Smith 
There are many reasons you might need to send money across borders, whether it’s helping out friends and family abroad, buying or investing in property, paying for an overseas trip, or simply managing international finances. For all these needs, finding a money transfer service with low fees and good exchange rates is essential. OFX Money Transfer could be worth checking out.
OFX Overview:
OFX is an online service that lets you send money from the U.S. to other countries via their website or mobile app, known for its affordability. Since starting in 1998, OFX has served over a million customers and transferred more than $128 billion. They support transfers to over 170 countries and handle over 50 currencies, both major and exotic. The service is overseen by the U.S. Department of Treasury Financial Crimes Enforcement Network, ensuring all transactions are legitimate and monitored.
Who Should Use OFX?
OFX is a good choice if you:
- Are purchasing overseas property for personal or investment reasons.
- Are making large international investments.
- Regularly support friends or family abroad.
- Need to pay tuition for children studying overseas.
- Are planning a vacation or event abroad, like a wedding.
- Run projects and need to pay international contractors.
How OFX Works:
You can make transfers through OFX’s website or mobile app. First, register and verify your account. Once logged in, you enter your recipient’s bank details and lock in the transfer. You can set up a direct debit or send funds via wire transfer, and you’re good to go.
Transfer Options:
OFX only supports bank-to-bank transfers. Your recipient will need a bank account to receive the money. Transfers typically take four business days—two days for OFX to get the funds from your bank and another two days to transfer to the recipient’s account. This timeline means same-day or next-day transfers aren’t possible.
Should You Use OFX?
OFX is ideal for transferring larger amounts over $1,000 overseas when speed isn’t critical. They are especially cost-effective for transfers to developed countries like the UK, Germany, and Italy. However, if you need to send small sums or require fast transfers, OFX may not be the best fit.
OFX Review Summary:
OFX is an international money transfer provider that lets individuals and businesses send money to more than 170 countries in over 50 currencies. Known for its competitive rates and low fees, OFX has become a leading player in the space. They offer 24/7 customer support and a user-friendly online platform, making it reliable and convenient. Additional services include forward contracts, recurring transfers, and limit orders, helping users manage foreign exchange risks. OFX is regulated in all its jurisdictions, enhancing security and trustworthiness.
Features:
- Competitive exchange rates
- Low or no transfer fees
- Transfers to over 190 countries
- 24/7 customer support
- Risk management tools
Drawbacks:
- Minimum transfer amount required
- Account setup and verification needed
- No cash pickup option
- May be complex for new users
Overall, OFX combines affordability, extensive services, and strong security, making it a top choice for international money transfers.
