Is Comparison between OFX and XOOM Money Transfer Yields a Clear Winner

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

OFX (UK)

8.9/10
Online
Phone
One off transfers Regular transfers
NO FEES
Visit Website
NO FEES
1 - 3 Days
Their website is also responsive so it auto-scales to your screen size.
£100

OFX (USA)

8.9/10
Online
Phone
One off transfers Regular transfers Buy Now Transfer Later Set Target Rate FX Options
NO FEES
Visit Website
NO FEES
1 - 3 Days
Their website is also responsive so it auto-scales to your screen size.
USD$250

OFX (Canada)

9.1
Online
Phone
One off transfers Regular transfers
First 2 Transactions Free
Redeem Coupon
CAD$15
1 - 3 Days
Their website is also responsive so it auto-scales to your screen size.
CAD$250

OFX (Australia)

9.1/10
Online
Phone
One off transfers Regular transfers
First 2 Transactions Free
Redeem Coupon
AUD$15
1 - 3 Days
Their website is also responsive so it auto-scales to your screen size.
AUD$250

XOOM

8.6/10
Online Only
One off transfers Phone assistance available
Visit Website
USD$5 - 11
Bank transfer vs debit card transfer to XOOM affects the XOOM money transfer fee applied.
1 - 3 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

In this day and age, when transferring funds overseas requires no more than access to the Internet, you can choose either Xoom or OFX to get a better deal than most of the big banks. However, when compared head-to-head, do results favor one company over the other?

Taking the OFX vs. Xoom comparison to Trustpilot gives you an easy way to find out how customers of these companies rate their services. While Xoom averages at 8.6 out of 10, OFX does slightly better, at 9.0 out of 10.

Selecting OFX or Xoom requires that you look at your own requirements first. The sections this comparison is divided into will help you arrive at the right decision:

Exchange Rates
Fees
Countries
Ease of Use

Security
Regular Overseas Payments
Coupons

Exchange Rates

The company that does better in this section of the Xoom vs. OFX comparison can vary depending on when you wish to transfer funds and the currencies involved. The best way forward is to compare their rates immediately before your transfer.

Xoom

You can view locked-in rates that Xoom offers by using its exchange rate calculator.
If the exchange rate changes before the confirmation of your transfer, you find out about it prior to finalizing the deal.

OFX

You can check existing exchange rates by using the calculator found on the OFX home page.
As a registered user, you can login to the OFX website and check its actual exchange rates at any time.
If your fund transfer requirements are frequent, you can negotiate better rates.
You can track exchange rate fluctuations by visiting the OFX website.

OFX Vs XOOM Sample Fees and Exchange Rates Screenshot 1st December 2016 — In this example from 1st December 2016 – Recipient receives AUD$79.63 more

International Money Transfer Fees

Banks often charge exorbitant fees for international fund transfers, which you can avoid if you use Xoom or OFX.

Xoom

The fee your transfer attracts depends on the country you are sending funds to, the mode of payment, and the transfer amount.
In case of some countries, you do not have to pay any fees if the transfer amount is more than a predetermined limit.
The most cost-effective way to pay for your transfer is via an electronic bank transfer. Paying using a debit or credit card tends to cost more.
Check how much your transfer will cost by using the Xoom calculator.

OFX

If you transfer more than a given limit through OFX, the company does not charge any fees.
The currency you pay in affects the fees OFX charges.
If the transfer amount is less than USD $5,000, you have to pay a USD $5 fee.
~~If you are transferring below £3,000, a £7 fee applies~~. OFX (UK) or UKForex has removed all fees for GBP resident transfers.
Transfers below €5,000 attract €10 as fees.
OFX charges AUD $15 for transfers below AUD $5,000.
If you transfer less than ¥1,000,000, the fee stands at ¥1,500.
Check this page to find out how much your transfer will cost if you pay for it in a different currency.

Countries

Regardless of whether you select OFX or Xoom, you can send funds to various countries, and the currencies you can transfer vary accordingly.

Check the list of Xoom supported countries online at any time.
Find out which currencies and countries OFX supports on this page.

Ease of Use

One company does better than the other in this section of the OFX vs. Xoom comparison by offering website access in multiple languages. The other lets you make payments in different currencies.

Xoom

You can use the Xoom website in English, Spanish, Portuguese, French, Chinese, and Vietnamese.
Xoom accepts payments only in U.S. dollars.
Depending on the destination country, you can transfer funds to a bank account, send it to a cash pick-up center, or top off a mobile phone.
Xoom lets residents of the U.S. pay bills that originate in a number of other countries.
You can use Xoom apps with devices that run on iOS and Android.

OFX

You can use the OFX website only in English.
OFX lets you make payments in all major currencies including U.S. dollars, Great Britain pounds, Euros, Australian dollars, Canadian dollars, Japanese yen, and Swiss francs. It accepts payments in some exotic currencies as well.
USForex, CanadianForex, UKForex and NZForex are part of the OFX Group. These websites are in the process of merging with the global OFX website.
If you plan to transfer a large sum, you can consider using a target rate order or a forward contract.
Depending on the country of the transfer’s origin, you can pay via a bank transfer, a direct debit, a wire transfer, or BPAY.
The company provides apps for Android and iOS.

Security

No matter whether you use the Xoom or OFX website, high levels of encryption safeguard all of the information you provide online. Both companies hold client money in segregated bank accounts.

Xoom

Xoom has received licenses to operate as an international fund transfer company from different state regulatory bodies in the U.S.
It is registered with the Financial Crimes Enforcement Network (FinCEN).

OFX

Headquartered in Australia, OFX is regulated by the Australian Securities and Investments Commission (ASIC).
It is an Australian Securities Exchange (ASX) listed company.

Regular Overseas Payments

This section of the Xoom vs. OFX comparison favors one company over the other. While you can set up scheduled transfers through OFX easily, you cannot do this with Xoom yet.