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 reasons to avoid banks. When choosing between the two, individual requirements come into consideration.
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, do not use this score alone to make your decision.
To help you choose between HiFX and OFX, this comparison is divided 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 predetermined 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.
- OFX (UK) has 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, you pay no transfer fees.
- 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 via electronic bank transfers and BPAY.
- The OFX Group operated dedicated websites for the UK, the U.S., Canada, and New Zealand. They all operate under the OFX banner now.
- Online sellers may register for the Global Currency Account and get bank account details in various currencies.
- You can use OFX apps with devices that run on Android and iOS.
- 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.
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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