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 29 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 0 1 day NZD 0.00 0.638 USD
6,375
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
AUD 250 1 - 2 days NZD 15.00 0.638 USD
6,366
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

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 New Zealand to the UK.

Sending $5,000 to the UK
XE OFX
Transfer fee $0 $15
Exchange rate NZD$1 = GBP£0.54308 NZD$1 = GBP£0.5347
Transfer speed 1 business day 1-2 business days
Total pounds received GBP£2,715.40 GBP£2,673.50
Receiver gets GBP£41.90 more GBP£41.90 less

As you can see, XE offers a much 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£41.90 to your recipient.

Sending $15,000 to the UK
XE OFX
Transfer fee $0 $0
Exchange rate NZD$1 = GBP£0.54308 NZD$1 = GBP£0.5347
Transfer speed 1 business day 1-2 business days
Total pounds received GBP£8,146.20 GBP£8,020.50
Receiver gets GBP£125.70 more GBP£125.70 less

In this example, both providers offer fee-free transfers. However, XE’s higher exchange rate means it lets you send an extra GBP£125.70 to your recipient.

Which offers better exchange rates?

XE

When you convert NZD 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 NZD$1 = USD$0.707838
  • XE’s rate might be NZD$1 = USD$0.70453

This is a margin of 0.47% added to the mid-market exchange rate.

OFX

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

  • If the mid-market rate is NZD$1 = USD$0.707838
  • OFX’s rate might be NZD$1 = USD$0.6938

This works out to be a margin of 1.98%.

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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 one to four working days for your transaction to be completed.

OFX

Payments are usually made within one to two working days after OFX receives your funds. However, transfers in less popular currencies can take three to five 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 Bank account Minimum: $0

Maximum: $500,000

1 day 40+ currencies
OFX Bank transfer Bank account Minimum: $250

Maximum: No limit

1 - 2 days 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
NZD 250 1 day NZD 0.00 0.638 USD
6,375
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 0.638 USD
6,375
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 0.638 USD
6,375
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 0.638 USD
6,375
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 0.637 USD
6,363
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 0.638 USD
6,366
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 0.64 USD
6,350
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 0.635 USD
6,351
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.635 USD
6,350
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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