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Alternatives to OFX

Services like OFX for sending money overseas

OFX is an established money transfer service that has 20+ years experience in the FX market. They've helped over one million customers send money globally. Despite this, if you're a large business looking to pay for exports or just need to transfer a hefty sum overseas, it's worth exploring your options.

Pros

  • 24-hour customer support
  • Available in 170+ countries and 50 currencies
  • Offers scheduled and recurring transfers
  • iOS and Android apps for mobile transfer and tracking
  • No maximum transfer limit

Cons

  • Bank-to-bank transfer only — no cash payment or pickup
  • Verify new accounts by phone
  • High minimum transfer amount of $1,000 per year

TorFX Logo

1. TorFX

Similar to OFX, TorFX is a foreign exchange provider that caters to large money transfers for personal and business customers. They also both have dedicated accounts managers and forex tools to hedge your currency risk. TorFX is a solid alternative to OFX as they offer no transfer fees, similar exchange rates and slightly faster transactions.

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Why pick TorFX instead?

  • No transfer fees
  • Competitive exchange rates can save you money in the long run
  • Transfers are generally completed within two business days
  • No maximum transfer amount

Downsides

  • Bank-to-bank transfers only
  • Doesn't support some of the more exotic currencies that OFX does
Send Payments logo

2. Send Payments

Send is an Australian based money transfer provider that specialises in cross-border payment solutions for individuals and small to medium sized businesses. They offer 24/7 payments, fee-free transfers and relatively quick transfers.

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Why pick Send Payments instead?

  • Transfer money to 180 countries in 37 different currencies
  • Doesn't charge transaction fees
  • Customer support team is based in Australia

Downsides

  • A newcomer to the market as they just launched in May 2019
  • Their mobile app isn't available yet
wise logo

3. Wise

Wise is a money transfer service that offers a low-cost way to make international money transfers. While OFX has no transfer fees above $10,000, Wise has a complex system to calculate fees and charges a variable fee ranging from 0.41% to 1.5%. Wise also has a daily transfer limit of $250,000, while OFX has no maximum limit.

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Why pick Wise instead?

  • Low minimum transfer $1
  • Uses mid-market exchange rate with no hidden fees
  • Multiple payment options - pay with a credit or debit card, bank transfer

Downsides

  • Two-step process means you must first wire your money to Wise, which then deposits the money to your recipient's bank account
  • Not suitable for large transfers due to fee structure
Xe Money Transfer Logo

4. XE Money Transfer

Xe Money Transfer offers competitive rates across a wide range of currencies and countries. They charge a flat fee of $4 for transfers below $500 but waive transfers fees above this amount. If you're working abroad, Xe is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer money to foreign companies in their currency, it's ideal for business accounts. Xe trades in over 120 currencies, surpassing OFX's 50.

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Why pick Xe Money Transfer instead?

  • Low transfer fees and competitive exchange rates
  • Trade over 130 currencies, allowing for transfers to over 220 countries
  • No maximum transfer amount on the phone, limited to $500,000 online

Downsides

  • Exchange rate tool not available until you've registered on the site
  • XE doesn't offer the mid-market rate
  • Transfers can take up to 4 business days
Moneygram logo

5. SingX

Singx offers the mid-market rate on popular currencies but adds a markup to more volatile currencies. See how much your transfer will cost and the fees involved with their online calculator. Their delivery is quick too, recipients normally receive funds within 24 to 48 hours.

Go to SingX's website

Why pick SingX instead?

  • Get the mid-market rate on major currency pairs
  • In many cases, transfers only take one business day

Downsides

  • No cash pickup
  • Limited payments methods supported
  • Fees on large transfers can be expensive due to fee structure

Still looking for other options?

Alternatively, learn more about OFX in our review.

1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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