Get the lowdown on two well-known money specialists to better compare your options.
Between Ria’s laundry list of available currencies and OFX’s $0 fees, there’s already a lot to like about these two money transfer specialists.
Ria offers services in 146 countries and through more than 332,000 agents worldwide, while OFX supports 55 currencies along with four types of transfers. Here’s how these two powerhouses stack up on fees, turnaround and options.
Ria and OFX: How they work
Both services are simple to use: After creating an account, you choose a payment preference, enter your recipient’s details and submit your contact and banking information.
The biggest difference in using the two systems is that you can get away with not creating a Ria account if you visit one of its many agents worldwide. OFX also requires verification for new accounts to ensure that you’re who you say you are.
Who offers lower fees?
Fees vary based on the amount you’re sending, the speed at which you’re sending it, your payment method and the location you’re sending it to. With so many variables, it’s difficult to get a read on the average fees — or even an accurate range. Fees also vary based on whether you send from a Ria location or online.
With OFX, you’ll pay no fee on every transfer every time. With no limits, you can send as much as necessary without having to account for a cut.
Charging no fees, no matter where you’re sending money, OFX is the clear winner.
Our pick: OFX International Money Transfers
Exclusive offer: OFX is currently offering exclusive exchange rates to finder.com readers. The exchange rates you're offered will reflect the exclusive rates.
- $0 transfer fees. Send fee-free transfers to a large selection of countries worldwide.
- Transfers in 50+ currencies. OFX supports major, minor and exotic currencies.
- Flexible options. Choose from forward contracts to scheduled transfers for convenience and flexibility.
Who offers better exchange rates?
Ria’s exchange rates are set daily, so you won’t be able to take advantage of any beneficial changes throughout the day.
OFX offers real-time updates on exchange rates, allowing you to check on your transaction’s exchange rate any time of day. You’ll notice that OFX is typically around 0.4% higher than the mid-market rate, but forward contracts and limit orders can help you get the rate you want.
Real-time updates, strong rates and ability to take advantage of forward contracts and limit orders puts OFX ahead on this one too.
Transfer speeds vary based on your method of transfer and how you want it delivered — bank to bank, cash pickup and more — ranging from 15 minutes to four business days.
Transfer turnaround with OFX is two to four business days. One to two of those days are to send your money to OFX, and another one to two days are to transfer your money from OFX to your recipient’s bank account.
With both money specialists offering the same maximum, it comes down to the minimum turnaround you might see. Ria takes the win by offering select transfers in only 30 minutes or so.
Who has more options?
|Payment methods||Minimum and maximum transfers||Delivery methods||Transfer speeds||Countries and currencies|
|Ria||Bank account, credit card, debit card and cash||$1 minimum; $2,999 maximum daily, $7,999 maximum monthly||Bank account deposit, pickup at a Ria agent and courier delivery to home or office (select locations)||15 minutes–4 business days||146 countries|
|OFX||Electronic funds transfer||$1,000 minimum; no maximum||Bank transfer||2–4 business days||190+ countries (excluding Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)|
Case study: Sending $2,000 to MexicoSharon wants to send $2,000 to her daughter, who’s started a study abroad program in Mexico. Here’s what an online bank-to-bank transfer with Ria and OFX might look like for Sharon.
|Exchange rate||1 USD = 18.16 MXN||1 USD = 18.79 MXN|
|Transfer speed||4 days or less||4 days or less|
|Total received||36,320 MXN||37,580 MXN|
OFX can get more than $1,260 more pesos than Ria to Sharon’s daughter. Though Ria can get the transfer there in as little as 15 minutes, OFX offers same-day transfers to Mexico.
You’ll likely get a better exchange rate, lower fees and more hedging options with OFX over Ria.
But compare your options to find a service best suited to your needs and make the best-informed decision you can.