process. Obviously cannot provide an invoice so now I have to spend time collecting all the screen shots for the transfer in an attempt to get my money back from these idiots.
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- Verified customer
OFX can't be trusted or recommended.
My first impression of OFX was great. But my first transaction was horrible. OFX took my money then moments later they called to say that the transaction was cancelled by their automated internal risk assessment software system. I was told that my transaction did not meet their risk assessment criteria and that they were heavily regulated. I was given no specific policy, rule or law that I was not in compliance with. I was given no mechanism or indication about what I did "wrong" nor any opportunity to remedy the situation or recover the tr...Read more
ansaction or restore my account. I was told that they closed my account, and not only that, but I would never be allowed to open any other accounts with OFX. And they refused or claimed to be unable to issue a refund or reverse the ACH transfer, and that I would have to ask my bank to do a "recall" from "USFOREX" using "Bank of New York Mellon". OFX was not able to provide me with any pther details related to the transaction such as ABA, routing number, transaction numbers, dispute departments. There was absolutely no customer support at all the instant they took my money. Naturally, my bank has no idea what a "recall" is. They have an online dispute system which is unable to process disputes of my specific scenario. Now I have to go to a branch and confuse someone else who likely has no idea what to do. They may likely tell me that I can not get my money back from USFOREX. I verified my identity with - and had funds ready for - OFX. The recipient is someone I have known for about a year and I have deemed authentic, seen passport, talked to daily. It was a personal loan for family support. Now there are multiple lives being negatively affected by OFX's broken system and policies. They had all my information verified and accepted. They had my money in hand. I made the informed decision to assess my own risk to make a personal loan. OFX had all the recipient details. I was told that most of the recipient details did not matter as long as the SWIFT/BIC and Accpunt Number were correct. OFX could have informed me by automated process at any time while I was setting up the transaction, any time before they took my money or gave false hope and promises of a professional service. They could have an automated process to reverse ACH transfers. They could have a problem resolution process to let me at least be informed about problems and given an opportunity to clarify, make things right or accept my own risk, or facilitate a refund. These would be the earmarks of a professional and competent business, of which OFX is most assuredly not. I can not in good conscience recommend OFX for anyone serious about doing business. If things work out ok with any particular transaction, OFX may seem like a stellar company. But the horrible handling of any problems negates any perceived benefit. UPDATE: After a week of back and forth getting jerked around, finally a manager contacted me and sent a refund via ACH, which is what should have happened in the 2nd place. In the 1st place, if they had some secret additional qualifiers to be a customer, then the transaction should never have progressed this far. The experience left me with the impression that they bully the unwitting customer and bank on them giving up on getting a refund. Either the company is seriously broken or seriously sketchy. They repeatedly claim they are very serious about complying with all government regulations. Let's see if the FTC agrees with that statement after an investigation.Similar opinion? Write a review on ieatwords.com.au!
MichaelSydney, NSW
- 5 reviews
Cheap and efficient
I used this service on several occasions when transferring money to Europe. Initially there were a few documents to fill in to verify ID. But once that was done the transactions were smooth and efficient. They saved me money as well as they're much cheaper than the banks. I'm very happy with them and will continue to use them into the future.
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UnhappySydney, NSW
OMG SCAM SCAM SCAM
Stay away from this company. Hit me up if you want the story but OMG this was the worst experience ever.
Long delays getting money anywhere, expensive, no customer support. Please please please avoid.
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Mahmoud KhaledGreater Melbourne (Metropolitan), VIC
- 2 reviews
Perfect Customer Service team
Even my experience was rough at the beginning, but cannot regret that their Customer service team had gone above and beyond to sort the issue.
Special thanks to Champion BaileyS for great efforts, professionalism, patience and perfect client management attitude!
Enjoy your very well deserved weekend
Yours respectfully
MK
2 comments
OFXOFX
Hi Mahmoud,
Thank you for taking the time to provide us with your feedback and we are disappointed to hear that you have not received the customer service experience that we strive to provide.... Read more
One of our management team will be in contact shortly to discuss and help resolve this situation for you. Kind regards, The OFX TeamOFXOFX
Hi Mahmoud,
Thank you for updating your review on your experience with OFX.... Read more
I am glad to hear that we were able to resolve your initial issues and come to a positive outcome. We will also pass on your great feedback to Bailey! We hope you have a great weekend. Kind regards The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
RekaGreater Melbourne (Metropolitan), VIC
EXTREME TRANSFER DELAYS
I have been waiting 2.5 months for some cash to be transferred, I have spent a lot of time trying to understand why the delays have occurred and have found this company to be a huge disappointment.
1 comment
OFXOFX
Hi Reka,
We apologise for the delay in replying to your review but thank you for taking the time to provide us with feedback.... Read more
We have been unable to locate your account with us but we would like to look into this for you further. If you could please send an email to [email protected] and reference this review so we can look into your account and help resolve this for you. Kind regards, The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
M g.Illawarra, NSW
Efficient and professional transfer!
Hi. Organised a transfer when I set up my account. All done in a very timely and effective manner with funds fully transferred in 3 days with a great exchange rate and you can call them 24 hours to speak to someone if you have any queries. Fabulous!!
1 comment
OFXOFX
Hi M, Thanks for providing positive feedback. It's great to hear you enjoy our service, and we're always happy to help!
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KimSydney, NSW
Rip off!!!!
Its a shame I can only give them 1 star :(
I just wanted 700 USD and its been 4 weeks and still no money has been transferred!!!!
Do not go to them!!!!
I have so many emails of lies from them!!
I still dont know if I will get my money!!!
Last email was on friday and they said their bank has released the money and I will get it on Monday ... will its Friday and still no money!!!!!
DO NOT GO TO THEM!!!!!
1 comment
OFXOFX
Hi Kim,
We apologise for the delay in replying to your review but thank you for taking the time to provide us with feedback.... Read more
We are disappointed to hear that you were not provided the customer service experience that we strive to provide so we would like to look into this for you further. However, I have been unable to locate your account with us. If you could please send an email to [email protected] and reference this review so we can look into your account and help resolve this for you. Kind regards, The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
They will change rates as they see fit
Wanted to do a one off transfer and locked in a FX rate via their website after creating an account. Transfer got cancelled and I had to speak with one of their representatives. Was advised a significantly lower rate would be offered and the original rate was no longer valid, checked spot rate and there was no movements. Checked their online booking service and there was also no movement. Didnt waste my time setting up a new transfer only to have it cancelled again, save yourself the time, these guy have no idea what they are doing.
1 comment
OFXOFX
Hi Sunny
Thank you for taking the time to share your recent experience with OFX. It appears you experience has fallen well short of our usual high levels of service.... Read more
Due to to the highly regulated industry that OFX works within we do need to verify your details on your initial transfer with us. We will reach out privately to you for more details and to see if we can seek resolution. Kind regards The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
TERRIBLE COMPANY!
I need to make some small transfers for utility bills, and after signing up for an account with OFX and uploading my passport I received a welcome letter and thought all was well. Then the fun started when they needed two docs proving my identification and address (which I promptly supplied). After over a WEEK of calls and emails -- all with different reps and all saying something different -- nothing has been sorted out. It appears that there is no continuity or organization between the AUS, UK and US offices. I have signed up with other comp...Read more
anies in the past and was given a designated representative who would even email me in real time, seamlessly helping me set up my account, but OFX appears to be a big jumbled mess of people who don't know what is going on. Going forward I would not trust them and will not be doing business with them.1 comment
OFXOFX
Hi Mo
Thank you for taking the time to share your recent experience with OFX. It appears your experience has fallen short of our usual high standards of service.... Read more
OFX is required to verify all our client's identification during the onboarding process, however we do strive to make this process as seamless as possible. One of our management team will reach out to you privately for more information so we can seek resolution for you. Kind regards The OFX TeamSimilar opinion? Write a review on ieatwords.com.au!
- Verified customer
avoid at all costs
I initiated a large transfer with OFX and was unable to make the payment due to it being well above what the transfer limit that my bank allows with due to OFX being an “untrusted company” upon realising this I immediately sent my “account manager” an email informing them of this and asking for a suitable resolution.
I heard nothing in reply for 5 days until a different “account manager” told me that I would need to pay the money ASAP or would be required to pay over $5000 AUD in penalty fees as the exchange rate had changed over that time. ...Read more
Somehow under the impression that their complete lack or customer service and lack of professionalism is in some way my responsibility. Now I am being threatened with legal action due to the transaction being incomplete through no fault of my own. Avoid this company at all costs especially when moving large amounts of money, there are lots of other companies that are more professional and also offer better rates. Absolutely disgusting.Similar opinion? Write a review on ieatwords.com.au!
DeeBusselton
Disappointing!
This is the first time I've used OFX instead of a SWIFT bank transfer and what a disappointment! OFX told me they are faster than SWIFT because they transfer money within the foreign location, from bank to bank, so there are not delays once you pay OFX. I set up the transfer request, paid OFX via instant pay in a bank-to-bank transfer (so they received my payment same day). It took them three days to confirm receipt of the money and another day to transfer funds to the foreign bank...which have still not arrived. Called their call centre and wa...Read more
s told the funds are with my foreign bank, and tried to make out that my foreign bank is causing the delay. I explained that my foreign account is a platinum account, which means my deposits clear instantly. Absolute silence from the call centre guy... Basically, OFX is a whole lot of extra effort for absolutely zero benefit. If you're thinking about using them instead of a SWIFT bank transfer, save yourself the hassle and stick with you can rely on.3 comments
OFXOFX
Hi Dee,
We appreciate the time you have taken to provide OFX with valuable feedback. Unfortunately it does seem your experience has fallen short of our usual high levels of customer service. We have private messaged you to address your concerns.... Read more
Kind regards, The OFX teamThanks for reaching out to me and for your positive and practical actions. I will give OFX another chance the next time I need to transfer money.
OFXOFX
Thank you Dee. Again, our sincere apologies for the inconvenience caused. We look forward to giving you a better experience in the future!
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Questions & Answers
Daniel E Conradasked
I have had a bad experience with OFX lately, When it all started everything was just great all my transfers went through without a problem until i tried checking up my OFX account online because i sent some funds to a family friend who was not around to check up to see weather the funds has reached his bank account so just when i decided to check my OFX account online i was asked to call them before i could gain access to my account which i did only for one of the workers there to talk to me like i was some criminal for using their service after using it for months with no problems until i got off the phone and sent them an email demanding and asking them about the last transfer i made and made it clear to them about sending my funds back to me if it hasn't gotten to the recipient that was when their manager sent me an email telling me the funds was sent back to them for no reason and i simply asked this guys to send back my funds to my bank account just the same way they debited it out of my account only for the manager to tell me to go to my bank and ask them to make a recall before i get my money, I went to the bank and my bank manager had no idea of what a recall is even though the OFX manager seems to be the only nice person at that department am starting to loose my patient all i want is my money back i have read a lot of cases like this why would you stress people before sending back their funds to them ? You guys better make a ACH wire transfer to my account of the exact funds you debited out of my account i am not interested in dealing with you again all i want is my funds or i will sue you, I made a that transfer on 11th July till now am unable to get my money back since the transfer to the recipient bank was not successful and you confirmed to me that you have my money with you please kindly send back my money into my bank account or i will sue your company i won't wait much longer again . I won't advice or recommend any one to use OFX when i believe there are better money transfer companies out there who would not keep their customers funds for any reason.
No answers
Sharmanasked
Hi, my OFX account is in Australia but I am working in France now for a short time. I have just entered a new recipient to my account because I want to exchange some AU$ from my home bank in OZ into euros and deposit it to the new recipients account. However, the new addition is not showing up on my list of recipients so I cannot complete the transaction. My new recipient is a company in Germany from whom I am purchasing a car - if that makes any difference. Any ideas?
1 answer
OFXOFX
Hi Sharman,
Would you be able to please send us an email at [email protected] or give us a call at +44 207 614 4194, and we will have a look at your account? Alternatively, you could also send us a private message on either Facebook or Twitter, and our customer service team will assist you with this query.
Best regards,
The OFX team
dcadasked
I would like to transfer money from Japan to Canada. Does OFX offer a Japanese domestic bank account, so that I can fund the transaction with a domestic transfer? Thanks.
1 answer
OFXOFX
Hi dcad,
OFX holds a bank account based in the Japanese Yen but it is not a domestic Japanese account. It is held offshore.
Kind regards
The OFX Team
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OFXOFX
Hi There,
Thank you for taking the time to provide us with feedback.... Read more
We are disappointed to hear that you have not received your funds as we strive to provide our client's with fast and efficient transfers. Unfortunately, I have been unable to locate your account with us as we would like to look into this matter urgently for you. If you could please send an email to [email protected] and reference this review so we can get one of our Management Team look into your account and resolve this for you. Kind regards, The OFX Team