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 Similar Sites to OFX

Below, we’ve listed 5 companies you can use as alternatives to OFX. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.

1. WorldFirst

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.

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.

  • 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.

Learn more about WorldFirst

2. TransferWise

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.

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.

  • 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.

Learn more about TransferWise

3. XE

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.

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.

  • Have competitive exchange rates.
  • They don't charge any fees or commission for making a transfer.
  • Large and well established global reach.

Learn more about XE Money Transfers

4. TorFX

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.

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.

  • 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.

Learn more about TorFX

5. PayPal

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.

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 you’re sending money to must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.

  • 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.

Learn more about PayPal

Compare money transfer companies like OFX

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,991.75Exchange Rate0.7180Transfer Fees$64.17Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,991.75Rate Updated just nowGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7180 will cost you $13,991.75 which includes a fee of $64.17

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated just now
TorFXRead ReviewTotal (AUD)$13,997.56$5.81 more expensive Exchange Rate0.7144 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,997.56$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7144 will cost you $13,997.56 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,008.83$17.08 more expensive Exchange Rate0.7138 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,008.83$17.08 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7138 will cost you $14,008.83 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,011.65$19.90 more expensive Exchange Rate0.7137 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,011.65$19.90 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7137 will cost you $14,011.65 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$85.65 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$85.65 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,120.30$128.55 more expensive Exchange Rate0.7082 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,120.30$128.55 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7082 will cost you $14,120.30 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,450.87$459.12 more expensive Exchange Rate0.6920 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,450.87$459.12 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6920 will cost you $14,450.87 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,748.22$756.47 more expensive Exchange Rate0.6786 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,748.22$756.47 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6786 will cost you $14,748.22 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates