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XE vs. OFX money transfers

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

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.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Which has lower fees?

XE

XE doesn’t charge any fees on international transfers. However, a nominal fee of 3USD (and its equivalent) applies to transfers below USD500 and its equivalent in other currencies.

OFX

OFX doesn’t charge any fees on international transfers.

Trophy icon
Winner: Tie

OFX stands out in offering free transfers with no charges below a minimum threshold. However, for transfers above USD500 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
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.

Trophy icon
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: Up to approximately USD$400,000

Within minutes40+ currencies
OFXBank transferBank accountMinimum: $1,000

Maximum: No limit

24 hours50+ 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 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?

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.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Exclusive: Use code GET60 and save $30 on each transaction over $200. Valid for the first two transactions and till 31st July 2021. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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