OFX - Hong Kong Avis 28

I am writing this to share a genuine and highly distressing service experience with OFX Hong Kong. Our two companies, TELEPLUS GSM CO., LIMITED and Fabrica GSM Limited, have had a total of €150,136.91 held by OFX for six months (since mid-2024).

Despite multiple attempts to resolve this, the funds have not been refunded. We have already notified the Hong Kong Customs and Excise Department regarding their MSO License (12-08-00582) and are currently preparing for formal legal proceedings in the Hong Kong District Court to recover our principal and interest.

A six-month hold without a refund is unacceptable. We advise other businesses to be cautious regarding the risk of long-term fund freezes with this provider.

I have been using ClearFX/OFX for over 10 year for my monthly money transfers from HK/SG to Europe to support my family. The annual volume of my remittance are between EUR100,000 to EUR150,000...in some years even more.

When I started using the service the FX-rates were competitive. However, 1-2 times over the years I notices they were more expensive than my regular bank transfers. After calling them they usually adjust them to be slightly better than banking fees.

However, this morning I noticed the implied commission to be more than double that of WISE!! Moreover, I get a notification from WISE within 2h that recipients have already received the funds. With OFX it's usually end of the day, if I make transfer in the morning.

I find this practice of adjusting the commissions more than cheeky. Have therefore decided to not use OFX anymore.

Just to comment to OFX’ response as there is no other way to do this on this platform:

Dave,
Thx for reverting. No need to resolve as ClearFX/OFX has “screwed me over” a few times already. No more trust or faith in any change to a positive behavior.

I made a small transfer of HKD1,000 because I don't know this company and I don't want to lose a lot of money if it's a scam.

So I sent the money to myself in another country.
Then we spoke on the phone for account setup.
I say I'm saving to one day buy a home.

Next, I get an email for a Purchase Agreement signed by both parties

I explained again- I have not bought a house I am saving.

Still the instance that I send a purchase agreement.

I haven't bought anything yet.
And I can't buy a house for HKD1,000.

Still the same. We want the purchase agreement.

Complete nightmare

I wrote a critical review of OFX which has not appeared.
In my experience this company is expensive, unprofessional, unresponsive. They took a A$1000 forex spread on an $90,000 transfer from Sydney to Hong Kong and took over a week to make this transfer. I had to call and email them to find out why the delay and they then kept saying the information they had received was incorrect. I resent it more than once. not once did they initiate a call to me saying they needed more information.
OFX is a second rate outfit - perhaps they are good in Australia(?) but they should not venture into a competitive environment.

Andrew is really helpful in all aspects, prompt and effective

The rate of the company is good
And the staff Andrew Lee is very helpful.
What's a nice service

Receiving and executing transactions has been a Breeze.

Most notably our RM Andrew has been very helpful and made experience seamless. Responding quickly, in a professional manner and always very helpful with all our concerns

Good service and Andrew is very helpful

Kent

Good platform, transparent pricing and great support from our customer service Samuel. Highly recommend

Have been using them for years. Great rate, great service. Highly recommended!

Very fast transfer money to european and the rate is good for euro hkd

Ususally can arrive same day

Very good nice bank and very friendly

The arrival of the remittance was speedy in the same day of the wiring even the currency is not a common one. However, the exchange rate spread (buy vs sell) is pretty wide meaning the intrinsic cost of the transaction is expensive relative to the services provided!

It's not that I don't want to communicate directly on the phone, but I called the Hong Kong hotline, but no one answered in English, Mandarin, or Cantonese, and I couldn't leave a message because the voice mailbox was full! What proof can Transfer 5E0D1237 provide that the money has been transferred? The Taiwan Bank reported the same today there is no remittance record received!

There is no substantive content on the website or APP where I can check the destination of the remittance. It only wrote the day on which the remittance was made. Now there is no record of the payee at all.

Please provide us with international proof, such as SWIFT MT103 so that we can trace the payment.

Service was good but disappointed that my currency rate for Aust $ was better with SCB. Also my last transaction as of this morning was still not credited to my Aust account. SCB transaction took 1 business day OFX takes longer it seems

We use OFX to buy Euro for many of our EU purchases. We have been using OFX more than 4 years with several transactions per week. We have always found OFX very helpful and efficient.

I wanted to take a moment to express my appreciation for the responsive and excellent service I have received from your team. Throughout my interactions with your company, I have been consistently impressed by the level of responsiveness and the quality of service provided.

Sent 6000 HKD, OFX says they didn't receive it. I tried calling customer service just to be on hold for 3 hours. Horrible service, don't trust the 5 star reviews, search their addresses up, it doesn't exist.

Really frustrating experience… I tried to call the customer support regarding a transaction verification but no success. And looks like they will cancel my deal soon. At the same time, I keep receiving emails from them stating that they can’t reach me. What a mess!

OFX has been our partner for over 7 years now and Roger has been a wonderful support.