XE vs OFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	XE	OFX
Homepage
Transfer Fee	£2.00 under £250 (UK) €2.00 under €250 (EU) No fee for other sums	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	0.2% to 1.4%	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	£350,000 (UK and EU) $535,000 (US) CAD $535,000 (Canada) NZD $750,000 (New Zealand)	No limit

Reviews

	XE	OFX
Trustpilot Rating	4.3	4.3
Number of Trustpilot Reviews	61,500	6,200
iOS App Rating	4.3	4.9
Number of iOS App Reviews	5,300	2,400
Android App Rating	3.5	4.5
Number of Android App Reviews	113,000	3,700

Features

	XE	OFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	Yes	No
Available Countries	170	190
Number of Currencies	50	55
Payment Methods	Bank account Debit card Credit card Check Direct debit BillPay BPAY PayID Interac	Bank account
Receiving Methods	Online wallet Bank account Cash pickup	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app
Supported Languages	English, German, Spanish, French, Portuguese, Italian, Swedish, Arabic, Japanese, and Chinese	English
Transfer Speed	1-4 days	1-4 days
Dedicated Dealer	Only for customers transferring above $70,000	Yes
Instant Custom Quote	Yes	No
Business Features	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API portal	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator
Debit Card	None	None
Cancellation Policy	Only for cash pick-up transfers when the cash hasn’t been collected by the recipient	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.
Suitability	Small and large money transfers	Large money transfers

Company Comparison

	XE	OFX
Year Founded	1993	1998
Headquarters	Newmarket, ‎Ontario‎, ‎Canada	Sydney, New South Wales, Australia
Other Office Locations	Canada, Australia, the US, the UK, and New Zealand	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)
Annual Trading Volume	£15 billion	$21.5 billion
Number of Employees	350	650
Number of Clients	150000	1 million
Regulatory Institutions	FinCEN in the USA FINTRAC and OSFI in Canada FCA in the UK ASIC in Australia	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	International Money Transfers Outstanding Value Award (Canstar, 2021)	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)

XE Pros & Cons

XE Pros

• Attractive exchange rates
• Broad currency selection
• Local presence in many locations worldwide
• A variety of payment methods
• Stellar customer service
• Extensive global reach
• Loads of experience under their belt
• Top-notch website and mobile app
• Offers instant custom quotes
• Fast money transfers with 50% transfers processed within minutes
• Cash pickup service
• Handy exchange rate alerts feature

XE Cons

• No dedicated account managers for all users
• Small transfer fees are imposed on certain small money transfers
• Sparse coverage of less-common currencies
• No solid cancellation policy in place
• Average Trustpilot rating

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

See More Comparisons:

XE vs Currencies Direct
XE vs CurrencyFair
XE vs TorFX
XE vs CurrencyTransfer
XE vs WorldRemit