OFX Vs XE Money Transfer – Detailed Comparison 2024

Trying to decide between OFX or XE Money Transfer for your next international payment for yourself or your business?

This OFX money transfer Vs XE Money Transfer review covers all you need to know, including:

  • A full OFX Vs XE Money Transfer feature comparison
  • Fees and exchange rates – which provider is cheaper?
  • Which is faster?
  • Are OFX and XE Money Transfer safe?
  • Which gets better customer reviews?

Summary: OFX international money transfer and XE Money Transfer both offer both personal and business transfers to a broad range of countries from the US.

OFX has a personalized service with brokers you can talk to over the phone, and provides risk management solutions as well as transfers. XE Money Transfer can also provide an easy self service payment, and has cash collection options in some countries.

Choosing the right money transfer service for you may well come down to the destination country, payment value, and exactly what service you require.

Go to OFXGo to Xe

OFX Vs XE Money Transfer: side by side

FeatureOFXXE Money Transfer
Send payments to50+ currencies, 170 countries130+ countries
Transfers to bank accountsYY
Cash collection paymentsNY
Minimum payment amountY – 1,000 USDN
Currency risk management solutionsYN
Fully licensed and regulatedYY
Business servicesYY
Multi-currency accounts for business customersYN
Broker service over the phoneYN

So, to summarize:

  • OFX supports payouts to more countries compared to XE Money Transfer.
  • XE Money Transfer and OFX both offer transfers to bank accounts.
  • XE Money Transfer can support cash collection payments – OFX does not have this service.
  • OFX has a minimum payment value of 1,000 USD – XE Money Transfer does not have a stated minimum payment.
  • OFX provides currency risk management solutions – XE Money Transfer does not.
  • XE Money Transfer and OFX both offer business solutions. OFX also has business accounts to hold and receive foreign currencies.
  • OFX has a personal service over the phone if you want to talk through your options with a broker.
  • Both providers are fully regulated by the relevant authorities wherever they trade.

XE Money Transfer offers a broader range of payout options compared to OFX. However, OFX offers a phone service 24/7, and also provides currency risk management solutions. With OFX you need to send at least 1,000 USD from the US, making this a better option for higher value transfers.

There’s a significant overlap in the services offered by each provider, so picking the right one may come down to the details of your needs, and your personal preference.

Go to OFXGo to Xe 

The important bits

OFXXE Money Transfer
RatesExchange rate will include a markupExchange rate will include a markup
FeesNo feeNo transfer fee – payment method fees may apply when paying by card
Speed1 – 2 days for major currencies and 3 – 5 days for exotic currencies.Variable, depending on payment details – can be up to 4 days
ServiceOnline, in app and by phoneOnline, in app and by phone
SafetyFully regulated and licensedFully regulated and licensed
Reviews (TrustPilot)Trustpilot score: 4.2/5, Great rating, from 5,000+ reviewsTrustpilot score: 4.2/5, Great rating, from 56,000+ reviews

Rates: OFX and XE Money Transfer both add a markup to the exchange rates used.

Fees: Neither provider has a transfer fee – but for XE, payment method fees may apply when sending by card

Speed: OFX payments take 1 – 2 days for major currencies and 3 – 5 days for exotic currencies. XE Money Transfer transfers may arrive quickly, but can take up to 4 days depending on the payment type.

Service: Both providers offer customer service online, in app by phone.

Safety: Both providers are fully licensed and regulated

Reviews: OFX and XE Money Transfer both score a Great review rating on Trustpilot. XE Money Transfer has far more posted reviews than OFX.

Go to OFXGo to Xe

Pros and cons

OFXXE Money Transfer
  • Send to 50+ currencies and 170 countries
  • Get currency risk management products for individuals and business customers
  • No transfer fee
  • Personal broker service over the phone
  • Impressive range of currencies and countries covered
  • Transfer online and in-app for convenience
  • Business services available
  • OFX currency exchange rates include a markup
  • Minimum transfer of 1,000 USD
  • No branches or face to face service available
  • XE foreign exchange rates include markups
  • Overall fees may not be the cheapest available
  • Delivery times are not market beating

OFX Vs XE Money Transfer: The verdict

Both XE Money Transfer and OFX offer international transfers for personal and business customers.

OFX provides one off and recurring international payments in 50 currencies, for both businesses and individuals. There are also account services for online sellers, and currency risk management solutions like forward contracts and target rate orders for individuals and businesses. There’s a minimum payment amount of 1,000 USD.

XE Money Transfer doesn’t list a minimum payment amount, and also offers cash collection services to some destinations. However, a small fee may apply to your transfer depending on how you pay.

For payments under 1,000 USD, or for cash collection XE Money Transfer is the only one of these two services that can help. If you’re sending a payment of over 1,000 USD to a bank account in a major currency, you’ll be able to choose either provider. In this case, you’ll want to compare both for your specific transfer, to see which works best for your particular payment.

Go to OFXGo to Xe

About OFX and XE Money Transfer

OFX offers personal and business payment through its website and app – and also has a 24/7 service through dedicated brokers, so you’ll always be able to get hold of someone when you need them.

OFX offers payments and currency services in 50+ currencies.

XE Money Transfer provides personal and business payment services around the world from the US, with pay out options including cash collection in some destination countries. Set up your transfer online or in the XE app, and pay by card or bank transfer.

Send payments to 130+ countries with a XE Money Transfer account.

How do they work?

Both OFX and XE Money Transfer offer international payments which are delivered right into a recipient’s account for convenience. XE can also arrange cash collection payments in some countries.

To get started with either provider you’ll need to first register and complete a verification step. This may vary a little depending on the type of account you want to open and the sort of payments you’ll make – usually you need to upload an image of your ID document.

Once your account is up and running you can set up a payment online or through the provider’s app. OFX also has a service which lets you arrange a transfer by phone.

You can’t get a quote for the transfer you want to make from either provider without registering an account. Once you have an account set up, you’ll need to take the following steps to make a payment:

  1. Log into your account
  2. Type in how much you want to transfer
  3. Enter the recipient’s details – bank account details for a bank transfer, or name and personal details for cash pickup
  4. Check over the details
  5. Fund your payment
  6. Confirm and your money will be on the move

OFX vs XE Money Transfer Fees

When you send an international payment with a provider like OFX or XE Money Transfer there may be one or more fees to pay. These include:

  • Transfer fee
  • Exchange rate markup
  • Third party charges

OFX states there’s no transfer fee to pay, although exchange rate markups and third party fees may still apply. XE Money Transfer has no transfer fee for some payment methods – like funding your transfer directly from your bank – but you may pay a fee if you’re using a credit or debit card instead. Fees also apply for cash collection services.

Go to OFXGo to Xe

OFX vs Xe Exchange Rates

Both providers use an exchange rate markup. This is an extra fee added into the exchange rate. To see this in action you’ll need to model your specific payment online or through a third party comparison service. You can then see the rate that will be applied to convert your dollars to the currency you need, and compare it to the mid-market exchange rate.

Compare exchange rates online with our comparison engine.

We’ll also look at how the OFX exchange rate compares to the XE Money Transfer exchange rate for an example payment, next.

OFX money transfer vs XE Money Transfer: which is cheaper?

Whether OFX or XE is cheaper for your transfer will depend a lot on the specific details of your payment. However, to give an idea, let’s look at an example payment. In this case we’ll imagine you’re sending a payment of 1,000 USD to a friend in the UK, to be deposited into their bank account.

ProviderFeeExchange rateRecipient gets
OFXNo transfer fee1 USD = 0.811734 GBP811.73 GBP
XE Money TransferNo transfer fee1 USD = 0.810424 GBP810.42 GBP

*Fees and rates correct at time of writing, 20th March 2023

As you can see, no matter whether you choose XE or OFX, there’s very little difference in the amount the recipient gets in this example. However, you might find one is more convenient for you, or offers a faster payment – which could tip the balance for you in the end.

Generally, without an account you won’t be able to see which provider will be cheaper for your specific transfer.  You’ll need to register and verify your provider account online or by phone to get an exchange rate quote for your payment from either service. Or, use our handy comparison engine to compare OFX, XE and other providers.

More on that in these handy guides:

OFX Vs XE Money Transfer: which is faster?

OFX transfers usually take 1 – 2 days for major currencies and 3 – 5 days for more unusual currencies.

XE Money Transfer payments usually arrive quickly, but can take up to 4 days depending on the country they’re headed to.

Accepted Payment Methods

OFX can only accept payments by bank transfer. XE offers payments funded by bank transfer or credit or debit card. However, fees may apply if you pay by card.


Both XE Money Transfer and OFX are licensed money transmitters and operate safely and legally. They also have automatic and manual approaches to preventing fraud and keeping customers and their money safe.

Learn more here – is OFX safe?

Ease of use

  • Creating an account:  OFX accounts are opened and operated by phone, online or using the OFX app.  XE Money Transfer accounts can be set up in app or online.
  • Making a transfer:  OFX international payments can be made by phone, online or in the OFX app. XE Money Transfer payments can be made by in-app or online.
  • Ways to send money: OFX transfers can be funded by electronic bank transfer.  XE Money Transfer payments can be funded by bank transfer, credit or debit card.
  • Languages:  OFX and XE Money Transfer both provide support online, using the app, and by phone. For OFX, the service is provided in English, while XE Money transfer customer service has multi-lingual support on hand.
  • Minimum & maximum amounts: OFX has a minimum payment of 1,000 USD, with no maximum cap. XE Money Transfer has no minimum payment – maximum amounts may apply depending on where you’re sending money to, and the pay out method.

Supported currencies

OFX customers can send and deal in 50+ currencies; XE Money Transfer offers payments to 130+ countries.

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

Conclusion: OFX vs Xe Money Transfer

Both OFX and XE Money Transfer provide international payment services for individuals and businesses.

XE has transfers to bank accounts and for cash collection. OFX offers transfers to bank accounts only – but also has specialist services, like forward contracts and limit orders, which can help individuals and businesses minimize the risk of losing money when the exchange rate changes.

OFX also offers phone based brokerage services so you can also get more personal support whenever you need it – useful when considering more complex currency management products.

When we compared OFX and XE on cost, they both came out fairly similar. To see which is best for your transfer, compare them both – and also look at a few other low cost money transfer services – to make sure you’re getting the very best price for your specific payment.

Go to OFXGo to Xe

Xe vs OFX FAQs

Is OFX or XE Money Transfer cheaper?

Which provider is cheaper for you will depend on the payment type, value and destination. You’ll need to create accounts with each provider to be able to see the available exchange rates and compare the overall costs.

Is OFX or XE Money Transfer faster?

OFX transfers usually take 1 – 2 days for major currencies and 3 – 5 days for more unusual currencies.

XE Money Transfer payments can be deposited quickly, or may take up to 4 days for some destinations and transfer types.

How many currencies do OFX and XE Money Transfer support?

OFX customers can send and deal in 50+ currencies; XE Money Transfer offers payments to 130+ countries.


Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
Read more
Last updated
March 29th, 2023