OFX.com Wire Transfer - Any Reviews?

[Pib]

I did initiate another Tranferwise (TW) and OFX transfer Monday morning to test the TW tagging that they said they would do.  And to do my 2nd ever OFX transfer since the 1st transfer had some glitches and had an extra step supposedly not applicable after the 1st transfer...new account/1st transfer related stuff.  Even with my first TW transfer I had a major glitch.  

 

The TW transfer should arrive this afternoon to my Thai bank account (which I will not mention the bank name to retain a little banking privacy) according to the TW online status and the email they sent.  The bank I'm sending to is "not" one of TW's three partner banks consisting of Bangkok Bank, K-bank, and TMB.   I'm talking a bank like SCB, KrungThai, Krungsri, Thanachart, CIMB, etc)  The TW PDF Receipt is already available and it shows they used Bangkok Bank as the partner bank.  So, I'll now get to see if the description/coding shows up as international or just as any other domestic transfer once the transfer posts to my account.  Before when I did a TW transfer to this account they used TMB as the partner bank and it showed up as any other domestic transfer.  Now did TW use Bangkok Bank because I asked them to (like talked in earlier posts) and like they said they would for my future transfers?  Or, was all of that bogus customer feedback and instead Bangkok Bank is being used as the partner bank for this transfer simply because I had a one-out-of-three-chance of Bangkok Bank being used since TW only uses three partner banks?  Or did my earlier request that Bangkok Bank be used as the partner bank for future transfers only end-up getting my TW account coded to use Bangkok Bank for the "next transfer" whenever that might occur because I did not tell TW I was planning to do a near-term transfer or had just initiated a transfer.  As I mentioned before I would need to do at least several transfers with Bangkok Bank always being used as the partner bank for all my transfers to get more of a warm fuzzy....and it may mean really nothing if the transfer ends gets coded as any other domestic transfer when not sending to one of their partner banks.   Like others have mentioned in this and related threads, maybe the TW partner bank tagging to get international coding will only work if your are sending to your account at Bangkok Bank, K-bank, or TMB.....but doesn't work for other Thai banks.  Just hasn't been enough testing and crossfeed of results yet to determine IMO.  But I should know more this afternoon once my transfer posts.

 

And my OFX transfer appears to be progressing OK...didn't have that call from OFX like on the 1st transfer (just something they typically do on the first transfer) and the ACH Bank Debit (i.e.., pull of funds) occurred as normal this tie without the glitch incurred on the first transfer (an OFX-caused glitch which they fixed).  So, the ACH funding money is now in the OFX three business day holding status to ensure the ACH bank debit clears---TW does not do this three day holding period thing.  I expect the money will post to my Thai bank account Thursday or Friday with the bulk of that transfer time being the OFX policy of putting ACH Debit transfers into a three day holding status to ensure the funds clear.  If a person could push the funding to OFX same day then your transfer would post to your Thai bank account just as fast as TW transfers.   But with my account the only two funding options I have is ACH Bank Debit or Wire.  Wiring from a US bank normally incurs a healthy sending fee and may require a phone call with some banks, so I expect most US folks would just use the ACH Bank Debit option like I do.

 

 

[steve73]

9 minutes ago, Pib said:

 Like others have mentioned in this and related threads, maybe the TW partner bank tagging to get international coding will only work if your are sending to your account at Bangkok Bank, K-bank, or TMB.....but doesn't work for other Thai banks.  Just hasn't been enough testing and crossfeed of results yet to determine IMO.  But I should know more this afternoon once my transfer posts.

I suspect your transfer will still be coded as domestic, since your bank is not one of the 3 partners, although perhaps the act of "tagging" it will ensure it gets coded as Intl.. good luck..!

But your experience will provide great feedback for holders of the "other than the 3 partners" accounts, either way.

 

(Fallback is if you do need to be sure all your transfers are coded as Intl, you'll need to open an account in one of the 3 partner banks.) 

[Pib]

2 hours ago, steve73 said:

(Fallback is if you do need to be sure all your transfers are coded as Intl, you'll need to open an account in one of the 3 partner banks.) 

Well, even that does not ensure "all" transfers will be coded Intl, because I remember seeing several posts where that didn't occur.  Like one TV poster started to date he had done around 54 TW transfers to his Bangkok Bank account and 52 had had been coded Intl.  The other two got routed thru K-bank/TMB over to his Bangkok Bank account resulting in domestic coding.  Now if that poster had all his transfers to his Bangkok Bank acct tagged to use Bangkok Bank as the partner bank then he would have probably had a 54 for 54 record.

 

 

[Pib]

Just got my answer....got SMS notice of the deposit and also looked at my ibanking.   Neither the SMS or ibanking description says anything about an international transfer.  The SMS just says money deposited by "Transfer Deposit" and the ibanking Description just displays a "TN 00000000XX" number....no words like international transfer   TN just means a domestic transfer "into" the account as I get the same code if doing a domestic transfer into the bank account from another Thai bank (I've done that test).

 

So, routing from the Bangkok Bank partner bank to another bank did not result in international coding at my other bank.  Ditto a few months ago when the routing came thru the TMB partner bank.   Only in those cases of me sending to my Bangkok Bank account and Bangkok Bank also being the partner bank used did I get International transfer coding/description.

Edited April 2, 2019 by Pib

[Pib]

2 hours ago, Pib said:

Just got my answer....got SMS notice of the deposit and also looked at my ibanking.   Neither the SMS or ibanking description says anything about an international transfer.  The SMS just says money deposited by "Transfer Deposit" and the ibanking Description just displays a "TN 00000000XX" number....no words like international transfer   TN just means a domestic transfer "into" the account as I get the same code if doing a domestic transfer into the bank account from another Thai bank (I've done that test).

 

Clarification of what I said above regarding what the "TN" code stands for.  Per phone call to my bank several months ago (I found some of my old memos to self) it means: "Transfer Deposit No Book" with book meaning passbook.  

 

One of the codes this particular bank uses for domestic transfers between different Thai banks.

 

 

 

[Sheryl]

I have also initiated an OFX transfer, my first. Did it last night and now awaiting arrival of microdeposit in my bank account to complete linkage of it.

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

 

[Pib]

3 hours ago, Sheryl said:

I have also initiated an OFX transfer, my first. Did it last night and now awaiting arrival of microdeposit in my bank account to complete linkage of it.

 

Although a screen will appear on your OFX account to enter the micro deposit amount you may also want to notify OFX via email or call of the amount. 

 

As mentioned earlier when I was setting up my ACH link I got the email from OFX about a micro deposit being sent and I could reply back to that email to complete the validation once I found out the amount. But once I saw the deposit validation screen appear on my OFX account I just did it there only....and the OFX immediately said I'm now good to go.  said I was good to go.  But as you read in my earlier post although I did the validation within my OFX account some glitch apparently occurred and it didn't truly setup properly.  When I called OFX about why haven't the funds been pulled from my account after 4 days on my first transfer they said, Yeap, you did do the validation but for some reason it didn't fully take on our end....the rep fixed that during the call and then pulling of the funds began.

 

Yeap, it wouldn't hurt to reply to their email they send you about the micro deposit setup and of course complete the online verification.  

Edited April 2, 2019 by Pib

[SooKee]

Haven't read all the recent replies through, no time. But how TW transfers will / may show as international depends ONLY on the remitting bank they use being the same as your bank so:

 

Bangkok to Bangkok

Kasikorn to Kasikorn

TMB to TMB

 

Tagging one of your recipients I doubt will have any effect other than to ensure your payment is made from your desired partner bank. If that bank is Bangkok Bank and it goes to any bank other than Bangkok Bank it will still show up as local.

 

TW finally got back to me with an email from someone that seems to know what they're talking about. Folks in their other departments don't (left / right hand communication within the TW organisation needs looking at I guess). They are in the process of tagging my payments to my BKK Bank to be paid via BKK Bank. After that I might try to tag my Kasikorn payments to go via Kasikorn. For me, that will be more a test of the tagging. All but a few of my payments to Kasikorn have always been via BKK or TMB whereas the few payments to my BKK Bank have been made via BKK. I'm just concerned they might screw up and confuse things further if I mess about with a Kasikorn tagging, if they can.

 

 

[Sheryl]

Although a screen will appear on your OFX account to enter the micro deposit amount you may also want to notify OFX via email or call of the amount. 

 

As mentioned earlier when I was setting up my ACH link I got the email from OFX about a micro deposit being sent and I could reply back to that email to complete the validation once I found out the amount. But once I saw the deposit validation screen appear on my OFX account I just did it there only....and the OFX immediately said I'm now good to go.  said I was good to go.  But as you read in my earlier post although I did the validation within my OFX account some glitch apparently occurred and it didn't truly setup properly.  When I called OFX about why haven't the funds been pulled from my account after 4 days on my first transfer they said, Yeap, you did do the validation but for some reason it didn't fully take on our end....the rep fixed that during the call and then pulling of the funds began.

 

Yeap, it wouldn't hurt to reply to their email they send you about the micro deposit setup and of course complete the online verification.  

Thanks for the tip. Will do.

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

[Pib]

Here's an updated spreadsheet comparing Transferwise, OFX and SWIFT for a USD-THB transfer as of 2 Apr 19 exchange rates.   

 

Please note that Thai bank receiving fee for an OFX SWIFT transfer could either be the typical 0.25% (Bt200 min, Bt500 max) "OR" replaced by a BAHTNET fee which would be only Bt100 for the Bangkok and surrounding provinces. If your account is at an "upcountry" bank which Thai banks refer to any bank outside the Bangkok/surrounding provinces area then an additional BAHTNET fee of up to Bt750 might apply based on my search of a couple Thai bank fee schedules I reviewed regarding BAHTNET use.  Bt750 is the max....it's a sliding scale fee.    But that additional upcountry BAHTNET fee may not apply if OFX uses the Bank of Thailand BAHTNET SWIFT code for the final leg.   For my first OFX transfer my only Thai bank receiving fee was Bt100 since my bank is in Bangkok....but for the comparison below I used the 0.25% (Bt200 min, Bt500 max) amount.   Hopefully OFX uses whatever "final leg" method is the cheapest for the OFX customer.

 

Since Sheryl lives upcountry and if her first OFX transfer uses BAHTNET as the final leg of the transfer, then hopefully she'll give us an update on what Thai bank receiving fee she incurred.....was it only Bt100 or higher...or maybe the final leg is not via BAHTNET....just a normal SWIFT transfer receiving fee as used in the comparison below.

 

 

 

[sfokevin]

After a few back and forth emails (my first request was rejected but after giving them a redacted version of what Pib posted they said it was possible and ask which recipient account I want tagged)

 

Here is the final email from them confirming a permanent routing to my Bangkok Bank account...

 

[Pib]

Appears they really don't like doing "pre-transfer" tagging....but when push comes to shove they will when the customer insists. 

 

By "pre-transfer" I mean before a person initiates a transfer, whether they immediately funded it or not. 

 

But we already know from posts in other threads if a person initiates a transfer "without" immediately funding the transfer, then contacts TW asking that specific transfer be tagged for a specific partner bank, getting confirmation of tagging, and then "pushing" the funding to fund the transfer that TW has no issue/push-back doing it that way. 

[Pib]

If, repeat, if your OFX transfer arrives via BAHTNET below is what the typical Thai bank BAHTNET fee structure looks like.  This is not saying your OFX transfer would incur this exact fee structure.   Below is K-bank's BAHTNET fee schedule...but Krungsri's was basically the same....and from looking at Bangkok Bank's BAHTNET fee schedule only in the Thai language it looked basically the same.   Seems all too often Thai banks have a very, very similar fee structure regardless of banking service being used. 

 

And when I say "arrives via BAHTNET," for my first transfer OFX sent it to the Bank of Thailand BAHTNET SWIFT code and then it got relayed over to my Thai bank.   I paid a Bt100 fee to receive that transfer...like shown under the Transferee column below for the Bangkok and surrounding provinces.   Since the BOT is in Bangkok as am I my receiving fee was Bt100.  

 

Now, I can't say if OFX uses BAHTNET to reach an upcountry Thai bank, if the fee schedule below would be used which means a fee higher than Bt100....OR, maybe the BOT and OFX have a special deal/pricing.  Only crossfeed from OFX users in Thailand will help answer that. 

 

As sfokevin reported earlier in this thread his OFX transfer incurred the typical 0.25% (Bt200 min, Bt500 max) fee for an incoming foreign transfer since his transfer apparently didn't involve BAHTNET.  As he said earlier, maybe that was because his OFX account is using his US address/assigned to USForex where mine is using my Thai address/assigned to OzForex...or because he sent a larger amount that I did was the reason the final leg of our respective transfers took different routes, incurred different receiving bank fees.   

 

USForex, OzForea, UKForex, etc., are OFX old names before they decided to consolidate under the one name of OFX.  But emails/docs a person gets from OFX still reference the old names here-and-there like internally OFX still uses those names.  And when referring to the OFX website, slightly different polices/fees apply depending on whether you are registered with USForex, OzForex, UKForex, etc.   

 

Typical Thai bank BAHTNET Fee Schedule

[Sheryl]

Update on my OFX transfer:

 

microdeposit arrived in my account on 2nd US business day

 

I entered it in the webportal and got immediate confirmation email but to be safe also emailed back as suggested by Pib

 

I received a phone call to verify everything, this was within 30 minutes of the transaction

 

Now we'll see when it arrives and how much it is once the fees at this end are deducted.

 

One thing that surprised me was that they gave a rate of only 31.039 whereas my bank's rate is 31.48 today. I see from Pib's spreadsheet that their rate was lower for him to but due to lower fees on the receiving end it worked out to net slightly more.

 

If no difference in fees at this end, OFX will not  have been a better deal than a SWIFT (in fact, 12 baht less). Stay tuned....

 

(and let us hope they have not been notified by Transferwise that I am for some reason a suspicious character, LOL!)

 

 

[SooKee]

TW now say they have tagged my transfers to my Bangkok account to go via Bangkok Bank. I've mailed them back to see if they can also tag any payments to my Kasikorn account to go via Kasikorn.

[Pib]

19 hours ago, Sheryl said:

Update on my OFX transfer:

 

microdeposit arrived in my account on 2nd US business day

 

I entered it in the webportal and got immediate confirmation email but to be safe also emailed back as suggested by Pib

 

I received a phone call to verify everything, this was within 30 minutes of the transaction

 

Now we'll see when it arrives and how much it is once the fees at this end are deducted.

 

One thing that surprised me was that they gave a rate of only 31.039 whereas my bank's rate is 31.48 today. I see from Pib's spreadsheet that their rate was lower for him to but due to lower fees on the receiving end it worked out to net slightly more.

 

If no difference in fees at this end, OFX will not  have been a better deal than a SWIFT (in fact, 12 baht less). Stay tuned....

 

(and let us hope they have not been notified by Transferwise that I am for some reason a suspicious character, LOL!)

 

 

I expect the 31.039 is a typo and you meant 31.39.    But even that seems low to me because I was in OFX several times yesterday and the rate was around 31.5 since the USD-THB rate has been pretty stable this week. 

 

Like right now, at 3:32pm/4 Apr the customer rate shown to me is 31.54....pretty much the same as the 31.57 at 3:30pm/2 Apr...the rate in the spreadsheet above.   And the Bangkok Bank TT Buying Rate is 31.62....yes higher than OFX but it would come with sending bank fees. 

 

If your 31.039 rate was "not" a typo you might be like how SooKee's GBP-THB rate was significantly lower until he contacted OFX about his rates which were lower than what I was being shown, and then suddenly his got better.   OFX does use different rates for different types of customers.

 

OFX USD-THB Customer Rate on my account as of 4 Apr/3:312pm

Edited April 4, 2019 by Pib

[Sheryl]

11 minutes ago, Pib said:

I expect the 31.039 is a typo and you meant 31.39.    But even that seems low to me because I was in OFX several times yesterday and the rate was around 31.5 since the USD-THB rate has been pretty stable this week. 

 

Like right now, at 3:32pm/4 Apr the customer rate shown to me is 31.54....pretty the same as the 31.57 at 3:30pm/2 Apr...the rate in the spreadsheet above.   And the Bangkok Bank TT Buying Rate is 31.62....yes higher than OFX but it would come with sending bank fees. 

 

If your 31.039 rate was "not" a typo you might be like how SooKee's GBP-THB rate was significantly lower until he contacted OFX about his rates which were lower than what I was being shown, and then suddenly they got better.   OFX does use different rates for different types of customers.

 

OFX USD-THB Customer Rate on my account as of 4 Apr/3:312pm

Nope, not a typo. Booked on 3 April and I got 31.039

 

Their website is showing a historical rate for April 3 of 31.73

 

I have sent an email

 

Looking back at SooKee's story it seems never got an explanation of the initially lower rate??

[Pib]

15 minutes ago, Sheryl said:

Nope, not a typo. Booked on 3 April and I got 31.039

 

Their website is showing a historical rate for April 3 of 31.73

 

I have sent an email

 

Looking back at SooKee's story it seems never got an explanation of the initially lower rate??

What specific OFX webpage are you looking at for the 31.73 rate....sounds like a mid market rate?  Remember, do not look at the rate on their public webpage which shows the mid market rate which they call an "indicative" rate; their customer rates is completely different.

[sfokevin]

Just as a point of reference I initiated a transfer on March 3 thru TransferWise and got the 31.73 rate locked in... Once you factor in the $21.70 fee my effect rate is 31.453

 

Edited April 4, 2019 by sfokevin

[Sheryl]

59 minutes ago, Pib said:

What specific OFX webpage are you looking at for the 31.73 rate....sounds like a mid market rate?  Remember, do not look at the rate on their public webpage which shows the mid market rate which they call an "indicative" rate; their customer rates is completely different.

 

Well at this point since it is a past rate I had to use their public webpage as I don't find past rates on the customer site.

 

When I initiated the transfer this low rate is what it showed from the get go. At that time I did nto bother to look up bank rate as I was focused on the mechanics of the transfer, it was only after that I did so.

 

Going to the customer portal now I am really confused, as when I click on "transfer now" as if I were going to initiate a transfer now it shows a rate of 30.457.

 

But when I click on "rate alerts"  and then on "create alert" and enter USD/THB it shows 31.7215. Big difference.

 

s

[Pib]

5 minutes ago, Sheryl said:

 

Well at this point since it is a past rate I had to use their public webpage as I don't find past rates on the customer site.

 

When I initiated the transfer this low rate is what it showed from the get go. At that time I did nto bother to look up bank rate as I was focused on the mechanics of the transfer, it was only after that I did so.

 

Going to the customer portal now I am really confused, as when I click on "transfer now" as if I were going to initiate a transfer now it shows a rate of 30.457.

 

But when I click on "rate alerts"  and then on "create alert" and enter USD/THB it shows 31.7215. Big difference.

 

s

Yea, the 31.7215 is the mid market/interbank rate; not the OFX customer rate.  The customer rate I'm getting as of 5:55pm/4Apr is 31.5371 (with no fees for transfer).

[Sheryl]

6 minutes ago, Pib said:

Yea, the 31.7215 is the mid market/interbank rate; not the OFX customer rate.  The customer rate I'm getting as of 5:55pm/4Apr is 31.5371 (with no fees for transfer).

 

The customer rate I get right now (6:06 PM) is this:

 

 

And an hour ago I got 30.457 customer rate.

 

Both much less than you get.

 

  Why the big difference?

 

 

 

 

[Pib]

Just now, Sheryl said:

Both much less than you get.

 

  Why the big difference?

 

OFX places customers in different categories as to what rates they get.  I'm still trying to find a OFX Q&A that explained it well...I stumbled upon it a few days ago.  Still looking to find it again....when (if) I find it again I will post/quote it here.  

 

Personally I would ping OFX as to why your rates are so much lower than other OFX customers.  I figure all they can do is improve your rates.

 

[Pib]

Found it...notice where it says "Each OFX Customer may get a different rate..."

 

Yeap, I would ping OFX asking them to put you in a different category that gives a better rate as the rate you are getting right now is not good....like you said earlier, you are better off using your US bank with SWIFT.   Say, come on OFX!!!!!....ou are not cheaper than my bank...you can do better....give me a better rate.

 

https://www.ofx.com/en-au/faqs/what-is-the-customer-rate/

[Pib]

Another company some might want to consider based solely on how their exchange rate + fees is InstaReM.  They seem to offer the midmarket rate just like Transferwise and only charge a $5 sending fee.   

 

monito.com rates them well.  Go to this Link.  That link indicates they do not accept ACH Bank Debit but when you go to the InstaReM site it says they do....Go to this Link.

 

However, sometimes you can't find out the "truth/fine print" about a money transfer service until you "register/open an account with them where you provided them key identity docs like passport, drivers license, bank statement."  And if the truth/fine print indicates the service ain't that great then you wish you had never provided them all your personal docs. 

 

Now InstaReM will "not" register someone with a Thai residential/physical address like OFX or Transferwise will.  You must have an address in one of the countries they will register in....the US is one such country.   You can do USD-THB transfers no problem with the money being provided from your US bank account but you can't register using a Thai address.

 

I emailed their customer service a few days ago saying I'm American citizen/retiree living Thailand....have US bank accounts....can I register with my Thai address.  The answer was No....must register with an address in one of the registration countries they accept even though I have US bank accounts....am a US citizen retired in Thailand....will not accept Thai bank documents like a bank statement to confirm Thai address.  Summary: no can register using a Thai address.

 

 

 

 

 

 

 

 

 

Edited April 4, 2019 by Pib

[Sheryl]

Well they have been pinged.  With return receipt requested.

 

I will let you all know the outcome.

 

Seems a pretty shady practice to me. How did you happen to end up in a favorable rate category, do you have any idea?

 

Re InstaReM - the problem with using a US address is, what do they require in terms of address verification? As I have only my drivers license. I don't show in any credit bureau etc as all my financial stuff comes to my Thai address. AND, would it be an issue to be registered at a UDS address but drawing funds fro ma a bank account that lists a different, Thai, address?

 

[Pib]

18 minutes ago, Sheryl said:

 How did you happen to end up in a favorable rate category, do you have any idea?

Have no idea.  

[Sheryl]

Received this highly unsatisfactory response:

 

"The quotes provided on our website work on an algorithm where the larger amount you transfer the smaller the margin we apply to the market rate will be.

 

This margin is how OFX makes money on the transfers we facilitate.

 

If you would like to discuss a quote offered online please call us on +61 1300 300 424 and speak to one of our dealers."

 

Obviously I am nto going to waste more of money on an international call to these people. Unfortunately the funds have already left my US account so too late to cancel this without causing major havoc.  I will certainly not use them again and would advise anyone thinking of doing so to be careful.

 

Will report on final amount received, net of local charges,  when it comes through.

[Pib]

15 hours ago, Pib said:

Another company some might want to consider based solely on how their exchange rate + fees is InstaReM.  They seem to offer the midmarket rate just like Transferwise and only charge a $5 sending fee.   

 

monito.com rates them well.  Go to this Link.  That link indicates they do not accept ACH Bank Debit but when you go to the InstaReM site it says they do....Go to this Link.

 

However, sometimes you can't find out the "truth/fine print" about a money transfer service until you "register/open an account with them where you provided them key identity docs like passport, drivers license, bank statement."  And if the truth/fine print indicates the service ain't that great then you wish you had never provided them all your personal docs. 

 

Now InstaReM will "not" register someone with a Thai residential/physical address like OFX or Transferwise will.  You must have an address in one of the countries they will register in....the US is one such country.   You can do USD-THB transfers no problem with the money being provided from your US bank account but you can't register using a Thai address.

 

I emailed their customer service a few days ago saying I'm American citizen/retiree living Thailand....have US bank accounts....can I register with my Thai address.  The answer was No....must register with an address in one of the registration countries they accept even though I have US bank accounts....am a US citizen retired in Thailand....will not accept Thai bank documents like a bank statement to confirm Thai address.  Summary: no can register using a Thai address.

 

A few hours after posting above I remember the reason I would not sign up with InstaReM as a US person who would be using ACH Bank Debit (i.e., pull of funds from my bank account).   The reason is their maximum limits per transfer and per month if using ACH to fund the transfer are too low for me.   And if you were using them to send Bt65K per month to satisfy the new immigration monthly income/transfer rule you would have to do two transfers per month.   No apparent maximum limit if funding the transfer by using bank "wire" to push funds to InstaReM....but bank wires in the US usually incur healthy fees of around $20 and you may not be able to initiate a wire via ibanking with some banks...instead must call/visit your bank.  See InstaReM weblink below for min and max limits by country and snapshot below for ACH funding details.

 

https://www.instarem.com/info/international-money-transfer-limits

[Pib]

2 hours ago, Sheryl said:

Received this highly unsatisfactory response:

 

"The quotes provided on our website work on an algorithm where the larger amount you transfer the smaller the margin we apply to the market rate will be.

 

This margin is how OFX makes money on the transfers we facilitate.

 

If you would like to discuss a quote offered online please call us on +61 1300 300 424 and speak to one of our dealers."

 

Obviously I am nto going to waste more of money on an international call to these people. Unfortunately the funds have already left my US account so too late to cancel this without causing major havoc.  I will certainly not use them again and would advise anyone thinking of doing so to be careful.

 

Will report on final amount received, net of local charges,  when it comes through.

 

Well, their response was definitely a canned response....but hey, that's what many businesses usually do....have pre-written, management approved sentences and paragraphs to use in customer correspondence.   

 

But where their canned response talked use of an algorithm is true "for some customers" as I use to be one of those customers.  Below is a snapshot of a Transferwise and OFX comparison I posted late last year/2018.  Notice the OFX exchange rates, which were customer rates from my account, varied depending on the amount being sent.  The more you sent, the higher the rate got.  But their rates were just not good enough IMO and I didn't log back onto my OFX account for months....figured OFX would not be a service I would be using simply because their exchange rates were too low.

 

However, in the early part of 2019 I noticed a couple of ThaiVisa posters quoting some OFX customer rates and they seemed too high to me....I figured the posters was really quoting the mid-market rate/indicative rate off the OFX site and not the customer rate.  So I logged onto my OFX account to check my customer rate and instead of getting a customer rate that varied by amount sent like I use to get it was a constant rate for the amount being sent and it was a much better rate.  A pleasant surprise.  Now, when doing a cost analysis where both exchange rate and associated fees were priced in, OFX was basically almost as good as Transferwise in terms of the amount of baht being posted to your Thai bank account at the least cost to you....like in the recent cost comparison sheet I include earlier in this thread...specifically post #70 above.

 

Below is that "late 2018" comparison I referred to above....notice how the OFX rate varied depending on amount sent...and how the rate was not that good in comparison to Transferwise although OFX didn't have any sending fee like Transferwise does.

 

Based on the different OFX customer rates different people get, OFX obviously has different categories of customer rates they allot to different customers.  And maybe the rates get better after you've been a customer for a while?....I don't know...just guessing.  Different customers, different rates appears to be a core principle of their business model.