XE vs OFX
XE and OFX may seem quite similar.
After all, they are both leaders to help to save money on large transfers – especially for amounts over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD safely and affordably.
But there are some big differences that can help you decide which service is best for your needs.
In the next five minutes, you’ll discover the differences with each service, including things like fees you need to watch out for.
Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.
Quick Comparison: The Lowdown on Differences
XE (review) was founded in 1993 and OFX (review) in 1998 – Both are the original disruptors of the bank industry.
XE is known for its wide availability with large transfers to 220 countries in 130 currencies. Check to see if you can register to use XE based on where you live.
And OFX is known for its 24/7 phone support and flexible business support. OFX may charge a fixed fee of $15, however if you click here (opens a new tab) you can avoid these fees all together.
Both are licensed and registered money transfer services that are equipped to handle large transfers inexpensively and efficiently.
In this comparison, our goal is to make it clear which one is best for you.
- Wide availability – send money from the USA, Canada, EEA, UK, Australia, and New Zealand to 220 countries in 130 currencies
- Multilingual phone support (English, Spanish and French)
- Flexible transfer options
- No fixed fee
- Available for both personal and business
- Possible third party fees (banks)
- Phone support limited to office hours in your country
- Availability in most countries with physical offices in the US, UK, Canada, Australia, New Zealand, Singapore, and Hong Kong. Covers 50+ currencies.
- 24×7 phone support
- Reduces potentially hidden fees
- Available for both personal and business
- Multicurrency account for businesses
- Has a flat $15 USD fee for some transfers below $10,000 or $1000 USD – but you can get this fee removed (for ever) by simply using the links on this page.
1. Real Fees & Hidden Costs – Is One Cheaper Than The Other?
- No fixed fee
- Low margin on the exchange rate that goes down with the amount (usually between 0.5%-2% of the amount, compared to banks who often charge 2%-4% of the amount plus additional fees)
- Possible third party fees, which are charged by banks
- Cash advance fee up to 5% when a transfer is funded with a credit card (charged by your card issuer)
- Fixed $15 USD fee for some transfers below $10,000 (Remove the fixed fee with the links on this page)
- Low margin on the exchange rate that decreases as the amount goes up (usually between 0.5% – 2% of the amount)
- Actively removes sending and receiving bank fees with local bank accounts in the areas they service
- Cash advance fee of 3%-5% applicable a transfer is funded with a credit card
With many variables, it can be difficult to be sure which one is cheaper on a given day when you’re comparing between XE and OFX.
Both XE and OFX offer competitive margins on the exchange rate they offer. And while XE has no fixed fee, you can remove the $15 USD fee for OFX forever (for all amounts) with the links on this page.
If you transfer small amounts, OFX may be a better option if banks are charging third party fees with XE.
2. Which is Safer? – Both are Equally Safe
- XE is regulated by central banks and financial regulatory agencies like the FinCen in the USA, FCA in the UK, FINTRAC in Canada, ASIC in Australia, NZFMA in New Zealand, as well as the European Securities and Markets Authority
- Offices in Canada, the UK, the Netherlands, and New Zealand
- XE collects data and maintains privacy standards as laid down by Europe’s GDPR, Canada’s Privacy Act, and the US Privacy Act
- Their app and website have two-factor authentication to keep your money and data safe.
- OFX is licensed and regulated by the FinCen in the USA, FCA in the UK, FINTRAC in Canada, ASIC in Australia, The Central Bank of Ireland in Europe, MAS in Singapore.
- They’re also regulated as a licensed as a Money Service Operator with the Customs and Excise Department of Hong Kong.
- Held to the same regulatory standards as high street banks
- Physical presence with agent offices in the USA, UK, Australia, Canada, and New Zealand.
- Great financial standing because they’re publicly listed on the Australian stock exchange (ASX), and have been debt-free and profitable in all the territories they operate in (especially the USA)
- They use industry-leading security technology on their website and mobile app to keep your money and information safe.
As far a we could tell XE and OFX employ the latest security technology, they also adhere to compliance laws laid down by various international regulatory institutions to make sure your money is safe in transit and your personal information is safe with them.
3. Ease of Use – Some Similarities Noted
- Multi-lingual phone support during week days and banking hours with local numbers in the UK, USA, and New Zealand
- Online-focused service – set up transfers on both website and app (available for both Android and iOs)
- Check live rates on the currency converter (but you get to see the fees you’ll pay when you sign up)
- Flexible transfer options like Spot Order, Market Order, and Forward Contract for busineses
- 24×7 phone support (local numbers for selected regions like the US, UK, Australia, Canada, etc.)
- Good mix of online and offline service – set up transfers on the app (available for both Android and iOs), website, or by visiting one of their offices in your country
- Get live market rates on their website, but you can only check the fees once you sign up
- Flexible transfer options like Spot Order, Market Order, and Forward Contract available for both personal and business
- Multi-currency account for online sellers and businesses to get paid in local currencies without conversion fees
Both services score strongly when if comes to their user experience.
XE’s services with their needs-based phone support and online-focused transfers are ideal for those who are familiar with large online transfers.
However, OFX has an edge in one important aspect. Their 24×7 phone support and the ability to get help offline can be more reassuring. For some people who prefer a high-touch service when sending large amounts of money overseas this can be important.
4. Reviews (inc. Negative Ones) — What Others Are Saying
XE is rated 4.4 / 5 on Trustpilot with over 44,000 reviews, which is considered “Excellent.”
- Good customer service
- Fast transfers
- Bank-beating rates
“Earlier this year we bought a property in NZ (we live in Aus) and have been renovating it from Aus. We have used Xe for all our fund transfers to NZ and are very happy with their prompt and efficient service, their always competitive rates are an added bonus. We have saved tens of thousands dollars compared to the rates of the big four banks – thanks Xe.”– Basil on Trustpilot
“I’ve used XE a number of times. Each time I have had prompt transfers with easy to use directions. I highly recommend this money transfer company.”– Sharon Clarke on Trustpilot
- Extensive verifications
Some users were displeased when XE asked them to share more documentation and information about their transfer. However, as a licensed financial services provider, XE needs to thoroughly verify the intent of each transfer and your recipient’s details to not only comply with the law but also to keep your money safe.
OFX is rated 4.3/5 on Trustpilot with over 4,700 reviews, which is considered “Good.”
- Easy to use website
- Affordable rates
- Efficient and fast transfers
- Good customer service
- Safe and secure transfers
“Site is really easy to navigate and easy to make transfers. Rates are the most competitive I’ve found. On the one occasion that I needed help, customer services were prompt to call me back and to resolve my problem.”– J Dixon on Trustpilot
“OFX offers a great service with top quality at a great cost. I have been using them for 5 years now.”– Maria Cecilio on Trustpilot
- Delayed transfers
Some OFX users were disappointed when their transfer was delayed than the promised date.
On digging deeper (based on OFX’s responses on Trustpilot), we found that in most cases, the funds were either held back to be audited for compliance by OFX internally or by the receiving bank. This is normal for large transfers – nothing to worry about.
With 4.4 for XE and 4.3 for OFX on Trustpilot, it is safe to say both are great services when it comes to their services and the all important customer service you might need (especially for larger transfers).
The negatives they score have more to do with compliance of the regulations than anything else. For perspective, most banks on Trustpilot struggle to get more than 2 stars (try your own!).
5. Transfer Speeds – Both are Equally Fast
XE takes 2-4 days to process your transfers.
The most popular currency pairs traded by XE are processed faster (1-2 days), while others take longer (3-7 days).
Transfer speed also varies by amount and funding method (bank transfers can longer than transfers funded by credit or debit cards).
OFX processes your large transfers within 3-5 days.
Typically, popular currencies are processed faster (2-3 days), while more exotic currencies can take longer (5-7 days).
Your transfer speed is also determined by when you set up your transfers – usually, transfers initiated on weekdays during banking hours are processed faster.
Partly because of their size, both XE and OFX offer competitive transfer speeds for large bank-to-bank transfers. This is because they’ve been in the industry for a long time (almost 20 years), and have systems and infrastructure to ensure transfers happen quickly.
Note: Transfers can be sped up with other services that avoid using bank accounts but this usually comes at a cost.
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6. Customer Service and Support — Both Are Excellent but in Different Ways
- XE offers multi-lingual phone support on weekdays
- Their customer service team is known for being courteous and responsive
- They have an extensive FAQs section that will put your mind at rest
- OFX offers 24×7 phone support for large transfers, which can be extremely reassuring
- Option to get offline support if they have an office in your country and city
- Detailed FAQs to make the transfer process easy for you
- Responsive and helpful customer service
With one win for OFX and 5 ties, it can be difficult to determine which service is the best when you’re comparing between OFX and XE. The can also both handle personal and business transfers.
Overall, both services have great presence in North America, Europe, Australia/NZ and Asia and offer significant savings and almost certainly a far more enjoyable process compared to a bank.
If you are the type of person who would not like to “wait until the morning” to get your questions answered – we think OFX is a better option especially where larger amounts can create more regulatory hurdles that require personalized assistance. Also OFX may charge a fixed fee of $15, however if you click here (opens a new tab) you can avoid these fees all together.
However XE is likely a better option if you want to transfer money to exotic regions (they service 220 countries and support 130+ currencies – compared to OFX which handles 50+). Check here to see if you can register to use XE based on where you live.