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Are you transferring money overseas? Are considering using either CurrencyFair or OzForex? You are making a smart decision by not using the big banks for your global money transfer. You can save up to 85% on the fees charged by the big banks! Before you read further, know that OzForex now operates as OFX.
This OzForex vs. CurrencyFair comparison is put together to help you make the right choice. For simplicity’s sake, it is broken down into these categories:
- Exchange Rates
- Supported Countries
- Ease of use
- Regular overseas payments
International Money Transfer Fees
Whether you select CurrencyFair or OzForex, you do not have to worry about understating complex fee structures. Their fees depend on the home currency and can change slightly according to the currency you are sending.
- CurrencyFair states that is charges a fixed fee of €3 and approximately 0.35% of the amount exchanged.
- The fee you have to pay depends on whether or not your transfer finds a match.
- For more information, check this page.
- OzForex’s Australian fee is AUD $15. Your do not have to pay any fee if your transfer more than AUD $5,000.
- Customers from the U.S. have to pay USD $5 as fee when transferring less than USD $5,000.
- For a more detailed look at OzForex’s fee structure for different currencies, see the OzForex fee page.
Ease of Use
This CurrencyFair vs. OzForex comparison shows that both companies have well designed web interfaces to allow smooth user experience in transferring money online and overseas. There are some differences with experiences.
- CurrencyFair is an online-only service. Customer Service is available to you by phone but you will not be able to talk with a broker.
- The sign-up process with CurrencyFair is easier overall. You have to complete a simple application form and then upload of some Identification Documentation. All currencies are available to you automatically.
- Access to the CurrencyFair website comes in English, French, and Polish.
- International customers can make payments via electronic bank transfers.
- CurrencyFair provides apps for iOS or Android.
- Use CurrencyFair Exchange Rate Alerts to receive exchange rates in your email.
- OzForex is both an online service and allows for arranging of money transfers via the phone if you are more comfortable with that experience.
- The initial sign-up with OzForex is quite simple. You then need to talk with OzForex customer service to activate your account and to choose what currencies you will be using. If you need to add a currency, you will need to call OzForex to request the new addition.
- You can use the OzForex website only in English.
- The OzForex Group operates dedicated websites for different countries such as the U.S., the UK, Canada, and New Zealand. These websites are in the process of transitioning to the global OFX website.
- Depending on where you live, payment options can include bank transfers, wire transfers, and BPAY.
- OzForex has smartphone apps and a mobile-friendly website.
Regular Overseas Payments
If you are looking at making regularly scheduled transfers, you can choose CurrencyFair or OzForex. Examples of scheduled transfers include transferring pension payments and automating transfers of mortgage payments.
- Read more with this CurrencyFair Review.
- Learn more about OzForex through this OzForex Review.
- Watch this CurrencyFair Video Review.
- Learn more about the CurrencyFair Coupon.
- Learn more about the OzForex Coupon.
CurrencyFair vs OzForex Updates