XE Money Transfer vs OFX

Which company offers the fastest and most affordable international money transfers?

Updated

Fact checked

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 7 February 2020.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 1 - 2 days GBP 0.00 1.254 USD
12,540
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.254 USD
12,540
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. 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, however, it does warn you that some third parties might.

Check the fees of all the providers involved in your transaction.

OFX

OFX doesn’t charge any fees on international transfers.

Trophy icon
Winner: Tie

Neither provider charges fees for international transfers, making this category a tie.

Let’s crunch the numbers: Sending £10,000 to Australia

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 £10,000 from the UK to Australia.

XEOFX
Transfer fee£0£0
Exchange rate1 GBP = 1.943 AUD1 GBP = 1.945 AUD
Transfer speed1-2 days1 day
Total pounds receivedAUD$19,430AUD$19,449
Receiver getsAUD$19 lessAUD$19 more

Here, OFX’s slightly higher exchange rate lets you send an extra AUD $19 to your recipient.

Which offers better exchange rates?

XE

When you convert GBP into another currency, XE adds a margin on top of the mid-market rate, the size of which will vary depending on the currency you want to transfer. For example, here is the exchange rate if you want to send a transfer to Australia:

  • If the mid-market rate is 1 GBP = 1.95 AUD
  • XE’s rate might be 1 GBP = 1.92 AUD

Keep in mind that the exchange rate you’ll pay when using XE is not the same as the rate displayed on XE’s currency converter tool. That tool is a live feed of the mid-market rates, not XE’s exchange rates.

OFX

OFX also adds a margin on top of the mid-market rate when exchanging your GBP, which varies between currencies. Using the same GBP to AUD example:

  • If the mid-market rate is 1 GBP = 1.95 AUD
  • OFX’s rate might be 1 GBP = 1.94 AUD

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Winner: OFX

We found that OFX pips XE to the post when it comes to exchange rates.

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 methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
XEBank transfer, BPAYBank accountMinimum: £1

Maximum: £500,000

1-2 days40+ currencies
OFXBank transfer, BPAYBank accountMinimum: £2,500

Maximum: No limit

1-5 days50+ 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 international money transfers than OFX and doesn’t charge any fees, so it’s well worth considering when arranging your next overseas payment. But OFX offered more competitive exchange rates at the time of writing (7 February 2020).

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?

Table: sorted by a combination of service offering and the amount your recipient will receive

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
GBP 2,000 1 day GBP 0.00 1.254 USD
12,540
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.254 USD
12,540
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.254 USD
12,540
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.254 USD
12,540
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.254 USD
12,540
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.254 USD
12,540
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.254 USD
12,540
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.254 USD
12,540
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.254 USD
12,540
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.254 USD
12,540
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.243 USD
12,424
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.253 USD
12,527
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.252 USD
12,521
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.246 USD
12,461
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
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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