OFX
Where did it first start?
OFX was previously OzForex, and is an Australian-based money transfer provider. Established in 1998 by Matthew Gilmour, it has headquarters in Sydney and has grown rapidly over 19 years. OFX now has several global offices around the world, including London, San Francisco, Hong Kong and Auckland.
OFX roughly makes around 3000 transfers daily, and transferred $9.1 billion in 2013. It has around 2 million website users each day, and since its establishment, OFX has transferred over $100 billion.
How does it work?
OFX buys their currency at a wholesale rate, meaning it can offer better rates to its customers than banks, who typically add a mark-up on the mid-market rate. Because OFX buys currency in larger loads at better prices, it doesn't need to add much of a mark-up to take a profit. OFX takes around a 0.3% margin profit, in comparison to a typical 4% from banks.
OFX is a simple and fast transfer service that teams itself with great rates. You need to register first and tell OFX how much you wish to transfer, and who you send it to. It then works out the exchange rate and fee and you can lock in your transfer, and away you go!
Security of OFX
OFX is regulated by the Australian Securities and Investments Commission (ASIC) and is able to safely transfer your money using Macquarie Bank's global risk management policies. It has a low-risk business model and state-of-the-art website security measures in place including minimum 2048 bit Secure Sockets Layer (SSL) certificates for protective encryption of your transfer.
Currencies Direct
Where did it first start?
Currencies Direct has headquarters in London and began in 1996 by Mayank Patel and Peter Ellis. 
In its first year of establishment, it turned over £12 million. However, today, Currencies Direct turns over £4.5 billion annually, and has over 150,000 active clients globally.
How does it work?
Currencies Direct asks that you register first to use their service, and the application form will take up to 48 hours to be approved. This can be done online or over the phone, but note that Currencies Direct is a UK-based company with no office or telephone number in Australia, so you will incur international phone charges. After approval, you’ll get assigned a dedicated account manager for your transfer.
TIP: Research the documents you will need for registration, so you have them at the ready.
Security of Currencies Direct
Currencies Direct Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. Their FCA Firm Reference number is 900669.
Currencies Direct Ltd is registered in England & Wales at One Canada Square, Canary Wharf, London, E14 5AA, No. 03041197.
