OFX vs Key Currency: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	Key Currency
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%	0.2% – 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.	$1
Maximum Transfer Amount	No limit	No limit

Reviews

	OFX	Key Currency
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	6,200	1,600
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	Key Currency
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	190	N/A
Number of Currencies	55	37
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 Phone
Supported Languages	English	English
Transfer Speed	1-4 days	1-2 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 Limit orders Market analysis Recurring transfers Rate alerts
Debit Card	None	None
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.
Suitability	Large money transfers	Large money transfers

Company Comparison

	OFX	Key Currency
Year Founded	1998	2016
Headquarters	Sydney, New South Wales, Australia	Truro, Cornwall, the UK
Other Office Locations	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)	The Netherlands, Portugal, and Spain
Annual Trading Volume	$21.5 billion	£2 billion
Number of Employees	650	42
Number of Clients	1 million	50000
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 Bank of Spain in Spain
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 Currency Exchange Service (ADVFN – each year from 2016 to 2023) Best Currency Provider (Online Personal Wealth Awards – 2016 and 2017)

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

Key Currency Pros & Cons

Key Currency Pros

• Great customer service
• Impressive Trustpilot score
• Zero transfer fees
• Attractive exchange rates
• Personalized support from dedicated account managers
• No limits on transfer amounts
• Flexible currency hedging options
• Wide-reaching service coverage
• Extensive industry experience
• Quick money transfers

Key Currency Cons

• Not optimal for smaller transfers
• Limited funding methods
• Lack of support for less-common currencies
• No option for instant personalized quotes
• Services not accessible for residents in the US
• Absence of a mobile app

See More Comparisons:

OFX vs VertoFX
OFX vs Moneycorp
OFX vs Caxton
OFX vs Corpay
OFX vs Currency Solutions