If you need to transfer money overseas, then you need to consider using the online services of TransferWise or OFX. Both TransferWise and OFX (formerly OzForex) are high quality international money transfer providers, although TransferWise beats OFX because of its zero margin on foreign exchange rates compared to OFX that charges above the mid-market exchange rate.
Have a look at the comparison table below to compare both money transfer providers in respect to fees, customer service, and much more. Keep reading to learn more about OFX.com (formerly OzForex) and TransferWise.com.
TransferWise is a fast growing peer-to-peer remittance money transfer company. It was founded by one of Skype’s first employees. How it operates 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 ran a suite of country brands in the form of UKForex, USForex, NZForex, CanadianForex, and OzForex. They have now moved to a single global brand called OFX.com.
Both TransferWise and OFX are massive global companies with offices in several major cities worldwide. Comparing TransferWise and OFX is like the clash of the titans!
This article compares OFX and TransferWise across these parameters:
- Fees (Minimum transfer amounts / Maximum Transfers)
- Foreign Currency Exchange Rates
- Supported Countries
- Transfer Speed
- How to Transfer
- Customer Service
- Ease of Use
When comparing OFX vs. TransferWise, you see that their global currency exchange rates are extremely competitive. Both international money transfer providers can save you up to 85% on fees and exchange rate cost compared to a bank transfer. That’s more cash in your pocket and less to the big or local banks. Every money transfer provider’s exchange rates vary from day to day and from hour to hour.
- TransferWise exchange rates are close the market rates (check the example below).
- You are not able to negotiate a rate, and as a regular money transfer customer you are stuck with the rates they offer.
- TransferWise 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 offers close to market rates.
- 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 one to two weeks to send your money internationally. OFX and TransferWise move your money globally within days. Not just that. Not just that. It is not unheard of for TransferWise to send your money to your international destination within one 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 offers 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? TransferWise does not provide this feature yet.
Both OFX and TransferWise allow you to lock in a rate before you transfer or upload your money to them. TransferWise gives you 48 hours on your locked in rate.
While TransferWise is online only, OFX has account managers who 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.
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 available online and through an app, and it has account managers 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.
Multicurrency Accounts and Debit Cards
- The TransferWise Borderless account comes with free bank account details in USD, GBP, EUR, PLN, AUD, and NZD.
- Depending on where you live, you may apply for the TransferWise Mastercard.
- Setting up direct debits in EUR and GBP is simple when you use the Borderless account.
- Thee OFX Global Currency account comes with free bank account details in EUR, GBP, USD, HKD, AUD, and CAD.
Coupons & Offers
- When sending money abroad, there are no existing offers from TransferWise.
- Get your first two transfers FEE FREE with OFX.com when you signup through iCompareFX.com.
- 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.
- Compare CurrencyFair and TransferWise.
- Why is TransferWise better than PayPal? That’s easy.
- Have a look at TransferWise on YouTube.