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USForex

usforex review
  • Editor Rating

  • Rated 3.5 stars
£1000 to £2000000
  • 70%

  • USForex Review
  • Reviewed by:
  • Published on:
  • Last modified: June 13, 2016
  • Exchange Rates
    Editor: 65%
  • Website Friendly
    Editor: 71%
  • Customer Service
    Editor: 60%
  • Overall
    Editor: 64%

USForex Review

USForex is a wholly owned subsidiary of OFX (previously known as OzForex) and is part of a group which includes UKForex, CanadianForex,, NZForex and Tranzfers.

OZForex was launched by Matthew Gilmour in 1998 as an Australian-based foreign exchange information website. In 2001 OzForex launched its first online money transfer facility. It has grown to be one of the world’s largest online foreign exchange companies with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.

In 2012, OzForex launched the USForex brand in San Francisco, California.  It is expected that in 2016, all subsidiary companies including UKForex will merge into OFX, which provides a higher standard of business service than USForex offers

USForex’s serves individuals transfers private accounts, those with recurring payments overseas or investing abroad as well as small and medium-sized importers and exporters..

usforex

usforex

Services:

24-hour access 5 days a week for corporate and private client dealers

$1,000 minimum  amount for transfer and exchange

USForex provides Personal Accounts:

  • Basic International Money Transfer (‘spot’ transaction)
  • Recurring International Payments
  • Forward Contracts
  • Limit Orders
  • $5 fee for transfers under $5,000/ sending over $5,000 is fee-free
  • $50 Amazon card if referring friend uses USForex transfer service

 

USForex provides Business Accounts:

  • Basic International Money Transfer (‘spot’ transaction)
  • Recurring International Payments
  • Forward Contracts
  • Limit Orders
  • $5 fee for transfers under $5,000/ sending over $5,000 is fee-free

 

USForex Charges Fees for  Currencies other than USD

Website:

Dominated by huge calculator tool app, and clunky dashboard feature, USForex’s website is overwhelming and outdated in appearance. Prize draw offer to match clients transfer rates up to $5,000, seeks to entice an impulse to trade. There is nothing that puts any emphasis on USForex’s clients. This is not in keeping with the forex industry’s personalised branding and customer-centric marketing seen it the global marketplace amongst large corporations.

OFX have not yet been combined in to a single brand matching services with USForex, much to USForex’s detriment.

OFX offers a l variety of services that USForex doesn’t have the benefit of such as:

 E-tailer Solution Features:

  • Local collection accounts available for online merchants to collect global revenues in USD, GBP, EUR, CAD, AUD, HKD
  • Savings of up to 60% on exchange rates and fees
  • No fees to open accounts; no OFX outgoing fees to transfer funds to domestic bank account.
  • Rapid delivery to business account.
  • Funds delivered to business account quickly.
  • Accounts approved within 4 business days; collection account numbers are delivered within 2 business days.

 

Options to plug into OFX’s Platform:

Borderless Payments API:

Business access to OFX rates and an award-winning international payments service while maintaining control over the experience. Ideal for businesses that have an existing platform ready to be powered by OFX’s API.

Platform as a Service:

Customisable platform powered by OFX’s API can save on development time and costs. Interface can be tailored to suit brand and business needs, maintaining control over customer experience.

Full Service Partnership:

White Label Solution allows business to outsource the end-to-end international transfer process to OFX. Customers are provided with a branded service; business has advantage of international transfer expertise and licenses.

Partner commission:

Partnering client features OFX on their website so their clients can access OFX from their site. When clients click through to OFX and transfer finds, OFX will share part of the revenue (OFX’s commission).

Partnership Features

Transaction Settlement: Utilising the OFX global payment network to access over 50 currencies in 198 countries.

Customer Management:: On boarding, KYC, beneficiary management and payment reporting.

Compliance: Transactional monitoring, network and rule-based screening, PEP and sanction checks.

USForex  Website doesn’t match OZFX site in look or function:

OZFX’s website is lush with liquid graphic images that draw visitors in professionally while balancing the branding with emphasis on individual services. Terms are clarified and re-tooled to simplify the list of services available. Impressive statistics work well to create an atmosphere of trust and high expectation to a first time visitor:

$84billion transfers, 3,250 transfers a day, 115 bank accounts in their global network, 55 currencies to date are handled.

Reviews

USForex have a poor rating on TESTPILOT. 12 out of 37 reviews detailed similar customer service issues,  with all having to repeatedly call USForex to chase employees for answers when their  expected transfer delivery dates were weeks behind schedule. The obvious pattern is that delays in funds arriving are out of the control of customer service who make assurances that funds will be released the following day. In each case, the client had to doggedly pursue USForex to receive their funds.

A reviewer on Yelp compared USForex with his bank .US Forex’s rate was 1.058 minus a 10Euro charge by EU bank and -$15 by local US bank for wire transfer.                             TOTAL = $103.3 for sending a 1,000 Euro
Bank:Rate 1.0394 – $16 bank fee =  $1023.4 for 1,000 Euro, with a longer wait period. He concluded that foreign exchange  doesn’t beat bank rates by much!!

Editor’s Review:

USForex may seem to be part of the global firm, OZFX, but it is clearly a small outpost in San Francisco California operating under the umbrella of its parent firm. There is no human face to this firm, certainly not on its website which is a featureless, out-dated series of currency apps with a dashboard. USForex doesn’t seem to need to beat competitor’s rates, their lack-lustre  phrase that they can do better than banks isn’t saying much.

The Better Business Bureau, an American consumer protection company lists 4 complaints against USForex in the past 3 years. Details for the last one are that a clients was promised a $50 Amazon card for making transfers after being referred by  friend. Each time the new client transferred funds she reminded USForex to send her card, to no avail. When the agency contacted USForex, they did send the promised incentive.

The company’s claim: ‘USForex employs a blend of cutting edge technology and superb customer service to bring a better deal to corporate and private customers alike’ is simply hollow.

If USForex matched the high standard of business services offered by OZFX, they’d be a remarkably different company!  As it stands today, USForex  is behind the times in terms of customer service and business options. It remains to be seen how much they’ll grow to become more like their parent company OXFX.

3 out of 5 stars, noting customers had to appeal to consumer group to receive items promoted on homepage of USForex site.

 

Pros

24/7 access works well for clients across the globe in different time zones.

Cons

Static website looks ridiculous in innovative San Francisco! Site offers no eCommerce for merchants who can go elsewhere and enjoy state of the art partnership connections. Calculation tools aren’t accurate or helpful, the calculator is readily available everywhere and doesn’t indicate what the real rate of exchange will be after negotiation.