OFX (USA)
Phone TransferWise
People I know, and even those I don’t, often ask me if they should use TransferWise or USForex. 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 Spanish, Italian, French, Dutch, and Portuguese. 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. I’ve highlighted the similarities and differences 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
- 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
- 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
- Fees with this company 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.
- To find out how to use the exclusive TransferWise Coupon, click here.
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.
- Click here to find out how you can use the company’s “two free transfers” coupon.
Countries for Sending Money Internationally
Both specialist money transfer companies give their customers the ability to transfer funds to a number of countries. I am not including the complete list of supported countries here because it is subject to periodic changes.
TransferWise
Click here 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.
USForex
To find out which currencies and countries this company supports, click here.While USForex allows two-way transfers between theU.S. and some countries, with others you can only transfer funds from the U.S.
Ease of Use
The sign-up 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 with USForex with USForex 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
TransferWise
You cannot make regular transfers through TransferWise at this time.
USForex
This money transfer company lets you make regular overseas payments.
Coupons
Whether you use the services of USForex or TransferWise, you stand to gain access to periodical promotions and offers. Below, I’ve provided links to ongoing offers. Simply click on the desired link to activate the offer in question.
TransferWise
An ongoing promotion gives you access to a Fee Free coupon for up to £3,000. Click here to activate the offer.
USForex
If you sign up with USForex, you receive two free transfers. To make use of this offer, click here.
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?
- Do HiFX have adequate competition or is it all the same with a different name?
- Watch a TransferWise YouTube video on how to apply your exclusive discount.
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