OFX vs Currencies Direct: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	Currencies Direct
Homepage
Transfer Fee	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.	No fee
Average Exchange Rate Markup	0.4% – 1.9%	0.4% to 1.4%
Minimum Transfer Amount	$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.	$1
Maximum Transfer Amount	No limit	£25,000 through the mobile app £300,000 by placing a special request

Reviews

	OFX	Currencies Direct
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	6,200	9,400
iOS App Rating	4.9	3.5
Number of iOS App Reviews	2,400	100
Android App Rating	4.5	3.5
Number of Android App Reviews	3,700	500

Features

	OFX	Currencies Direct
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	Yes
Available Countries	190	200
Number of Currencies	55	70
Payment Methods	Bank account	Bank account Debit card Credit card Check
Receiving Methods	Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app Phone In person
Supported Languages	English	English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, German, Chinese, and Korean
Transfer Speed	1-4 days	1-2 hours within Europe 1-2 days for overseas transfers
Dedicated Dealer	Yes	Yes
Instant Custom Quote	No	N/A
Business Features	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator	Spot contracts Forwards contracts Limit orders Stop-loss orders Recurring transfers Digital multi-currency wallet Rate alerts API portal
Debit Card	None	Currencies Direct multi-currency debit card
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	N/A
Suitability	Large money transfers	Large money transfers

Company Comparison

	OFX	Currencies Direct
Year Founded	1998	1996
Headquarters	Sydney, New South Wales, Australia	London, UK
Other Office Locations	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)	Orlando (USA), Saint John (Canada), Mumbai (India), Albufeira (Portugal), 3 locations in South Africa, and 19 locations in Spain
Annual Trading Volume	$21.5 billion	£9.5 billion
Number of Employees	650	550
Number of Clients	1 million	430000
Regulatory Institutions	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	FinCEN in the USA FINTRAC in Canada FCA in the UK Bank of Spain in Spain and the EU ACPR in France FSB in South Africa
Awards	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)	Credit Rating of Level 1 (Dun & Bradstreet Corporation, 2010) National Business Awards Finalist (National Business Awards, 2016) Most Positive Client Reviews (Money Transfer Comparison, 2017) Consumer Champion of the Year (Money Age Magazine, 2017) Money Transfer Provider of the Year (Money Age Magazine, 2016, 2017,2018, 2019, 2020, and 2021) Best Rated Money Transfer (Money Transfer Comparison, 2019, 2020, 2021)

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

Currencies Direct Pros & Cons

Currencies Direct Pros

• 4.9 out of 5 on Trustpilot based on over 8,000 reviews
• No transfer fees
• Free Amazon gift card for new paying customers
• Multiple payment options
• Amazing customer service
• Favourable exchange rates
• Extensive knowledge base
• Highly convenient
• Range of flexible solutions for everyone
• Global service coverage
• Solid currency coverage
• Local coverage
• Decades of experience
• Fast money transfers
• Exchange rate alerts option

Currencies Direct Cons

• Not focused on small money transfers
• Limited deposit options
• Limited smaller currency coverage
• No option for instant custom quotes
• Lack of cancellation policy
• Not available in some US states
• Mobile app has transfer limits

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