- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
The forex world is rife with competition, and whether you pick FC Exchange or OFX, there is a good chance you will get a better deal than anything your local bank has to offer. Selecting a winner between the two is not an easy task, given that there are multiple factors at play. While FX Exchange might work as a better alternative for you, someone else might benefit more by using OFX, and vice-versa.
Taking the OFX vs. FC Exchange comparison to Trustpilot gives you an idea of what customers of these companies have to say. As you will see, the reviews are largely favorable for both companies. While OFX averages at 9.0 out of 10, FC Exchange gets 9.7 out of 10.
Deciding to go with OFX or FC Exchange requires that you pay attention to a number of variables. Read through all the sections of this comparison to make the right choice:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
There is no clear front-runner in this section of the FC Exchange vs. OFX comparison. Both companies rely on different fee structures, so make a decision after taking your individual needs into account.
- The fees FC Exchange charges can vary depending on the payment method and destination country.
- You will find out about the fees FC Exchange charges before confirming your transfer.
- In some instances, the company cannot inform you of the exact fees that an intermediary might charge at the time of finalizing the transfer.
- The FC Exchange review sheds more light on this aspect.
- The fees you will be assessed depend on the currency you use to pay for your transfer and the transfer amount.
- Transfers over predetermined limits do not attract any fees.
- If you transfer less than USD $5,000, you pay USD $5 as fees.
Transfers below £3,000 attract £7 in fees. No more UKForex or OFX (UK) fees asociated with GBP resident transfers.
- OFX charges AUD $15 in fees for transfers that are below AUD $10,000.
- For transfers below ¥1,000,000, OFX charges a fee of ¥1,500.
- You can check the fees OFX charges for payments through other currencies by visiting latest OFX Fees page on their website.
Ease of Use
Whether you choose OFX or FC Exchange, the fund transfer process remains seamless. You can register with both companies using simple online applications. Once the verification of your details is complete, you can start using your new account.
- You can register with FC Exchange as an individual or a business.
- In addition to online, FC Exchange accepts transfer requests over the phone. Depending completely on its discretion, it can also accept requests via email and fax.
- Modes of payment can be country-specific, which you find out about when you initiate your transfer.
- The company operates dedicated websites for different countries.
- USForex is for residents of the U.S., UKForex is UK-based, CanadianForex is for Canadians, and NZForex is dedicated to customers from New Zealand.
- These websites are in the process of transitioning to the global OFX website.
- If you plan to transfer a large sum, you can benefit by using a forward contract or a target rate order.
- Customers in the U.S. can pay via wire transfers or direct debit. If you are an international customer, you can make your payment via an electronic bank transfer. Australians can make payments using BPAY.
- You can use OFX apps with devices that run on Android or iOS.
One drawback with both companies is they provide website access only in English. Depending on the language you want to use for website access, other reliable options include Azimo, Currencies Direct, CurrencyFair, and TransferWise.
Regular Overseas Payments
If you want to set up scheduled overseas fund transfers, you can pick FC Exchange or OFX. Both companies let you do this easily.
- Who is OFX.com and would you transfer money with them?
- Who is similar to OFX.com?
- Redeem and activate your exclusive OFX.com promo code for free transfers.
- Which one is worthy of your attention – World Remit and OFX?
FC Exchange Vs OFX Updates
- 4th April 2017: FC Exchange no longer offering Online Seller features and has been removed from this comparison.