Which scores better when comparing CurrencyFair vs OFX? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
CurrencyFair
Overall score:
67
67
OFX
Overall score:
87
87
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
38
38
CurrencyFair for individual customers offers a range of services beyond just international money transfer. CurrencyFair adds to their service offering for individuals on a regular basis. Currently they offer only online international money transfer features.
59
59
OFX offers international money transfer solutions for individuals specialising in international bank transfers.
44
44
Along with features for personal accounts, Currencyfair offers business customer benefits although there are gaps to their offering. iCompareFX keeps in close contact with CurrencyFair management and Currencyfair’s scoring will be adjusted as new benefits are released.
89
89
Where OFX really shines is their business solutions and partnerships. Global businesses small and large can take advantage of their variety of solutions to work with global customers and suppliers. Most importantly they help manage currency risk.
50
50
Exchange rate margin fee - Between 0.25% and 0.45% on top of the real exchange rate.
Transfer fee - Transferring out of CurrencyFair can cost €3 (currency equivalent).
International intermediary bank fees - Some currencies supported by CurrencyFair have the receiving account (the one you send your payment to), not in the home country of the currency. E.g. ZAR is located in London. This means that transferring ZAR to USD through CurrencyFair can attract an additional charge for the banks to send ZAR internationally. This can be up to US$20 currency equivalent. Currencies without local bank transfer payment support:
AED, CAD, HUF, NZD, USD, ZAR
Express deposit fee - In some countries, if you choose an express deposit or payment to CurrencyFair, it can be with an additional fee.
CurrencyFair free transfer offers - Yes! There are CurrencyFair coupons with up to 10 transfer fees free.
No. CurrencyFair exchange rate margin fees are non-negotiable with larger transfer sums.
83
83
Exchange rate margin fee - OFX offered exchange rate includes a fee of 0.5% and 0.7%. This is low and competitive.
By calling an OFX Expert and discussing your money transfer needs, it may be possible to arrange better pricing. In particular for larger sums and large yearly volume trades.
Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.
OFX offers customers referred by iCompareFX a low exchange rate margin fee of 0.4%. This is an outstanding offer and is sure to lower all your money transfer costs which means more money being transferred.
83
83
CurrencyFair’s focus on customer service and user experience is of very high standards. Customer onboarding and service process management are clearly well thought out and wrapped in great design.
Account registration - Fast and easy to follow wizard.
ID verification - ID checks can be completed within 24 hours. Sometimes instantaneously with some countries. Proof of ID can be uploaded directly within the CurrencyFair app. Use your phone to take photos of ID and upload with ease.
Transfer speed - 1 - 2 business days upon receipt of payment.
Payment options - There are local bank transfer, local country payment solutions (e.g. BPay), debit card and express deposits available in some countries.
CurrencyFair mobile app - A very well designed Android and Apple mobile app. Very easy to use. New features are added regularly.
Minimum transfer amount - €8 equivalent.
71
71
Sign up process - Fast and intuitive.
ID verification - If requested, ID verification is generally your drivers license ID number and a quick phone call to discuss your money transfer requirements.
Transfer speed - 1 - 2 business days upon payment.
Mobile App - To initiate money transfers. Current and historical exchange rates are also available.
Payment options - There are limited payments available other than local bank transfers.
Minimum transfer amount - The minimum transfer amount is US$1,000, AU$250, CA$250, £100, €250.
56
56
Supported destination currencies - 21 currencies. AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR.
International presence - CurrencyFair local offices can be found in Ireland, UK, Singapore, Hong Kong and Australia.
Customer support - CurrencyFair’s customer support is very good. Local offices in Ireland and Australia provide 24/5 support.
Foreign language support - CurrencyFair’s website is available in English, French and German.
USA support - No support for US residents.
Local settlement accounts - Not all currencies support local bank transfer payments to CurrencyFair. This can mean higher fees by intermediary banks. (Read more in the CurrencyFair fees section).
CurrencyFair payment bank accounts - These have changed with some frequency. This can cause customer confusion and time while funds are paid to the wrong banks.
81
81
Supported destination countries - OFX supports over 55 currencies and many more exotic currencies.
Global presence - OFX has seven global offices in Australia, New Zealand, Singapore, Hong Kong, United States, Canada and the UK.
Customer support - Customer support is available locally in the global offices, over the phone and via email.
Languages - Customer service and their website is in English only.
Customer sign up countries - Currently OFX supports customer registration from USA, Canada, UK, Europe, Singapore, Hong Kong, Australia and New Zealand.
69
69
Regulated by - CurrencyFair is regulated by ASIC Australia and the Central Bank of Ireland.
TrustPilot - A rating of Excellent by TrustPilot. CurrencyFair monitors TrustPilot for negative reviews. They respond publicly and work diligently to correct legitimate customer complaints.
iCompareFX visitors - Customers referred by iCompareFX make thousands of transactions with CurrencyFair yearly.
CurrencyFair has low and very competitive exchange rate margin fees. There is no need to not be completely transparent. iCompareFX believes that showing the real time exchange rate and the margin fee clearly within their money transfer wizard would result in a more positive customer experience.
69
69
Exchange rate margin fee transparency - OFX’s offered exchange rates include margin fees. While the exchange rate margin fee is low, it would be beneficial for current and future customers to clearly understand the fees. This would improve customer satisfaction of their money transfer service.
Both equally compare in the Trust and Transparency category.
WinnerOFX is the clear winner against CurrencyFair. The standouts are its personal and business features plus its competitive fees and exchange rates. That said CurrencyFair draws in the Trust and Transparency section and beats OFX in the Ease of Use category.
