When looking to transfer money internationally, it is important that you find the right provider to suit your needs. It’s no wonder you might be feeling a little overwhelmed. Currency conversion and international transfers are part and parcel of a financial industry that is filled to the brim with jargon to breeze over the costs you’ll end up paying. To help you, we’ve chosen two of the most major names in the money transfer industry and put them together in a simple, comparative article.

This article will cover:

  • General summary of OFX
  • General summary of Frontierpay
  • Available currencies to transfer
  • Exchange rates and fees
  • Payment methods/Types of payments
  • Time to transfer
  • Pros and Cons

Summary of OFX

Where did it first start?

Previously known as OzForex, OFX is an Australian-based money transfer provider with headquarters in Sydney. OFX vs Frontierpay - OFX logo It was established by Matthew Gilmour in 1998, and grown tremendously over the 19 years and now has several global offices around the world, including London, San Francisco, Hong Kong and Auckland.
OFX roughly makes around 3000 transfers daily, and transferred $9.1 billion in 2013. It has around 2 million website users each day, and since its establishment, OFX has transferred over $100 billion.

How does it work?

OFX buys currency at the wholesale rate, which means it offers its customers better rates than all banks, who typically add a mark-up on the mid-market rate. aBecause OFX buys currency in larger loads at better prices, it doesn't need to add much of a mark-up to take a profit. OFX takes around a 0.3% margin profit, in comparison to a typical 4% from banks! Easy savings for everyone!
OFX markets itself as an easy, simple and fast transfer service that teams itself with great savings. It requires a registration and how much you wish to transfer, and who you send it to. It then works out the exchange rate and fee and you can lock in your transfer there and then, and away you go!

Security of OFX

OFX is regulated by the Australian Securities and Investments Commission (ASIC) and is able to safely transfer your money using Macquarie Bank's global risk management policies. It has a low-risk business model and state-of-the-art website security measures in place including minimum 2048 bit Secure Sockets Layer (SSL) certificates for protective encryption of your transfer.

Summary of Frontierpay

Where did it first start?

Established in 2009, Frontierpay is a UK-based company and was previously known as the FX firm until it re-branded itself Frontierpay in January 2017. Frontierpay on a computerWith offices in London, it covers a range of services, including Expense Management, Mass Payroll as well as International Money Transfers whereby you can open a personal or business account and organise your transfer.

How does it work?

Upon registration, you will be assigned to an account manager who will organise competitive exchange rates, explain fees and what’s involved behind transferring your money internationally. Frontierpay is also keen to reassure people that their account managers, like many others, do not work from commission so you are able to trust the advice you are given.
To those individuals that are looking to watch rates and receive alerts, you can do so through Frontierpay and organise a payment when your desired exchange rate is reached. Additionally, you can set up various other types of transfers, such as regular payments, if need be.

Security of Frontierpay

  • Frontierpay is a FCA (Financial Conduct Authority) authorised and regulated global payments specialist. Number: FRN 577057.
  • Frontierpay maintains segregated customer accounts. This means that Frontierpay keeps their customer’s assets separate from their company accounts, meaning that if the worst were to happen, the customer assets would still be protected.

Available currencies to transfer

All money transfer companies will offer you the ability to transfer in any main currency, such as GBP, AUD and 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.


Frontierpay’s website openly boasts that it supports 140 currencies, but will not give you a full list. However, we do know it includes the following: EUR, GBP, AUD, USD, SGD, THB, CAD, AED, JPY, NZD, HKD, INR.
Unfortunately, the website does not offer a full list of all the currencies. They ask that you get in contact.

Minimum and Maximum amounts to transfer

OFX Frontierpay
Minimum $250 £500 or currency equivalent
Maximum Nil. Nil.

Exchange rates and fees

Time to crunch the numbers. exchange rates for transfersWhen transferring money internationally, it’s vital that you know the exchange rate you’re getting and any fees that may be involved in the transfer.

A lot of providers will either charge a transfer fee that’s fixed and will be waivered over a certain amount, or charge a fee that a reflects a number of factors in your transfer, including how much you’re sending, the currency you’re sending in, and where you are sending it to.

  • OFX charges a $15 fee up to $10,000, above which they will waiver the fee.
  • Frontierpay charges no fees.

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.

Start Fees Exchange Rate Total (USD)
OFX $1000AUD $15 0.7547 $754.57
Frontierpay $1000AUD Nil. 0.766 $766.00

Payment methods/types of payment

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

OFX Frontierpay
Single transfers Spot payment
Recurring transfers Fixed forward payment
Buy now, transfer later Option dated forward
Target rate Multi-forward
FX option Rate watch

Time of Transfer

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.
  • Frontierpay will transfer your money in 1-4 business days.

OFX vs Frontierpay – The Pros and Cons

We have provided a table below to summarise all of the positive and negatives of both OFX and Frontierpay.

OFX Azimo
Pros Cons Pros Cons
Very easy website with accessible information Transaction fee applies (although waived after $10,000) You get your own personal account manager There is no live quoting available of their website so you have to sign up to obtain a quote.
Offers an app for all smartphones No cash pick-ups No transfer fees No cash pick ups
Competitive exchange rates. Phone transfer fee of $15 applies if you choose this method. Multiple options for international transfers Website is quite limited in the information provided.
Headquarters based in Sydney No app available.

It’s always imperative that you are aware of the exchange rate you’ll get and fees involved with overseas money transfers. Whatever your reason 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, research is your friend.

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.


Fee Free Offer

OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.

Learn More

Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.


Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.