OFX or HiFX – which of these money transfer companies will provide you with a better deal? If you compare their offerings to those of banks, you will learn the reasons to avoid the banks. When choosing between the two, individual requirements come into consideration.
XE (Formerly HiFX USA)
The HiFX vs. OFX comparison on Trustpilot indicates that customers of both companies are largely satisfied with the service they receive. While OFX averages at 9.0 out of 10, HiFX rates a little better, at 9.5 out of 10. However, I suggest that you do not use this score alone to make your decision.
To help you choose between HiFX and OFX we have divided this comparison into the following categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Funds Transfer Service Fees
Whether you use HiFX or OFX, the fees you pay depend on factors such as the currency you use for payment and the transfer amount. Transfers over pre-determined amounts do not attract any fees with either company.
- If the transfer amount is less than USD $5,000, you pay a USD $5 fee.
- If you transfer less than €5,000, a €10 fee applies.
Transfers under £3,000 attract a £7 fee. OFX (UK) have removed all fees!
- When transferring any amount less than AUD $10,000, an AUD $15 fee applies.
- If you are making a payment using Japanese yen, you pay a ¥1,500 fee for transfers less than ¥1,000,000.
- The HiFX website for the American market charges a USD $5 fee for transfers less than USD $5,000.
If you use the UK-based website, a transfer fee of £9 applies on transfers under £3,000.
- No more fees on HiFX UK money transfers.
- The Australian website charges an AUD $10 fee for transfers less than AUD $10,000.
- If you use the New Zealand-based website, you have to pay a NZD $12 fee when transferring less than NZD $10,000.
Ease of Use
While both companies provide ease of use, if you want to pay using a credit card HiFX comes out on top versus OFX. Registering with HiFx and OFX requires that you submit a simple online application. Verification of the details you provide takes place before activation of your account.
- You can make payments to HiFX using credit cards.
- Other payment options include electronic bank transfers and debit cards.
- While the company does not provide apps for mobile devices, its websites respond to the screen size of your mobile device.
You can access websites of both companies only in English. Some prominent fund transfer companies that provide foreign language access include Currencies Direct, TransferWise, and World First.
Regular Overseas Payments
There is little difference between HiFX and OFX here, given that both let you set up regular transfers easily.
- Want to know more about OFX.com features?
- Redeem and activate your exclusive OFX.com promo code for free transfers.
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