OFX vs CurrencyFair: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	CurrencyFair
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.	£2.50 (UK) €3 (EU) Currency equivalent for other currencies.
Average Exchange Rate Markup	0.4% – 1.9%	0.0045
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.	£7 (or currency equivalent)
Maximum Transfer Amount	No limit	10,000,000 (same in every available currency).

Reviews

	OFX	CurrencyFair
Trustpilot Rating	4.3	4.3
Number of Trustpilot Reviews	6,200	6,800
iOS App Rating	4.9	4.4
Number of iOS App Reviews	2,400	80
Android App Rating	4.5	2.6
Number of Android App Reviews	3,700	950

Features

	OFX	CurrencyFair
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	190	150
Number of Currencies	55	20
Payment Methods	Bank account	Bank account
Receiving Methods	Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app Phone
Supported Languages	English	English, French, and German
Transfer Speed	1-4 days	0-5 days
Dedicated Dealer	Yes	Only for business clients
Instant Custom Quote	No	Yes
Business Features	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API integration
Debit Card	None	None
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	Only possible as long as the money transfer hasn’t been matched
Suitability	Large money transfers	Small and large money transfers

Company Comparison

	OFX	CurrencyFair
Year Founded	1998	2009
Headquarters	Sydney, New South Wales, Australia	Dublin, Ireland
Other Office Locations	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)	Newcastle (Australia), Nutfield (the United Kingdom), Singapore, and Kwun Tong (Hong Kong)
Annual Trading Volume	$21.5 billion	$300 million
Number of Employees	650	156
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	FinCEN in the USA FCA in the UK ASIC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong
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)	Best of Show (Finovate Asia, Singapore, 2012) Most Insightful and Intriguing Internet Innovation (IIA Dot IE Net Visionary, 2013) TNW’s Irish Startups (2013) one of the Best Middleweight Start-ups (Europas, 2013) Excellence in Payments (FinTech Australia, 2017) Top 20 Fintech Companies in Ireland (Irish Tech News, 2017) Fintech Startups in Europe to watch in 2018 (2017) Mozo Experts Choice Awards (Mozo.com.au, 2018) Top 100 Startups to watch in 2018, Silicon Republic (2018) Top 10 Startup Winner for Best Employer (LinkedIn, 2018 and 2019) Spiders Award for Best in Fintech (2019) 5-Star Rating for Outstanding Value International Money Transfers (Canstar, 2019)

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

CurrencyFair Pros & Cons

CurrencyFair Pros

• Competitive exchange rates
• Excellent customer service
• Instant personalized quotes
• Impressive Trustpilot score
• Wide-reaching service coverage
• Quick international transfers
• Alerts for exchange rate changes
• Fixed fee for money transfers
• Awards for superb performance in the financial sector
• Can handle both large and small money transfers

CurrencyFair Cons

• Lack of personal account managers for individual users
• Limited options for transfer funding
• No cash pickup service
• Narrow range of supported currencies
• Poor user rating for the Android mobile app

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