If you are unhappy with an exchange rate, turnaround time, or service that your local bank provides, you can benefit substantially by using either MoneyGram or OFX. Both companies deal in large volumes of international fund transfers, enabling them to offer noticeably better deals than most banks. Between the two, choosing a clear winner is not easy.
The choice between OFX and MoneyGram requires that you address your particular needs at the very outset. For instance, only one of these companies gives you the ability to transfer funds to cash pick-up centers. Besides, in Australia and New Zealand, MoneyGram is actually a white label product backed by OFX.
To help establish which company works better for you, this OFX vs. MoneyGram comparison is divided into multiple sections, as listed below:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees For sending Money Internationally
Most of the leading banks are infamous for the exorbitant fees they charge to process international fund transfers. In comparison, using the services of MoneyGram or OFX can result in real savings.
- The fee MoneyGram charges can vary according to the mode of payment, desired transfer method, and destination country.
- Paying via your bank account is typically less expensive than making a payment using your debit or credit card.
- Transfers to bank accounts usually cost less than transfers to physical locations.
- Find out how much your transfer will cost by using the MoneyGram estimate tool.
- OFX fees vary according to the currency you use to make your payment.
- If the transfer amount exceeds a preset limit, OFX does not charge any fees.
- If you transfer less than USD $5,000, you pay USD $5 as fees.
- If the transfer amount is less than €5,000, OFX charges €10 in fees.
- OFX UK (previously UKForex) doesn’t attract any fees!
- A fee of AUD $15 applies for transfers below AUD $10,000.
- If you are transferring less than ¥1,000,000, you have to pay ¥1,500 as fees.
Ease of Use
This section of the comparison favors MoneyGram when it comes to website access in different languages. Registering with both companies is easy. However, you have to wait until the company you have chosen verifies your credentials before you can start transferring funds.
- You can access the MoneyGram website in various languages other than English. Options include French, Spanish, German, Chinese, Korean, and Indonesian.
- Accepted modes of payment include debit cards, credit cards, electronic banks transfers, and cash. These can vary depending on your location.
- You can use MoneyGram for bank account transfers, transfers to cash pick up centers, and topping off mobile wallets. In some countries, MoneyGram provides home delivery of cash.
- Members of the MoneyGram Plus program benefit through faster turnaround times. They can view transaction history and can receive notifications related to their transactions.
- As a MoneyGram Plus member, you get access to apps for devices that run on Android and iOS.
- Dedicated websites for different countries that were part of the OFX Group included USForex, CanadianForex, UKForex, and NZForex. These websites have now transitioned to the global OFX site.
- OFX accepts payments via electronic bank transfers.
- If you reside in Australia, consider making your payment via BPAY.
- All OFX customers have access to apps for Android and iOS.
Regular Overseas Payments
Choosing MoneyGram or OFX based on this criterion is simple. OFX lets you set up routine transfers, whereas MoneyGram does not provide this functionality yet.
- Want to know more about OFX.com features?
- Compare TransferWise and OFX side by side.
- Redeem and activate your exclusive OFX.com promo code for free transfers.
- Who is similar to OFX.com?