We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
OFX vs. World First
With newer options for sending money overseas, don’t pay high fees or settle for weak exchange rates.
World First has discontinued its services in the US effective January 30, 2019. The company will accept no new trades or transactions after this date, and inbound transfers received after 5 p.m. CT will be returned to the sender.
If you’re a personal or business customer who’s concerned about your account, call 737-226-5240 for assistance.
To find a suitable alternative, compare money transfer specialists to find the best rates, fees and turnaround you’re eligible for.
Today you can choose among banks, money transfer services and international specialists when sending money across international borders. Yet newer companies like OFX and World First offer competitive delivery speeds, exchange rates and transfer fees when compared to some of the better-known names in the business.
|Fees||$0 fees on minimum transfers of $1,000||$10 fee for transfers under $10,000, $0 more than $10,000|
|Exchange rates||0.4% above the mid-market rate||Sometimes less than 1% above the mid-market rate|
|Speed||2–4 business days||1–4 business days|
|Max Transfer Amount||No limit||No limit|
|Read review||Read review|
OFX and World First: How they work
To use either OFX or World First, you’ll need to create a free account. It’s easy to set one up as part of your first transfer. Once you’ve created an account, you then enter how much money you’re transferring and send the funds to the provider. The provider then converts your currency and sends it to your recipient, who can then collect it through a bank deposit.
Which offers lower fees?
With OFX, you’ll pay nothing on all transfers.
A transfer of under $10,000 with World First will cost you $10, while transfers of more than $10,000 are free. World First offers further discounted fees for business transfers.
While OFX and World First both offer highly competitive transfer fees, OFX edges out World First with no transfer fees on all qualifying transfers.
Which offers better exchange rates?
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 use the example of USD to EUR:
- If the mid-market rate is 1 USD = 0.945 EUR
- OFX’s exchange rate could be 1 USD = 0.941 EUR
World First also offers great exchange rates — sometimes less than 1% above the mid-market rate.
Using the same example of a transfer to euros (EUR):
- If the mid-market rate is 1 USD = 0.945 EUR
- World First’s exchange rate might be 1 USD = 0.943
Both OFX and World First offer strong exchange rates, especially compared with your other options for international transfers.
Which is faster?
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. So you’re looking at least two business days to complete a transaction from send to receipt.
Your quickest option is a same-day transfer. However, World First advises allowing four days for a US payment to clear.
Winner: World First
While your average bank-to-bank transfer will take about the same time with both services, World First does offer the ability to deliver your money within a day (at higher costs).
Which offers more options?
|Payment Methods||Minimum and maximum transfers||Delivery methods||Transfer speeds||Countries and currencies|
|OFX||Electronic funds transfer (EFT)||$1,000 minimum per year; no maximum||Bank transfer||2–4 business days||190+ countries (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)|
|World First||Bank account||$1,000 minimum; no maximum||Bank transfer||1–4 business days||20+ currencies|
Case study: $3,000 to Germany
Johanna needs to send $3,000 to her niece, Alexa, in Frankfurt, where Alexa has recently bought a home. Here is what a bank-to-bank transfer might look like using OFX and World First.
|Exchange rate||1 USD = 0.941 EUR||1 USD = 0.943 EUR|
|Transfer speed||2 days||4 days|
|Total received||2,822 EUR||2,834 EUR|
Both OFX and World First offer standout exchange rates and low transfer fees. There are slight advantages to each, depending on your needs. But overall, it’s likely a wash: With OFX Johanna could save $10 on transfer fees — about how much more in euros her niece would receive with World First’s exchange rates.
OFX and World First offer more competitive exchange rates, lower transfer fees and faster delivery speeds than you’ll find with the typical money transfer provider.
However, while you’ll save both time and money with either of these options, you’ll want to compare your options to find a service that’s right for your situation.
Frequently asked questions
Ask an Expert