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.
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
Bank transfer
Credit card
Debit card
Bank account
Minimum: $1
Maximum: $750,000 online (no max offline) 
Within minutes
100+ currencies
OFX
BPAY
Bank transfer
Bank account
Minimum: $250
Maximum: Unlimited
24 hours
54 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.
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.
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.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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