OFX.com

Old Jun 10th 2017, 8:25 pm
  #1  
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Default OFX.com

I am moving to the USA but I continue to have a bank account in the UK. I need to move money form my US account to my UK account.

My brother-in-law has recommended OFX.com as the best and cheapest way of making Foreign Xchange transfers. He says there are no fees and they make their money on volume of transactions rather than commission.

Does anyone have any experience of OFX that they could share? I understand this is a startup company from Australia.

Thanks :-)
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Old Jun 10th 2017, 9:12 pm
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Default Re: OFX.com

There are quite a few companies that are used amongst the community. OFX.com is a new one to me. What you have to make sure is that OFX is licensed to do business in the state to which you will be moving. Not all of them are able to be registered in every State.

We've used worldfirst.com for years. They charge about $10 a transfer but their rates are always good and the money arrives v quickly.
Transferwise is also recommended on here, I haven't used them.

I'm sure others will be along...
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Old Jun 10th 2017, 9:58 pm
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Default Re: OFX.com

Originally Posted by RollingStones View Post
I am moving to the USA but I continue to have a bank account in the UK. I need to move money form my US account to my UK account.

My brother-in-law has recommended OFX.com as the best and cheapest way of making Foreign Xchange transfers. He says there are no fees and they make their money on volume of transactions rather than commission.

Does anyone have any experience of OFX that they could share? I understand this is a startup company from Australia.

Thanks :-)
I haven't used this one but I've used others and the best of them has been Transferwise.
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Old Jun 10th 2017, 10:03 pm
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Default Re: OFX.com

Originally Posted by RollingStones View Post
I am moving to the USA but I continue to have a bank account in the UK. I need to move money form my US account to my UK account.

My brother-in-law has recommended OFX.com as the best and cheapest way of making Foreign Xchange transfers. He says there are no fees and they make their money on volume of transactions .....
Be wary of anyone who advertises "no fees", because they make money on the spread (difference between buying and selling rates - like the rates board at a bureaux DE change).

Personally I would stay away from any "start up" when there are a number of established players in the market that offer extremely competitive services.
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Old Jun 10th 2017, 10:29 pm
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Default Re: OFX.com

I looked at their site. They are registered in 47 states, so not all of them.

The say the money takes 1-2 business days in most cases.

Worldfirst takes a couple of hours.
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Old Jun 10th 2017, 10:31 pm
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Default Re: OFX.com

Originally Posted by RollingStones View Post
I am moving to the USA but I continue to have a bank account in the UK. I need to move money form my US account to my UK account.

My brother-in-law has recommended OFX.com as the best and cheapest way of making Foreign Xchange transfers. He says there are no fees and they make their money on volume of transactions rather than commission.

Does anyone have any experience of OFX that they could share? I understand this is a startup company from Australia.

Thanks :-)
thanks for asking this question! we are moving to US after 3 weeks and I also need to find the best way to transfer the money .
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