Meet OFX, our Foreign Exchange Partner

Procurement Express is proud to partner with OFX to give you a better, fairer way to move money globally.  With 20 years of foreign exchange experience, over 1 million customers have trusted OFX with transfers in 55 currencies to 127 countries. 

They don’t just offer great rates. OFX believes real help from real people counts. That’s why their clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts. 

OFX is publicly listed on the Australian Stock Exchange and is regulated by the Central Bank of Ireland. Being regulated includes taking part in frequent audits, working within industry guidelines, and following legislation. OFX has never been subject to regulatory or enforcement action. 

OFX invests in security and fraud prevention technology and keeps an eye on it while it moves with advanced global transaction monitoring. Their OFXperts are our ultimate line of defence. OFX’s Global Fraud and Compliance team is dedicated to researching, developing and adopting leading digital security technologies to ensure safe and secure global money transfers, driving continual improvements to OFX’s operational structure.

OFX follows a process known as ‘safeguarding’. They hold a sum of money in a separate bank account to match the transfer to your recipient. These ‘safeguarded’ funds are kept separate from OFX’s other bank accounts and are subject to various controls. This protection continues until OFX has made the payment. 

In the event of OFX ceasing business, you and the claims of other eligible customers will be paid from the safeguarded funds in priority to others.  There is no limit applied to the amount you can claim under safeguarding, but any administrative costs associated with returning funds to customers will be deducted first.

OFX’s Customer Rate is the current market rate plus a small margin charged by OFX. The market rate, also known as the “interbank rate” or the “mid-market rate,” is the exchange rate used by large financial institutions such as banks. Generally, it isn’t available to consumers although it is used to benchmark the current value of currency globally. 

Each OFX customer may get a different rate depending on the market rate, the amount you need to send, how often, and the currency you need. To see your customer rate, you will need to create an OFX account or talk to an OFXpert. 

OFX makes money transfers easy, fast, and reliable when sending money both domestically and internationally. Payments to major markets can usually be made within 1-2 business days from the time OFX receives your funds. Less popular currencies may take slightly longer: approximately 3-5 business days. 

When compared to using your bank, your online payments may take less time when you use OFX because they harness the power of local banking networks to expedite your payments.