We compare a newer digital provider with a big-name bank to see which can get you the better deal on your next overseas transfer.
Chase Bank is a big name in the banking world, offering a range of financial services that include international wire transfers. OFX is newer on the scene — a money transfer specialist offering strong exchange rates, no transfer fees and the ease of online transactions.
We compare these two providers to see which is cheaper and faster when you need to send money to loved ones or businesses overseas.
|Fees||$0||$40 – $45|
|Exchange rates||0.4% above the mid-market rate||Up to 6% above the mid-market rate|
|Speed||One to two business days||Up to a week|
|Max Transfer Amount||No limit||Varies depending on bank account|
OFX and Chase Bank transfers: How they work
To use OFX, you first need to create a free account, a quick and easy process. Then you simply enter how much money you want to transfer and to where, and send the funds to OFX. OFX will convert your currency and sends it to your recipient, who can collect it through a bank deposit.
To send money with Chase, you need to first open a Chase checking account. Once you’re approved and you’ve deposited money in the account, you can begin transferring money online by logging into your account. To initiate a wire transfer, add the wire recipient to your account, providing their name and banking information. Then review the details of your transfers and confirm to send your funds.
Who offers lower fees?
OFX charges no-gimmick $0 fees for your international money transfers. They warn that a third-party bank could deduct a fee from your transfer before paying your recipient, but OFX receives no portion of that fee.
When sending an international wire transfer online, Chase charges an outgoing transfer fee of $40. If you visit a branch to initiate a wire transfer, you’ll pay $45.
Loud and clear: No transfer fees are one of the biggest benefits of using OFX for your international money transfer.
Who offers better exchange rates?
To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.
We’ll look at the rates OFX and Chase Bank offer compared to the mid-market rate.
A typical exchange rate at OFX is about 0.4% above the mid-market rate — a competitive rate any way you look at it.
Let’s say you want to send money to Hong Kong (HKD):
- If the mid-market rate is 1 USD = 7.76 HKD
- OFX’s exchange rate could be 1 USD = 7.73 HKD
Depending on the country you’re sending money to, a typical exchange rate at Chase could be up to 6% above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars go straight to Chase.
We’ll use the example of a transfer to Hong Kong (HKD):
- If the mid-market rate is 1 USD = 7.76 HKD
- Chase’s exchange rate might be 1 USD = 7.29 HKD
Offering competitive rates is one of this company’s biggest assets, setting it apart from many other options out there — including your bank. With exchange rates nearly always within 1% of the mid-market rate, OFX is hard to beat.
To transfer your money to OFX, it typically takes one to two business days. Then it takes another one to two days to send that money from OFX to your recipient. All in all, you’re looking at least two business days to complete a transaction from send to receipt.
Delivery speed varies by transfer amount and whether your recipient is a Chase customer. In general, you can expect to wait up to a week for your recipient to get the funds.
Delivery speeds with OFX will generally get your money where it needs to go faster than your typical transfer with Chase.
Who offers more options?
|Payment Methods||Minimum and maximum transfers||Delivery methods||Transfer speeds||Countries and currencies|
|OFX||Electronic funds transfer (EFT)||$1,000 minimum; no maximum||Bank transfer||2 to 4 business days||190+ countries (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)|
|Chase Bank||Bank account||Varies depending on bank account||Bank transfer||Varies from 4 to 7+ days||200+ countries|
$2,000 to Hong Kong
Cody needs to send $2,000 to his business partner in Hong Kong for the company’s new office location. Here is what a bank-to-bank transfer with OFX and Chase Bank might look like for Cody.
|Exchange rate||1 USD = 7.73 HKD||1 USD = 7.29 HKD|
|Transfer speed||2–4 business days||4–7 business days|
|Total received||15,460 HKD||14,580 HKD|
For Cody, there’s no question that OFX is his best option — he can save $40 on transfer fees, shave a few days off the delivery of his funds and deliver 880 more Hong Kong dollars to his partner.
OFX offers competitive exchange rates, lower transfer fees and faster delivery speeds than your typical transfer with Chase Bank.
However, it’s a good idea to compare your options to find the service that offers the best options for your particular needs.