WorldRemit vs OFX Comparison [2023 Updated]
WorldRemit and OFX are both currency specialists which provide international transfer services – but their focus is quite different. That means they are likely to suit different customer needs and preferences.
Read on for all there is to know about WorldRemit vs OFX, including a full comparison of their features side by side, and a detailed look at the exchange rates, fees and delivery times on offer from each.
Summary: WorldRemit aims to help people sending money to loved ones overseas, covering 140+ countries and offering payout options including airtime top ups, mobile wallet transfers, cash for collection and bank deposits. OFX only offers transfers to bank accounts, but also provides business services and currency risk management – plus you can send an unlimited amount. Which suits you depends on where you’re sending to, the currencies involved, and the value of the payment.
WorldRemit vs OFX: side by side
WorldRemit and OFX are safe, regulated and reliable international money transfer services. Here’s an overview of the features and services you can get from both WorldRemit and OFX.
| Feature | WorldRemit | OFX |
|---|---|---|
| Send payments to | 140+ countries from the US | 170+ countries, 40+ currencies |
| Bank deposit option | Yes | Yes |
| Cash pickup service | Yes | No |
| Mobile money deposit | Yes | No |
| Airtime top up | Yes | No |
| Currency risk management solutions | No | Yes |
| Fully licensed and regulated | Yes | Yes |
| Services for businesses | No | Yes |
So, to summarize:
- OFX and WorldRemit both support a very broad selection of countries and currencies
- WorldRemit has payments to bank accounts and for cash collection, plus deposits to mobile money accounts and airtime top up. OFX offers payments to bank accounts only
- WorldRemit is for personal use only, while OFX offers a good selection of business services
- OFX has currency risk management solutions, WorldRemit does not
- Both providers are fully regulated
The important bits
| WorldRemit | OFX | |
|---|---|---|
| Rates | Exchange rate includes a markup | Exchange rate includes a markup |
| Fees | Variable fee based on the country, currency and service required | No transfer fee |
| Speed | Varied depending on destination and payment type – can take just minutes | Varied depending on destination and payment type – 24 hours – 4 business days is normal |
| Service | Online and in app | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.1 star, Great, 79,000+ reviews | 4.3 star, Excellent, 6,000+ reviews |
Rates: OFX and WorldRemit both add a markup to the rate used to convert currencies
Fees: WorldRemit uses variable fees based on the service you need, OFX has no transfer fee
Speed: WorldRemit payments can arrive in just a few minutes but delivery times do vary based on destination. OFX transfers to bank accounts can take a couple of days
Service: WorldRemit offers multilingual service in a range of languages, online, in-app and by phone. OFX has services mainly in English, online, in app and by phone
Safety: Both providers are fully licensed and regulated
Reviews: WorldRemit scores a Great review rating on Trustpilot – OFX has a slightly higher rating overall which means it gets an Excellent designation from Trustpilot
Pros and cons
| WorldRemit | OFX | |
|---|---|---|
| Pros | ✅ Good range of payout options including cash collection and bank deposits ✅ Send payments to 140+ countries from the US ✅ Set up payments online and in-app | ✅ No transfer fee ✅ Send online, in person, or using the 24/7 phone support line ✅ Business services available |
| Cons | ❌ No business services ❌ Exchange rates include a markup, and there’s a variable fee for transfers | ❌ No cash collection service ❌ Exchange rates include a variable markup |
WorldRemit vs OFX: The verdict
Whether WorldRemit or OFX works for you largely depends on your individual needs. They both have quite distinct features which means the chances are that one will suit you better than the other based on the service you need.
WorldRemit has an extensive range of payout options, including bank and mobile money account transfers, cash collection, home delivery, and airtime top-ups. However, some major currencies aren’t available, and maximum payment limits are low.
OFX only offers transfers to bank accounts but has no cap on transfer value, and a more robust range of international currencies. OFX also has business services which are not available with WorldRemit.
Compare both providers looking at the specific service you need – how you want to pay, the destination, and how you’d like the money to be received.
About WorldRemit and OFX
WorldRemit was launched in 2010 and offers online and in-app payments with a range of payout options – including cash collection, home delivery, airtime top-up, and mobile money transfers. WorldRemit has 5.7 million customers and is available in a broad range of major countries.
You can send payments with WorldRemit to 140 different countries. Read our WorldRemit money transfer review to learn more.
OFX was founded in 1998, and has 1 million+ customers. You can send payments in 55 currencies with OFX. Through your personal broker you can also set up forward exchange contracts and target rate orders to help manage currency risks when transacting or holding high values of foreign currencies.
OFX business accounts are also available to hold and manage foreign currencies and payments. Read our OFX money transfer review to learn more.
How do they work?
To use WorldRemit you’ll first need to register. Once your account is ready, you:
- Choose your recipient’s country
- Specify the amount you want to send
- Determine the payment type – how you want to fund the transfer and the delivery method
- Enter the necessary recipient details, which will vary based on your selected delivery method
- Pay for your transfer
You can then track your payment online or via their app.
To send a payment using OFX you’ll need to register and talk through your needs with a member of the support team. You can then either set up transfers online or by phone, thanks to their 24/7 support service.
WorldRemit vs OFX Fees
WorldRemit fees vary depending on where you send to, how you pay, and how you want the money to be received. OFX has a different approach, with no transfer fee, and just a markup added to the exchange rate used to convert your payment.
| Fee type | WorldRemit fee | OFX fee |
|---|---|---|
| Open account | No fee | No fee |
| Monthly fees | No fee | No fee |
| Send international payment | Variable fees based on destination and payment type | No fee |
| Currency conversion | Markup applies to the exchange rate used | Markup applies to the exchange rate used |
WorldRemit vs OFX: which is cheaper?
Using a specialized international payment service can be cheaper than sticking with your bank for sending money abroad. However, fees and rates vary among providers, so you’ll need to compare a few before making a choice.
Let’s look at a worked example. This table looks at how much a friend would get if you send money in USD to their account in GBP or INR:
Payments are funded by bank transfer and delivered to the recipient’s bank account:
| Amount & Currency | With WorldRemit recipient gets: | With OFX recipient gets: | Winner? |
|---|---|---|---|
| 1000 USD> INR | 80,930.89 INR | 80,310.25 INR | WorldRemit |
| 5000 USD> INR | Not available | 401,548.36 INR | OFX |
| 1000 USD> GBP | 760.02 GBP | 774.78 GBP | OFX |
| 5000 USD> GBP | Not available | 3,874.97 GBP | OFX |
*Fees and exchange rates correct at time of research – 16th August 2023
In our comparison which provider was best depended on the value of payment. There wasn’t a great deal of difference in the costs for all transactions where both provider supported them. That said, OFX covers higher value transfers, and different supported currencies. To find the best service for you, you’ll need to compare your options based on the specific country and currency you’re sending to.
WorldRemit Vs OFX exchange rates
WorldRemit and OFX both add a percentage fee to the mid-market exchange rate (the one you’ll see on Google or with a currency converter) when working out the rate used to convert your dollars to the currency required for deposit or collection.
The percentage is variable based on currency and transfer type, so to get the best deal you’ll need to compare the rates offered to see which is most favorable for your specific payment.
You can compare current exchange rates here: OFX exchange rate and WorldRemit exchange rate
WorldRemit vs OFX: which is faster?
WorldRemit delivery times see over half of bank deposits and 90% of mobile money and airtime top-ups ready within 10 minutes, and 95% of cash collection payments arriving in 3 minutes.
When you make a transfer with OFX there are 2 stages to the process – your payment must arrive with OFX and then clear, then OFX will pay it out to the recipient account in the destination currency.
Because there are a couple of steps that need to take place, the time it takes for your payment to arrive can vary from 1 – 4 business days, depending on a few factors:
- When your payment arrives with OFX, and whether it hits cut-off times
- How long your funds take to clear with OFX
- The processes in place at the recipient’s own bank
WorldRemit Vs OFX international transfer limits
One major difference between these two services is the amount you can send overseas. Here’s what you need to know:
| WorldRemit limits | OFX limits |
|---|---|
| Limits cap the amount you can send per transaction and in 24 hours. Paying by Apple Pay or card – 9,000 USD per day maximum Transaction maximum: 5,000 USD by card, 300 USD by Apple Pay | No limits |
WorldRemit vs OFX: Payment methods
Both providers let you arrange payments online and in app. You can also make an OFX transfer by phone Here are the available payment methods:
WorldRemit: bank account, credit or debit card
OFX: bank account only – direct debit or wire
WorldRemit vs OFX: Delivery methods
Payout methods vary a lot between these services. Here are the available options:
WorldRemit: deposit to bank account, cash collection, mobile money deposit, airtime top up
OFX: deposit to bank account only
WorldRemit vs OFX cash pickup locations
You can arrange cash pickups globally with WorldRemit to allow your recipient to get their money at a location close to them. If this option is available in your destination you’ll see it when you come to set up your payment. Cash collection services are not available with OFX.
WorldRemit Vs OFX business
WorldRemit does not offer business services.
OFX offers business a range of services. This includes paying overseas suppliers, individual employees or groups of employees with batch payments, and risk management with forward contracts and limit orders. OFX helps businesses save money on sending money overseas with low conversion fees, and is fast and secure. In addition it offers API platform integration and a dedicated account manager.
They also have a multi currency account for business and online sellers with no monthly fees. You are able to hold, receive and send select currencies like USD, EUR, and GBP from the one account.
If you are looking for alternative services, check out guides on: Alternatives to OFX and Alternatives to WorldRemit
Ease of use
- Creating an account: Create your account online or in app with both WorldRemit and OFX; with OFX you’ll need to confirm your account with a phone call, or you can simply complete the whole registration process by phone if you prefer
- Making a transfer: WorldRemit allows customers to fund payments with a bank transfer or card. OFX will also let you pay by bank transfer only
- Ways to send money: OFX payments can be sent to bank accounts for deposit only. WorldRemit offers bank deposits, cash collection airtime top ups, and payments to mobile money accounts
- Languages: WorldRemit services are available in multiple languages. OFX operates primarily in English
- Minimum & maximum amounts: WorldRemit payments have limits set by payment type, transfer and by day. There’s usually a 9,000 USD per day maximum, plus a transaction maximum of 5,000 USD by card, or 300 USD by Apple Pay. OFX payments have no maximum cap
Supported currencies
WorldRemit supports payments to 140+ countries from the US.
OFX supports payment routes which cover 170+ countries.
Safety
Both OFX and WorldRemit are regulated and licensed to operate in the US and in the other countries and regions in which they offer services. Both are trusted providers which are established and which use industry standard security measures including dedicated anti-fraud teams.
Check our detailed articles to learn more: Is OFX safe to use? and Is WorldRemit safe to use?
WorldRemit vs OFX customer service
You can get in touch with WorldRemit by logging into your account and opening an in-app chat.
OFX can offer service by phone on 1 888 288 7354 or you can email on customer.service@ofx.com.
Conclusion: Comparing WorldRemit and OFX
In our comparisons, there was little difference between OFX and WorldRemit on cost. However the services available vary widely so probably one will suit you more than the other, based on what you need.
One important consideration is that WorldRemit also has low payment limits – but your funds can be sent to a bank account, for cash collection, for airtime top up or to be deposited to a mobile money account. That means this could be a good choice if you’re sending a lower value transfer to a loved one.
OFX has no limits for payments sent as bank deposits, and can cover a range of 170+ countries from the US. OFX also has business services and currency risk management products for both individuals and businesses.
The focus of these two providers is pretty different – so to choose between them you’ll need to check which provides the transaction type you need and then look carefully at rates, fees, and delivery times. Always opt for the service that offers the best value and meets your individual requirements.
OFX vs WorldRemit FAQs
What is the difference between WorldRemit and OFX?
WorldRemit has international payments to a bank account, for cash collection. for airtime top up or to be deposited to a mobile money account. OFX has higher limits and covers all major currencies, but only offers transfers for bank deposits. Compare the two for your specific transfer to see which is best for you.
Which is better: WorldRemit or OFX?
Neither WorldRemit or OFX is best – it all comes down to your needs and preferences. While they have some overlapping services, their focus is very different – so it’s best to compare them for the payment you want to make, to help you decide which works for you.
Is WorldRemit or OFX cheaper?
In our cost comparisons there was little difference between WorldRemit and OFX on price. As fees and rates are variable, you’ll need to compare each provider for your specific transfer, to pick the right one for you. Use our handy cost comparison tool to get started.
Is WorldRemit or OFX faster?
WorldRemit payments – particularly for cash collection can be very quick. OFX transfers may take from a few hours to 4 days. Ultimately the length of time it takes for your transfer to arrive will depend on factors like the currency, value, collection or delivery choice and when you send your money.
How many currencies do WorldRemit and OFX support?
OFX supports payments to over 170+ countries and territories. WorldRemit supports payments to 140+ countries from the US.
