Remitly vs OFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Remitly	OFX
Homepage
Transfer Fee	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).	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.
Average Exchange Rate Markup	1% – 2.5%	0.4% – 1.9%
Minimum Transfer Amount	$1	$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.
Maximum Transfer Amount	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).	No limit

Reviews

	Remitly	OFX
Trustpilot Rating	4.1	4.3
Number of Trustpilot Reviews	41,300	6,200
iOS App Rating	4.9	4.9
Number of iOS App Reviews	1,200,000	2,400
Android App Rating	4.8	4.5
Number of Android App Reviews	666,000	3,700

Features

	Remitly	OFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	No	No
Available Countries	180	190
Number of Currencies	75	55
Payment Methods	Bank account Debit card Credit card iDeal Passbook Klarna	Bank account
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app
Supported Languages	English, Spanish, French, Portuguese, Vietnamese, Dutch, German, Polish, Romanian, Italian, Turkish, Chinese, Korean, Filipino, and Thai	English
Transfer Speed	Within minutes (express delivery) 3-5 days (economy delivery)	1-4 days
Dedicated Dealer	No	Yes
Instant Custom Quote	No	No
Business Features	N/A	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator
Debit Card	Passbook	None
Cancellation Policy	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.
Suitability	Small money transfers	Large money transfers

Company Comparison

	Remitly	OFX
Year Founded	2011	1998
Headquarters	Seattle, WA, USA	Sydney, New South Wales, Australia
Other Office Locations	Spokane (WA, USA), Cork (Ireland), Managua (Nicaragua), Manila (Philippines), Krakow (Poland), London (the UK), Amsterdam (the Netherlands), Tel Aviv (Israel), and Singapore	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)
Annual Trading Volume	$20.4 billion	$21.5 billion
Number of Employees	1600	650
Number of Clients	3 million	1 million
Regulatory Institutions	Department of the Treasury in the USA FINTRAC in Canada FCA in the UK ASIC in Australia Central Bank of Ireland in EU	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
Awards	Startup of the Year (GeekWire Awards, 2016) Game Changer Award (Tech Impact Awards, Seattle Business Magazine, 2017) Named one of the Deloitte Technology Fast 500 (Deloitte, 2017) Most Innovative Companies (Fast Company, 2018) FinTech 50 (Forbes, 2019) Named one of the CNBC Disruptor 50 (CNDC, 2019) Technology Pioneer (World Economic Forum, 2019)	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)

Remitly Pros & Cons

Remitly Pros

• Plenty of ways to fund your transfer
• Excellent customer service
• Decent Trustpilot rating
• Fixed transfer fees
• A knowledge base that’s a treasure trove of knowledge
• Extensive global coverage
• Trade 75 different currencies
• Top-tier mobile app
• No minimum transfer limit when sending
• Instantaneous money transfers
• Worldwide locations for cash pickup

Remitly Cons

• Not great for large money transfers
• Doesn’t provide dedicated account managers
• Exchange rates spreads can be large
• No option for instant custom quotes

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

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