Do you want a cheap bank-to-bank transfer that offers uninterrupted service with unmatchable speed in its delivery? Then, this article got you covered with a full exploration of a special online money transfer service named OFX [Open Financial Exchange]. OFX online money transfer is reliable in delivering your transferred money to anyone around the world. Its services are less costly and very affordable, and can’t be compared to other online transfer services. let’s move further into what OFX is and what it does.

OFX - Transfer Money on OFX | OFX Transfer

What is OFX?

OFX is an online money transfer service provider that delivers its services to more than 80 countries from the U.S. through its website and mobile app. The special benefit its users enjoy is its low cost. OFX is among the cheapest international money service providers in recent general research. And there’s no limit to its transfer amount. OFX service delivery depends on standard banking hours and processing. So, you will obviously not get same-day or next-day delivery with OFX. Successful service delivery will take at least two to four business days. This breaks down to one to two business days for the company to get funds from your Bank account, plus one to two days for service delivery to your recipient.

However, speed is not really a standing assurance from OFX, when considering some other money transfer providers who deliver their services worldwide within few minutes. Though, it is very costly. At least $1,000 is needed to make a transfer. And most importantly both you and your recipient will need a bank account.

How Close is OFX to me?

OFX merges a digital experience with easy-to-reach customer service. You can reach someone at any time, all thanks to OFX office(s) across different time zones. OFX money transfer has hit an astounding balance between keeping a strong connection online while providing 24/7 telephone assistance. OFX supports an impressive connection of OFX office(s) in the following countries; USA, Canada, Australia, UK, New Zealand, Singapore, and Hong Kong. OFX maintains a low cost and has a physical presence in Europe/UK, North America, Asia, and Australia, which has really benefited its users when it comes to dealing with banks throughout the world.

Alternatives to Open Financial Exchange

While this money transfer service is very fast and easy to use. There are other other money transfer companies that offers good exchange rates like OFX. With these money transfer companies, you can send money to anywhere in the world. Hence, I will highlighting them below;

  • WorldRemit
  • XE
  • TransferWise
  • Azimo
  • TorFX
  • PayPal
  • MoneyGram
  • Ria
  • Western Union
  • Remitly
  • InstaReM

How Does OFX Really Work?

Firstly, you need to setup an account by simply registering with OFX. Here are the steps to follow.

  1. Register Online via their official website www.ofx.com/en-gb/
  2. Verify your identity either automatically or using your email. You might also get a phone call from OFX dealers; they are really there to help answer any questions you have. They are there to actually receive a bit of additional information, like a copy of your ID. Getting these details back to them is pretty simple and straightforward. In some cases, you might simply scan your driver’s license. Using your Smartphone will be fine as well.
  3. Setting up a deal with OFX money transfer after registration is really where the fun begins. After you’ve carried out your OFX Login, you can set up a transaction either on the mobile app on your Smartphone or their online platform. You start by funding your OFX account, and this depends on the country your bank account is in; Wire Transfer (Canada and US), ACH Direct Debit (US), Electronic Bank Transfer (Australia, Canada, US, and UK), Debit Card (UK). Electronic Bank Transfer is used for businesses most times.

Finally, track your funds by setting up alerts so you can track the progress of your funds. You can choose to get notifications when funds are received by OFX and paid out to your recipients.