How OFX helps protect your money
Q: How is OFX regulated?
OFX is regulated by the Central Bank of Ireland as an Electronic Money Institution. The Irish financial system is regulated by the European Union (EU).
The EU passporting system enables companies like OFX who are licensed in one country to operate in every other EU country.
OFX is a global business with financial services licenses around the world. We engage with over 50 regulators on all types of financial crime which not only helps protect our clients, but also contributes to a safer financial environment globally.
Q. How do we protect your money?
As an EMI, OFX follows a process known as ‘safeguarding’. We hold a sum of money in a separate bank account to match the transfer to your recipient. These ‘safeguarded’ funds are kept separate from our other bank accounts and are subject to various controls. This protection continues until we have made the payment.
In the event of OFX ceasing business, you and the claims of other eligible customers will be paid from the safeguarded funds in priority to others. There is no limit applied to the amount you can claim under safeguarding, but any administrative costs associated with returning funds to customers will be deducted first.
Q. Are there any times when my money isn’t protected by safeguarding?
Safeguarding only applies when you send money to a third party, so when you send money between your own bank accounts safeguarding is not applied.
Q. When I send money with OFX, am I protected by FSCS?
No. OFX is not a bank, and so you are not protected by the Deposit Guarantee Scheme (DGS) when you send money with OFX.
Q. I am a corporate customer with a Global Currency Account (GCA). Is my money also protected?
Yes. Safeguarding applies to all e-money held by OFX for corporate customers in its Global Currency Accounts.
Q. Is OFX secure?
Our parent company is listed on the Australian Securities Exchange and we recently demonstrated its strong financial position in our Investor Report.
You trust us to move your money, so we invest in security and fraud prevention technology. And we keep an eye on it while it moves with advanced global transaction monitoring. Our OFXperts are our ultimate line of defence. Our Global Fraud and Compliance team is dedicated to researching, developing, and adopting leading digital security technologies to ensure safe and secure global money transfers, driving continual improvements to OFX’s operational structure.