Personal Features

XE Money Transfer

33

XE Money Transfer serves personal customers from a number of countries, giving them easy means to send money to more than 170 countries.

What XE Money Transfer does

  • International money transfers
  • Forward contracts
  • Market orders
  • Regular transfers

What XE Money Transfer doesn’t do

  • Personal account managers for low volume transfers
  • Cash pickup
  • Unique local multi-currency accounts
  • Digital wallets
  • FX optimized travel card

OFX

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OFX offers international money transfer solutions for individuals specialising in international bank transfers.

What OFX offers individuals

  • International money transfers
  • Personal account manager
  • Regular transfers
  • OFX mobile app

What OFX does not offer individuals

  • Digital wallets for individuals
  • FX optimised travel cards
  • Cash pick up or international bill payments

OFX wins!

OFX scores better in the Personal Features category.

OFX
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Winner

Business Benefits

XE Money Transfer

67

XE Money Transfer gives business clients the option to choose from varied services.

What XE Money Transfer for business offers

  • Mass payments
  • Payments UPI for receiving online payments
  • Forward contracts
  • Market orders
  • Account managers

What XE Money Transfer for business doesn’t do

  • Business travel card
  • Multi-currency receiving accounts
  • Digital wallets
  • Solutions for online sellers
  • Accounting integration

OFX

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. 

What OFX for business offers

  • Risk management
  • Multi-currency accounts
  • Global payment solutions
  • Business specialists
  • Xero accounting integration

What OFX for business doesn’t do

  • Business debit card optimised for FX

OFX wins!

OFX scores better in the Business Benefits category.

OFX
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Winner

Fees & Exchange Rates

XE Money Transfer

46

XE Money Transfer fees

Personal customers pay no transfer fees when sending money through XE Money Transfer.
 

Are there additional XE Money Transfer fees?

Yes, these come in the form of the exchange rate margin that XE Money Transfer applies on existing mid-market rates.


OFX

83

OFX Fees

Exchange rate margin fee - OFX offered exchange rate includes a fee of 0.5% and 0.7%. This is low and competitive.
 

Are OFX exchange rates negotiable?

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.
 

Are there additional OFX fees?

Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.
 

OFX & iCompareFX offer

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.


OFX wins!

OFX scores better in the Fees and Exchange Rates category.

OFX
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Winner

Ease of Use

XE Money Transfer

79

What XE Money Transfer does well

Sign up process - Register online or over the phone, by providing some basic information.

Payment options - Bank account transfers, debit cards and credit cards.

Phone transfers - Initiate transfers over the phone.

Speed - Most transfers process within 1 - 2 business days.

Mobile app - Available for iOS and Android. 
 

Where XE Money Transfer could improve

ID verification - This process can take 1- 4 business days.


OFX

71

What OFX does well

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.

Where OFX could improve

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. 


XE Money Transfer wins!

XE Money Transfer scores better in the Ease of Use category.

XE Money Transfer
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Winner

Support & Countries

XE Money Transfer

56

What XE Money Transfer does well

Supported destination countries and currencies - XE Money Transfer supports transfers to over 170 countries, in over 60 currencies.

Customer support - Customer support is available via email and over the phone, in English, French and Spanish.
 

Where XE Money Transfer could improve

Website languages - You can use the XE Money Transfer website only in English.


OFX

81

What OFX does well

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.
 

Where OFX could improve

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.


OFX wins!

OFX scores better in the Support and Countries category.

OFX
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Winner

Trust & Transparency

XE Money Transfer

94

What XE Money Transfer does well

  • XE Money Transfer is fully regulated in different countries.
  • Rates as Excellent on Trustpilot.

Where XE Money Transfer could improve

Exchange rate margin transparency - XE Money Transfer’s exchange rates include margins that customers find out only after confirming their transfers.


OFX

69

What OFX does well

  • OFX is fully regulated in multiple countries UK, Australia, USA and Canada.
  • OFX is listed on the Australian Stock Exchange and therefore is regularly audited for the compliance and safety of customer funds.
  • OFX has a Trust Pilot score of Excellent. Customer complaints are dealt with on TrustPilot quickly and directly by their customer service team.
  • iCompareFX customers make thousands of transfers through OFX yearly.

Where OFX could improve

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.


XE Money Transfer wins!

XE Money Transfer scores better in the Trust and Transparency category.

XE Money Transfer
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Winner

The Result

Winner ribbon iconWinner

 OFX

These two well performing providers go head to head in most categories.  What gets OFX over the line of XE is their personal and business features and lower fees and exchange rates.  XE challenges OFX in the Ease of Use and Trust and Transparency sections.