Which of these two money transfer companies is better – CurrencyFair or OFX? If you, like many others, have narrowed down your list to these two companies and are having trouble deciding, read this comparison. If you have already done some research, you know both companies offer better deals than the big banks.
On Trustpilot, the OFX vs. CurrencyFair comparison indicates that users of both companies rate them well. While CurrencyFair averages at 9.6 out of 10, OFX garners 9.0 out of 10. However, this does not mean that using CurrencyFair is always better. Before deciding, take time to look at the details.
To help you make the right decision, I have divided this CurrencyFair vs. OFX comparison into multiple sections:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Service Fees
If you compare the fees charged by CurrencyFair or OFX with bank rates, you will see why banks no longer find as many takers as in past years. The fees they assess depend on factors such as the transfer amount, the destination country, and where you live.
- Fees are dependent upon whether or not your transfer finds a match.
- If it does, CurrencyFair charges 0.15% of the transferred amount plus €3.
- If your transfer does not find a match, you pay 0.4% to 0.5% of the transferred amount plus €3.
- On average, CurrencyFair charges 0.35% of transferred amount as fees.
- The amount you wish to send and the currency you want to use have a bearing on the fees.
- Transfers of less than AUD $10,000 attract a flat AUD $15 fee. Transfers over this amount are free.
- If you are transferring less than €5,000, you pay a €10 fee.
When transferring less than £3,000, the fee is £7.No more fees associated with GBP Resident transfers on UKForex or OFX (UK)
- If you transfer less than USD $5,000, CurrencyFair charges a USD $5 fee.
- Transfers of less than ¥1,000,000 attract a ¥1,500 fee.
Ease of Use
Regarding complexity, the scale tilts in favor of CurrencyFair if you are looking for website access in a European language. No matter which company you choose, you can submit an online application in minutes. However, you have to wait for the verification of your details before activation of your account.
- In addition to English, access to the CurrencyFair website is available in French and Polish.
- International customers can make payments via electronic bank transfers.
- Residents of Ireland can make payments in Euros using debit cards issued by Irish banks.
- CurrencyFair provides apps for devices that run on Android and iOS.
Regular Overseas Payments
To set up regular overseas transfers, you can use the services of CurrencyFair or OFX.
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