OFX is the best alternative for USA residents. OFX has been around since 1998. Until 2015, it operated as OzForex. This Australian ASX stock exchange listed Transferwise alternative has offices in Sydney, San Francisco, Toronto, London and Hong Kong.
OFX's Global Currency Account is an alternative to the TransferWise Borderless account. You can register as an individual, a business or an online seller. OFX offers local virtual banking details for Canadian Dollar. Currently TransferWise does not offer CAD local banking details.
OFX is better than TransferWise when you need to transfer large amounts of money. Not only can you negotiate a better rate but you can talk to an account manager to discuss risk management tools that may benefit you depending on your future transfer requirements. TransferWise being an 'online only' company means no negotiation for large money transfers and no access to currency risk management tools.
OFX offers a super low 0.4% margin fee on top of the real exchange rate when new customers sign up through iCompareFX.
Read more in iCompareFX's comprehensive OFX review.
WorldRemit began operations in 2010. This TransferWise competitor has its headquarters in the UK, with offices also in Australia, New Zealand, the U.S., Canada and Japan. The company has processed over a million transfers since inception, having transferred funds to over 125 countries. You can use the WorldRemit website in English, French and Spanish.
WorldRemit specializes in sending money from and to many more countries than TransferWise. WorldRemit also allows sending money online for cash pickup and international bill payment. This is something that TransferWise does not offer to it's customers. If you want to send money for cash pickup, pay bills internationally or send money to mobile wallets, then TransferWise is the best alternative for you.
Continue reading the WorldRemit review.
XE Money Transfer
XE is a Canada-based TransferWise alternative that also has offices in the U.S. and the UK. It began operations in 1993, and merged with UK-based HiFX in 2019. XE provides fee-free personal transfers. Business clients are required to pay nominal fees. You may use the XE website in different languages.
WorldFirst is one of the alternatives to TransferWise in the UK, Singapore, Australia and New Zealand. It is the best alternative for UK residents. WorldFirst also has an alternative to the TransferWise Borderless account. The WorldFirst World Account offers currency local bank account details than WorldFirst. Uniquely it offers a CNH receiving account for Online Sellers giving access to the Chinese market.
WorldFirst is cheaper than TransferWise when sending and converting high volumes of money internationally over the course of a year. Fee margins for high volumes can be as low as 0.25% and even lower at 0.15% for high volume international businesses.
WorldFirst has provided international fund transfer services since 2004, when it began operations as a small business in Stockwell, South London. Over time, it has gone on to become a leading alternative to companies such as TransferWise. In 2011, this company crossed the £5 billion mark in transactions. By 2013, it had processed over 120,000 payments. Now, WorldFirst also has offices in Australia, Hong Kong and Singapore. Other than English, its websites are available in French, Japanese and Chinese. Learn more with this WorldFirst review.