Xe and OFX are both online transfer services that offer bank-beating exchange rates on international money transfers in more than 50 currencies. But for most transfers, Xe comes out on top.
The fees and rates used in this comparison are accurate as of December 24, 2022.
Xe is fee-free on all international transfers above $500, but below this threshold they charge a fee of $3 and its equivalent in other currencies.
OFX
OFX doesn’t charge any fees on international transfers but similar to XE, they add a margin to the exchange rate.
Winner: Tie
OFX stands out in offering free transfers with no charges below a minimum threshold. However, for transfers above $500 and its equivalent, Xe and OFX come in at 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
Xe
OFX
Transfer fee
$0
$0
Exchange rate
$1 = £0.8217
$1 = £0.8159
Transfer speed
1-2 business days
1-2 business days
Total pounds received
£4,108.81
£4,079.50
Receiver gets
£29.31 more
£29.31 less
Based on our estimates, Xe saves you nearly £30.
Sending $15,000 to the UK
Xe
OFX
Transfer fee
$0
$0
Exchange rate
$1 = £0.8217
$1 = £0.8159
Transfer speed
1-2 business days
1-2 business days
Total pounds received
£12,326.43
£12,238.5
Receiver gets
£87.93 more
£87.93 less
While both providers offer better exchange rates on this larger transfer, Xe still comes out ahead, letting you send an extra £87.93 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 = £0.8298
Xe’s rate might be $1 = £0.8195
This is a margin of 1.02% added to the mid-market exchange rate.
OFX
OFX also adds a margin on top of the mid-market rate when exchanging your GBP. This margin varies between currencies but generally ranges anywhere between 1% and 4%. Using the same USD to GBP example:
If the mid-market rate is $1 = £0.8298
OFX’s rate might be $1 = £0.8159
This works out to be a margin of 1.06%.
The mid-market rate is the real exchange rate that reflects the value of one currency versus another. It’s the rate you see listed on Google and on financial news reports, and it’s determined by the buy and sell rates on global currency markets.
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 may 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.
Winner: Tie
Xe’s claimed transfer times are slightly faster than those of OFX.
General features
Payment methods
Receiving options
Maximum and minimum transfers
Transfer speeds
Currencies
Xe
Bank transfer
Bank account
Minimum: $1
Maximum: No limit on phone, online transfers limited to $535,000
Within minutes
130+ currencies
OFX
Bank transfer
Bank account
Minimum: $1,000
Maximum: No limit
24 hours
50+ 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.
Both providers have a strong reputation in the money transfer space but XE just edges it. XE is cheaper than OFX for smaller transfers as they offer better exchange rates and lower fees. XE also have a wider selection of currencies and is available in more countries. Despite this, it’s also worth getting a quote from OFX as they could be cheaper for large transfers.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
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