OFX vs XE Money Transfers: A side-by-side comparison

OFX and XE have so much in common, so it can be really hard to choose between them. But here we go:

The Important Bits


Safety: Based in Australia, fully licensed and publicly listed

Rates: Vary based on amount and currency

Fees: $15 for transfers under $10,000. Fee free above $10,000.

Speed: 1-2 business days for most transfers

Service: Above average customer service, particularly over the phone

XE Money Transfers

Safety: Based in the UK, licensed and owned by Euronet, a massive NASDAQ listed company

Rates: Will vary depending on your currency and amount

Fees: No flat fee

Speed: 1-2 business days for most transfers

Service: Strong phone support and average online help

Learn more about OFX

Learn more about XE

Let's have a look at them in more detail

Exchange Rates

Like banks, money transfer providers make money in two main ways: Firstly, the margin from which they purchase currency at a wholesale rate and the cost of currency sold on to customers, also known as the exchange rate margin. Secondly, an additional flat or percentage-based transaction fee.

OFX makes its money by the two ways mentioned above. On the flipside, XE doesn't charge a flat fee. This means XE makes their money primarily in the exchange rate margin.

Exchange rates fluctuate all the time, rates can rise and fall in a matter of seconds. Hence, it’s crucial to compare exchange rates between providers before making a decision. We could provide a comparison for you in this article, but it won't be accurate by the time you read it. So here are three different ways you can compare current exchange rates between OFX and XE to get the most up-to-date information:

  1. View live rates on OFX and XE websites
  2. Call OFX on +61 2 8667 8090 or XE on +64-(0)9-905-4660
  3. Compare exchange rates online with our comparison engine


OFX  don't charge any fee for transfers above $10,000. They charge $15 for any transaction below $10,000. They also have an exchange rate margin that is built into the exchange rate they offer you (which will be different to what you see on google).

XE don't charge a fee regardless of your amount.

Time For Transfer To Reach Recipient

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

OFX and XE generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

How easy are they to use?

Both companies are fairly similar when it comes down to using them.

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

What Currencies Can I Transfer?

For an extensive list of currencies available for transfer with OFX and XE, check out our reviews for each company

OFX Review

XE Money Transfer Review

Accepted Payment Methods and Minimum & Maximum Transfer Amounts

You can pay OFX by Electronic funds transfer and direct debit. They have a minimum transfer size of $200 and no maximum transfer size.

XE are very similar, but they only offer direct debit to business customers. Over the phone they have no minimum or maximum currency limits. Online, you can't send more than USD 500,000.


Customer Support

OFX provides outstanding 24 hour customer service over the phone. You can be rest assured that you'll receive prompt response for any of your queries.

XE also provides good phone support across the globe with local phone numbers available in the UK, US and New Zealand.

The Verdict

On service, exchange rates and safety - it's hard to split OFX and XE. It really comes down to comparing the cost, including the fee of your money transfer. XE might be cheaper transferring smaller amounts up to $1,000 US dollars, but OFX might be cheaper to send larger amounts above $10,000 US dollars.

The big difference is that XE doesn't charge a flat fee like OFX does for smaller amounts.

Learn more about OFX

Learn more about XE

By Justin Rampono Updated May 4th, 2022