Which scores better when comparing OFX vs Paypal? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
OFX
Overall score:
87
87
PayPal
Overall score:
54
54
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
59
59
OFX offers international money transfer solutions for individuals specialising in international bank transfers.
33
33
PayPal provides different services for personal customers from a number of countries. However, the services on offer vary from one region to another. PayPal's consumer product is a digital wallet where the customer's ID can be their email address and phone number. PayPal customers can send money to each other's digital wallets quickly and easily. The PayPal digital wallet can be connected to a bank account and debit or credit cards. This allows customers to withdraw available funds to their bank accounts. Connecting their bank cards allows customers to buy goods and services on e-commerce stores where PayPal is accepted as a payment method.
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.
56
56
PayPal for business provides a range of specialized services for businesses from different countries. Businesses can use PayPal to create and send invoices and receive payments. PayPal's merchant solution allows online sellers to accept PayPal as a payment method. Customers can use the PayPal payment gateway to buy goods or services using their PayPal account or directly with credit or debit cards. PayPal has more solutions for business accepting micro payments which may be quite useful when selling low cost products.
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.
0
0
PayPal fees vary based on where you live and the services on offer. Below we show sample fees for the USA. For more detailed information on fees for PayPal merchant solution, iCompareFX has created an interactive payment gateway fees comparison tool and more detailed breakdown of merchant variable and fixed fees by region.
| Payment method | Fees |
| PayPal Cash, PayPal Cash Plus or a linked bank account | $0 |
| Credit card, debit card or PayPal Credit | 2.9% of the transfer amount, plus a fixed fee |
| Payment method | Transaction fees | Funding fees |
| PayPal Cash, PayPal Cash Plus or a linked bank account | 5% of the transfer amount (minimum of $0.99 and maximum of $4.99) | $0 |
| Credit card, debit card or PayPal Credit. | 5% of the transfer amount (minimum of $0.99 and maximum of $4.99) | 2.9% of the transfer amount plus a fixed fee |
| Mode of selling | Fees |
| Selling in the US | 2.9% plus $0.30 per transaction |
| Selling internationally | 4.4% plus a fixed fee based on the currency received |
| PayPal Here card reader | 2.7% for card swipes, or 3.5% plus $0.15 for manually entered transactions |
PayPal adds a margin of up to 3% on existing mid-market rates when carrying out currency conversion. Combined with the fees you need to pay, the cost of sending money overseas through PayPal becomes rather prohibitive.
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.
68
68
Sign up - Signing up takes little time, and you may do so by using the PayPal website or app.
Payment options - You can fund your account and transfers in different ways such as bank transfers, debit cards and credit cards.
PayPal app - The PayPal app is available for iOS and Android.
Phone transfers - PayPal customers can not send money over the phone.
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.
88
88
Supported countries - PayPal provides its services in more than 200 countries and territories.
Multilingual website - You can use the PayPal website in different languages.
Local phone support - PayPal could do better by providing local phone support in countries with large customer bases.
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.
32
32
Customer rating - PayPal gets a rating of Bad on Trustpilot. Several PayPal reviews written by customers highlight the company's poor customer service. None of the recent reviews have been answered by PayPal. Regular PayPal complaints are related to business accounts being suspended during disputes with no notice or follow up by PayPal. This has lead to a large number of unanswered complaints on Twitter, TrustPilot and Google reviews.
Exchange rate transparency - The non-transparent exchange rate margin leaves many customers wondering about the true cost of their transfers.
WinnerThere is no contest here with OFX a clear winner over Paypal. The only category OFX does not win is in Supported Countries as Paypal has a wide reach. That said Paypal has high fees and hidden rates that you should be aware of.
