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Xe vs OFX money transfers

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

Xe and OFX are both online transfer services that offer bank-beating exchange rates on international money transfers in more than 50 currencies. But for most transfers, Xe comes out on top.

The fees and rates used in this comparison are accurate as of December 24, 2022.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe
Within minutes
From $0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Which has lower fees?

Xe

Xe is fee-free on all international transfers above $500, but below this threshold they charge a fee of $3 and its equivalent in other currencies.

OFX

OFX doesn’t charge any fees on international transfers but similar to XE, they add a margin to the exchange rate.

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Winner: Tie

OFX stands out in offering free transfers with no charges below a minimum threshold. However, for transfers above $500 and its equivalent, Xe and OFX come in at a tie.

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 Australia to the UK.

Sending $5,000 to the UK
XeOFX
Transfer fee$0$0
Exchange rate$1 = £0.8217$1 = £0.8159
Transfer speed1-2 business days1-2 business days
Total pounds received£4,108.81£4,079.50
Receiver gets£29.31 more£29.31 less

Based on our estimates, Xe saves you nearly £30.

Sending $15,000 to the UK
XeOFX
Transfer fee$0$0
Exchange rate$1 = £0.8217$1 = £0.8159
Transfer speed1-2 business days1-2 business days
Total pounds received£12,326.43£12,238.5
Receiver gets£87.93 more£87.93 less

While both providers offer better exchange rates on this larger transfer, Xe still comes out ahead, letting you send an extra £87.93 to your recipient.

Which offers better exchange rates?

Xe

When you convert USD 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 0.4-2% 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 = £0.8298
  • Xe’s rate might be $1 = £0.8195

This is a margin of 1.02% added to the mid-market exchange rate.

OFX

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

  • If the mid-market rate is $1 = £0.8298
  • OFX’s rate might be $1 = £0.8159

This works out to be a margin of 1.06%.

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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 within one to two days, but certain transfers may take up to four days.

OFX

Payments are usually made within one to two working days after OFX receives your funds. But transfers in less popular currencies can take three to five working days.

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Winner: Tie

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

General features

Payment methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
XeBank transferBank accountMinimum: $1

Maximum: No limit on phone, online transfers limited to $535,000

Within minutes130+ currencies
OFXBank transferBank accountMinimum: $1,000

Maximum: No limit

24 hours50+ 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 available. 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 phone.

Verdict

Both providers have a strong reputation in the money transfer space but XE just edges it. XE is cheaper than OFX for smaller transfers as they offer better exchange rates and lower fees. XE also have a wider selection of currencies and is available in more countries. Despite this, it’s also worth getting a quote from OFX as they could be cheaper for large transfers.

Ultimately, make sure you compare several transfer services to find the best value for your money.

Looking for more 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.
1 - 12 of 12
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
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