MoneyGram vs OFX

We compare an established company with a relative online newcomer to learn which is better for your next transfer overseas.

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With online services and agent locations in more than 200 countries around the world, MoneyGram is one of the major players in the international money transfer business. On the other hand, OFX is comparatively new in the online money transfers space. Here is a quick comparison of MoneyGram vs OFX to see which comes on the top in terms of fees, exchange rates, speed and other features.

The fees and rates used in this comparison are accurate as of 22 August 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 day CAD 8.00 0.73 USD
3,645
Easily transfer cash to more than 350,000 locations around the world. Show details
USD 150 1 day CAD 15.00 0.749 USD
3,732
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

MoneyGram vs OFX: Which offers lower fees?

MoneyGram

Fees vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. For example, to send $950 directly to a bank account in France, you’ll pay $7 in fees if you pay by debit or credit. But the same amount transferred from an agent location for cash pick-up would cost $15 in fees.

OFX

OFX charges a standard fee of $15 on all transfers under $10,000 and no fees on transfers of $10,000 or more.

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Winner: Tie

While MoneyGram’s fees start from $1, they can also soar to over $50, depending on the details of your transfer. But the highest fees are incurred by features such as cash pick-ups that OFX doesn’t offer.

Although OFX doesn’t charge any fees on transactions over $10,000, a flat $15 fee on smaller amounts can be a big cut of the total.

Let’s crunch the numbers: Sending $1,000 and $10,000 to Hong Kong

Let’s say that you want to send $1,000 to Hong Kong. Here’s what a transfer would be like with MoneyGram and OFX. We’ll assume the cheapest transfer option is selected for both services. (Note that OFX is entirely online. MoneyGram, on the other hand, has an online transfer limit of $990 CAD, so transactions over that amount have to be completed in person at an agent location.)

Sending $1,000 to Hong Kong
MoneyGram OFX
Transfer fee $15 $15
Exchange rate 1 CAD = 5.710919 HKD 1 CAD = 5.777300 HKD
Transfer speed Minutes 2-4 business days
Total received HKD$5,625.26 HKD$5,690.64
Receiver gets HKD$65.38 less HKD$65.38 more
Sending $10,000 to Hong Kong
MoneyGram OFX
Transfer fee $150 $0
Exchange rate 1 CAD = 5.710919 HKD 1 CAD = 5.77730 HKD
Transfer speed Minutes 2-4 business days
Total received HKD$56,252.55 HKD$57,773
Receiver gets HKD$1,520.45 less HKD$1,520.45 more

While MoneyGram is faster, OFX has a more competitive exchange rate. In this case, skipping MoneyGram in favour of OFX could save you over $65 HKD (roughly $11 CAD) on a transfer of $1,000 and over $1,500 HKD (roughly $255 CAD) on a transfer of $10,000. However, the result could vary depending on the currency, amount being sent, and the payment method.

Which offers better exchange rates?

MoneyGram

MoneyGram makes its money from transfer fees and by adding a margin to the exchange rate. Depending on where you’re sending your transfer, the exchange rate could be up to 5% or more above the mid-market rate. If you’re sending a large amount of money, this could mean a difference of hundreds of dollars.

Say you’re sending money to Hong Kong:

  • If the mid-market rate is 1 CAD = 5.89472 HKD
  • MoneyGram’s exchange rate may be 1 CAD = 5.7200 HKD

This means the margin is 2.96%.

OFX

A typical exchange rate at OFX can be anywhere from 1% to 5% above the mid-market rate, depending on the currency.

So sending money to Hong Kong:

  • If the mid-market rate is 1 CAD = 5.89472 HKD
  • OFX’s exchange rate could be 1 CAD = 5.77730 HKD

This margin ends up being smaller than MoneyGram’s, at only 1.99%.

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Winner: OFX

OFX’s stronger exchange rates put more money into your recipient’s pocket than MoneyGram will.

Which is faster?

MoneyGram

Delivery speeds vary by transfer options and countries. At an agent location or by phone, your transfer could be delivered in minutes (with higher costs). At most, your money could take up to 2-4 business days to be received, but many deposits arrive within a few hours.

OFX

To transfer your money to OFX, it takes 1-2 business days. It takes another 1-2 days to send that money from OFX to your recipient. You can expect at least 2 business days to complete a transaction.

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Winner: MoneyGram

Most transfers through MoneyGram are completed within minutes or a few hours. To transfer through OFX, funds must be sent to a customer account before it can be sent elsewhere, which adds 1-2 days on top of OFX’s normal processing time. Although some transfers could take up to 2-4 days with MoneyGram, it takes the lead for most types of transfers.

Which offers more options?

Payment Methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
MoneyGram Bank transfer, credit or debit card, cash Cash pick-up, bank account Minimum: $1

Maximum: $990

1 day 95+ currencies
OFX Bank transfer Bank account Minimum: $150

Maximum: None

1 day 30+ currencies

MoneyGram

With MoneyGram, you go to its official website, enter the amount you need to transfer and confirm your payment and how it should be received. (You also have the option of visiting or calling an agent). Once you approve the exchange rate and fees, MoneyGram converts and delivers your money to your recipient’s bank account or for cash pick-up at different locations worldwide.

OFX

With OFX, you’ll need to create a free account first. But it’s easy to set up as part of your transfer. It’s a simple process: You go to its site, enter how much money you’ll be transferring and send your funds to an OFX account. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

Bottom line

OFX’s lower fees and more advantageous exchange rates make it a major competitor in the international money transfer market. Though to get it there in a day, only MoneyGram offers expedited cash pick-ups. Ultimately, you’ll need to compare your options to find the service that’s right for you.

Check out our detailed guide to international money transfers to learn more about sending money overseas.

Looking for more options?

Compare other money transfer services at a glance. Use our calculator by entering how much you want to send to see the fees and exchange rates other services offer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.753 USD
7,533
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.753 USD
7,525
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.756 USD
7,495
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.753 USD
7,533
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.753 USD
7,530
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.753 USD
7,533
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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