Is OFX safe? 2024 guide

OFX®¹ offers international transfers from the US for business and personal customers, to 170+ countries, currency risk management products, and Global Currency Accounts² for businesses and online sellers. If you’re looking for a good way to send money overseas, you may be wondering: is OFX safe to use?

The good news is that OFX is a large and trusted business which is licensed to offer services safely in the US. This guide walks through all you need to know.

Is OFX safe to use?

So - is OFX money transfer safe for sending money to friends, family or businesses abroad? The short answer is yes.

When you’re picking a financial service provider, it’s a smart idea to check the service you’re looking at is properly licensed and regulated. OFX is FinCEN regulated, and holds a license as a money transmitter in every US state which requires it.

To receive and maintain these licenses, OFX must comply with rigorous rules to keep customers, their accounts and their money safe. That means you can use OFX safely as long as you apply normal common sense precautions to keep your own account secure when you transact.

As well as holding all required licenses, OFX has some other key features built around safety:

We’ll dive into these features in more detail in a moment. If you’re new to OFX and looking for an overview of their services in the US for personal and business customers, you can also check out our full OFX review for all you need to know.

Is OFX a legitimate company?

Yes. OFX is not only properly licensed and regulated for the services it offers, it’s also got a great reputation among customers for delivering high quality services. It’s a good idea to look out for reviews and ratings from previous customers whenever you choose a financial service provider.

Trustpilot®, which aggregates live customer feedback, is a good place to start. At the time of writing, OFX gets 4.4 stars out of 5, for an Excellent rating, from over 10,000 reviews³.

What are OFX's security features?

OFX offers services online, through its app and by phone. In all cases, security features have been built into the processes used, to make sure customers and their money are kept safe.

Here’s a more detailed overview of some important security features - you can also learn more over on the OFX website.

Data protection

OFX uses a mixture of technical, physical, and organizational measures to keep customer data safe⁴. It’s essential that OFX collects some data from customers, in order to process transactions and comply with legal requirements for verification.

Wherever personal or sensitive data is required, it is securely stored by OFX, and used only where necessary. You’ll be able to contact OFX to view the customer information they hold about you, and can ask for any errors to be corrected with a simple email.

Fraud prevention

OFX has features to help prevent fraud and scams. All accounts are secured with 2 factor authentication, which should mean nobody other than the customer themselves can access an account.

OFX also monitors common scams and fraud types, and offers lots of advice to customers on how to avoid falling victim to identity theft, phishing, investment scams, online relationship scams and similar⁵.

If you’re concerned about any communication with OFX, or think you may be the victim of fraud, OFX has a 24/7 phone service so you’ll be able to call and talk through your questions or concerns with a team member any hour of the day.

Identity verification process

As part of the registration process, OFX customers are required to verify their identity. This is an important step in keeping your account secure, and is required by law.

Once you’ve opened your OFX account online you’ll need to take a call from a member of the OFX team to talk through the verification process and get your account fully ready for use.

In some cases, OFX can automatically verify your account without needing you to send over any documents. If this isn’t possible you’ll be advised, and can send over photos of your proof of ID and address, which are used to verify your account and allow you to use the services offered by OFX.

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Tips and tricks for avoiding scams with OFX

Each customer also has an important role in keeping their own account safe and secure. Let’s finish up with a few tips on avoiding fraud and scams, and keeping your account with OFX safe.

Bottom line: is OFX money transfer safe?

OFX is legitimate and safe to use with normal precautions. OFX uses a variety of measures to keep customers and their accounts safe, including thorough verification processes, 2 factor authentication and a full data protection policy.

OFX is also licensed and regulated in the US, and by 50+ bodies worldwide, which means it’s safe to use whichever currency you’re sending.