OFX review.

[diatessaron]

OFX, money transfer services. 3 months today that they have been processing a 20,000 EUR transfer. Multiple international calls to their European HQ to figure out what's going on, a couple of times I was told they will process and be done with it, last time they had no info. They cleared 4 small transactions but this one got stuck. Sent all the documents. Nothing. They do allow transfers from 3rd parties but will ask for extra docs, which I sent. Will keep this updated until this sorts out.

 

[JohnnyDoe]

I used it for 2 transfers, at the 3rd my account was closed. Probably good only if you move 4 digits tops.

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[Forester]

diatessaron said:
OFX, money transfer services. 3 months today that they have been processing a 20,000 EUR transfer. Multiple international calls to their European HQ to figure out what's going on, a couple of times I was told they will process and be done with it, last time they had no info. They cleared 4 small transactions but this one got stuck. Sent all the documents. Nothing. They do allow transfers from 3rd parties but will ask for extra docs, which I sent. Will keep this updated until this sorts out.
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Thanks for sharing. As OFX is ”“ AFAIK ”“ an institution able to onboard various subjects that have troubles elsewhere (esp. re: country of registration), this is really an useful information...

JohnnyDoe said:
I used it for 2 transfers, at the 3rd my account was closed.
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Clean or at least semi-clean business?

JohnnyDoe said:
Probably good only if you move 4 digits tops.
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Might be...

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[JohnnyDoe]

Forester said:
Thanks for sharing. As OFX is ”“ AFAIK ”“ an institution able to onboard various subjects that have troubles elsewhere (esp. re: country of registration), this is really an useful information...

Clean or at least semi-clean business?

Might be...
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All clean, money came from me and was sent to lawyers and Amex.

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[Forester]

JohnnyDoe said:
All clean, money came from me and was sent to lawyers and Amex.
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🙁

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[jafo]

NGL, this is helpful! Good to know!

 

[Sols]

Generally fine and easy to work with. Routinely seeing six and seven figure transactions through them, including some high risk.

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This is the probably the answer to your question.

 

[diatessaron]

I was told they like working with big transactions because that's where they make the money. I have an angry client on 1 side who's had to pull out all sorts of documents and OFX support on the other one telling me they will let their compliance department know about it. Client even called pen#%%& them a couple of weeks back but of course, they can't share information with them because of the bank secrecy act.

They've made their entire existence as much transactions as Wise does in a year so I wonder if they don't have the liquidity but again, it's 20k, not 2 million, and that makes me wonder WTH is going on.

 

[JohnLocke]

Just so I can understand, this service is only for transferring money from A to B and not a bank or EMI like Revolut and Wise?

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[Sols]

JohnLocke said:
Just so I can understand, this service is only for transferring money from A to B and not a bank or EMI like Revolut and Wise?
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They can do both. They prefer transferring only but for larger clients, they can provide accounts (dedicated IBAN and local account details). OFX Global Currency Account | Multi-Currency Account

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This is the probably the answer to your question.

 

[diatessaron]

Account closed because of "risk appetite". I don't know what's risky about this type of business, computer stuff. Money was sent back, client already got his product delivered and right now I'm down 20k coo-:!y

 

[Clank]

My account got closed as well, I tried to transfer 25k USD and after debiting the money from my bank they closed my account.

 

[jafo]

diatessaron said:
Account closed because of "risk appetite". I don't know what's risky about this type of business, computer stuff. Money was sent back, client already got his product delivered and right now I'm down 20k coo-:!y
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Man, I'm sorry to hear this. I hope your client is honorable and pays you. Thank you for sharing!

PS. Now, more than ever, I'm going to demand that all customers pay me with USDT, USDC, or any stablecoin I can then easily and freely swap to Bitcoin or Monero.

 

[JohnnyDoe]

jafo said:
PS. Now, more than ever, I'm going to demand that all customers pay me with USDT, USDC, or any stablecoin I can then easily and freely swap to Bitcoin or Monero.
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I offer a 5% discount to those who pay me in crypto for any type of deal

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[jafo]

JohnnyDoe said:
I offer a 5% discount to those who pay me in crypto for any type of deal
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To streamline my business too....I have the following question:
When you say crypto, are you requiring it in Bitcoin, another crypto, or also stablecoins? 🙄

 

[JohnnyDoe]

jafo said:
To streamline my business too....I have the following question:
When you say crypto, are you requiring it in Bitcoin, another crypto, or also stablecoins? 🙄
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I make no distinction, I accept any crypto as long as it has decent liquidity, including stablecoins, and then convert to btc/xmr/other coins I like.

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[Forester]

diatessaron said:
Account closed because of "risk appetite". I don't know what's risky about this type of business, computer stuff. Money was sent back, client already got his product delivered and right now I'm down 20k coo-:!y
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jafo said:
Man, I'm sorry to hear this. I hope your client is honorable and pays you. Thank you for sharing!
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I second that.

And just a remark: Software services are, unfortunately, in many cases taken as a higher or even high risk business by financial institutions. Reasons: the product is intangible and it is quite difficult to check e.g. what is a real value of the product or what are the real costs of the production ... (Tax avoidance links are obvious.)

jafo said:
To streamline my business too....I have the following question:
When you say crypto, are you requiring it in Bitcoin, another crypto, or also stablecoins? 🙄
Click to expand...

JohnnyDoe said:
I make no distinction, I accept any crypto as long as it has decent liquidity, including stablecoins, and then convert to btc/xmr/other coins I like.
Click to expand...

Friends, are you aware that you are a little bit OT? 😉 I like you and your posts but do not hijack... (I'm not a moderator, so do not beat me 😉😉 )

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[jafo]

Forester said:
I second that.

And just a remark: Software services are, unfortunately, in many cases taken as a higher or even high risk business by financial institutions. Reasons: the product is intangible and it is quite difficult to check e.g. what is a real value of the product or what are the real costs of the production ... (Tax avoidance links are obvious.)





Friends, are you aware that you are a little bit OT? 😉 I like you and your posts but do not hijack... (I'm not a moderator, so do not beat me 😉😉 )
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True! Next time, I'll ask in PM instead of going OT!
I have to do this more often.

 

[diatessaron]

Forester said:
And just a remark: Software services are, unfortunately, in many cases taken as a higher or even high risk business by financial institutions. Reasons: the product is intangible and it is quite difficult to check e.g. what is a real value of the product or what are the real costs of the production ... (Tax avoidance links are obvious.)
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I understand that there's room for abuse, however, each product is built with a goal in mind, for example: a property management system that we built for someone, we do not take projects under 25,000 USD and we charge on a hourly basis or total project cost, whatever clients want to go with. All of this information is included in our contract with the client, which they digitally sign.

We keep it as transparent as possible, even had to go around the NDA section so we can share these contracts with EMIs but it seems like it never is enough. They want to control everything and are too paranoid to be offering such services. The good ones suffer because of their paranoia.