OFX vs VertoFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	VertoFX
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%-0.6%
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	VertoFX
Trustpilot Rating	4.3	3.9
Number of Trustpilot Reviews	6,200	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	VertoFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	No	No
Available Countries	190	200
Number of Currencies	55	51
Payment Methods	Bank account	Bank account Debit card Credit card Online wallet
Receiving Methods	Bank account	Bank account Online wallet
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app
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	FX solutions Currency marketplace Market orders Local and global accounts Corporate cards Treasury management Digital multi-currency wallet API integration
Debit Card	None	Multi-Currency Corporate Card
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.
Suitability	Large money transfers	Small and large money transfers

Company Comparison

	OFX	VertoFX
Year Founded	1998	2017
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)	India, Kenya, South Africa, etc.
Annual Trading Volume	$21.5 billion	$4 billion
Number of Employees	650	100
Number of Clients	1 million	3000
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 De Nederlandsche Bank in the EU Central Bank of Kenya in Kenya FSCA 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)	Best Cross-Border Payments Infrastructure (Payment Awards, 2022)

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

VertoFX Pros & Cons

VertoFX Pros

• Diverse payment methods
• Exceptional customer support
• Excellent Trustpilot score
• Zero transfer fees
• Competitive foreign exchange rates
• Comprehensive informational resources
• Peer-to-peer currency trading marketplace
• Digital wallet supporting multiple currencies
• Worldwide service reach spanning over 200 countries
• Robust currency offerings with 51 global currencies
• A plethora of business FX options
• Fast money transfer services
• Flexibility with no set lower or upper transfer limits

VertoFX Cons

• Relatively new in the international money transfer market
• Not ideal for individual money transfers
• Extensive verification documentation needed
• No iOS-compatible mobile application
• Lack of real-time custom quotes

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