OFX - Canada Reviews 127

I submitted a transfer on 7-25; the next day 10k was taken from my account; on 7-30 I received an email saying that recipient has been paid ( a lie it turned out). when informed by recipient that the funds were never credited to their account, I have been contacting ofx about this issue since 8-10; I requested both a trace and a recall/refund. I obtained a signed letter from the recipient/recipient bank stating that after investigation the transfer never reached them and forwarded to ofx to indicate that the issue is within their network of correspondents. I will spare you the numerous outrageous nonsensical arguments I got on the phone from the so-called ofxperts who seem to be programmed to spout at time, idiotic prefabricated answers with complete disregard to the particular situation you are bringing forward. To date, after 45 days, no result on the trace. Imagine that for a second: the self proclaimed expert in moving funds is unable to tell a customer where exactly the funds are being sequestered. The latest idiotic and rather insulting response from ofx is that their recall is contingent upon the response from the recipient/recipient bank; memo to you: they already said that they do no have the funds, look elsewhere.
It is disgraceful for a company to resort to such diversion tactics in the hope to exhaust a customer.
Take responsibility for your failure and send a refund promptly. To everyone who is having a great experience with ofx, ride your luck until a problem occurs; their true color will shine through.

Setup my OFX account on Monday…verified within minutes by an extremely helpful OFXpert. Made the wire transfer to OFX the following day (after an interrogation by 4 staff members at my bank under the pretence that it was anti fraud etc which took several hours for them to fill in their questionnaire and wire my money to OFX) and the transfer from OFX to my vendor was completed within hours. I informed my bank during the interrogation that they missed out on this business because they were $2,000 (plus fees!) more expensive…..silence. Great service, incredibly easy, reliable and love the app and updates on the transfer status. I’ll be back soon to move currency between my corporate accounts for excellent exchange rates.

I needed to accelerate a wire transfer to complete a very important purchase. The manager, Jordana Moses, came up with a solution and followed it through to completion. Her response time my questions and requests was amazing.
Thank you Jordana! I will continue using OFX for my money transfer needs.

Our Account Manager, Noel Fraser, has been very proactive in helping us and is super patient.

Genuine and reliable service. Thanks to Aimee and Noel who helped me over the phone whenever needed.

OFX has an edge over traditional baking system in Canada where you pay a lot for transaction fee and forex fee. Moreover, OFX saves a lot of time too.

It's one thing for a company to provide good service when all goes smoothly. However, I recently had a problem with a foreign funds transfer, due to my own error in inputting outdated information. After calling OFX on weekends and evenings and getting a call centre in Australia, I was grateful when Noel, in the Toronto office, picked up my issue. He identified himself to me, gave me his direct contact information and followed up to the extent of his capabilities until my transaction was completed. In the midst of my own expensive error, I felt reassured by Noel's support, through to resolution.

Got nervous about a transfer mistake, their support corrected it within seconds.

So far 15 days of verification and still the account has not been reactivated. OFX have asked for bank statements, passport details and property tax bills and still ask for more and several times (they seem unaware the details have been sent and I have had to repeat submissions outside the secure channel). They now appear to be asking for a bespoke bank statement that contains all their required info on one page which my bank cannot and will not provide. It seems their verification team is unable / unwilling to interprete two statements with the request now escalated to 'Compliance'. I have been with OFX (and previously Canadian Forex) for many years and made numerous transactions without problem but they now seem to be completely unable to verify documentation. I have been with the same employer in the same position for 20+ years, nothing has changed on my part but suddenly OFX will not verify, just ask for more info and at this stage can't give a rational explanation why. Ironically I'm a professional accountant responsible for reporting and yes verification, so I am not unfamiliar or unsympathetic with what they ask but this is pure chaos. Three weeks ago I would have given OFX 5 stars based on many years of good service, but based on the last 15 days of zero progress I cannot recommend them to a potential client. Rates are decent but service very poor indeed. I would strongly suggest potential clients look elsewhere.

Excellent customer service from Conor at OFX with timely answers to all my questions and very fast transaction time!

There was a glitch with the transaction. But a real customer service rep worked with me through a number of iterations until the problem was solved. His attitude was great.

OFX is the best money transfer service. They are reasonably easy to get ahold of when issues arise, responsive, and have great rates. Will use them every time and recommend to friends

Thank you Emma Morrissey and Cristian Zainea!! Impeccable and fast service. Really impressed. From the moment money left the Canadian account, it took less than 24 hours to enter in my European euro account. Hats off to you guys!

Easy, fast and efficient

Some idiot in your organization missed s scheduled payment to my US bank acct and almost cost me 3 NSFs had I not been monitoring the situation. I have never had an NDF in my life. The resulting damage to my US credit rating would have been significant. Shame on you guys!!??

I have been dealing with OFX for years and I have always found them to offer a good exchange rate and they deposit the money quickly. Their staff are helpful and polite. I would recommend them.

Great service. Easy and worry-free transfers. However, not cheap. $15 per transaction is a bit much.

We have been working with OFX since June 2022 and since then undertaken some significant transfers. What I like about OFX is that is does not matter of it is $50k or $ 2 million they treat you the same for the transfers. Bigger picture, I love their low fee approach and have liked their business model.

What is above and beyond, especially in this age, is the customer service. Their staff are truly excellent. We did a large transfer and even though our account manager went on vacation he had a colleagues call to confirm everything was all right a day later. As a company they care and I TRUST them......that is hard to find.

Spoke with Connor Dunleavy today. He assisted me to finalise my new account and organise my funds transfer. He was very helpful and explained everything very clearly. He has a lovely manner, was very professional and is a credit to OFX.

An effective service that will save you money and deliver great value! (when have you heard that about a bank or other financial services company??)

I have been using OFX for 10 years, originally through their website canadianforex, for CAD, US and Euro foreign exchange. It does take some time to get setup with them because of the security risks and compliance/anti-money laundering laws. Once accounts are setup and vetted, transfers are simple to arrange through the website. Adding new payees is straight forward.

I read through some of the negative reviews. Some were attempting to use the service sourcing currency from a family member's account (ie spouse) and this will definitely fail the anti-fraud checks. I appreciate OFX's attention to risks, it means they will be around to continue to undercut big banks and credit cards.... speaking of which, how about OFX offering a traveller's debit card in the currency of their choice, so clients can do OFX transfers to cards that operate in the local currency, and avoid the egregious exchange rates charged by banks and mastercard/visa? Some Canadian credit cards like Tangerine are changing exchange 4.5% on top of the Bank of Canada daily market rate for purchases made in euros.

After a rocky start where we got different answers to the same question from various people, we dealt with one agent Fergal who was friendly,efficient and helped us greatly. We are pleased with OFX and if need be use them again in the future.