Summary
OFX updated its Privacy Policy effective April 30, 2025, with changes to data collection explanations, automated decision-making details, and structure. Subsequent developments up to September 28, 2025, include legal updates on data protection, adjustments to acceptable use policies, financial moves, corporate partnerships, and foreign exchange commentary. These updates matter because they affect both user privacy and OFX’s global operations.
Context and Scope
This account combines the original Privacy Policy update from April 2025 with subsequent developments through September 28, 2025. It covers official communications, clarifications of their meaning, and factual updates related to OFX’s corporate policies, financial actions, and currency market commentary.
Exhaustive Narrative of Facts
The Privacy Policy Update
OFX announced revisions to its Privacy Policy to increase transparency about how data is collected, handled, and protected. The changes included more detailed explanations of data use, additional information about automated decision-making, and a clearer structure with a table of contents. The update stated: “By continuing to use our products and services on or after April 30, 2025, you’re acknowledging that you understand the terms of our updated Privacy Policy.” OFX emphasized its commitment to protecting privacy, provided a contact email (questions@ofx.com), and listed support phone numbers for personal and business clients in North America. The notice came from its Canadian office at 145 King Street West, Suite 1002, Toronto, Ontario M5H 1J8.
Clarifications on Implications
The key implication of the notice is that users automatically accept the new terms if they continue to use OFX after April 30, 2025. Those unwilling to accept the terms must stop using the service before that date. Automated decision-making refers to systems such as fraud detection and risk evaluation, which operate under regulatory frameworks without manual review in each case.
OFX Company Profile
OFX, originally OzForex, was founded in Sydney, Australia, in 1998. It now operates internationally with offices across North America, Europe, and Asia. The company provides cross-border money transfer services in over 50 currencies, covering more than 170 countries.
Strengths include exchange rates more competitive than those of traditional banks because fees are lower, secure and regulated operations across multiple jurisdictions, 24/7 customer support, and specialized business services such as risk management for foreign exchange exposure. Limitations include less suitability for very small transfers, the requirement of detailed identity verification for compliance with anti-money-laundering rules, and the absence of digital wallet functionality, which distinguishes it from services like PayPal that allow storing funds.
Developments Through September 2025
On September 3, 2025, the General Court of the European Union dismissed a challenge against the EU-US Data Privacy Framework (DPF), confirming its adequacy for data transfers, and rulings by the Court of Justice of the European Union clarified the status of pseudonymised data. OFX’s Consumer Privacy Notice was last modified on April 30, 2025, and a Candidate Privacy Policy was issued in July 2025, with a statement that future revisions could reflect changes in practice or law.
The Acceptable Use Policy was updated on August 15, 2025, detailing prohibited activities. OFX also expanded corporate partnerships, adopting fraud-monitoring tools from Thredd on September 17, 2025. Financially, OFX began a share buy-back program on August 19, 2025, set to run until August 18, 2026, subject to shareholder approval. Reports indicated a 67 percent shareholder loss over three years, and analysts noted institutional investors hold majority stakes, giving them influence over decision-making.
Market commentary from OFX in late September 2025 included analysis of the U.S. dollar’s strength following strong housing data and Federal Reserve messaging, as well as pressure on the New Zealand dollar (NZD) due to risk aversion, policy uncertainty at the Reserve Bank of New Zealand, and U.S. Federal Reserve signals. On September 26, 2025, OFX reported the NZD had fallen below 0.5800 against the U.S. dollar.
Practical Takeaways
- The Privacy Policy update took effect on April 30, 2025; continued use confirms acceptance.
- The update clarified data collection, automated decision-making, and improved document structure.
- OFX provides global transfer services with strengths in competitive exchange rates, regulation, and business tools but lacks advantages for small transactions.
- Subsequent developments include EU legal rulings on data protection, a revised Acceptable Use Policy, a candidate privacy framework, and financial actions such as a share buy-back program.
- Market reports from late September 2025 highlighted U.S. dollar strength and weakness in the New Zealand dollar.
My Diary - Leonardo Cardillo 