1. XE
If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online. XE do not charge any fees. They generally have competitive exchange rates in the same way OFX do.
Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.
- Have competitive exchange rates.
- They don't charge any fees or commission for making a transfer.
- Large and well established global reach.
2. Wise (formerly known as TransferWise)
Wise was launched as TransferWise in 2011, and now has over 13 million users around the world. You can make cheap, fast international payments or open a Wise multi-currency account to hold and exchange 50+ currencies in one place. The company’s headquarters is in London and they have offices in New York and Tallinn.
Wise is often recognised for its fast transfers and highly competitive exchange rates. As an alternative to OFX, Wise is a better option for smaller transfers up to $7,500 or £5,000, but it can also offers fee discounts if you send a large transfer.
- Offers the real exchange rate, based on the mid-market rate.
- Fees are based on a percentage of transfer amount.
- Straightforward and easy to use online through their app.
3. Revolut
Revolut is another excellent alternative to OFX. While Revolut has better exchange rates than OFX, there can be more fees depending on how much money you are sending overseas.
Revolut has 3 tiers of multi-currency account with different features and fees. This is different to OFX which does not offer a debit card.
- It’s really easy to open an account, and you can get one in minutes
- They have a ton of helpful digital services, even with the Standart plan that has no opening fee or a monthly fee
- They provide the “Interbank” mid-market foreign exchange rate, which is the best you can get
4. TorFX
TorFX is a UK based company that are especially good for larger international money transfers. If you’re making a transfer of more than $50,000, they could be a good alternative to OFX. TorFX don’t have any transfer fees, unlike OFX and have excellent customer support.
They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. While OFX also has phone support, TorFX are licensed to give personalised advice if you need it when making your transfer.
- They don’t charge any direct fees or commissions.
- Access to a dedicated account manager and excellent customer service.
- Great exchange rates for transfers above $10,000.
5. PayPal
If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.
If you’re thinking of using PayPal as an alternative to OFX, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.
- They are good for sending money within the same country, but can be expensive internationally.
- Accept a variety of payment methods.
- If you’ve used them before, the process is very straightforward.
