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Xe vs OFX money transfers

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

Xe and OFX are reputable online transfer services that offer bank-beating exchange rates on international money transfers. Below we compare how both services stack up against each other.

The fees and rates used in this comparison are accurate as of April 21, 2023.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
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Which has lower fees?

Xe

Xe charges a small flat fee of $3 for transfers under $500, the fee is waived above this amount.

OFX

OFX charges a fee of $15 for transfer under $10,000, there is no transfer fee above $10,000.

Trophy icon
Winner: XE

Both providers require users to send a certain amount to save on fees. Xe has a lower threshold and OFX's $10,000 minimum makes them more suitable for large money transfers. Xe wins as their threshold is much lower.

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$10
Exchange rate$1 = £0.5352$1 = £0.5377
Transfer speed1-2 business days1-2 business days
Total pounds received£2,676£2683.62
Receiver gets£7.62 less£7.62 more

Based on our estimates, OFX saves you £7.62.

Sending $15,000 to the UK
XeOFX
Transfer fee$0$0
Exchange rate$1 = £0.5357$1 = £0.5381
Transfer speed1-2 business days1-2 business days
Total pounds received£8,035£8,072
Receiver gets£37 more£37 less

While both providers offer better exchange rates on this larger transfer, OFX still comes out ahead, letting you send an extra £37 to your recipient.

Which offers better exchange rates?

Xe

When you convert AUD 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 0.4-3% 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 = 0.6713
  • Xe's rate might be $1 = $0.6655

This is a margin of 0.87% 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 0.50% and 3%. Using the same AUD to USD example:

  • If the mid-market rate is $1 = $0.6713
  • OFX's rate might be $1 = $0.6680

This works out to be a margin of 0.50%.

Trophy icon
Winner: OFX

We found that OFX 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.

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
Xe
  • Bank transfer
  • Credit card
  • Debit card
  • Bank account
Minimum: $1

Maximum: $750,000 online (no max offline) 

Within minutes100+ currencies
OFX
  • BPAY
  • Bank transfer
  • Bank account
Minimum: $250

Maximum: Unlimited

24 hours54 currencies

Xe

You'll need to sign up for an online account before making 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 arrived in 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.

Verdict

Both providers have a strong reputation in the money transfer space but OFX just edges it. OFX is cheaper than XE for transfers above $2,000 as they offer better exchange rates on key currency pairs. Despite this XE has a wider range selection of currencies and is available in more countries.

Ultimately, make sure you compare several transfer services to get the best value for your money.

Looking for more options?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn 1 Qantas Point per AUD$1 equivalent you convert into foreign currencies. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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