OFX vs XE | Compare Money Exchange Services

User Rating
TrustPilot User Ratings
Transfer Type
Coupon
Fee
Speed
Regular Payments
Mobile App
Min Transfer Amount

OFX

8.9/10
Online
Phone
One off transfers Regular transfers
Visit Website
$15 / €10 / £0
1 - 3 Days
Their website is also responsive so it auto-scales to your screen size.
£100 / €$250

XE.com

9.2/10
Online Only
One off transfers Phone assistance available
Visit Website
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 9.0 out of 10, OFX fares around 9.0 out of 10 also. 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
Fees
Countries
Ease of Use

Security
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

OFX lets you check existing inter-bank rates by using a calculator on its home page.
The company allows registered users to view rates it offers by logging into its website.
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

The currency converter provided by XE lets you check existing exchange rates easily.
By bidding for desired rates, you get the ability to obtain better-than-usual rates.
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

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

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.

Check the list of OFX-supported currencies and countries on this page.
View the list of XE-supported currencies on its home page. Check this page for the list of countries it does not serve.

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

The OFX Group has dedicated websites for different countries.
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.
All OFX Group websites are in the process of transitioning to the global OFX site.
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.
You can use OFX apps for Android and iOS.

XE

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.

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

The Australian Securities and Investments Commission (ASIC) regulates operations of OFX.
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

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.