Whether you use OFX or Travelex, you are essentially using services of the same global corporation, OzForex Limited. While OFX previously operated as OzForex, Travelex International Payments is a service provided by USForex Inc., a wholly-owned subsidiary of OzForex Limited. However, there are differences in the offerings of OFX and Travelex, which you should address before making a decision.
Taking the Travelex vs. OFX comparison to Trustpilot gives you an indication of how customers feel about these companies. Not surprisingly, both companies rate well. Travelex UK averages at 8.7 out of 10, and OFX gets 9.0 out of 10.
When choosing Travelex or OFX, paying attention to different aspects according to your requirements can simplify the decision-making process. The sections below identify the similarities and differences in these companies:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
Using OFX or Travelex can result in savings if you compare the fees these companies charge with how much your transfer will cost through most banks.
- This depends on the country you are registering from. For example, OFX UK (previously known as UKForex) charges no fees. Read the latest OFX fee structure for each country.
- There are different limits in place, which vary depending on the currency you use to pay.
- If paying in USD, transfers below USD $5,000 attract a fee of USD $5.
- If the transfer amount is less than AUD $10,000, you pay AUD $15 in fees.
For transfers below £3,000, the company charges a £7 fee. There are no longer fees for OFX (UK) or UKForex Sterling transfers.
- You have to pay a €10 fee when transferring any amount below €5,000.
- If you transfer less than ¥1,000,000, you will have to pay ¥1,500 in fees.
- The country you wish to transfer funds to and the amount you wish to transfer have an effect on the fees you have to pay.
- If you do not qualify for a free transfer you will have to pay nominal fees.
- The company informs you of the fees you have to pay in advance.
Ease of Use
If you are looking for website access in a foreign language, this OFX vs. Travelex comparison favors one company over the other. No matter which company you pick, you can register online in minutes. You can start using your account as soon as the company you register with verifies your details.
- You can access the OFX website only in English.
- Access to other websites that operate under the OzForex Group also limits to English.
- Websites that operate under the OzForex Group include USForex, UKForex, CanadianForex, and NZForex. These websites are in the process of transitioning to the global OFX website.
- International customers can make payments via electronic bank transfers.
- If you reside in Australia, you can pay via BPAY.
- You can download and use the company’s apps for Android and iOS devices.
- The company operates dedicated websites for different countries, some of which include Australia, China, France, Germany, Japan, New Zealand, South Africa, the UK, and the U.S.
- Depending on the Travelex website you log on to, you can get access in a local language.
- All customers of Travelex International Payments get access to foreign exchange dealers, who they can contact at any time, on working days.
- The official list of Travelex supported countries can be found via this link.
Regular Overseas Payments
OFX or Travelex – you can use the services of both companies to set up regularly-scheduled overseas transfers easily.
- Redeem and activate your exclusive OFX.com promo code for free transfers.
- Who is OFX.com and would you transfer money with them?
- Who is similar to OFX.com?
- Want to know more about OFX.com features?
- Read updated OFX Coupon post.
- Looking for an alternative to OFX (Why would you?).