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XE vs. OFX money transfers

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 for most transfers, XE comes out on top.

The fees and rates used in this comparison are accurate as of October 3, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Same day USD 0.00 0.844 EUR 8,435 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1,000 1 day USD 0.00 0.844 EUR 8,436 No-maximum limit transfers with competitive exchange rates for 100+ currencies. 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

OFX also doesn’t charge any fees on international transfers.

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Winner: Tie

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

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 Australia to the UK.

Sending $5,000 to the UK
XEOFX
Transfer fee$0$0
Exchange rate1 USD = 0.8007 GBP1 USD = 0.7979 GBP
Transfer speed1-2 business days1-2 business days
Total pounds receivedGBP£4,003.50GBP£3,989.50
Receiver getsGBP£14 moreGBP£14 less

While the two providers are close, XE saves you £14.

Sending $15,000 to the UK
XEOFX
Transfer fee$0$0
Exchange rate1 USD = 0.8027 GBP1 USD = 0.8004 GBP
Transfer speed1-2 business days1-2 business days
Total pounds receivedGBP£12,040.50GBP£12,006.00
Receiver getsGBP£34.50 moreGBP£34.50 less

While both providers offer better exchange rates on this larger transfer, XE still comes out ahead, letting you send an extra GBP£34.50 to your recipient.

Which offers better exchange rates?

XE

When you convert USD 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 0.4-2% 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 1 USD = 1.4834 AUD
  • XE’s rate might be 1 USD = 1.4678 AUD

This is a margin of 1.05% added to the mid-market exchange rate.

OFX

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

  • If the mid-market rate is 1 USD = 1.4834 AUD
  • OFX’s rate might be 1 USD = 1.4622 AUD

This works out to be a margin of 1.43%.

Trophy icon
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 within one to two days, but certain transfers make take up to four days.

OFX

Payments are usually made within one to two working days after OFX receives your funds. But transfers in less popular currencies can take three to five working days.

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Winner: Tie

XE’s claimed transfer times are slightly faster than those of OFX.

General features

Payment methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
XEBank transferBank accountMinimum: $1

Maximum: No limit

Same day40+ currencies
OFXBank transferBank accountMinimum: $1,000

Maximum: No limit

1 day50+ 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 available. 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 phone.

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 several transfer services to find the best value for your 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
USD 1,000 1 day USD 0.00 0.844 EUR 8,436 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.844 EUR 8,436 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 1 Same day USD 0.00 0.844 EUR 8,435 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 2,000 1 day USD 0.00 0.844 EUR 8,436 $0 transfer fees with rates at never more than a 2% markup. Go to site Show details
USD 0 1 - 2 days USD 1.99 0.83 EUR 8,299 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
USD 1 1 - 2 days USD 80.00 0.847 EUR
8,402
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 50 1 - 2 days USD 0.00 0.842 EUR 8,419 InstaReM offers quick and simple international money transfers with the ability to earn loyalty points. 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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