If you need to transfer money overseas, then you need to consider TransferWise vs OFX. Both TransferWise and OFX (formerly OzForex) are high quality international money transfer providers.
Have a look at the comparison table below to compare both money transfer providers. Keep reading to learn more about OFX.com (formerly OzForex) and TransferWise.com.
TransferWise is a fast growing peer to peer remittance company. TransferWise was founded by Skype Employee No.1. How they operate is by swapping currencies instead of exchanging. For example, someone in Canada needs to send money to the UK. And someone in the UK wants to send money to Canada. Once in the TransferWise system, the currencies do not leave the country. Instead they are ‘swapped’.
OFX.com is the new brand name for OzForex. OzForex has been in the international money transfer game since 1999. OzForex runs a suite of country brands. UKforex.co.uk, USForex.com, NZForex.co.nz, CanadianForex.ca and OzForex.com.au. OzForex are moving to a single global brand called OFX.com.
Both TransferWise and OFX are massive global companies with offices in most major cities worldwide. Comparing TransferWise and OFX is like the clash of the titans!
In this article we will compare both OFX and TransferWise. We will look at:
- Exchange Rates
- Supported Countries
- Transfer Speed
- How to Transfer
- Customer Service
- Ease of Use
OFX and the OzForex Group fees are a little easier to calculate. The fees are a low $15, €10, and ZERO. When transferring over $10,000 your transfer is FEE FREE! Learn how to redeem and activate your iCompareFX and OFX 2 free transfers offer here.
Update: OFX UK (or UKForex) has no fees associated with any transfer amount.
TransferWise fees are not as straightforward as OFX. They charge on average ~0.5% on the total transfer amount. This can vary depending on the currency pairs. With some countries the TransferWise fees are a little more because they use the SWIFT international money payments system. For example, Canada. Click here to find the most recent list of TransferWise Fees. Learn how to redeem and activate a TransferWise free payment offer.
|AUD||0.7%||0.7%*||A$1||A$300||Minimum fee within Australia is AUD$2|
|BGN||0.5%||0.5%||2 BGN||400 BGN|
|BRL||2%*||-||16 BRL*||800 BRL*||*The minimum fee is 16 BRL. Both the threshold and the minimum fee are calculated at the mid market rate into the currency you're sending from|
|CAD||0.5%||0.5%+*||C$10||C$300||Sending from Canada is via SWIFT and carries an additional charge of C$10 as well as extra banking charges. See here."|
|CHF||0.5%||0.5%||1.5 CHF||300 CHF||*Sending to and from Japan is via SWIFT and carries a higher fee from our side of 1000 JPY as well as extra banking charges. See here."|
|CZK||0.5%||0.5%||30 CZK||6 000 CZK|
|DKK||0.5%||0.5%||10 Kr||2 000 Kr|
|GEL||0.5%||0.5%||2 GEL||500 GEL|
|HUF||0.5%||0.5%||300 HUF||60 000 HUF|
|JPY||0.5%+*||0.5%+*||1 000 JPY||2m JPY|
|NGN||1%||-||580 NGN*||-||*The minimum fee when sending to NGN is 2 GBP, which is approx 580 NGN, and is calculated at the mid market rate into the currency you're sending from|
|NOK||0.5%||0.5%||10 Kr||2 000 Kr|
|PHP||1%*||-||145 PHP*||-||*The minimum fee is 145 PHP calculated at the mid market rate into the currency you're sending from|
|PLN||0.5%||0.5%||5 PLN||1 000 PLN|
|RON||1%*||1%*||10 RON*||1 000 RON||*The minimum fee is 10RON calculated at the mid market rate into the currency you're sending from when sending to RON. When sending from RON, it's simply 10RON|
|SEK||0.5%||0.5%||10 Kr||2 000 Kr|
|TRY||1%*||1%*||6 TRY||600 TRY||*The minimum fee is 6 TRY calculated at the mid market rate into the currency you're sending from when sending to TRY. When sending from TRY, it's simply 6 TRY|
|USD||0.5%||*||*||*||*Fees for transfers from USD are calculated slightly different. For more information, please see our USD specific FAQ here."|
Comparing TransferWise vs OFX you can see that their exchange rates are extremely competitive. Both international money transfer providers can save you up up to 85% on fees and exchange rate cost compared to the big banks. That’s more cash in your pocket and less to the big banks.
Every money transfer providers exchange rates vary from day to day and from hour to hour.
TransferWise exchange rate is close the the market rate. See the example below. However, you are not able to negotiate a rate. As a regular money transfer customer you are stuck with the rates they offer. Saying that, their rates are one of the most competitive in the market. See how close the GBP USD TransferWise exchange rate is to the market rate? It’s almost identical!
OFX also offer close to the market rate. However, if you are a regular global money transfer customer, you can call them to negotiate a better rate.
Money Transfer Speed
Another easy one. The big banks can take up to 1 to 2 weeks to send your money internationally. OFX and TransferWise move your money globally within days. Not just that. It is not unheard of for TransferWise to send your money to your international destination within 1 day!
Money Transfer Methods
This is where TransferWise vs OFX becomes interesting.
OFX does not support you sending money with your credit or debit card.
TransferWise allows you to send or ‘upload’ your money to the TransferWise system with a debit and credit card. But! It costs you more to do so. So, if time is more important than money upload money using your credit or debit card.
Both TransferWise and OFX have a super simple and easy to use iOS and Android apps. Now you can send money overseas on the go! Awesome.
OFX.com can offer you a regular payment service. Uses of this could be to pay your overseas mortgage every month. Or maybe your retired overseas and want to send your pension regularly. One less thing to worry about! Maybe you can spend the extra time you are saving on your golf swing?
Both OFX and TransferWise allow you to lock in a rate before you transfer or upload your money to them. TranserWise gives you 48 hours on your locked in rate.
While TransferWise is online only, OFX have account managers that are available to you at the other end of the phone. Are you old school and prefer to actually talk to someone? Maybe OFX.com is for you.
All of this provides you with time saving tricks while saving you a tonne of your valuable time.
Outstanding customer service. It is hard to separate the two money transfer providers.
TransferWise prides itself on it’s customer service. Being a young FinTech startup, they listen to you on every social platform. Concerned about your money transfer? No problem! Tweet them (for the world to see) and they will respond and help you immediately.
OFX operates in 6 different countries. They have offices in London, San Francisco, Auckland, Toronto, Sydney and Hong Kong. They trade 7 days a week. They have account managers waiting to talk to you. They can help you setup your account, setup regular money transfers, teach you how to use their system, solve any issue you have with your transfer or just chat to you for the banter. Golden!
Ease of Use
If you are considering TransferWise vs OFX, ease of use it an important factor. Luckily, both OFX and TransferWise are extremely easy to use.
- TransferWise and OFX have simple wizard driven steps to guide you through the transfer process. Very intuitive to use.
- OFX and TransferWise have iOS and Android apps. You can arrange your global money transfers anywhere, any time.
- TransferWise is online only.
- OFX.com is both available online and through and app, and they have account managers that you can talk with over the phone.
- Is an online wizard or app not for you? Choose OFX. You can call your account manager any day of the week to arrange your money transfer over the phone.
- Whether you transfer online, on the app or over the phone, you are notified every step of the way via email. You are always kept in the loop.
Coupons & Offers
TransferWise.com and iCompareFX.com bring you an offer or voucher for the first £3,000 (or currency equivalent) fee free! Learn more about the TransferWise and iCompareFX offer here.
Get your first 2 transfer FEE FREE with OFX.com when you signup through iCompareFX.com. Thanks OFX!
- Why not learn more about TransferWise in this iCompareFX review?
- Want to know more about OFX.com features?
- Redeem and activate your exclusive OFX.com promo code for free transfers.
- Get your first £3,000 transfer fee free with TransferWise!
- Compare CurrencyFair and TransferWise.
- Why is TransferWise better than PayPal? That’s easy.
- Have a look at TransferWise on YouTube.