OFX joined AUKCC as one of our Chartered Members in April 2022; OFX helps businesses and individuals confidently make global money transfers. With over 20 years of experience, they know how to navigate the ever-changing Foreign Exchange (FX) market.
Recently, I had the pleasure of meeting with Sarah Webb, the President of UK & Europe at OFX, to better understand their services and how we could best serve our members and extended community.
AUKCC: Hi Sarah, could you please introduce yourself and tells us more about OFX?
Sarah: “I’m Sarah Webb, the President of the UK and European business. One of my biggest attractions in joining OFX was their ambitious growth plans for Europe. It’s certainly an exciting time to be part of OFX. Since I joined four years ago, we’ve launched TV campaigns in the UK, secured a European business licence in Ireland, and we’re now marketing in Germany. Back ‘home’ (Australia), we’ve made it into the ASX 300!”
Sarah: “Going further back on OFX’s history, we were born on the northern shores of Sydney in a garage by two founders who decided to build the capability online and find out the latest exchange rates across different currency corridors. Then we added great people. FX shouldn’t be scary. As well as a seamless digital platform, our customers can talk to a real person no matter how big or small their questions. We’re delighted to join the Australia-UK Chamber of Commerce and help Aussie expats and international businesses.”
AUKCC: OFX has over 20 years of FX experience, and a lot has changed since. How do you keep up to date with the ever-changing market? Currently, what is the biggest challenge?
Sarah: “As well as monitoring currency markets, we ensure we stay close to our clients to understand their needs. For example, when the pandemic hit, people and businesses worried about their global money transfers. We worked with our clients to understand their current situation and helped them manage their FX accordingly.
One of our biggest challenges to date in the European team was securing our license to continue operating in Europe post-Brexit. We had many customers we did not want to let down, and we also have a considerable growth agenda for the continent. Under normal circumstances, this is a rigorous application process that takes effort from across the organisation and requires you to work closely with the regulator.
We were in the midst of the application when the pandemic happened, which made setting up our Irish business and hiring a new team in Ireland as part of the e-money license application process much more challenging. I still remember the date we secured the license – 16th December 2020 – and how this established an excellent platform for growing the business in Europe.
Now we’re faced with extreme market volatility, which is challenging for OFX because it heavily affects our clients. The pound reached an all-time low against the US dollar in September, impacting the bottom line of many businesses.”
AUKCC: FX is a competitive market. What is OFX’s differentiator?
Sarah: “OFX has an easy-to-use online platform and 20 years of experience. Fair exchange rates are really important to us. But it’s our people that make such a difference. You can speak to one of our currency experts. We like to call them OFXperts, 24 hours, seven days a week. It’s our follow-the-sun model that makes this possible. With eight offices globally, we have real people ready to help round the clock!
This blend of global knowledge and local expertise helps us do an excellent job for our clients. When currency markets are so volatile, this is even more important.”
AUKCC: Is it suitable for businesses of all sizes? What if one of our individual members wants to use OFX?
Sarah: “We work with all businesses, from online sellers to large drinks producers. We know that no two companies are the same. Depending on your needs, how you work with OFX may be different. It can be as simple as logging into our secure online platform to quickly make a transfer at a great rate, to working with one of our OFXperts on a weekly basis to build a currency risk management plan. Getting in touch is the best place to start!
AUKCC: We are delighted to share that as part of our AUKCC Member benefits, we’ve partnered with OFX ! Could you please explain to our members the steps to use your services?
Sarah: “You can register online by clicking here or, reaching out directly to one of our OFXperts. Roscoe Murcott (Roscoe.Murcott@ofx.com) is on hand to help Australia-UK Chamber of Commerce members set up their accounts.”
OFX partnered with the ATO to make paying tax in Australia a little bit easier.
Find out more in the video below:
AUKCC: Thanks very much, Sarah, for your time and expert advice on FX. We hope this article will be resourceful to all our readers.
We know it has been tricky to keep up with the FX market changes; OFX provides detailed information on the latest FX news and trends: OFX Daily Commentary
Get in touch to suggest topics for future articles and feedback here.