OFX vs Currency Solutions: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	Currency Solutions
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.	£10.00 fee for transfers below £3,000; £0.00 fee for transfers above £3,000.
Average Exchange Rate Markup	0.4% – 1.9%	0.5% – 1%
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.	£100
Maximum Transfer Amount	No limit	No limit for transfers over the phone Online transfers £20,000 for personal accounts £50,000 for business accounts

Reviews

	OFX	Currency Solutions
Trustpilot Rating	4.3	4.7
Number of Trustpilot Reviews	6,200	2,500
iOS App Rating	4.9	N/A
Number of iOS App Reviews	2,400	N/A
Android App Rating	4.5	N/A
Number of Android App Reviews	3,700	N/A

Features

	OFX	Currency Solutions
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	190	160
Number of Currencies	55	40
Payment Methods	Bank account	Bank account Debit card
Receiving Methods	Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform Phone
Supported Languages	English	English
Transfer Speed	1-4 days	3 hours-2 days
Dedicated Dealer	Yes	Yes
Instant Custom Quote	No	No
Business Features	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator	Spot contracts Forwards contracts Market orders Options contracts Risk management Recurring transfers API integration
Debit Card	None	None
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	The company allows for transfers to be canceled and refunded if the transaction hasn’t been completed. Refunds may be subject to exchange rate changes and additional charges depending on the circumstances.
Suitability	Large money transfers	Small and large money transfers

Company Comparison

	OFX	Currency Solutions
Year Founded	1998	2003
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)	Amsterdam (the Netherlands), Dublin (Ireland), and Paphos (Cyprus)
Annual Trading Volume	$21.5 billion	£1 billion
Number of Employees	650	70
Number of Clients	1 million	150000
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	FCA in the UK
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)	The Best Currency Transfer Provider (Trade Finance Global Currency Awards, 2016) Top-rated International Money Transfer Provider (Trustpilot, 2017 – 2020)

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

Currency Solutions Pros & Cons

Currency Solutions Pros

• Outstanding customer support
• Impressive Trustpilot rating
• Fee-free transfers for larger amounts
• Competitive exchange rates
• Service availability in over 160 countries
• Robust currency offerings with support for 40+ global currencies
• Longstanding industry experience
• Quick fund transfers
• Advanced business FX features, including market orders and options contracts for effective currency risk management
• Personalized service through dedicated account managers

Currency Solutions Cons

• Charges apply for smaller transfer amounts
• Lack of a mobile application
• Limited availability of exotic currencies
• Lack of an instant quote feature
• Customer support is not available around the clock

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