XE Money Transfer vs OFX

Which company offers the fastest and most affordable international money transfers?

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XE and OFX are both online transfer services and both offer bank-beating exchange rates on international money transfers in more than 40 currencies. But which one offers the best value for money? To find the answer to this question, let’s compare XE and OFX in terms of fees, exchange rates and transfer speed.

The fees and rates used in this comparison are accurate as of 2 October 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 1 day CAD 0.00 0.753 USD
7,528
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
USD 150 1 day CAD 0.00 0.753 USD
7,528
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

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

XE

XE doesn’t charge any fees on international transfers.

OFX

If you’re transferring under $10,000, a flat fee of $15 applies. But if you transfer $10,000 or more, this fee is waived.

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Winner: XE

All XE transfers are fee-free, so it takes the win in this category. However, this doesn’t necessarily mean it offers the most affordable transfer option as you’ll also need to consider the exchange rate when calculating the total cost of your transaction.

Let’s crunch the numbers: Sending $5,000 and $15,000 to the UK

To get a better idea of how XE and OFX compare in an everyday scenario, let’s take a look at the example of transferring $5,000 and $15,000 from Canada to the UK.

Sending $5,000 to the UK
XE OFX
Transfer fee $0 $15
Exchange rate 1 CAD = 0.6043 GBP 1 CAD = 0.5999 GBP
Transfer speed 1 business day 1-2 business days
Total pounds received GBP£3,021.50 GBP£2,990.50
Receiver gets GBP£31.00 more GBP£31.00less

As you can see, XE offers a better deal for this particular transaction. Not only can XE save you $15 on transfer fees, but its superior exchange rate means you can send an extra GBP£31.00 (roughly CAD$50) to your recipient.

Sending $15,000 to the UK
XE OFX
Transfer fee $0 $0
Exchange rate 1 CAD = 0.6045 GBP 1 CAD = 0.6016 GBP
Transfer speed 1 business day 1-2 business days
Total pounds received GBP£9,067.50 GBP£9,024.00
Receiver gets GBP£43.50 more GBP£43.50 less

In this example, both providers offer fee-free transfers. However, XE’s higher exchange rate means it lets you send an extra GBP£43.50 (roughly CAD$70) to your recipient.

Which offers better exchange rates?

XE

When you convert CAD into another currency, XE adds a margin on top of the mid-market rate. The size of this margin varies depending on the currency you want to transfer, but it’s typically in the 0.4-1% range. For example, here is the exchange rate if you want to send a transfer to the United States:

  • If the mid-market rate is 1 CAD = 0.7505 USD
  • XE’s rate might be 1 CAD = 0.7433 USD

This is a margin of 0.96% added to the mid-market exchange rate.

OFX

OFX also adds a margin on top of the mid-market rate when exchanging your CAD. This margin varies between currencies but generally ranges anywhere between 1% and 4%. Using the same CAD to USD example:

  • If the mid-market rate is 1 CAD = 0.7505 USD
  • OFX’s rate might be 1 CAD = 0.7350 USD

This works out to be a margin of 2.07%.

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Winner: XE

We found that XE generally offered better exchange rates than OFX, which means that more of the money you transfer arrives in your recipient’s bank account.

Which is faster?

XE

Most transfers with XE are completed on the same working day. However, you should allow 1-4 working days for your transaction to be completed.

OFX

Payments are usually made within 1-2 working days after OFX receives your funds. However, transfers in less popular currencies can take 3-5 working days.

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Winner: XE

XE’s claimed transfer times are slightly faster than those of OFX.

General features

Payment methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
XE Bank transfer, BPAY Bank account Minimum: $0

Maximum: $500,000

1 day 40+ currencies
OFX Bank transfer, BPAY Bank account Minimum: $150

Maximum: No limit

1 day 50+ currencies

XE

You’ll need to sign up for an online account before you can send a transfer, then enter the full details of your transaction and review the exchange rate on offer. XE will also send you an email/SMS notification when the funds have been transferred to your recipient’s account.

OFX

To send a transfer, you’ll need to create an account and then enter the amount and currency you want to send. Review the cost of your transfer and submit the transaction. OFX also offers a smartphone app if you want to send funds directly from your mobile.

Bottom line

XE offers faster and more affordable international money transfers than OFX, so it’s well worth considering when arranging your next overseas payment.

Ultimately, make sure you compare XE and OFX with a variety of other transfer services to find the best value for money.

Looking for more options?

Use our comparison calculator below to see how the exchange rates, transfer fees and processing times offered by XE and OFX compare to those offered by other transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.753 USD
7,528
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 0.752 USD
7,521
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
7,490
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
7,528
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
7,526
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
7,528
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

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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