5 Good Alternatives to OFX

Making an international money transfer is becoming easier and easier. If you’ve used them before, you may be interested in some alternatives to OFX. The fact is, there are other companies that also offer affordable and convenient ways to transfer money overseas. It’s worth looking at some of OFX’s competitors to see what is best for you.

While OFX is easy to use, and offer good exchange rates, other companies can do the same. In this article, we take a look at companies that offer similar services to OFX to see how they stack up.

5 Alternatives to OFX

1. WorldFirst

WorldFirst is an alternative to OFX

WorldFirst is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters is located in London, they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA.

Pros and cons of using WorldFirst

  • Good exchange rates for amounts between $2,000 and $10,000
  • No direct fees for making a transfer
  • Access to customer service for small business and corporate customers
  • The minimum transfer amount is $2,000 AUD or more
  • You can only fund your transfer via a domestic wire transfer, not credit or debit card
  • You can’t pay via debit card, credit card, cash or check

WorldFirst has a minimum transfer amount of $2,000, which is a lot higher than OFX. However, WorldFirst don’t charge any fees for making an international money transfer no matter the amount.

   Value   

   Speed   

    Ease    

 Both
  Both
  Both

2. TorFX

TorFX is an alternative to OFX

TorFX is a UK based company that are especially good for larger international money transfers. If you’re making a transfer of more than $50,000, they could be a good alternative to OFX. TorFX don’t have any transfer fees, unlike OFX and have excellent customer support.

Pros and cons of using TorFX

  • They don’t charge any direct fees or commissions
  • Access to a dedicated account manager and excellent customer service
  • Great exchange rates for transfers above $10,000
  • There is a minimum transfer amount around $175 AUD for one-off payments and around $900 AUD for recurring payments.

They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. While OFX also has phone support, TorFX are licensed to give personalised advice if you need it when making your transfer.

   Value   

  Speed  

    Ease    

 Both
  Both
Both

Learn more

3. TransferWise

TransferWise is an alternative to OFX

TransferWise is a peer to peer money transfer service. This makes the way they transfer your money slightly different to OFX. Having said this, they’re just as secure and their website is even more user friendly. The company’s headquarters is in London and they have offices in New York and Tallinn.

Pros and cons of using TransferWise

  • Offers the real exchange rate, based on the mid-market rate
  • Fees are based on a percentage of transfer amount
  • Straightforward and easy to use online through their app
  • Not open to everyone worldwide yet
  • Transfer fees can get costly when transferring larger amounts of money due to percentage-style calculation
  • Does not yet support sending money to and from all currencies offered

TransferWise is often recognised for its fast transfers and highly competitive exchange rates. As an alternative to OFX, TransferWise is a better option for smaller transfers up to $10,000.

  Value   

  Speed  

  Ease  

 Both
  Both
  TransferWise

Learn more

4. XE Money Transfer

XE money transfer is an alternative to OFX

If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online. Unlike OFX who charge a fee for transfers under $10,000, XE do not charge any fees. They generally have competitive exchange rates in the same way OFX do.

Pros and cons of using XE Money Transfer

  • Have competitive exchange rates
  • They don't charge any fees or commission for making a transfer
  • Large and well established global reach
  • While XE compare exchange rates for hundreds of currencies, they have a limited list of currencies they can actually transfer
  • XE customer service is only available through business hours
  • XE doesn’t accept payment via credit card, cash or cheque

Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.

  Value   

   Speed   

   Ease   

 OFX
  Both
  Both

Learn more

5. PayPal / Xoom

Alternatives to OFX - PayPal / Xoom

If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.

Pros and cons of using PayPal / Xoom

  • They are good for sending money within the same country, but can be expensive internationally
  • Accept a variety of payment methods
  • If you’ve used them before, the process is very straightforward
  • Adds a mark-up to the exchange rate that differs with each currency, amount and transfer method. This is often not clear and close to the retail exchange rate, making it far more costly than other providers.
  • Expensive for international money transfers.

If you’re thinking of using PayPal as an alternative to OFX, it’s important to keep a couple of things in mind. Firstly, the person receiving the money must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.

  Value   

  Speed  

   Ease   

 OFX
  Both
 Both

Summary

Transferring money is simple and easy when transferring with the right provider. We know it can be tricky to know who to choose.

 

Here's the overall list of alternatives to OFX we recommend in order of preference:
  1. WorldFirst and TorFX are the best rated and our overall recommended service for foreign exchange when compared to OFX. Both money transfer companies offer competitive rates on large amounts, good speed and ease of use online.
  2. TransferWise is a great service and while it does not offer as good exchange rates over $10,000 AUD when compared to OFX, its speed is as good and the ease of use online is better than OFX.
  3. XE is a good choice for the large range of countries you can send money. While OFX has better exchange rates for transfer amounts over $10,000 AUD, both offer good transfer speeds and ease of use online.
  4. PayPal's Xoom service is a highly rated option by thousands of customers globally. Although they cost you more than other transfer providers (hence why we've placed them fourth), they offer a lot of flexibility, security and range of services which are supported by PayPal.

We hope the above five alternatives have helped you to choose the best one for you. For more information, visit us online!

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By Arlene Mc Donnell Updated September 23rd, 2020