Xe vs OFX money transfers
Which company offers the fastest and most affordable international money transfers?
Key takeaways
- For transfers over $2000 OFX often offers better exchange rates resulting in more money for the recipient.
- Xe typically offers lower transfer fees for amounts under $500 making it suitable for smaller transactions.
- Xe supports over 100 currencies with a $1 minimum transfer while OFX offers a $250 minimum but no maximum limit.
The fees and rates used in this comparison are accurate as of April 21, 2023.
2 of 2 results
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
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.
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
| Xe | OFX | |
|---|---|---|
| Transfer fee | $0 | $10 |
| Exchange rate | $1 = £0.5352 | $1 = £0.5377 |
| Transfer speed | 1-2 business days | 1-2 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
| Xe | OFX | |
|---|---|---|
| Transfer fee | $0 | $0 |
| Exchange rate | $1 = £0.5357 | $1 = £0.5381 |
| Transfer speed | 1-2 business days | 1-2 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%.
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.
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 |
|
| Minimum: $1 Maximum: $750,000 online (no max offline) | Within minutes | 100+ currencies |
| OFX |
|
| Minimum: $250 Maximum: Unlimited | 24 hours | 50+ 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.
{"niche":"AUFMT"}
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Frequently Asked Questions
Sources
More resources on Finder
Ask a question
More guides on Finder
-
7 best multi-currency accounts for business and individuals
Your guide to the best foreign currency accounts for business, including how to open an account.
-
How to open a bank account in New Zealand
Your detailed guide to opening a bank account in NZ, including eligibility criteria and how to apply.
-
Best places in Brisbane for currency exchange
Your guide to currency exchange in Brisbane, including how to get the best exchange rate.
-
How to open a bank account in the USA from Australia
Compare your options for opening a bank account in the US, and the documents you need to apply.
-
Buying a property in the USA
What you need to do to buy a home or investment property in the USA from Australia.
-
Buying a property in the UK
The detailed guide to buying a property in the UK as a foreigner.
-
What is a forward exchange contract?
How to use a forward contract to get the exchange rate you want when you send funds overseas.
-
Sites like TorFX
Looking for alternatives to TorFX for transferring money abroad? Check out these other reputable money transfer providers!
-
Send money to GCash from Australia to the Philippines
Your guide to the six ways you can send money to a GCash account in the Philippines.