People who want to transfer funds overseas often wonder if they should use the services of OFX or XE. Since both firms operate as specialist fund transfer companies, they typically provide better deals than most leading banks. Between the two, is there a clear winner?
If you take the XE vs. OFX comparison to Trustpilot, you will notice that one company rates slightly better than the other. While XE averages at 9.1 out of 10, OFX fares around 8.9 out of 10. However, there is more to selecting the right company than their Trustpilot scores.
Choosing XE or OFX for your next overseas funds transfer requires that you consider your individual requirements, which can vary depending on several circumstances. The categories you find below will help simplify the decision making process:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
While one company rates better than the other is this section of the OFX vs. XE comparison, do not rely on this factor alone to make a decision.
- OFX charges fees according to the currency you make your payment in and the transfer amount.
- If you transfer more than a base limit, OFX does not charge any fees.
- Transfers below USD $5,000 attract USD $5 as fees.
- If you transfer less than €5,000, you have to pay €10 as fees.
Transfers under £3,000 attract £7 in fees. OFX (UK) or UKForex has removed all fees for their UK Customers.
- Transfer amounts below AUD $10,000 attract AUD $15 as fees.
- If the transfer amount is less than ¥1,000,000, a ¥1,500 fee applies.
- Check how much your transfer will cost when paying in other currencies on this page.
- XE provides fee-free transfers to more than 25 countries.
- If you have to pay a fee, you find out about it ahead of time.
Ease of Use
If you want website access in a foreign language, choosing between XE or OFX is easy, given that you can use the OFX website only in English. Whether you sign up with OFX or XE, you have to start by submitting an online application. Verification of the details you provide then follows.
- The OFX Group has dedicated websites for different countries.
- If you plan to transfer a substantial amount, you can benefit by getting a target rate order or a forward contract.
- OFX accepts payments from international customers via electronic bank transfers.
- If you live in the U.S., you can pay via a wire transfer or direct debit.
- Australians can make payments via BPAY.
- Online sellers who sign up for the Global Currency Account get local bank accounts in USD, EUR, GBP, CAD, AUD, and HKD.
- You can use OFX apps for Android and iOS.
- Other than English, you can use the XE website in Spanish, French, Portuguese, Italian, Swedish, Dutch, Japanese, Chinese, and Arabic.
- International customers can pay via wire transfers.
- If you live in the UK, payments methods include CHAPS, BACS, and FPS.
- Canadians can pay for their transfers via Bill Pay.
- Depending on the destination country, transfer methods offered include electronic transfers, wire transfers, and drafts.
- XE provides apps for iOS, Android, Windows, and BlackBerry.
Regular Overseas Payments
In this category of the OFX vs. XE comparison, one company dominates the other. While pre-scheduling routine transfers with OFX is easy, XE does not offer this service yet.
- Read the full review of OFX.
- Who is similar to OFX.com?
- Read updated OFX Coupon post.
- Could TransferWise service your business needs?
- Or maybe OFX (formerly OzForex).