Quite like a pendulum, this Ria vs. OFX comparison swings in the direction of both companies with equal gusto. However, while someone might benefit more by using one company, the other company might draw the attention of someone else for a different reason. Regardless, both companies fare better than most leading banks.
What customers of both companies have to say about their experiences can help you establish whether you should use OFX or Ria. On Trustpilot, Ria gets an average score of 7.3 out of 10 and OFX scores 9.0 out of 10. However, there is more to both companies than their Trustpilot scores.
Select Ria or OFX only after you understand the intricacies of how both companies operate. Check the different sections of this comparison to make the right decision:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
Different factors play a role in the fees both companies charge, which is why this section of the OFX vs. Ria comparison does not produce a clear winner. When compared to most banks, using both companies can lead to savings in fees.
- The currency you make your payment in and the amount you wish to transfer have a bearing on the fees OFX charges.
- If you transfer more than a preset limit, you do not have to pay any fees.
- Transfers below USD $5,000 attract USD $5 as fees.
- If you transfer less than
£3,000, a £7 fee applies. Not longer! OFX UK (or UKForex as it is also known) has removed all fees for their UK customers!
- If paying in Euros, you have to pay a €10 fee if you transfer less than €5,000.
- Transfers less than AUD $10,000 attract AUD $15 as fees.
- The fee you have to pay depends on the destination country and the payment method.
- Making payments through electronic bank transfers attracts minimal or no fees.
- Payments made through debit cards tend to cost more, and credit card payments are the most expensive.
- Use the company’s price calculator to check how much your transfer will cost in advance.
Ease of Use
If you want the recipient to collect transferred funds from a physical location, this Ria vs. OFX comparison favors the former. Registering with both companies takes little time. Once the verification of the details you provide is complete, you can start transferring funds.
- You can access the OFX website only in English.
- OFX operates dedicated websites for different countries such as the U.S., the UK, Canada, Australia, New Zealand, Hong Kong, and Singapore.
- The company provides forward contracts and target rate orders, which are best suited for transfers that involve large amounts.
- In the U.S., you can make payments via direct debit or wire transfers. International customers can pay via electronic bank transfers. If you live in Australia, you can pay via BPAY.
- With the OFX Global Currency Account, you get access to bank account details in multiple currencies.
- The company provides apps for iOS and Android.
- Access to the Ria website is available in English and Spanish.
- You can initiate your transfer in person or online.
- Transfer methods, depending on the destination country, can include transferring funds to a bank account or a cash pick-up center.
- Ria gives you the option of delivering transferred funds to the recipient’s home in some countries.
- You cannot transfer more than $2999.99 through a single transfer, or on any single day. The maximum you can transfer in a 30-day period is $7,999.00.
Regular Overseas Payments
The pendulum, in this section of the OFX or Ria comparison, swings in favor of one company if you want to transfer funds regularly. While OFX lets you set up scheduled transfers according to your convenience, Ria does not offer this service for now.
- Get your first 2 transfer FREE with OFX.com.
- Want to know more about OFX.com features?
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