OFX vs Azimo: Which One Can You Trust?

We know how much choice there is for international money transfers, and it’s important that you find the right one. Affordability, simplicity and one that suits the circumstances behind your transfer. Choosing such a provider can feel overwhelming, particularly if you don’t know where to start. To help you, we’ve put you in the right starting place and put together a simple, jargon-free comparative article of the most major names in the money transfer industry.

The Important Bits


Safety: Based in Australia, fully licensed and publicly listed

Rates: Vary based on amount and currency

Fees: $15 for transfers under $10,000. Fee free above $10,000.

Speed: 1-2 business days for most transfers

Service: Above average customer service, particularly over the phone


Safety: Based in the UK, licensed and well backed

Rates: Depends on the currency and amount you are sending

Fees: Fee depends on the currency and amount

Speed: 1-2 business days for most transfers

Service: Average customer service limited by country

They are both relatively new ways to transfer money overseas and have done well making it a cheaper and easier process. The real differences are in the the type of transfers they are really good at.

If you are sending small amounts of money from the UK or Europe overseas, particularly to smaller countries in Africa, Asia and South America, then Azimo are a great choice.

OFX on the other hand are a good option even if you live outside of the UK or Europe. They don't allow you to send to as many countries as Azimo but they have most of the globe covered.

Learn more about OFX

Learn more about Azimo

Fee Free Offer

The Currency Shop has partnered with OFX to offer fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.

  • After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
  • Their rates are often better than the banks, especially for larger transfers.
  • 24/7 phone support.
  • They have a minimum transfer amount of $250
  • Receiving or intermediary banks may charge fees on transactions

Learn More About OFX

Let's have a look at them in more detail

Exchange rates and fees

If you’re thinking of transferring money internationally, then it is really important that you are aware of everything involved cost-wise in your transfer.
Firstly, exchange rates will be the be-all or end-all of your transfer, particularly if you are transferring large amounts of money. The way exchange rates are offered is that providers and banks will add a mark-up of their choice onto the mid-market rate. This is the one you get from Google or xe.com, the mark up is called the margin. This is where they take their profit from, and you consequently get less for your money.
The idea is that providers will add less of a mark-up than banks, so you will get more for your money when you go through a money transfer provider, like OFX or Azimo.


A lot of providers will also charge either a fixed fee that will be waived or reduced over a certain amount, or charge a fee that a reflects a number of factors in your transfer. These could include how much you’re sending, the currency you’re sending in or where you are sending it to.
To help you be aware of both the costs involved and the exchange rate, we’ve put together a table below showing you what you’d get in return for a transfer based on $1000 AUD-USD, to show you who is cheaper.
All information was obtained March 2017, and is subject to change based on the financial market.

StartFeesExchange RateTotal (USD)OFX$1000AUD$150.7547$754.570Azimo$1000AUDN/AN/AN/A

*Azimo, unfortunately, does not send from Australia, but only from GBP, DKK, NOK, SEK, and CHF.
If sending from the above currencies to Australia is what you wish to do, then we have put together an additional comparison table for you to see the rates based on £1000 GBP-AUD.

Start Fees Exchange Rate Total
OFX £1000 GBP £7 0.1635 $1635.59
Azimo £1000 GBP £12 0.1613 $1613.40

What does the above tell you?

In this case, Azimo offers quite a bit less than OFX based on their exchange rate and charging almost double the fees OFX do.

Time of Transfer

Sometimes time can govern a lot of things in our lives, including our international money transfers. If you need your payment to reach your recipient sooner rather than later, then your research will depend on the time it takes. In general, there isn’t a huge amount of difference between providers.
The time taken to complete your transfer will depend on the country you are sending the money to, and the cut-off times you choose to transfer your money on a particular day.

  • OFX will transfer your money in 1-3 business days.
  • Azimo will transfer your money in 1-3 business days.

Available currencies to transfer

All money transfer companies will offer you the ability to transfer in any main currency, such as GBP, AUD or USD. If you think you might need a company that allows you to transfer in a less popular currency, then you will need to do your research.


OFX can transfer in 55 currencies, including the following: AED, CAD, CHF, EUR, GBP, HKD, JPY, MXN, NZD, SGD, THB, USD, ZAR.

For more information on all the currencies, click here.


Can transfer to 190 currencies, including the following: EUR, GBP, USD, AUD, NZD, JPY, HKD, VND, IDR, INR, CAD, CNY, ZAR, ISK.

Note however that Azimo only sends from the following currencies: GBP, EUR, CHF, NOK, DKK, SEK.

For more information on all the currencies, click here.

Minimum and Maximum amounts to transfer

OFX Azimo
Minimum $250 £5
Maximum Nil. Nil.

Time For Transfer To Reach Recipient

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

OFX and TransferWise generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

Payment methods and types of payment

Based on the type of transfer that you are wanting to make, you might benefit from a range of payment methods to choose from.
We’ve put together a table below showing the types of payments both providers offer.

OFX Azimo
Single transfer Bank transfer
Recurring transfers Cash pick-up
Buy now, transfer later Mobile money
Target rate Mobile air-time
FX option

Pros and Cons of OFX and Azimo

As with everything, each provider will have its benefits and negatives. We’ve put together a table of pros and cons for both below:

OFX Azimo
Pros Cons Pros Cons
Very easy website with easily accessible information Transaction fee applies (although waived after $10,000) Easy to use, award winning app Transaction fee applies
Offers an app for all smartphones No cash pick-ups Wide range of supported currencies Not a very strong global or Australian presence, more European based
Competitive exchange rates Not as many supported currencies Availability to use cash pick-up service at 280,000 locations worldwide Not all transfert options are available to all countries
Headquarters based in Sydney You can't send from many currencies, including AUD.

There can be a number of reasons for transferring money abroad. Whether it be to transfer money back to family, to pay bills or mortgage payments on an overseas residence, or perhaps transferring larger amounts of money from a property you have recently bought or sold. It’s always imperative that you are aware of the exchange rate you’ll get and fees involved.
If it’s larger payments, then the exchange rate can mean the difference of hundreds of AUD. If you would like to speak to one of our friendly, professional advisors, contact us on 1800 004 930.

Learn more about OFX

Learn more about Azimo