At ProcurementExpress.com, your funds are held in a ringfenced manner by reputable custodian banks. OFX (our FX payments partner) does not directly hold or have access to your funds. This arrangement ensures that your funds are securely held and safeguarded by trusted financial institutions, providing an extra layer of protection.
The time it takes for your funds to arrive after converting currency depends on various factors, including the currency pair involved, the receiving bank, and any intermediary processes. However, OFX strives to deliver your funds on the same day as the currency conversion in most cases. This ensures that your converted funds reach their intended recipient promptly, facilitating efficient international transactions.
When you convert currency with OFX through ProcurementExpress.com, there are no additional charges or fees apart from the exchange rate. OFX offers highly competitive exchange rates that closely reflect the mid-market rate. This means that the rate at which you convert your currency equates exactly to the corresponding amount of currency you will receive. By providing transparent and fee-free services, OFX aims to offer cost-effective solutions for your currency conversion needs.
OFX primarily works with small and medium-sized enterprises (SMEs). These can include businesses of various industries, such as importers, exporters, e-commerce platforms, freelancers, and international service providers. OFX understands the unique foreign exchange requirements of SMEs and offers tailored solutions to help them manage their currency conversions efficiently.
OFX is regulated in 55 jurisdictions worldwide. These regulatory bodies ensure that OFX adheres to strict standards and compliance measures to protect the interests of its customers. As for currencies, OFX supports over 100 different currencies, including major global currencies such as USD, EUR, GBP, AUD, CAD, and JPY, as well as a wide range of exotic currencies. This broad coverage enables customers at ProcurementExpress.com to transact in various currencies and easily access global markets.
Yes, OFX provides the option for eligible ProcurementExpress.com customers to set up credit lines. This allows you to lock in forward contracts to manage your foreign exchange exposure more effectively. Forward contracts provide the ability to secure an exchange rate for future currency conversions, allowing you to mitigate potential currency fluctuations and better plan your financial transactions.
OFX offers both online and in-person support to cater to your needs. The online platform provides a convenient and user-friendly interface for you to initiate and manage your currency conversions. Additionally, OFX has a dedicated customer service team available 24/7 to provide support via phone, email, or online chat. Whether you prefer the convenience of online interactions or require personalized assistance, OFX is committed to delivering excellent customer support throughout your currency conversion process.