Personal Features

XE Money Transfer

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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!

XE (previously known as HiFX) and OFX provide money transfer services for individuals. They both offer similar money transfer services for personal use. Both provide advanced currency exchange services to individuals which the ‘online only’ companies do not. By providing currency fluctuation risk management solutions, individuals can better manage their future large money transfers. For example, if you have moved overseas and are selling your house in your previous country, you can better manage currency trends by locking in forward contracts. What puts OFX ahead and ultimately rated better, is that XE Money transfer only offers personalized account management for individuals sending over £100,000 / $130,000.

OFX
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Business Benefits

XE Money Transfer

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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

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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 is better than XE for business customers. OFX offers Xero accounting integration which can lessen reconciliation administrative tasks for businesses who send and receive funds internationally regularly. OFX excels with their Global Account solution. This provides businesses the ability to receive funds in multiple currencies with local banking details in USD, EUR, GBP, CAD, AUD and HKD. Storing funds in multiple currencies reduces the currency exchange costs of paying suppliers in that same currency. OFX will then help you repatriate your business revenue at the best time depending on currency trends.

If your business needs unique international receiving accounts, OFX is the most appropriate choice compared to XE.

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Fees & Exchange Rates

XE Money Transfer

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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

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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!

For larger sums of money, both OFX and XE exchange rate margins are negotiable. For smaller sums of currency exchange and transfers, OFX can be cheaper than XE Money Transfer. On top of that, OFX offers customers referred by iCompareFX.com an even lower margin of 0.4%. This will ensure that all your transfers for personal and business are one of the lowest among all of their peers. For large and regular transfers, OFX can be the best option.

OFX
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Ease of Use

XE Money Transfer

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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

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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 inches ahead of OFX to be better with ease of use. OFX does have a website and mobile app that is easier to use than XE Money Transfer. But XE has more payment options to OFX and accepts small transfers under $1,000. So if you need to transfer money under $1,000 and your choice is between XE and OFX. XE is the better option to choose. If you are regularly sending funds throughout the year. OFX may be able to remove this limit as the total amount transferred of the year would be above $1,000. 

XE Money Transfer
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Support & Countries

XE Money Transfer

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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

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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.


It's a draw!

XE and OFX are equally matched with the supported countries and their customer service options. XE and OFX have offices located in over five countries and have more local settlement accounts than some of their rivals. This allows their customers to make money transfer payments locally and therefore reduce that additional cost. Foreign settlement accounts for money transfer payments can include some hidden costs by the intermediary banks.

It's a draw!
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Draw

Trust & Transparency

XE Money Transfer

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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

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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.


It's a draw!

OFX and XE are again equally matched for trust and transparency. Both have excellent TrustPilot scores and actively address customer service issues if they arise. iCompareFX visitors who choose either XE or OFX for their money transfers tend to be repeat customers. This is a very good indication of the value and trust that they deliver to their customers.

It's a draw!
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Draw

The Result

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 OFX

OFX and XE are excellent international currency exchange and remittance specialists. OFX offers very similar services for individual customers but OFX offers more solutions for businesses. Saying that, some of those solutions, such as the OFX Global Account may not be needed by some businesses and therefore XE and OFX would be equally matched. For fees and rates, and through the iCompareFX / OFX partnership, OFX can be cheaper than XE for non-negotiated exchange rate contracts.

In summary, for smaller transfers, XE is a viable choose for your money transfer needs. If you are a business with international customers or suppliers, OFX may offer more appropriate solutions to reduce your overall costs.