5 Good Alternatives to OFX
Making an international money transfer is becoming easier and easier. If you’ve used them before, you may be interested in some alternatives to OFX. The fact is, there are other companies that also offer affordable and convenient ways to transfer money overseas. It’s worth looking at some of OFX’s competitors to see what is best for you.
While OFX is easy to use, and offer good exchange rates, other companies can do the same. In this article, we take a look at companies that offer similar services to OFX to see how they stack up.
5 Similar Sites to OFX
Below, we’ve listed 5 companies you can use as alternatives to OFX. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.
Customers that have used Western Union are likely to feel comfortable using WorldRemit. The most important thing that Western Union and WorldRemit have in common is cash pick up. While WorldRemit don’t offer it for every location they can transfer money to, it’s worth checking. Often you will find the rates they off are better than Western Union’s exchange rates.
It's also important to know what makes them different. You can make a higher transfer with WorldRemit. While Western have a transfer limit of $5,000 you can send up to $10,000 with WorldRemit, depending on the currency.
- Very low fees and excellent exchange rates for transfers to India, the Philippines, Africa and South America.
- Their website and app is easy to use and allows you to pay by credit or debit card.
- Great alternative when you need cash pick-up.
Learn more about WorldRemit
TransferWise is a peer to peer money transfer service. This makes the way they transfer your money slightly different to OFX. Having said this, they’re just as secure and their website is even more user friendly. The company’s headquarters is in London and they have offices in New York and Tallinn.
TransferWise is often recognised for its fast transfers and highly competitive exchange rates. As an alternative to OFX, TransferWise is a better option for smaller transfers up to $10,000.
- Offers the real exchange rate, based on the mid-market rate.
- Fees are based on a percentage of transfer amount.
- Straightforward and easy to use online through their app.
Learn more about TransferWise
If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online. Unlike OFX who charge a fee for transfers under $10,000, XE do not charge any fees. They generally have competitive exchange rates in the same way OFX do.
Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.
- Have competitive exchange rates.
- They don't charge any fees or commission for making a transfer.
- Large and well established global reach.
Learn more about XE Money Transfers
TorFX is a UK based company that are especially good for larger international money transfers. If you’re making a transfer of more than $50,000, they could be a good alternative to OFX. TorFX don’t have any transfer fees, unlike OFX and have excellent customer support.
They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. While OFX also has phone support, TorFX are licensed to give personalised advice if you need it when making your transfer.
- They don’t charge any direct fees or commissions.
- Access to a dedicated account manager and excellent customer service.
- Great exchange rates for transfers above $10,000.
Learn more about TorFX
If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.
If you’re thinking of using PayPal as an alternative to OFX, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.
- They are good for sending money within the same country, but can be expensive internationally.
- Accept a variety of payment methods.
- If you’ve used them before, the process is very straightforward.