When looking to transfer money internationally, it is important that you find the right provider to suit your needs. So, given the sheer choice you have in choosing a provider, it’s no wonder you feel a little overwhelmed. Currency conversion and international transfers are part and parcel of a financial industry that is filled to the brim with jargon and complications 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 WorldRemit
  • 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?

OFX was previously named OzForex, and is an Australian-based money transfer provider with offices in Sydney. OFX logoIt was established in 1998 by a man named Matthew Gilmour and now has 5 global offices including London and Hong Kong.
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 a wholesale rate, which means it offers its customers better rates than all banks, who typically add a mark-up on the mid-market rate, known as the margin. Because 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 offers great savings. It requires you registration and inform them of 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.

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.


3 Fee-Free Transactions with WorldRemit

Worldremit is a trusted partner of The Currency Shop. Worldremit customers using this link through The Currency Shop will receive 3 fee-free international money transfers, regardless of the size of the transaction.

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Summary of WorldRemit

Where did it first start?

WorldRemit was established in 2010 by Ismail Ahmed, who wanted to find a more affordable way of sending money back to his home country in Africa. This came from  the frustration associated with transferring money from London.
WorldRemit secured an investment of £40 million from Accel Partners, who has also invested in companies such as Facebook, Spotify and Dropbox. Then in 2015, WorldRemit secured it’s second big investment of £100 million from Technology Crossover Ventures (TCV).

How does it work?

WorldRemit has a very structured and clean website to navigate around, and has a strong technological presence. WorldRemit logoIt has an easy-to-use, highly recommended app available on all smartphones where you are able to transfer money normally, regularly, or take advantage of WorldRemit’s other transfers such as Mobile Money or Mobile air-time.
By recognising that customers may use these different alternatives, WorldRemit has placed itself between the traditional and technological, welcoming a wide range of customers.

Note that the cash pick-up transfer option has limited locations, so you will need to research this before you transfer.


Security of WorldRemit

  • Using certified technology from Norton to ensure computers and smartphones will only communicate with WorldRemit once the connection has been authenticated.
  • All partner companies that process payments for WorldRemit comply with the strict rules and data protection standards set.

Video: World Remit Review 2018


Available currencies to transfer

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


WorldRemit offers you sending money from 50 countries to over 125 countries in the relevant currencies, including the following: GBP, USD, CAD, HKD, JPY, EUR, AUD, NZD.
For more information on all the currencies, click here.

Minimum and Maximum amounts to transfer

OFX WorldRemit
Minimum $250 Nil.
Maximum Nil. Nil.

Exchange rates and fees

When transferring your money internationally, it’s important that you know the exchange rate you’re getting and any fees 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 waive the fee.
  • WorldRemit charges a $3.99 fee.

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 $754.570
WorldRemit $1000AUD $3.99 0.75 754.58

Payment methods/types of payment

Based on the type of transfer that you are wanting to make, a range of payment options can be beneficial.
We’ve put together a table below showing the types of payments both providers offer.

WorldRemit OFX
Cash pick-up Single transfers
Bank deposit Recurring transfers
Mobile money Buy now, transfer later.
Airtime top-up Target rate
FX option

Time of Transfer

Time can govern a lot of things in our lives, including 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 when you choose to transfer your money on a particular day.

  • OFX will transfer your money in 1-3 business days.
  • WorldRemit has various times based on the type of transfer you choose. Based on the most popular i.e. bank transfer, it will take 1-3 business days.

Pros and Cons of OFX and WorldRemit

In summary, we’ve put together a little table below that shows the major benefits and negatives in both providers.

OFX WorldRemit
Pros Cons Pros Cons
Very easy website with information easily advertised or accessible No cash pick-ups Offers cash pick-ups at over 30,000 locations worldwide Website seems quite uninformative and doesn't display fee structure.
Offers an app for all smartphones. Transaction fee applies (although waived after $10,000) Able to set up a transfer from your phone Doesn't accept cash for transfers.
Competitive exchange rates Not as many supported countries as WorldRemit Simple transfer process Transaction fee applies to transfers of $2000 or less.
Headquarters based in Sydney No minimum transfer amount and competitve exchange rates.

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, 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.


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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.