MoneyGram vs OFX

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

Last updated:

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 2 May 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 250 1 day NZD 210.00 0.611 USD
2,928
Easily transfer cash to more than 350,000 locations around the world. Show details
AUD 250 1 - 2 days NZD 15.00 0.627 USD
3,124
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. 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 $1,000 to France to and from a bank account, you’ll pay $1 in fees. But the same amount transferred as a cash deposit and pick-up would cost $60 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.

Trophy icon
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 an online bank-to-bank transfer would be like with MoneyGram and OFX.

Sending $1,000 to Hong Kong
MoneyGram OFX
Transfer fee $60 $15
Exchange rate NZD$1 = HKD$5.383 NZD$1 = HKD$5.5294
Transfer speed 2–4 business days Up to 4 business days
Total received HKD$5,060 HKD$5,446
Receiver gets HKD$386 less HKD$386 more
Sending $10,000 to Hong Kong
MoneyGram OFX
Transfer fee $115 $0
Exchange rate NZD$1 = HKD$5.383 NZD$1 = HKD$5.5382
Transfer speed 2–4 business days Up to 4 business days
Total received HKD$53,210 HKD$55,382
Receiver gets HKD$2,172 less HKD$2,172 more

By skipping MoneyGram for OFX, you could save a few hundred – or a few thousand – dollars depending on the currency and the amount that is being transferred.

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 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 NZD$1 = HKD$5.64 HKD
  • MoneyGram’s exchange rate may be NZD$1 = HKD$5.38 HKD

This means the margin is 5%.

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 NZD$1 = HKD$5.64
  • OFX’s exchange rate could be NZD$1 = HKD$5.53

This margin ends up being smaller than MoneyGram’s, at only 2%.

Trophy icon
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). In general, your cheaper options will take from two to four business days to receive.

OFX

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

Trophy icon
Winner: Tie

Your average transfer will likely take about the same time with both services, though MoneyGram takes a slight lead with faster (and more expensive) cash pickups.

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: $250

Maximum: $10,000

1 day 95+ currencies
OFX Bank transfer Bank account Minimum: $250

Maximum: None

1 - 2 days 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. If you want your money to arrive 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.

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
NZD 250 1 day NZD 0.00 0.631 USD
6,306
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 0 1 day NZD 0.00 0.631 USD
6,306
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.631 USD
6,306
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
Go to site Show details
NZD 2,000 1 day NZD 0.00 0.631 USD
6,306
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. Go to site Show details
NZD 1 Within an hour NZD 3.99 0.63 USD
6,294
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 250 1 - 2 days NZD 15.00 0.631 USD
6,296
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. Go to site Show details
NZD 1 1 - 2 days NZD 80.00 0.633 USD
6,280
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.628 USD
6,281
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.628 USD
6,280
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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site