Is OFX safe for international money transfers? |
OFX International Money Transfers

How safe is OFX money transfer service?

OFX is more than low fees and competitive exchange rates. Its also a solid option for safety.

With 115 partner banks across the globe, OFX can beat the fees you’ll encounter at most US banks. You can get your money where it needs to go quickly with an easy online process. Now learn more about the physical, organizational and technological measures that guard your details along the way.
OFX International Money Transfers

OFX International Money Transfers

Exclusive offer: Because OFX is a trusted partner of, you can enjoy exclusive exchange rates simply by initiating a transfer through our site.

  • Transfers in 50+ currencies. OFX supports major, minor and exotic currencies.
  • $0 transfer fees. Send fee-free transfers to a large selection of countries worldwide.
  • Flexible options. From forward contracts to scheduled transfers, OFX offers a range of options to suit your needs.

    How does OFX protect my money?

    OFX takes pride in its tight protection of your money and personal information. It is registered as a federal money service business with the US Treasury and licensed as a money transmitter by state regulatory agencies. Its history of accountability and digital safeguards gives you further peace of mind.

    • Phone verification for all new accounts. Signing up is free, but you’ll need to be ready to accept a call from an OFX representative to verify your account before you can begin setting up a transfer.
    • SSL encryption. OFX establishes a secure connection with your browser to prevent the interception of your information.
    • Fraud detection. A multilayer system exposes malware, phishing and other suspicious activity.
    • Accountability. It’s a publicly traded Australian company with a responsibility to its shareholders to successfully complete every transaction.
    • Nearly two decades of experience. OFX has worked with highly rated financial institutions since since 1998.
    • 24/7 customer service. With multiple ways to get help.

    Need help? Speak to an OFX money transfer agent

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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

    • Buying property abroad
    • Emigrating
    • Regular overseas payments
    • Risk management
    • Forecasting

    What are my rights when it comes to money transfers?

    Since 2013 the Consumer Financial Protection Bureau has enforced rules to keep US citizens safer when transferring money internationally. Federal law now requires many banks, credit unions and money transfer services to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also should be provided with details on:

    • Your right to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The bank or company’s process to investigate and fix any errors. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more

    How do I report suspicious activity to OFX?

    OFX won’t email you to confirm payment details, passwords or any other personal information. If you receive an email from someone claiming to be OFX, do not respond. If you’re skeptical about an email or phone call, report it online to OFX’s Frauds and Scams page.

    How to avoid a money transfer scam

    Chances are you’ve heard about somebody who’s fallen prey to a money transfer scam. Keep your eyes peeled and say safe with easy tips.

    • Be cautious with unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is safe is vital, but it’s just as important to keep yourself safe when retrieving your money. To get your cash safely:

    Call ahead.Learn when the company is open and choose a safe time to pick up your cash. Daylight hours are safest.
    Bring a friend.Carrying money makes you more vulnerable to theft. Invite a friend to come with you.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open makes you a target.

    Bottom line

    OFX is a strong choice for saving money on international transfers, and you can be confident that your money will be secure until it’s received. Be sure that the currency you need to send is covered and compare transfer times to make sure it is the right option for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams


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    2 Responses

    1. Default Gravatar
      BenJanuary 30, 2018

      We want to send Euros from our U.S. bank account to a friend’s bank account in Marrakech, Morocco. Is this possible through OFX? Will the U.S. bank and/or the Moroccan bank have fees for wiring?

      • Staff
        kathyclairFebruary 2, 2018Staff

        Hi Ben,

        Thanks for getting in touch with finder, a leading comparison website and general information service.

        Transferring money from your domestic bank account to a foreign bank account is easy with OFX.

        Here’s how to transfer money to a foreign bank account:

        1. Create an OFX account to save money on high margins and fees
        2. Log in to check exchange rates and get a live qoute for your money transfer
        3. Collect your bank details and the receiver’s bank details
        4. Select “Finalise transaction” and use the OFX mobile app to track your transfer.

        Hope this helps!

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