Ofx Sucks Customer Reviews and Feedback

From Everything.Sucks

OFX, previously known as OzForex is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals such as migrants and expatriates and small businesses.

One angry former costumer wrote this about OFX on compareremit.com: OFX company is a nightmare. A few weeks ago I set up an account with them. When I registered my OFX account I was in Spain. I made my first transfer and I needed to call them to verify the transfer. After my call verifying the information and my identity, I got an email confirming the transfer was scheduled. A few days later I got an email saying the transfer was cancelled because they couldn't get hold of me. A couple of weeks later after I got back home in the U.S. I called them to check why they have cancelled my transfer. I tried to set up the online transfer again by logging in to my OFX account and I couldn't make the transfer, so I called OFX and they said that now I had to verify my identity by uploading a passport or driver's license, and a bill that showed my address. I complied again and uploaded the required documents. For a week after uploading the required documentation, I didn't hear back from them so I tried to login and this time I couldn't not even login to my OFX account. I called them and they basically said that after internal review I was declined to use OFX. I asked why and no one could tell me just that I was rejected for no reasons. I'm giving them a 1 star review because they don't have a good system in place - standardized - to set up an account. Although it's easy to contact by phone customer service, each representative that you talk to has a different version of how to set up an account, etc so you don't get a clear process to follow. Beware that using this company can be a big waste of time. I suggest you use something else like transferwise, zoom, etc.


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Denny Emery says

"I registered an account with OFX. I gave all my documents and details. The system didn\'t allow me to initiate a transfer and told me to contact customer support. I called support multiple times, but they say they will fix it and do nothing. No email, no phone nothing. Pathetic excuse for a company and customer support."

Jason T Blade says

"I thought lost everything and my family will never forgive me but thanks to Mr Micheal who recommends
financialresourcellc.co to me and he did it perfectly by recovering all my money back to me, am really
forever grateful ."

Jon Hogan says

"My near $5K payment has been seemingly lost in cyberspace, and OFX dont even provide updates after a weeklong investigation (now 13 days). Seems an intermediary bank is holding my payment with no explaination and no regard for resolving the issue promptly. Some of THE WORST customer service I have experienced! Will I EVER get my money back?"

junior fernandez says

"I try to open bussines account and my account is dont approve without any reason its a very very bad services i send all documents."

Nainesh says

"Opened account in early December. Uploaded documents for verification twice!!! Had to email customer service and still have not been verified. Really poor service!!! No explanation of why verification is taking so long. Makes me wonder how trustworthy they are."

Ven Skorp says

"Does not allow you to transfer from South Africa, unless you are a South African resident. Should have been explained upfront, not when I have spent 15 minutes filling out the online form."

LeeM says

"OFX advertise a same day service yet you make a transfer to Thailand at 5:30 am U.K. time ( 12:30 pm) Thai time and it still sits processing transfer. Because it is a public holiday ( Xmas) next day it will sit processing all weekend until 28th December. Not the first time this has happened Use TransferWise instant transaction"

Anu Anu says

"Horrible experience, won't recommend to even my enemy.

After 4 months, (1) still waiting for my money, neither getting remitted nor getting refunded back (2) account verification is still hell lot of pain.

In current digital era, they can't initiate a refund-to- source request.
Instead let customer be in pain to go through 'recall' request which takes several months. (still waiting, after 3 months)

Story so far:
1) Opened account, submitted all docs
2) "Received confirmation email that ready to start the remittance"
3) Initiated the first transaction, and transfer the money into the said account.
4) After receiving money, OFX suddenly realized verification process is not done yet. {and the horror story starts now}
5) They started cross questioning me, in judicially manner.
5a) provide fund transfer proof (funny, isn't it)
5b) provide my photo holding my passport and complete name
5c) consent .....
6) Forced me to raise 'fund recall' request. Kind of transaction dispute request with my bank.

And now, on every follow up (since 2 months) receives a robotic answer "please follow up with your bank on the recall request"

Don't know when will I receive my funds back. How can I forget my hard earned money.

For me it's purely a cheating case.

Update 6/Jan/21:
Still waiting for my money back...
OFX is enjoying the interest free funds since Sep2020, unashamed."

M Danesh says

"Almost two weeks passed to give confirmation weather I am eligible to open account or not, seems they don't have enough resources to process customers need."

Gavin Suen says

"Terrible experience.如果你不太說英文,他們不歡迎你 and they have ways too many customers I guess

I made a mistake in puting my details (date of birth)and and made verification took so long and they didn't inform what went wrong and simply made me wait(it still hasn't been resolved , more than two days) ..The exchange rate goes up a lot in last few days they do not welcome anyone can't speak English well.. and *this is an English service and so you may use other services * one of the staff said. My son helped me to interpret and the staff said that my son can't do that.

If I can give 0 star, I will give 0 star, not 1 star."

Anna Wessels says

"Rating 1 star because setting up the transfer was easy. However, the funds ($1,000) never reached the recipient and according to the recipient bank's forex dept, no knowledge of said transfer. Customer service advised 3-4 business days to receive a response(?). Hopeful this will get resolved, but as of now cannot recommend OFX."

Miranda Choy says

"Fund was available 3 days later than schedule
It’s not a reliable service"

Bennett Triplets says

"Problems problems and more problems. I set up my account almost 2 months ago. I got nothing but run arounds because I was setting up a business account. Tried to do some test transfers and they pulled the money from me but never sent to recipients. I’ve had no less than a dozen phone calls with them and they have yet to do what they promise. Beware!"

Muhammad says

"Extremely slow and extremely bad exchange rates. Its now 20 days and my transfer is not paid out. I had to use it because I had no other option. I would recommend every one to avoid this company at any cost. Better use Transferwise. They are super fast and have best rates."

Jim says

"Dishonest exchange rates. The exchange rate that you get when placing transfer is much worse than the exchange rate posted on OFX front page. This is dishonest business practice. Stay away from this crooked company."

Bill M says

"Could not log into my account. Called on Saturday morning for help. Called three more times for help. Customer service people couldn't solve the problem.
They claim tech support is working on this. It is now Wednesday evening and no solution. Do you really want to use a currency exchange firm with and IT department that is understaffed and/or under qualified?"

Ryan Corbin says

"This company isn’t the best place to use to transfer money overseas. If you want to use a better one, TransferWise is way better and they don’t ask for information they aren’t entitled to like OFX does. Granted, if you need money to send to Taiwan, currently OFX is the only app other than your own bank that will send money here, but considering that even if you sent $1,000 US, they charge $50 on their exchange fee compared to the daily exchange rate. If you had to send upwards of $10,000 US, they charge over $400 because of their exchange rate they use. So if you are willing to spend that kind of money to transfer your money from one place to another, than by all means use them. But if you want to save money, then I would recommend you look somewhere else to save money when transferring internationally."

Dennis Bakoussis says

"Been using OFX for over a year and initially their FX rates were very competitive. However in a year OFX's rates have gone drastically down where now they are on par with my local bank. I now also use XE depending on the FX rate and have found that I now use XE far more than OFX. Shame because they initially had great rates and site simple to use."

John C says

"I ordered the spot contract on a Sunday and transferred the money (my NAB account to OFX NAB account immediately). NAB to NAB account transfers are virtually immediate according to NAB, so the money should have been in the OFX account Sunday, but all Monday passed without OFX back-office processing the payment and executing the transfer. Back-office did not process the transfer till midday Tuesday. "Very efficient - NOT" - time is money."

james mcdermott says

"Very slow service funds paid Thursday money paid out Monday too slow on this modern day"

Jeffrey Onoapor says

"Services looks a bit good but the delay in processing and paying out to recipients after funds is received by OFX timing should be reviewed for a bit faster in transfer."

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