MoneyGram vs OFX: Fees & Reviews Compared

Both MoneyGram and OFX are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	MoneyGram	OFX
Homepage
Transfer Fee	Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100.	AU$15.00 under $10,000 (Australia) CAD $15.00 under $10,000 (Canada) HK $60.00 under $50,000 (Hong Kong) NZD $15.00 under $10,000 (New Zealand) No fee for the rest of the world.
Average Exchange Rate Markup	1% to 5%	0.4% – 1.9%
Minimum Transfer Amount	£50	$1000 in the US £100 in the UK €2 in the EU $150 in Hong Kong and Singapore AU$250 and its currency equivalent in the rest of the world.
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap) $25,000 for online transfers to 42 select countries from the US.	No limit

Reviews

	MoneyGram	OFX
Trustpilot Rating	4.5	4.3
Number of Trustpilot Reviews	34,800	6,200
iOS App Rating	4.9	4.9
Number of iOS App Reviews	422,000	2,400
Android App Rating	4.6	4.5
Number of Android App Reviews	88,000	3,700

Features

	MoneyGram	OFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	Yes	No
Available Countries	200	190
Number of Currencies	60	55
Payment Methods	Bank account Debit card Credit card Cash	Bank account
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app In person	Web platform Mobile app
Supported Languages	English, Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese	English
Transfer Speed	Within minutes (cash transfers) 1-3 days (bank and debit card transfers)	1-4 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	No
Business Features	N/A	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator
Debit Card	None	None
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.
Suitability	Small money transfers	Large money transfers

Company Comparison

	MoneyGram	OFX
Year Founded	1940	1998
Headquarters	Dallas, TX, US	Sydney, New South Wales, Australia
Other Office Locations	Denver (Colorado, US), Minneapolis (Minnesota, US), Brussels (Belgium), São Paulo (Brazil), Vancouver (Canada), Shanghai (China), Hong Kong (China), Mumbai (India), Jakarta (Indonesia), Dublin (Ireland), Rome (Italy), Mexico City (Mexico), Warsaw (Poland), Singapore, Madrid (Spain), Istanbul (Turkey), and London (UK)	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)
Annual Trading Volume	N/A	$21.5 billion
Number of Employees	2500	650
Number of Clients	150 million	1 million
Regulatory Institutions	New York State Department of Financial Services in the USA FINTRAC in Canada FCA and HMRC in the UK National Bank of Belgium in EU	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC and AUSTRAC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong DIA in New Zealand
Awards	Best Cash Innovation and Best Comeback Story (PYMNTS Innovator Awards, 2016 and 2017) Technology Innovation Award (Asian Bankers, 2017) Money Transfer Awards (Mobex Africa Innovation, 2018) Top 100 Places to Work (The Dallas Morning News, 2021) Top Workplaces USA Award (Top Workplaces, 2022) Best Use of Blockchain in FinTech (FinTech Breakthrough Awards, 2023)	Named one of the Fast 50 (Deloitte, 2005 – 2011) Named one of the Fast 500 Asia Pacific (Deloitte, 2005 – 2011) Named one of the BRW Fast 100 (The Australian Financial Review, 2005) Becoming a New Investors Award Finalist (UK Trade and Investment International Business Awards, 2006) Receiving the Australian Growth Company of the Year award (Australian Growth Company Awards, 2013) Receiving the Fraud Prevention Award (Digital Identity Summit, 2016) Scoring Outstanding Value in Money Transfers (Canstar, 2016, 2017, 2018, and 2019) Decorated as an Excellent Brand of Forex Services (Hong Kong Leader’s Choice Award, 2021) Proclaimed the Best International Money Transfer Provider (Finder Customer Satisfaction Awards, 2021/2022)

MoneyGram Pros & Cons

MoneyGram Pros

• A vast range of payment methods
• Outstanding customer support
• Impressive rating on Trustpilot
• Diverse options for receiving funds
• Availability of cash pickup
• Extensive global presence, covering over 200 countries and territories
• Robust currency portfolio including 58 different major currencies
• A top-rated mobile application
• Extensive industry experience
• Swift money transfer services
• Loyalty rewards program

MoneyGram Cons

• Less ideal for handling large financial transfers
• Limited maximum transfer amounts
• A possibility of substantial transfer fees
• Above-average exchange rate markups
• Lack of hedging options for businesses

OFX Pros & Cons

OFX Pros

• Versatile solutions for businesses
• Exceptional customer support
• Quick money transfer process
• Attractive exchange rates
• Option for alerts on exchange rates
• Worldwide service coverage extending to more than 190 countries.
• Robust currency support with over 55 currencies and counting
• Lenient cancellation policy
• Comprehensive knowledgebase
• Highly rated mobile app

OFX Cons

• Not ideal for transferring small amounts of money
• Limited choices for funding transactions
• Transfer fees
• No real-time custom quotes option

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