OFX Review – Forbes Advisor

The OFX customer service we experienced by phone was puzzling.

We initiated 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 did tell us that if we needed to complete the registration process, we could press 1. To execute a transfer, we could press 2.

We were on hold for eight minutes when it seemed an OFX representative was coming on the line. However, the call dropped. Our phone soon showed someone from OFX was trying to call back while we were waiting, but we couldn’t answer the call quickly enough.

We then called back the phone number that had popped up on the phone. Again, we were given recorded instructions and put into a queue. Sixteen minutes later, an OFX representative came on the line.

The sound quality on the call was subpar, making it difficult to understand the representative. We posed two questions: How long do transfers take, and what are transfer fees? What we were told conflicted with information we found on the OFX website.

The courteous representative asked what currency pair we planned to use. After providing the answer (U.S. dollars and Mexican pesos), we were told it would take two to three days for OFX to receive the money and one or two business days for those funds to clear, meaning a transfer could take up to five days to be completed. That’s far more time than the OFX website leads you to believe.

We then inquired about the transfer fees. Again, the answer didn’t match what we gleaned from the OFX website.

We were told different fees were charged for different currencies. Our takeaway was that if we were making a transfer in U.S. dollars, for example, the fee for a transfer as low as $250 USD would come with a $5 USD fee, as would any transfer under $5,000 USD. Transfers above $5,000 USD would not be charged a fee, we were told. Those figures don’t align with what we discovered on the OFX website.

OFX boasts that it offers 24/7 phone access for customers. In the U.S., customer support can be reached by calling 888-288-7354 for personal accounts or 888-966-6888 for business accounts. Customer support also is available by email (customer.service@ofx.com). Live chat isn’t an option.

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

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