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Alternatives to OFX
Services like OFX for sending money overseas
OFX is an established money transfer service that has 20+ years experience in the FX market. They've helped over one million customers send money globally. Despite this, if you're a large business looking to pay for exports or just need to transfer a hefty sum overseas, it's worth exploring your options.
Pros
24-hour customer support
Available in 170+ countries and 50 currencies
Offers scheduled and recurring transfers
iOS and Android apps for mobile transfer and tracking
No maximum transfer limit
Cons
Bank-to-bank transfer only — no cash payment or pickup
Similar to OFX, TorFX is a foreign exchange provider that caters to large money transfers for personal and business customers. They also both have dedicated accounts managers and forex tools to hedge your currency risk. TorFX is a solid alternative to OFX as they offer no transfer fees, similar exchange rates and slightly faster transactions.
Competitive exchange rates can save you money in the long run
Transfers are generally completed within two business days
No maximum transfer amount
Downsides
Bank-to-bank transfers only
Doesn't support some of the more exotic currencies that OFX does
2. Send Payments
Send is an Australian based money transfer provider that specialises in cross-border payment solutions for individuals and small to medium sized businesses. They offer 24/7 payments, fee-free transfers and relatively quick transfers.
Transfer money to 180 countries in 37 different currencies
Doesn't charge transaction fees
Customer support team is based in Australia
Downsides
A newcomer to the market as they just launched in May 2019
Their mobile app isn't available yet
3. Wise
Wise is a money transfer service that offers a low-cost way to make international money transfers. While OFX has no transfer fees above $10,000, Wise has a complex system to calculate fees and charges a variable fee ranging from 0.41% to 1.5%. Wise also has a daily transfer limit of $250,000, while OFX has no maximum limit.
Multiple payment options - pay with a credit or debit card, bank transfer
Downsides
Two-step process means you must first wire your money to Wise, which then deposits the money to your recipient's bank account
Not suitable for large transfers due to fee structure
4. XE Money Transfer
Xe Money Transfer offers competitive rates across a wide range of currencies and countries. They charge a flat fee of $4 for transfers below $500 but waive transfers fees above this amount. If you're working abroad, Xe is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer money to foreign companies in their currency, it's ideal for business accounts. Xe trades in over 120 currencies, surpassing OFX's 50.
Trade over 130 currencies, allowing for transfers to over 220 countries
No maximum transfer amount on the phone, limited to $500,000 online
Downsides
Exchange rate tool not available until you've registered on the site
XE doesn't offer the mid-market rate
Transfers can take up to 4 business days
5. SingX
Singx offers the mid-market rate on popular currencies but adds a markup to more volatile currencies. See how much your transfer will cost and the fees involved with their online calculator. Their delivery is quick too, recipients normally receive funds within 24 to 48 hours.
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