Which scores better when comparing OFX vs Western Union? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
OFX
Overall score:
87
87
Western Union
Overall score:
55
55
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.
50
50
Western Union lets you transfer money to most countries in the world, either to bank accounts or to cash pickup locations.
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
Western Union provides various forex services for business customers from a number of countries.
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
Exchange rate margin fee - This can be more than 5% for exotic currencies.
Additional fees - The transfer fee you need to pay depends on the currencies involved, the transfer amount, the payment method and the delivery method.
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.
64
64
Sign up - Registration is easy and follows an intuitive process.
Payment options - Bank transfers, debit cards, credit cards and cash.
Mobile apps - Available for Android and iOS
Transfer limits - Based on where you and the recipient live, the transfer method and the payment method.
Multilingual website - Get website access in local languages, depending on which Western Union website you use.
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
Supported currencies - Western Union carries out transfers in around 130 currencies.
Supported countries - You can transfer funds to more to 200 countries and territories. You can register through the Western Union website from over 70 countries.
Phone support - Provides local phone support during business hours in several countries.
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.
44
44
Regulated - Licensed by financial regulatory bodies of different countries.
Publicly listed - Regular audits to oversee safety and compliance procedures result in increased trust surrounding customers' funds.
Exchange rate and fee transparency - The Westren Union margin on existing exchange rates can be more than 5% for exotic currencies. Some Western Union reviews on Trustpilot and Play Store mention non-transparency in fees as well.
Customer support - A number of online customer reviews highlight concerns surrounding Western Union's unresponsive customer service.
WinnerOFX wins hands down on all categories. Where Western Union really falls down is its transparency around its fees and exchange rates. They are also generally much higher than the money transfer providers.
