OFX works really well for most people in almost all situations above their minimum of $1000 USD, £100 GBP or $250 AUD in most other currencies including EU, CA, NZ and SG. For $7000 USD and above, we think OFX is the best money transfer company and we have voted it the winner for fours years in a row – including 2021.
OFX holds client funds in accounts with highly rated financial institutions. In addition, OFX operates an extremely low risk business model whereby OFX never pays out client funds prior to receipt of the currency the client has sold to us.
I've used OFX for many years, and have always been very pleased with the service. Happy to recommend them to friends and familly for small or large transactions. They have saved many thousands in favourable exchange rates compared to the big banks charge.
Winner: OFX
It also means for larger transfers they are our top pick because dealing with a real human often ensures smooth transfers. On the other hand, we recommend TransferWise for smaller transfers because it keeps its costs lower and online platform is usually more efficient for smaller transfers.
OFX charges a transfer fee of $15 (in some countries) for transactions under $10,000/approx. £5000. For transactions over that amount there is no fee. The exchange rate fee is 0.6% to 2.0% on a sliding scale as the amounts increase the percentage reduces.
In almost every case, the cheapest way to transfer money internationally is to use a specialist money transfer service . They provide much more competitive rates, fees, and commissions than banks or PayPal, meaning your recipient will end up with more money.
Unlike many of its competitors, OFX does not charge a fixed exchange transfer fee for each transfer. ... Instead, OFX makes their money by charging an exchange rate markup fee, which generally runs between 0.4% and 1.5%. This fee is added to the mid-market rate to come up with the consumer rate that you pay.
USForex Inc. d/b/a OFX is registered as a Money Service Business at the federal level with the Financial Crimes Enforcement Network (“FinCEN”), which is a bureau of the United States Department of Treasury. OFX is licensed as a money transmitter by the relevant state regulatory agency in the U.S. states listed here.
Most other major currency transfers may arrive within 1-2 days (from the time OFX receives your funds). With most exotic currencies, this process may take anywhere from 3-5 days. While banks require that you submit your money transfer orders during their business hours, OFX operates 24 hours a day, 7 days a week.
OFX is another excellent alternative to Western Union. We like them because their rates and fees are generally much lower. You can also make much larger transfers with them, if you need to. OFX have an easy to use website and app but unlike Western Union, do not offer cash pick-up as an option.
WorldFirst is cheaper than TransferWise when sending and converting high volumes of money internationally over the course of a year. Fee margins for high volumes can be as low as 0.25% and even lower at 0.15% for high volume international businesses.
TransferWise is better than Revolut for guaranteeing the amount the recipient will receive from a bank transfer. Transferwise has local accounts for all their currencies. And they will use that to guarantee the amount received by the recipient.
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