OFX (formerly OzForex) is a Forex firm originating in Australia. Since inception, OFX has gone on to become a specialist international payments service provider with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.
OzForex was launched by Matthew Gilmore out of a garage in Sydney’s Northern Beaches. Starting with 2 employees, the company has since grown vastly and is become one of the big Forex transfer firms.
In 2001, OFX launched its first online money transfer facility, and in 2003 launched their New Zealand branch, NZForex. They went on to launch UKForex that same year, and CanadianForex in 2007, before launching USForex.
In 2013, OFX registered on the Australian Securities Exchange, under the trading name OzForex Group Limited (OFX).
In 2015, the OzForex Group rebranded, becoming the single brand OFX.
OzForex has until now worked regionally, with subsidiaries around the world including UKForex, USForex, CanadianForex, ClearFX, and NZForex. Each subsidiary targets its own region. Each one has its own local offices, local processing of domestic transfers and debit, and local support with region-specific knowledge.
With OzForex rebranding to OFX, the plan is to consolidate everything into one website and name. However, this will require extensive rebranding and adaptation of current functionalities. For now, OFX refers to what used to be OzForex, and the rest of the subsidiaries still operate under their own names and websites.
In August 2015, OFX launched the world’s first large-scale Forex transactional app. The app is highly functional and sets OFX apart from many other Forex firms. Not only does it allow for transactions in 48 currencies, but it also offers 24/7 global customer support, live rate alerts and allows repeat payments.
John Malcolm is the Managing Director and Chief Executive Officer. He joined OFX in February 2017 after 25 years of experience in financial services across consumer payments, consumer finance, joint ventures, partnerships, commercial lending and leasing, and digital.
Selena Verth joined OFX in October 2017 as Chief Financial Officer. She has over 17 years of experience in finance, analytics, M&A and risk across various roles. Her most recent role was Head of Finance – Platforms, Superannuation and Investments and Head of Wealth Analytics and Insight at BT Financial Group Australia.
Mark Shaw joined OFX in January 2018 as Chief Risk Officer and took on the role of Chief Operating Officer effective 1 March 2019. In his role, Mark will be responsible for the Group’s global operations and risk functions.
Size and reach
OFX has grown into a big Forex firm. With 246 employees of 47 different nationalities, OFX succeeded in servicing over 300 000 clients over the past year. They currently make approximately 3250 transactions on a daily basis, with a turnover of AUD $84 billion in transactions since being founded.
For the year ending March 2015, OFX made a net operating income of $90.1 million, up 24.2% from the previous year’s $72.6 million. Their net profit after tax was $24.3 million, up 52% from the previous year’s $15.9 million.
In November 2015, OFX’s net operating income for the 1st half of the financial year was at $53.6, up 29% from the same period in the previous year.
Public Stock Performance
OFX (OFX) has been listed on the Australian Securities Exchange (ASX) since 2013. Their earnings per share in the 2015 financial year were $10 000. In January 2015, OFX stocks fell 14%, after they announced their split with Westpac Banking Corp.
OFX is a full member of the Australian Financial Markets Association (AFMA). They are licensed by the Australian Securities and Investments Commission (ASIC) to deal, make a market in and provide financial product advice in relation to foreign exchange contracts and derivatives.
Mergers and acquisitions
In 2007, Macquarie Bank acquired 51% of OzForex, in a deal which made OzForex the recommended supplier of foreign exchange to Macquarie’s 383,000 cash management trust clients, as well as clients trading in international equities.
In 2009, OzForex began offering a platform for international money transfers through ING Direct.
OFX has white-label deals with Travelex and Moneygram.
OFX retains a high reputation among its customers, especially in the countries in which it has a strong presence. Review aggregator Trustpilot gives it a rating of 9.1/10, based on 136 reviews. OFX also have a positive image in the media, with publicity generally positive about what’s still seen as an honest and integral firm.
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- Company: OZFOREX GROUP LIMITED (OFX) – Public Company Listed in the ASE.
- Daughter companies – OZForex (Now OFX.com), UKForex, USForex, CanadianForex, ClearFX, and NZForex.
- Founded: 1998.
- Payment Options: Domestic Wire & Local Debit Card processing in the US, UK, Australia and Europe (*Unique*).
- Accounts Available In: UK, US, Hong Kong, Australia, New Zealand, Europe.
- Minimum Amount: $750, No Fixed Fees over $3.000
- Regulation: Financial Conduct Authority (UK), FinCEN (USA), FINTRAC (Canada), ASIC (Australia).
- Dedicated Dealers: Yes.
- Additional Information: .
OZForex, with a market cap of over A$600M, is one of the market’s giants. They have been trading for almost 20 years by now, and they are superb at the process of making this unwelcoming part of the process, as swift and quick as possible. With local regulation in each justification they operate in, local offices in each region, and the experience they have gathered over the years, it should take as little as possible.
That possibility if of course dependent on the laws in place in consideration to the transfer of large amounts of money between countries. To prevent money laundering, there has to be a clear process of self-identification and reporting on behalf of the company handling the funds to the proper authorities. This could seem like a hurdle, but in fact, this makes these companies so well secured, which is the most important factor when it comes to their functionality.
Trading With USForex, UKForex, OFX, CanadianForex
After you are signed and approved, you will gain access to one of the best platforms in the industry. It is so quick and smooth, that other competitors, and even massive-sized companies like Travelex, have decided to white-label it and use it. It is considered a work of art and has gained significant international awards.
The platform is capped, and large transfers won’t go through online, though. It’s a standard procedure with all Foreign Exchange companies, and also benefits the clients. When you speak to your dedicated dealer on the phone, he or she can save you significant amounts by guidance. They will analyze your reasoning to sending the money, which currencies it involves, and consult you on the best timing and when to go through. This alone can save you money. You can read more about it here on our cheap money transfer guide.
The average margins you should be looking at when you are looking to transfer through the platform is just about the same as other large FX companies take. It’s the best prices you can get from the companies we have reviewed, but also very similar to them. Somewhere in the range of 0.8%-1.2% on each transfer, without transfer fees over $3,000, which is a very good deal and should save you about $400-$500 for each 10K you plan on transferring.
There are additional fees when you send funds to an exotic location or using exotic currencies when you use your debit to deposit as opposed to domestic bank wire, and so on, but these are good and fair rates you’ll be receiving.
If you are looking even for lower rates, because you’re facing a massive trade, you will be glad to speak to your dealer on the phone, describe the situation and get a quote. If it’s around what you had in mind, you agree, if not, you go and shop around with the rest of the massive companies we have reviewed. And then you go back to USForex and mention you’ve been offered a different price elsewhere, and perhaps get a better deal. Your negotiation techniques can lower the exchange rates markups with any company you work with, and USForex/UKForex/OFX is no different.
OFX is one of the largest foreign exchange companies in existence with hundreds of thousands of content clients and a fully transparent approach as expected from a publicly traded firm.
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