OFX
Phone
£0
CAD$15
AUD$15
€10TransferWise
People with experience in the forex world often get asked if using TransferWise or USForex is better. Unfortunately, the answer is not as simple as picking one over the other at the drop of a hat. For starters, both are specialist money transfer companies that let people from different countries transfer funds overseas. Additionally, both companies offer better currency exchange rates when compared to the big banks.
TransferWise offers its customers the ability to access its website in languages other than English. These include English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese. Access to the USForex.com website is only in English. However, its parent company, OFX.com, also operates dedicated websites for Canada, the UK, Australia, and New Zealand.
Choosing between these two companies is subject to individual requirements. Finish reading this USForex Vs TransferWise comparison to make the right choice. The similarities and differences are highlighted across these categories:
- Exchange Rates
- Fees
- Countries
- Ease of Use
- Security
- Regular Overseas Payments
- Coupons
Overseas Money Transfer Exchange Rates
USForex and TransferWise both offer better rates than most of the leading banks. When, where and how much money you wish to transfer can have a bearing on which of these companies to select.
TransferWise
- Check existing exchange rates by using the calculator on the TransferWise website.
- Mid-market rates offered by TransferWise are very close to actual market rates.
- It informs you of the rate you will receive before you begin the transfer process.
- You can sign up for rate alerts, which you receive via email.
- You can use the TransferWise website to track exchange rate fluctuations between any two currencies on offer.
USForex
- A currency converter on the USForex homepage lets you check current exchange rates easily.
- USForex also offers highly competitive exchange rates.
- You know your exchange rate before initiating a transfer.
- You can sign up for free rate alerts, which the company sends via email and text messages.
- The My FX Dashboard lets you track up to five currency pairings at any one time.
Funds Transfer Service Fees
USForex has a simple fee structure, where you simply have to look at certain transfer amount thresholds to find out how much you will have to pay. TransferWise, on the other hand, follows a slightly more complicated fee structure. No matter which of these companies you choose, you can be sure that you will pay lower fees when compared to using the services of a bank. When choosing between the two, the destination country and the amount you want to transfer play important roles.
TransferWise
- TransferWise fees can vary depending on the destination country.
- The fee is a percentage of the amount you wish to transfer.
- There is a maximum fee limit in place.
- To find out how much your TransferWise transfer will cost, check the fee breakdown table.
USForex
- The company charges a flat fee depending on the currency you wish to convert.
- With US dollars, you have to pay a $5 fee for transfers below $5,000. Transfers over this amount are administered without charge.
- Visit the USForex fees webpage to find out how much you will have to pay if you wish to initiate the transfer in a currency other than U.S. dollars.
Countries for Sending Money Internationally
Both specialist money transfer companies give their customers the ability to transfer funds to a number of countries.
- Check this page to review the latest list of countries and currencies that TransferWise supports. Some of the countries on its list are semi-supported. For example, the company can transfer Euros to Bulgaria only if the recipient’s bank is SEPA-compliant.
- To find out which currencies and countries this company supports,check this page. While USForex allows two-way transfers between the U.S. and some countries, with others you can only transfer funds from the U.S.
Ease of Use
The signing process with both companies is fairly straightforward. If you are looking for website access in a foreign language, you will be better off with TransferWise. Both companies offer rate alerts to their customers.
TransferWise
- TransferWise simplifies the sign-up process by allowing you to use your Google or Facebook account.
- It requires that you follow an easy-to-understand five-step wizard to make a transfer.
- It permits you to make payments using debit and credit cards.
- You can make transfers on-the-go by using the TransferWise app on your Android or iOS device.
USForex
- Successful registration requires that you complete an identity verification process.
- Making a transfer requires that you follow a simple step-by-step process.
- You cannot make payments using debit or credit cards.
- USForex does not offer apps for mobile devices yet.
Security
Both TransferWise and USForex offer high levels of reliability. Their websites use the latest encryption technology to keep all the information you provide secure. They also have required regulatory licenses in place.
TransferWise
- Based in the UK, this company comes under the purview of the Financial Services Authority (FSA).
- It maintains all client money in segregated accounts.
- If you use your Google account to access its website, you can make use of the two-factor authentication system.
- TransferWise’s 2-Step Login feature enhances security for authentication to your TransferWise account. This can be enabled in the settings of your account under “2-Step Login” heading.
USForex
- This company is registered with Financial Crimes Enforcement Network (FinCEN), and is licensed as a Money Transmitter by the Banking Department of the State of New York.
- USForex also keeps client funds in segregated bank accounts.
Regular Overseas Payments
You cannot set-up scheduled transfers through TransferWise at this time. USForex lets you do this with ease.
Coupons
Whether you use the services of USForex or TransferWise, you stand to gain access to promotions and offers.
- There are no existing TransferWise promotions.
- If you sign up with USForex, you receive two free transfers. You can also obtain a $50 Amazon Gift Card by successfully referring a friend to this company.
Learn More
- When CurrencyFair and TransferWise go head to head.. who wins?
- Does HiFX have adequate competition or is it all the same with a different name?
Leave a Reply