OFX offers transfers and exchanges in over 50 currencies. If you’re a larger business looking to pay for exports – or just need to transfer a larger sum to an account overseas – this service may be the right fit for you.
Pros
No transfer fees
24-hour customer support
Available in 190+ countries and territories and 50 currencies
Offers scheduled and recurring transfers
iOS and Android apps for mobile transfer and tracking
No maximum transfer limit
Cons
Bank-to-bank transfer only — no cash payment or pickup
Xe Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency — but it doesn’t allow same-currency transfers like OFX does. If you’re working far from home, Xe is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer your money to foreign companies in their currency, it’s especially ideal for business accounts — it trades in over 120 currencies, far surpassing OFX’s 50.
Trade in over 120 currencies, allowing for money transfers to over 200 countries
Competitive exchange rates save you money in the long run
Quick turnaround means transfer is complete in three to five days
No maximum transfer amount
Downsides
Bank-to-bank transfers only
Exchange rate comparison tool not available until after you’ve registered with the site
2. Currencies Direct
Currencies Direct is an international money transfer service dedicated to helping its customers save more when transferring money internationally. With 40+ currencies to choose from — and others that can be discussed with the company itself – it’s comparable in reach to the 50 currencies OFX allows transfers in.
Like OFX, which offers no-fee bank-to-bank transfers, Currencies Direct offers no fees for 90% of its transactions. However, while OFX has a high minimum transfer amount of $1,000, Currencies Direct allows for transfers as low as $100. Both companies have no maximum transfer limit, making them ideal for high-dollar transfers.
Supports large transactions at a seemingly unlimited max
Monitors exchange rates for your ideal transfer
Downsides
No cash pickup option — bank-to-bank transfers only
3. Wise
Wise is a money transfer site designed to help you save money on exchanges through a peer-to-peer system. It’s basically trading money with another person, but it doesn’t cross borders. While OFX has no transfer fees at all, Wise has a complex system to calculate fees and charges a variable fee ranging from 0.41% to 1.5%. Wise also has daily transfer limits of $50,000, while OFX has no maximum transfer limit.
High transfer limits — can send up to $50,000 per day and $1 million per year
Apps for both iOS and Android
Downsides
Transfers to bank accounts — no cash pickup option
Two-step process means you must first wire your money to Wise, which then deposits the money to your recipient’s bank account
Requires a social security number to send money
4. WorldRemit
WorldRemit provides a variety of transfer options in more than 130 countries — including online, bank-to-bank and cash transfers. Unlike OFX, which has no transfer fees or maximum transfer limit, WorldRemit has fees that vary by country and a maximum transfer amount of $9,000. However, OFX doesn’t allow for cash pickup or home delivery, while WorldRemit offers both of these options.
Why pick WorldRemit instead?
Low minimum transfer amount of $1
Available in over 130 countries worldwide
Flexible payment options, including debit or credit card, bank transfer, Android Pay and ApplePay
Transfers to mobile wallet accounts
Cash pickup and home delivery available
Mobile airtime account transfers
Downsides
The higher your transfer, the greater the transfer fees
Low maximum transfer amount of $9,000
5. MoneyGram
The second-largest international money transfer service in the world, MoneyGram is a big contender. It services transfer and exchange currencies in over 200 countries and territories to more than 350,000 agent locations worldwide. Unlike OFX, which only allows for bank-to-bank transfers, MoneyGram offers a large pool of services for sending and receiving funds, including home delivery and cash pickup options.
With its low minimum transfer amount of $1 and maximum online transfer amount of $6,000, MoneyGram is better suited for smaller money transfers. OFX, on the other hand, can handle larger transfers with its $1,000 minimum transfer amount and unlimited maximum amount.
Extensive global network of 350,000 agent locations in over 200 countries and territories
Large pool of services available for sending, receiving or financing
Fast transfers, with same-day service in many locations
Home delivery and cash pickup options
Low minimum transfer amount of $1
Downsides
Maximum online transfer amount of $6,000
Fees vary depending on payment type and transfer destination
Transfers must be made in US dollars from the US (no exchanges before transfer)
Local exchange rates vary by transfer destination
6. Sharemoney
Sharemoney is a part of the Omnex group, a company that’s specialized in money transfers for over 25 years. While OFX can transfer funds from anywhere in the US, Sharemoney is limited to 36 US states and can only transfer money to 21 countries — a far cry from OFX’s 195 countries. While OFX only offers bank-to-bank transfers and has no fees, Sharemoney allows for cash transfers and door-to-door delivery, but with transfer fees. Sharemoney has low minimum and maximum daily transfer limits — $20 to $2,999.99 — while OFX requires you to transfer at least $1,000 with an unlimited maximum.
Why pick Sharemoney instead?
Low transfer fees starting at $2.99
Low minimum transfer amount of $20
Exchange rate calculator helps you see how much money you’ll get for your dollar, with rates updated hourly
Fast and easy service, with cash and bank transfers taking as little as 15 minutes to 24 hours
Door-to-door delivery as quick as 48 hours
Discounts available on Facebook
Downsides
Sharemoney is only licensed to operate in 36 states
Only offers one-off transfers
Exact location must be specified for cash pickup
Can only transfer money to 21 countries, which are largely limited to South America and select Asian countries
Daily transfer limits of $2,999.99 every 15 days, and $9,999.99 every six months
Still looking for other options?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Leah Fallon is a freelance journalist and editor, specializing in personal finance and small business. She owns Birch Tree Bookstore in Leesburg, Virginia.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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