OFX is more than low fees and competitive exchange rates. Its also a solid option for safety.
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.
- 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.
Speak to an OFX Money Transfer expert
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.|
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
|Scam||What to watch out for||What to do|
|Online purchases||Asking for money up front||Do not pay up front, ask to meet or arrange escrow|
|Lottery and sweeps||Must pay a fee to receive your prize||Ignore it; it’s not a real prize|
|“Guaranteed” loans||Request to pay for your application or taxes before you receive the loan||Rip it up; do not send the money|
|Phishing||Asking for personal details over email (bank accounts, passwords, SSN)||Do not reply or click any links – forward the email to email@example.com|
|Charity||Donation requests from a fake charity posing as real one.||Never wire money when donating to charity, regardless of their legitimacy.|
|Nigerian dignitary||Someone 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 dating||Getting 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.|
How much of a transfer fee does OFX charge?
OFX charges a flat $5 fee for transactions under $5,000. Higher transactions are free.
Is there a minimum transfer amount?
Yes, OFX requires a minimum transfer of $150.
Where can I transfer my money?
You can send money to more than 190 countries in more than 55 currencies.
What if my bank limits my daily transfer amount?
Call your bank to see if they will increase the limit temporarily. If not, OFX accepts partial payments for transfers, completing your transfer when the full amount is received.