This comparision provides important information on OFX and World First. Before you make a decision to use either service, find out which company will suit your transfer needs.OFX vs WorldFirst

What you'll find in this OFX vs WorldFirst review

  • Safety
  • Exchange Rates
  • Fees
  • OFX and World First Sign Up And Transfer Process
  • Accepted Payment Types, Min & Max Amounts
  • Business Payments
  • Supported Currencies & Countries
  • How Long It Takes To Transfer Money Through OFX and TransferWise
  • Customer Support

 

OFX Logo

OFX is a foreign exchange and money transfer specialist for personal and business transactions. The company started in Australia and was previously called OzForex. Today, OFX has global offices in Sydney, London, San Francisco, Hong Kong, Toronto and Auckland. They offer great exchange rates, efficient service and fast international money transfers from over 190 countries in more than 55 currencies.

WorldFirst Logo

World First is a UK based company that offers currency exchange and money transfer services for individuals and businesses alike. The headquarters is located in London, and they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA. The company is able to offer good exchange rates as it trades currencies at the wholesale rate.

Safety

The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every company offering financial services must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.

 

OFX World First

Regulated by ASIC

Regulated by ASIC

Financial Ombudsman Service Member 13405

3A2 Credit Rating from Dun and Bradstreet

Australian Financial Service Licence 226 484

Australian Financial Service Licence 331 945

 

Winner: Tie. Both companies hold an AFSL and are regulated by ASIC. In order for either companies to provide financial services legally, they must be registered with the Australian government body.

 

Exchange Rates

World First offers a price promise to its customers. The company claims to always try to quote a better rate than banks. Even if you receive a better quote, they'll match it.

Exchange rates are constantly changing. That's why comparing your options is one of the most important factors to consider before making a transfer. Here are three ways you can compare current exchange rates:

 

  1. View live rates on OFX and World First websites
  2. Call OFX at 1300 300 424 and World First at 1800 835 506 (within Australia)
  3. Compare exchange rates online with our comparison engine

 

Winner: World First. Generally speaking, both companies excel in different range of transfer amounts. World First has the best exchange rate for a wider range of transfer amounts, particularly from AUD 1000 to amounts less than AUD 10,000. Compared to OFX which offers the best rate for AUD 10,000. This comparison could change by the time you read this, so remember to compare before you transfer.

 


Compare Australian Banks and Money Transfer Specialists

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Fees

Money transfer providers make a profit from every transaction, even when no fees are charged. So it's just as important to compare fees as well as exchange rates. Note that a deposit fee may be charged by the recipient's financial instituition.

 

OFX World First

AUD 15 for transfers less than AUD 10,000

AUD 10 for transfers less than AUD 10,000

No fee for transfers over AUD 10,000

No fee for transfers over AUD 10,000

 

Winner: World First. $5 isn't a significant difference, but hey, we'll take it. Just bear in mind that fees aren't the only thing you should consider. Like banks, transfer companies also make their money on the margin between the wholesale currency rate and the cost which the currency is sold to you.

 

Related: How Much It Really Costs To Transfer Money Overseas

OFX and World First Sign Up And Transfer Process

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

 

OFX World First
1. Enter personal details online 1. Register your details online
2. Fill out details of your money transfer 2. Verify your identity with valid ID
3. Verify account details though email or phone 3. Select currency you wish to buy and sell
4. Receive quote for your transfer 4. Provide beneficiary details and amount
5. Transfer funds to OFX 5. Select Payment Method
6. OFX receives funds and exchanges 6. Select onward payment date
7. OFX transfers to recipient 7. Accept Rate and make payment to World First

 

Winner: Tie. Getting started with both companies is an easy and quick process.

 

Accepted Payment Types, Min & Max Amounts

 

OFX World First

Payment Types Accepted

Check Mark BPAY

Check Mark Electronic Funds Transfer

Check Mark Direct Debit

Check Mark Electronic Funds Transfer

Check Mark Direct Debit

Minimum Transfer Amount

AUD 250

AUD 250

AUD 1000 (Over the phone)

Maximum Transfer Amount

No Limit

No Limit

 

Winner: Tie. There isn't a significant difference between OFX and World First's offerings in this segment.

 

Business Payments

Money transfers for business are supported on both OFX and World First. There are four services available for business accounts and some of these features may also be available for personal accounts.

 

  1. Forward Exchange Contracts – Lock in exchange rates ahead of time
  2. Order Types – Allows you to purchase currency at a determined rate
  3. Risk Management – An assigned account manager will provide currency analysis tailored to fit your business needs
  4. Free transfers – For amounts over AUD 10,000

 

Winner: Tie. If you need to transfer money for business purposes, you can expect to have a variety of options to suit your transfer needs.

 

Supported Currencies and Countries

This is an extensive list of currencies available for transfer with OFX and World First. Comparatively, OFX offers more exotic currencies.

OFX World First*
AED – United Arab Emirates Dirham

AUD – Australian Dollar

AZN – Azerbaijani Minat

BGN – Bularian Lev

BHD – Bahraini Dinar

BND – Brunei Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

CNY* – Chinese Yuan Renminbi

CZK – Czech Koruna

DKK – Danish Kroner

EGP – Egyptian Pound

EUR – Euro

GBP – Pound Sterling

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupees

JPY – Japanese Yen

KRW – South Korean Won

KWD – Kuwaiti Dinar

LKR – Sri Lankan Rupee

MAD – Moroccan Dirham

MGA – Malagasy Ariary

MYR – Malaysian Ringgit

MXN – Mexican Peso

NZD – New Zealand Dollar

OMR – Omani Rial

PEN – Peruvian Nuevo Sol

PGK – Papua New Guinea Kina

PHP – Philippine Peso

PKR – Pakistan Rupee

PLN – Polish Zloty

RUB – Russian Ruble

SAR – Saudi Riyal

SBD – Solomon Island Dollar

SCR – Seychelles Rupee

SEK – Swedish Kroner

SGD – Singapore Dollar

THB – Thailand Baht

TOP – Tongan Pa anga

TRY – Turkish Lira

TWD – Taiwanese Dollar

TZN – Tanzanian Shilling

USD – US Dollar

VEF – Venezuelan Bolivar Fuerte

VND – Vietnamese Dong

VUV – Vanuatu Vatu

WST – Samoan Talar

XOF – CFA Franc

XPF – CFP Franc

ZAR – South African Rand

AED – United Arab Emirates Dirham

AUD – Australian Dollar

BGN – Bularian Lev

BHD – Bahraini Dinar

CAD – Canadian Dollars

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great Britain Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

ILS – Israeli Shekel

JPY – Japanese Yen

KES – Kenyan Shilling

KWD – Kuwaiti Dinar

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

OMR – Omani Rial

PHP – Philippine Peso

PLN – Polish Zloty

QAR – Qatari Rial

RON – Romanian Leu

RUB – Russian Ruble

SAR – Saudi Riyal

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TND – Tunisian Dinar

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

*World First has an extensive list. Here you can find their complete list of currencies.

 

How long does it take to transfer money through OFX or World First?

The transfer speed depends on the amount and type of currency, country of transfer and turnaround time of your bank to clear payment.

 

OFX World First

Australia, Hong Kong, New Zealand, Singapore, UK: 1 working day

Canada, Europe, Japan, USA: 1 – 2 working days

Between 1 – 4 working days

 

Winner: OFX tends to be more efficient with transfer speed than World First.

 

Customer Support

OFX provides exceptional 24 hour customer service over the phone. Likewise, with World First you can expect to receive support for your queries.

 

Winner: OFX. From experience with both companies, OFX provides excellent service.

 

Final Verdict

The overall winner of this comparison is OFX.

From their competitive exchange rates, simple fee structure, transfer speediness, range of currencies available, to their safety compliance and excellent customer service, OFX is a fantastic option for making international money transfers.

As a general benchmark, you can expect to receive better exchange rates for amounts more than AUD 10,000 with OFX. Whereas World First is the cheaper option if you are transferring smaller amounts less than AUD 10,000.

 


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.


 

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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.