OFX Review – Forbes Advisor

The OFX customer service we encountered over the phone was confusing.

We made a toll-free call to customer service on a Tuesday evening. A recorded voice then told us that OFX was receiving a high number of calls due to unexplained “recent world events”. The automated system told us that if we needed to complete the registration process, we could press 1. To execute a transfer, we could press 2.

We had been on hold for eight minutes when it appeared an OFX representative was coming on the line. However, the call fell. Our phone quickly showed that someone from OFX was trying to call back while we waited, but we couldn’t answer the call quickly enough.

We then called back the phone number that was displayed on the phone. Again we received recorded instructions and put in a queue. Sixteen minutes later, an OFX representative came on the line.

The audio quality of the call was poor making it difficult for the representative to understand. We asked two questions: How long do transfers take and what are the transfer fees? What we were told contradicted the information we found on the OFX website.

The courteous rep asked which currency pair we were planning to use. After providing the response (US dollars and Mexican pesos) we were told that it would take two to three days for OFX to receive the money and one or two business days for those funds to clear, which means that a transfer could take up to five days to complete. That’s a lot longer than the OFX website would lead you to believe.

We then inquired about transfer fees. Again, the answer does not match what we gleaned from the OFX website.

We were told that different fees were charged for different currencies. Our takeaway was that if we were transferring in US dollars, for example, the fee for a transfer as low as US$250 would come with a US$5 fee, like any transfer under US$5,000. Transfers over $5,000 would not be charged, we were told. These numbers do not match what we discovered on the OFX website.

OFX boasts of offering 24/7 phone access to customers. In the United States, customer support can be reached by calling 888-288-7354 for personal accounts or 888-966-6888 for business accounts. Customer support is also available via email ([email protected]). Live chat is not an option.

OFX has offices in San Francisco, London, Dublin, Sydney, Hong Kong, Singapore, Toronto and Auckland.

Lance B. Holton