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OFX

8.1 / 10 Overall Score

Website: https://www.ofx.com/en-au/
Jurisdiction: Australia
Operating Since: 5-10 years
Regulatory Status: N/A

Score Breakdown

License
Regulation
Business
Risk Control
Software

Company & Contact

Legal Name: OzForex Limited
Phone: 6.13E+10
Email: customer.service@ofx.com
Address: Level 19, 60 Margaret Street, SYDNEY NSW 2000

License Info: [{"监管状态": "ASIC Regulated", "牌照信息": "Australia Market Maker (MM)"}]

In-Depth Broker Review

What’s inside: Company overview, account types, and deposit & withdrawal guidance.

Company Profile
Account Types
Deposit & Withdrawal

Broker Details

# OFX Company

## Company Overview

OFX company is a global provider of online international payment services, catering to both personal and business customers. Established in 1998 in Sydney, Australia, OFX began as an online foreign exchange business founded by Matthew Gilmour, with the vision of providing a better and fairer way to transfer money globally. The company was initially known as OzForex and has since rebranded to OFX.

OFX operates as a publicly listed entity under the stock ticker "OFX" on the Australian Securities Exchange (ASX). The company has grown significantly, with approximately 700 employees and offices in major cities including Sydney, London, Dublin, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. OFX facilitates money transfers in over 50 currencies to more than 170 countries, making it a prominent player in the global financial services sector.

## Corporate Development

Since its inception, OFX company has achieved several key milestones that mark its growth trajectory. The company launched its first online money transfer facility in 2001 and obtained an Australian Financial Services License in 2003. In 2013, OFX was publicly listed on the ASX. The company has pursued strategic acquisitions to enhance its service offerings, including the acquisition of Firma Foreign Exchange Corporation in 2022 and Paytron Holdings Pty Ltd in 2023. These acquisitions aim to empower businesses to make better financial decisions and streamline their payment processes.

## Corporate Structure and Subsidiaries

OFX operates several subsidiaries and registered entities across various jurisdictions:

- **Australia**: OzForex Limited (ABN 65 092 375 703)
- **Singapore**: OFX Singapore Pte. Limited (UEN 201317103N)
- **Hong Kong**: OzForex (HK) Limited (CRN1588862)
- **New Zealand**: NZForex Limited (NZBN 9429031497541)
- **United Kingdom**: UKForex Limited (Company No. 04631395)
- **European Union**: OFX Payments Ireland Limited (Company No. 642716)
- **United States**: USForex Inc. (Licenses held in all US states)
- **Canada**: CanadianForex Limited (Reg. No. M08560392)

The company is led by a board of directors composed of experienced business leaders in the financial services industry. The executive team is headed by CEO Skander Malcolm, who has a background in major banks and financial institutions.

## Regulation and Compliance

OFX company is regulated by over 50 authorities globally, ensuring compliance with financial regulations in each operating region. Key regulatory bodies include:

- **Australia**: ASIC (Australian Securities and Investments Commission) and AUSTRAC (Australian Transaction Reports and Analysis Centre).
- **Singapore**: Monetary Authority of Singapore (MAS).
- **Hong Kong**: Customs and Excise Department.
- **United Kingdom**: Financial Conduct Authority (FCA) and National Crime Agency (NCA).
- **United States**: Financial Crimes Enforcement Network (FinCEN) and state regulators.
- **Canada**: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

OFX implements client fund protection measures, including the segregation of client funds and adherence to strict audit requirements. The company has never been subject to regulatory or enforcement action, demonstrating its commitment to compliance and operational integrity.

## Global Presence and Market Coverage

OFX operates in key geographic markets including Australia, the United Kingdom, North America, and Asia-Pacific. The company has established local branches and representative offices in major financial hubs, enabling it to serve a diverse clientele. Its market focus includes both individual customers and businesses, particularly those involved in international trade and e-commerce.

## Financial and Operational Data

As of the latest available data, OFX company reported a net operating income of AUD 227.5 million and held AUD 68.2 million in cash. The company transferred approximately AUD 38 billion in funds last year, indicating a substantial transaction volume. OFX has invested in technology and infrastructure to enhance its service delivery, including partnerships with cloud accounting software providers like Xero and SaaSu.

## Reputation and Industry Standing

OFX company is perceived positively within the forex and financial community, recognized for its reliable service and customer support. The company has received favorable reviews from clients, highlighting its efficiency and competitive rates. OFX collaborates with major financial institutions, enhancing its credibility and standing in the market.

## Summary

In summary, OFX company is a well-established player in the global online payment services sector, with a strong regulatory background and a commitment to operational integrity. With its extensive network, diverse service offerings, and a focus on compliance, OFX continues to play a significant role in facilitating international money transfers for individuals and businesses alike.

Account Types

# OFX Account Types

OFX offers a variety of account types tailored to meet the needs of individuals and businesses engaging in international money transfers. Below are the available account types:

| **Account Type** | **Minimum Deposit Requirement** | **Spreads/Commission Model** | **Leverage Limits** | **Trading Instruments Available** | **Base Currencies Supported** | **Execution Model** | **Unique Features** |
|-------------------|---------------------------------|------------------------------|---------------------|-----------------------------------|------------------------------|---------------------|---------------------|
| Personal Account | $250 | Typically no transfer fees above $10,000; $15 fee for transfers below | Not specified | Over 50 currencies | USD, EUR, GBP, AUD, CAD, SGD, HKD | Market Maker | Easy sign-up process, 24/7 support |
| Business Account | $250 | Typically no transfer fees above $10,000; $15 fee for transfers below | Not specified | Over 50 currencies | USD, EUR, GBP, AUD, CAD, SGD, HKD | Market Maker | Specialized for international payroll, customizable rates |

# OFX Broker Account Opening Process

Opening an account with OFX involves a straightforward process. Here are the steps to follow:

1. **Visit the Registration Page**: Go to the OFX website to start the account opening process.
2. **Fill in Registration Form**: Complete the registration form with personal or business details.
3. **Verify Your Email**: Confirm your email address to proceed.
4. **KYC/Identity Verification**: Provide government-issued photo ID and proof of address (utility bill, bank statement). Additional documentation may be required for business accounts.
5. **Link Your Bank Account**: Connect your domestic bank account to facilitate transfers.
6. **Approval Time**: The verification process typically takes 1-2 business days, though some accounts may be approved within hours.
7. **Start Transferring**: Once verified, you can begin setting up transfers.

This process ensures compliance with anti-money laundering regulations while providing a secure environment for your transactions.

Deposit & Withdrawal

# OFX Deposit & Withdrawal Guide 2025: Methods, Limits, and Processing Times Explained

## OFX Minimum Deposit Explained

### Exact Minimum Deposit Amount
The minimum deposit required to open an account with OFX is **$1,000**. This applies to most account types, making it accessible for a wide range of users looking to engage in international money transfers.

### Account-type Comparison
- **Personal Accounts**: Minimum deposit of **$1,000**.
- **Business Accounts**: The same minimum deposit applies, but additional services and features may be available depending on the business's needs.

### Regional Differences
The minimum deposit requirement remains consistent across various regions, including the US, UK, Australia, and Canada. However, specific regulations or local financial requirements may affect the overall user experience.

### Advantages
1. **Low Minimum Deposit**: At **$1,000**, it is lower than many competitors.
2. **No Transfer Fees**: OFX does not charge transfer fees for transactions over $10,000.
3. **Competitive Exchange Rates**: Users benefit from rates that are typically better than traditional banks.
4. **Wide Currency Support**: OFX supports over **55 currencies**, catering to a global audience.

### Disadvantages
1. **Limited Payment Methods**: Only bank transfers are accepted for deposits, which may not suit all users.
2. **No Cash or Credit Card Options**: Users cannot deposit via cash or credit cards, limiting flexibility.
3. **Higher Transfer Fees for Smaller Transactions**: A fee of **$15** is charged for transfers under **$10,000**.
4. **Potential Delays**: Processing times can vary based on the currency and method used.

### Competitor Comparison
Compared to other money transfer services like **Wise** or **PayPal**, OFX's minimum deposit is relatively low. However, services like Wise allow smaller transfers without a minimum deposit, which may appeal to casual users.

---

## OFX Deposit Methods Comprehensive Guide

### List of Deposit Methods
1. **Bank Transfer**
 - **Processing Time**: Typically 1-2 business days.
 - **Fees**: No fees for deposits over **$10,000**; **$15** fee for deposits below this threshold.
 - **Availability**: Available globally.
 - **Limits**: Minimum deposit of **$1,000**.
 - **Pros**: Secure and straightforward.
 - **Cons**: Slower compared to other methods.

2. **E-wallets (e.g., PayPal, Skrill)**
 - **Processing Time**: Instant to 1 business day.
 - **Fees**: Varies based on the service provider.
 - **Availability**: Limited based on the region.
 - **Limits**: Typically a minimum of **$1,000**.
 - **Pros**: Quick and convenient.
 - **Cons**: May incur additional fees.

3. **Credit/Debit Cards**
 - **Processing Time**: Not supported for deposits.
 - **Fees**: N/A.
 - **Availability**: N/A.
 - **Limits**: N/A.
 - **Pros**: N/A.
 - **Cons**: Limited options for users preferring card payments.

4. **Local Options**
 - **Processing Time**: Varies by country.
 - **Fees**: Varies by local bank charges.
 - **Availability**: Dependent on local banking regulations.
 - **Limits**: Typically a minimum of **$1,000**.
 - **Pros**: May offer localized support.
 - **Cons**: Can be complicated based on local banking systems.

### Supported Currencies and Recommended Methods
OFX supports over **55 currencies**, including USD, EUR, GBP, AUD, and CAD. The recommended method for deposits is **bank transfer** due to its security and reliability, especially for larger amounts.

---

## OFX Deposit Steps Explained

### Step-by-Step Deposit Procedure
1. **Create an Account**: Register online via the OFX website or app.
2. **Verify Your Identity**: Complete KYC (Know Your Customer) verification by submitting the required documents.
3. **Select Deposit Method**: Choose bank transfer as the preferred method.
4. **Enter Deposit Amount**: Specify the amount you wish to deposit (minimum **$1,000**).
5. **Confirm and Submit**: Review the details and confirm the deposit.

### Mobile vs Web Differences
The deposit process is similar on both mobile and web platforms. However, the mobile app may offer quicker access to account management features and notifications.

### KYC Notes and Common Issues with Solutions
- **KYC Verification**: Ensure you have valid identification and proof of address ready.
- **Common Issues**: Delays in verification can occur. To resolve, ensure all documents are clear and legible.

### Typical Fund Crediting Times
Deposits via bank transfer typically take **1-2 business days** to reflect in your OFX account, depending on the bank's processing times.

---

## OFX Withdrawal Methods Overview

### Available Withdrawal Channels
1. **Bank Transfer**
 - **Processing Time**: 1-3 business days.
 - **Fees**: Generally no fees for withdrawals.
 - **Supported Currencies**: USD, EUR, GBP, AUD, and more.
 - **Limits**: Minimum withdrawal of **$1,000**.
 - **Pros**: Secure and straightforward.
 - **Cons**: May take longer to process compared to other methods.

2. **E-wallets**
 - **Processing Time**: Instant to 1 business day.
 - **Fees**: Varies based on the provider.
 - **Limits**: Minimum of **$1,000**.
 - **Pros**: Quick access to funds.
 - **Cons**: May incur higher fees.

### Recommended Options by Cost and Speed
For the best combination of cost and speed, **bank transfers** are recommended for withdrawals, as they do not incur fees and are secure.

---

## OFX Withdrawal Steps Explained

### Step-by-Step Withdrawal Instructions
1. **Log into Your Account**: Access your OFX account via the website or mobile app.
2. **Select Withdrawal Option**: Choose bank transfer as your withdrawal method.
3. **Enter Withdrawal Amount**: Specify the amount you wish to withdraw (minimum **$1,000**).
4. **Confirm Your Identity**: Complete any required ID verification.
5. **Review and Submit**: Confirm the details and submit your withdrawal request.

### ID Verification Requirements
You may need to verify your identity through documents such as a government-issued ID or utility bill showing your address.

### Expected Fund Arrival Time
Withdrawals typically take **1-3 business days** to arrive in your bank account, depending on the bank's processing times.

### Typical Delay Reasons and Fixes
- **Bank Processing Delays**: Contact your bank for any hold-up.
- **Incomplete Verification**: Ensure all identification documents are submitted and verified.

---

## FAQs – OFX Deposits & Withdrawals

### What is the minimum deposit for OFX?
The minimum deposit required for OFX is **$1,000**.

### How long do withdrawals take?
Withdrawals typically take **1-3 business days** to process.

### Are there fees for deposits or withdrawals?
There are generally no fees for withdrawals. A **$15** fee applies for deposits under **$10,000**.

### Can the same method be used for both?
Yes, you can use bank transfers for both deposits and withdrawals.

### Are crypto or local methods supported?
OFX does not support cryptocurrency deposits or withdrawals; local methods vary by region and may be limited.

Disclaimer: This card is for informational purposes only and does not constitute investment advice. Always verify details with official disclosures and regulators.

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