There are plenty of reasons why you would need to transfer money internationally.
Reasons include sending money to friends and family overseas, purchasing investments or divestments, buying a home abroad, or directly paying for accommodations for an upcoming international vacation.
This is why it is crucial that you find an international money transfer service that provides low transfer fees and low exchange rate markups.
If you’re looking for such a service, you may want to take a peek at OFX Money Transfer and see if it is the right fit for your needs.
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OFX Money Transfer Overview
OFX is an online money transfer service that delivers from the United States to countries around the world. You can access OFX Money transfers through their website or their mobile app, and their best advantage as a provider is their cost.
OFX boasts having served over 1 million customers worldwide. Since its establishment in 1998, the provider has transferred over $128 billion in multiple currencies and countries around the world.
OFX transfers to over 170 countries around the world and exchanges to over 50 currencies (as of writing), including all major and exotic currencies.
OFX is regulated by the United States Department of Treasury Financial Crimes Enforcement Network, ensuring that all the services they provide are legitimate, and all their transactions are legal and subject to government oversight.
Learn More About OFX
Who Should Use OFX?
If you are one of the following, then OFX Money Transfer is an excellent fit for you as a service provider:
- You’re looking to purchase overseas properties for personal use or as an investment opportunity.
- You’re looking to make significant investments overseas.
- You have friends and families abroad who you support with a regular allowance.
- You have a child or grandchild studying overseas who needs monthly tuition payments.
- You’re looking to take a luxurious vacation overseas or host an event such as a wedding abroad.
- You have significant projects and need to pay your independent contractors located overseas.
How OFX Money Transfer Works
After registering for an account, you need to get verified, and then you can log in to your account. Once you’ve logged in, you only need to enter your recipient’s bank account details and then lock in the transfer.
You can then either set up a Direct Debit to your bank account or send the funds through a wire transfer, and you’re all set.
OFX Money Transfer Options
The transfer method for OFX is limited to bank accounts only. If you’re doing business deals with people overseas or you’re sending money to a child or relative, they need to set up a bank account before you can send them money through this provider.
You should also be wary of the standard transfer times with this provider. Being limited to bank-to-bank transfers means that all their transactions follow standard bank processing times and are limited to business days.
That means you cannot expect same-day or even next-day delivery of your transfer. It usually takes four business days for a transaction to be credited to your recipient’s account.
It takes two days for OFX to get the funds from your bank and another two days to send the money to your recipient’s account.
Should You Use OFX Money Transfer?
OFX Money Transfer is a great service provider if you’re looking to transfer more than a thousand dollars overseas and speed is not a problem.
They have one of the lowest costs among money transfer providers, especially for transfers to industrialized countries like the United Kingdom, Germany, and Italy.
OFX isn’t an option for anyone who wants to send a small amount or someone who requires same-day delivery.
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Product Name: OFX Product Description: OFX is an international money transfer service that allows individuals and businesses to send funds to more than 170 countries in over 50 currencies. Known for offering competitive exchange rates and low fees, OFX aims to provide a cost-effective and efficient alternative to traditional bank wire transfers. The platform also offers various risk management tools to help users navigate the volatile foreign exchange market. Summary of OFX Established in 1998, OFX has grown to become one of the leading players in the global money transfer industry, facilitating over $100 billion in transfers to date. With 24/7 customer support and a user-friendly online platform, OFX provides a reliable and convenient service for conducting international transactions. In addition to personal and business transfers, OFX offers services such as forward contracts, recurring transfers, and limit orders, providing users with options to manage their foreign exchange risk and take advantage of favorable market conditions. Furthermore, the platform is regulated in all operating jurisdictions, ensuring a secure and trustworthy environment for customers’ financial transactions. Through its combination of competitive pricing, extensive services, and robust security measures, OFX stands out as a preferred choice for global money transfers. Pros Cons
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