OFX or Western Union – no matter which of these companies you use to transfer funds overseas, you can expect to get a better deal when compared to your local bank. However, when it comes to choosing between the two, making the choice requires careful consideration.
On Trustpilot, where thousands of users review prominent online businesses, the Western Union vs. OFX comparison shows how customers rate these companies. While Western Union averages 8.0 out of 10, OFX does noticeably better, with a score of 9.0 out of 10. However, do not use these scores alone as a determination of which company to use.
Select Western Union or OFX for your international fund transfer after you understand all of the following aspects discussed in this comparison:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
In comparison to most leading banks, using either OFX or Western Union can lead to savings in fees. Each company follows varied fee structures.
- How much you have to pay as fees depends on the currency you wish to pay in and the transfer amount.
- OFX does not charge any fees for transfers beyond given limits.
- A USD $5 fee applies if you transfer less than USD $5,000.
- OFX charges €10 as fees for transfer amounts that are below €5,000.
You pay a £7 fee if you transfer less than £3,000. No more fees for Sterling transfers on OFX (UK) or UKForex.
- If you transfer less than AUD $5,000, the company charges AUD $15 as fees.
- A ¥1,500 fee applies on transfers below ¥1,000,000.
- Details of fees OFX charges for payments made in other currencies are available on this page.
- Western Union fees depend on the destination country, the payment method, and the transfer method.
- Transferring funds to a bank account tends to attract lower fees when compared to sending money to a cash pick-up location.
- The most cost-effective way to pay for your transfer is via an electronic bank transfer. Payment using a debit or credit card will attract higher fees.
- The price estimator gives you a fair idea of how much your transfer will cost.
Ease of Use
One company does better than the other in this section of the OFX vs. Western Union comparison, especially when it comes to website access in foreign languages and transfer methods offered. Signing up with both companies is easy and takes no more than a few minutes.
- Other than the global OFX website, the OFX Group provides dedicated websites for different countries in the form of USForex, UKForex, CanadianForex, and NZForex.
- The transitioning of these websites to the global OFX website is in progress.
- OFX provides forward contracts and target rate orders, which can be beneficial for people who transfer large sums.
- Payment methods, depending on where you live, include electronic bank transfers, wire transfers, direct debits, and BPAY.
- OFX provides apps for devices that run on iOS or Android.
- Some of the languages you can use on the Western Union website include French, Spanish, German, Russian, Italian, and Japanese.
- Payment methods, depending on the country you live in, include electronic bank transfers, debit cards, credit cards, and cash.
- Western Union lets you initiate transfers online, over the phone, or by visiting any of its centers.
- The recipient, depending on the destination country, can receive transferred funds in a bank account or by visiting a cash pick-up location.
- In some countries, you can use Western Union to top off mobile wallets.
- The company lets you transfer funds to inmates in the U.S.
Regular Overseas Payments
If scheduling transfers is important to you, choosing between OFX or Western Union is easy. While OFX lets you schedule future transfers according to your needs, Western Union is yet to start offering this service.
- Read updated OFX Coupon post.
- Learn more about OzForex’s new name, OFX.com, in this OFX Review.
- Who is similar to OFX.com?