OFX (company)

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OFX Limited
IndustryFinancial Services
Foreign Exchange
Founded1998, Sydney, Australia
HeadquartersSydney, Australia
Key people
Steven Sargent (Chairman)
John Alexander "Skander" Malcolm – (CEO and Managing Director)
Increase A$14.6 million (2015) [3]
Number of employees

OFX, previously known as OzForex is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to Travelex, MoneyGram, Xero, Capital One 360, and Macquarie International Money Transfers as well as individuals such as migrants and expatriates and small businesses.

OzForex was started by Matthew Gilmour in 1998 while working as the head of foreign exchange at Bankers Trust.[1] Controlling interest in the company was sold to Australian investment bank Macquarie Group in 2007 and partial interest to other investors in 2010. It operated a number of different territory specific brands that include UKForex, CanadianForex, NZForex, USForex as well as ClearFX and Tranzfers before a brand consolidation to OFX starting in 2015.


Since OzForex was founded by Matthew Gilmour in 1998,[2] it has grown from being an Australian-based foreign exchange information website to a specialist international payments service provider with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.

In 2007, Macquarie Bank purchased 51% of OFX and Neil Helm became CEO[3][4][5]

In 2009, OFX began offering a platform for international money transfers through ING Direct.[6] In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.[7] Capital One received permission to merge ING into its business in October 2012,[8] and rebranded ING Direct as Capital One 360 in November 2012.[9]

In 2010, the group received minority growth investment from Accel Partners and The Carlyle Group. Representatives from both Accel Partners and Carlyle serve on the OFX Board of Directors. The company's founders and Macquarie Private Wealth, which is part of Macquarie Group, together retained significant ownership of OFX, with Neil Helm continuing as CEO.[10]

On 11 October 2013 OFX, under the trading name OzForex Group Limited, became publicly listed on the Australian Securities Exchange under the code "OFX".[11] In the same year, OFX signed a partnership with global money transfer service MoneyGram in the UK, providing an account-to-account service through a white label arrangement.[12]

In 2015, investors were informed of the appointment of former ANZ Banking Group executive Richard Kimber as CEO and Managing Director of OFX, replacing Neil Helm who led the company to its $480 million initial public offering in 2013.

In November 2015, OFX received an unsolicited "non-binding indicative proposal" from Western Union to acquire 100% of OFX however in February 2016 discussions were discontinued.[13]

In December 2015, OFX unveiled the new brand and OFX.com[14] in Australia. "This was the first step in a program that will see the Group’s seven regional brands consolidated into a single global brand".[15]

In February 2017, citing "Delivery against the strategy has not consistently met the board or shareholders' expectations", OFX's chairman announced that John Alexander "Skander" Malcolm will replace Richard Kimber as CEO.[16][17]

In March 2020 OFX confirmed that it had received a further unsolicited approach, and the company entered into discussions about potential M&A activity, the details of which remain confidential. However, the discussions were discontinued due to uncertainty in equity markets.[18]


Founder Matthew Gilmour launched OzForex in 1998 in Sydney, Australia. Gilmour ran the website part-time until 2000 when he left his investment banking job to commit to the company full-time. In 2001, the company launched its first online money transfer facility.[2]

In 2003, the company obtained an Australian Financial Services License.[19]

In 2004, Gilmour sold part of OzForex to Gary Lord an ex BT colleague and in 2005 sold again so that both were equal shareholders and they became Joint MD's.

Since December 2015, OzForex is now OFX[20] after a global rebranding announced in August 2015.[21] Since rebranding, customers who visit the OzForex website are now redirected to the primary OFX website.


In 2001, the company launched a New Zealand specific brand called NZForex.[22]

Since November 2017, NZForex is now OFX[23] as part of a global rebranding announced in August 2015. Since rebranding, visitors to the NZForex website are now redirected to the primary OFX website.


In 2003, the company launched a general brand called Tranzfers.[24]

In December 2015, Tranzfers rebranded to OFX.[25] Since rebranding, Tranzfers users are now redirected to the primary OFX website.


In 2005, the company launched UKForex in London.[26] In 2012, the company also established an international payment solution with Travelex in the UK.[27]

In February 2017, UKForex became OFX as part of a global rebranding.[28] Since rebranding, customers who visit the UKForex website will now be redirected to the primary OFX website.


In 2007, the company launched a Canadian brand called CanadianForex in Toronto, Canada.[29]

In November 2017, CanadianForex became OFX under a global rebranding of the company.[30] All CanadianForex website visitors will now be redirected to the primary OFX website.


In 2011, the company launched the brand ClearFX (HKForex) for customers in Hong Kong.[31]

In November, 2017, ClearFX became OFX as part of a company-wide rebranding.[32] Visitors of the ClearFX website will now be redirected to the primary OFX website.


In 2012, the company expanded into the US market in San Francisco as USForex. In the same year, the company also launched a travel card. The OzForex Pre-paid Travel Card was withdrawn by OFX and Macquarie Bank on 30 November 2015.[33]

As of December 2016, USForex is now OFX as part of a company-wide rebranding.[34] Customers who visit the USForex website will now be redirected to the primary OFX website.



OzForex Limited (ABN 65 092-375-703), a wholly owned subsidiary of OzForex Group Limited (ABN 12 165-602-273) has an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) to deal and give advice in foreign exchange and derivatives.[35]

United States[edit]

USForex, Inc., a wholly owned subsidiary of OzForex Limited, is registered as a Money Services Business at a federal level with Financial Crimes Enforcement Network ("FinCEN"), a bureau of the United States Department of Treasury. In addition, USForex is licensed in a number of U.S. States by the relevant State Banking Department(s) as a Money Transmitter. USForex is licensed as a Money Transmitter by the Banking Dept. of the State of NY.

United Kingdom[edit]

UKForex Limited (registered in England and Wales under company number 04631395) is a wholly owned subsidiary of OzForex Limited. UKForex is regulated by the Financial Conduct Authority as an e-money Institution (Firm Reference Number: 902028) and by HM Revenue & Customs under the Money Laundering Regulations 2003 as a Money Service Businesses with registration number 12219180.[36]

New Zealand[edit]

NZForex Limited (CN: 2514293) is a wholly owned subsidiary of OzForex Limited and is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.[37]


CanadianForex Limited (CN: 674939-9) is a wholly owned subsidiary of OzForex Limited. CanadianForex is a Money Services Business as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLATF Act) and as such is regulated by FINTRAC with registration number M08560392[38]

Hong Kong[edit]

ClearFX is provided by OzForex (HK) Limited (OzForex (HK)) and is a wholly owned subsidiary of OzForex Limited. ClearFX is licensed as a Money Service Operator with the Customs and Excise Department Hong Kong license number 12-08-00582


  1. ^ Derkley, Karin. "Client trust the key". The Weekend Australian Financial Review, 25–28 January 2007. View article (subscription only)
  2. ^ a b Switzer, Peter. "Innovative firm Ozforex forges forex online". The Australian, 27 February 2009. View article
  3. ^ Ooi, Teresa. "Mac Financial grabs control of OzForex". The Australian, 19 June 2007. View article
  4. ^ Swift, Brendan. "OzForex takes on world with MacBank". The Australian Financial Review, 19 June 2007. View article
  5. ^ Hextall, Bruce. "Australia’s Macquarie Bank unit acquires 51 pct of OzForex". AFX News Limited on Forbes.com, 17 June 2007. View article
  6. ^ AAP. "ING to offer overseas money transfers". The Sydney Morning Herald, 14 October 2009. View article
  7. ^ "ING To Sell ING Direct USA to Capital One" (Press release). ING Group. 16 June 2011.
  8. ^ "Conditional Merger Approval" (PDF). Office of the Comptroller of Currency. 17 October 2012.
  9. ^ Ruiz Switzky, Bryant (8 November 2012). "ING Direct rebranded as Capital One 360". American City Business Journals.
  10. ^ Curran, Enda. "Carlyle, Accel Buy Stakes in OzForex". The Wallstreet Journal, 23 November 2010 View article
  11. ^ http://www.asx.com.au/asxpdf/20131011/pdf/42jyv7syc05cff.pdf
  12. ^ Tan, Gillian. "OzForex, MoneyGram Ink Deal on Money Transfers". The Wall Street Journal, 10 June 2013 View article
  13. ^ Pandey, Swati. "OzForex says talks to be acquired by Western Union fail, shares slump". Reuters, 9 February 2016 View article
  14. ^ ofx.com View website
  15. ^ https://www.asx.com.au/asx/share-price-research/company/OFX
  16. ^ Redrup, Yolanda and Willitts, Will. "OFX Group shares hammered as it revises guidance, names new CEO". The Australian Financial Review, 1 February 2017 View article
  17. ^ http://www.asx.com.au/asxpdf/20170201/pdf/43fpznmxj3nytf.pdf
  18. ^ Maria Nikolova. "OFX confirms receiving unsolicited approach, talks discontinued" Finance Feeds, 18 March 2020 [1]
  19. ^ Australian Securities & Investments Commission Search Visit page
  20. ^ OzForex rebranding announcement Visit page
  21. ^ Drummond, Shaun. "Name change for OzForex, as new chief sets big target". The Sydney Morning Herald, 6 August 2015. [2]
  22. ^ NZForex website Visit website
  23. ^ NZForex rebranding announcement Visit page
  24. ^ Tranzfers website Visit website
  25. ^ Tranzfers rebranding announcement Visit page
  26. ^ UKForex website Visit website
  27. ^ OzForex Signs Exclusive Global Partnership with Travelex
  28. ^ UKForex rebranding announcement Visit page
  29. ^ CanadianForex website Visit website
  30. ^ CanadianForex rebranding announcement Visit page
  31. ^ ClearFX website Visit website
  32. ^ ClearFX (HK Forex) rebranding announcement Visit page
  33. ^ https://www.ofx.com/en-au/faqs/i-have-an-ozforex-travel-card-what-do-i-do-now-that-it-is-closed/
  34. ^ USForex rebranding announcement Visit page
  35. ^ AFS License number 226 484 View registration
  36. ^ HMRC Website View page
  37. ^ FSP registration View page
  38. ^ MSB registration.View page