OFX or World First – which of these companies will work better for you? The answer to this depends on your individual requirements. Just remember that you will get a better deal through both these fund transfer service companies when compared to most leading banks. Customers of both companies rate them highly.
On Trustpilot and Feefoo, a website where users review prominent online businesses, the World First vs. OFX comparison shows how closely these companies matchup. OFX earns 9.0 out of 10 on Trust Pilot, and World First rates just a notch higher, at 9.1 out of 10 on Feefo.
When choosing between these two specialist money transfer companies, various factors require your attention. I am breaking this comparison down by the following:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fees for Transferring Money Overseas
Using World First or OFX generally leads to savings in fees when compared to banks. The fee you have to pay depends on factors such as the transfer amount and currency of payment. Both companies have preset limits in place, beyond which all transfers are free.
- For transfers under USD $5,000, the company charges a USD $5 fee.
- OFX UK (formerly known as UKForex) has removed all fees for Sterling transfers!
- If you transfer under €5,000, you have to pay a €10 fee.
- For transfers under AUD $10,000, the company charges AUD $15.
- Transferring less than ¥1,000,000 attracts a ¥1,500 fee.
Visit OFX’s up to date country fees page to learn of any changes to these fees.
- No Fees on all transactions either on personal, business or Online Seller service offerings.
- All fees were eliminated starting Nov 2017.
Ease of Use
Submitting an online application with both companies should take no more than a few minutes. Both companies follow due diligence in verifying the details you provide before activating your account. If you want website access in a foreign language, this OFX vs. World First comparison tilts in favor of the latter.
- Access to the OFX website comes only in English.
- It accepts payments via electronic bank transfers.
- If you live in Australia, you can pay via BPAY.
- You can use OFX apps with devices that run on iOS and Android.
- This company lets you begin the account opening process over the phone.
- Acceptable modes of payments include electronic bank transfers, credit cards, debit cards, BACS, and CHAPS.
- The company offers apps for iOS and Android devices.
Regular Overseas Payments
Both companies let you set up regular transfers. With World First, you have the option of fixing rates in advance.
- Read the full review of World First.
- Who is similar to OFX.com?
- Get your first 2 transfer FREE with OFX.com.
- Want to know more about OFX.com features?