- User RatingTrustPilot User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
OFX
- 8.9/10
- Online
PhoneOne off transfers Regular transfers - $15 / €10 / £0
- 1 - 3 Days
- Their website is also responsive so it auto-scales to your screen size.
- £100 / €$250
XE.com
- 9.1/10
- Online OnlyOne off transfers Phone assistance available
- XE.com transaction fees are contained within the exchange rate offered.
- 1 - 5 Days
- Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible. - Their website is responsive so it auto-scales to your screen size.
- €/£/$1
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:
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- Exchange Rates
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- Fees
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- Countries
- Ease of Use
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- Security
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- Regular Overseas Payments
- Coupons
Foreign Currency Exchange Rates
The main reason people are turning to specialist fund transfer companies instead of banks is better service at a lower price, and this is what you get whether you select OFX or XE. To find out which of the two offers better rates, run a comparison shortly before your transfer.
OFX
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- OFX lets you check existing inter-bank rates by using a calculator on its home page.
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- The company allows registered users to view rates it offers by logging into its website.
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- People who transfer funds on an ongoing basis can negotiate better rates.
- The OFX website gives you an easy means to monitor fluctuations in exchange rates.
XE
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- The currency converter provided by XE lets you check existing exchange rates easily.
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- By bidding for desired rates, you get the ability to obtain better-than-usual exchange rates. Read the XE Money Transfer review for more information.
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- Use XE currency charts to track exchange rate fluctuations.
- You can sign-up for free rate alerts.
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
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- OFX charges fees according to the currency you make your payment in and the transfer amount.
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- If you transfer more than a base limit, OFX does not charge any fees.
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- Transfers below USD $5,000 attract USD $5 as fees.
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- 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.
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- Transfer amounts below AUD $10,000 attract AUD $15 as fees.
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- 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
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- 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.
Countries
Both companies rate well in this section of the XE vs. OFX comparison, giving you the ability to transfer funds in various currencies, to countries on five continents.
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- Check the list of OFX-supported currencies and countries on this page.
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.
OFX
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- The OFX Group has dedicated websites for different countries.
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- USForex is for the U.S., UKForex is for residents of the UK, CanadianForex is for Canadians, and NZForex is for people who reside in New Zealand.
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- All OFX Group websites are in the process of transitioning to the global OFX site.
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- If you plan to transfer a substantial amount, you can benefit by getting a target rate order or a forward contract.
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- OFX accepts payments from international customers via electronic bank transfers.
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- If you live in the U.S., you can pay via a wire transfer or direct debit.
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- Australians can make payments via BPAY.
- You can use OFX apps for Android and iOS.
XE
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- Other than English, you can use the XE website in Spanish, French, Portuguese, Italian, Swedish, Dutch, Japanese, Chinese, and Arabic.
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- International customers can pay via wire transfers.
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- If you live in the UK, payments methods include CHAPS, BACS, and FPS.
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- Canadians can pay for their transfers via Bill Pay.
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- Depending on the destination country, transfer methods offered include electronic transfers, wire transfers, and drafts.
- XE provides apps for iOS, Android, Windows, and BlackBerry.
Security
This issue leaves little to worry about regardless of whether you select OFX or XE. Both companies rely on high encryption levels to keep all the information passing over the Internet secure. Both companies keep their clients’ funds in segregated bank accounts.
OFX
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- The Australian Securities and Investments Commission (ASIC) regulates operations of OFX.
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- In the U.S., the company is registered with the Financial Crimes Enforcement Network (FinCEN) as USForex.
- OFX is an Australian Securities Exchange (ASX) listed company.
XE
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- XE provides fund transfer services by partnering with forex companies in different countries.
- The company requires all of its partners to follow local laws that apply to international repatriation of funds.
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.
Coupons
Saving extra money is possible by using special promotions and offers that both companies provide from time to time.
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- New OFX customers can benefit by using its First 2 Transfers Free coupon.
- There are no existing offers from XE.
Learn More
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- Read the full review of OFX.
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- Who is similar to OFX.com?
- Read updated OFX Coupon post.
- Could TransferWise service your business needs?
- Or maybe OFX (formerly OzForex).
OFX Vs XE Updates
- 31st May 2017: Fixed Broken links.
- 31st August 2018: Information verified correct.
- 17th December 2018: Updated Trustpilot scores
britt says
I’m not seeing which is the best from reading this -the details don’t seem to make any difference….
want to do two transfers 1 year apart – uk to USA
iCompareFX says
Hi Britt,
It’s a tricky one choosing between XE and OFX. Both will give you solid exchange rates and customer service for a GBP/USD transfer. Both will also offer forward contracts if you’re wanting to lock in the rate for your second transfer.
They both offer free accounts to set up, so there would be no harm in trying them both out, and seeing which company you like more.
Best regards,
The iCompareFX Team