OFX vs WorldFirst: Compared Side-by-Side
This comparison provides important information on OFX and World First. Before you make a decision to use either service, find out which company will suit your transfer needs.
The Important Bits
OFX
Safety: Based in Australia, fully licensed and publicly listed
Rates: Vary based on amount and currency
Fees: $15 for transfers under $10,000. Fee free above $10,000.
Speed: 1-2 business days for most transfers
Service: Above average customer service, particularly over the phone
WorldFirst
Safety: Based in the UK, licensed and privately owned
Rates: Depends on the currency and amount you are sending
Fees: Fee free for all transfers
Speed: 1-2 business days for most transfers
Service: Solid customer service, particularly for businesses
The Verdict
OFX and WorldFirst are very similar but here are the most important differences:
- OFX is publicly listed so it's much easier to find out who they are, what they do and how safe they are
- WorldFirst recently removed it's flat fee. OFX still charge for transfers under $10,000 so for smaller transfers, WorldFirst is usual cheaper
- Both have a good range of product services for small businesses but WorldFirst can offer personal advice
Learn more about OFX
Learn more about WorldFirst
Let's have a look at them in more detail
Safety
The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.
OFX are regulated by ASIC & AUSTRAC (AFSL 226484)
WorldFirst are also regulated by ASIC & AUSTRAC (AFSL 331945) and is a member of Australian Financial Ombudsman Service 'FOS' (Member 13405)
Exchange Rates
World First offers a price promise to its customers. The company claims to always try to quote a better rate than banks. Even if you receive a better quote, they'll match it.
Exchange rates are constantly changing. That's why comparing your options is one of the most important factors to consider before making a transfer. Here are three ways you can compare current exchange rates:
- View live rates on OFX and World First websites
- Call OFX at 1300 300 424 and World First at 1800 835 506 (within Australia)
- Compare exchange rates online with our comparison tool
Fees
This one is easy.
WorldFirst don't charge any fees. Their fee (exchange rate margin) is built into the exchange rate they offer you, which will be different to what you see on google.
OFX also charge an exchange rate margin and $15 for transfers under $10,000
Time For Transfer To Reach Recipient
When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.
OFX and WorldFirst generally take 1-3 business days. How long it takes usually comes down to:
- How long it takes you to pay them for the transfer
- Which country you are sending the money to. Some countries take longer than others
- How long the bank on the other end takes to credit the bank account
How easy are they to use?
Both companies are fairly similar when it comes down to using them.
To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:
| Using OFX | Using WorldFirst |
|---|---|
| 1. Enter personal details online | 1. Register your details online |
| 2. Fill out details of your money transfer | 2. Verify your identity with valid ID |
| 3. Verify account details though email or phone | 3. Select currency you wish to buy and sell |
| 4. Receive quote for your transfer | 4. Provide beneficiary details and amount |
| 5. Transfer funds to OFX | 5. Select payment method and date |
| 6. OFX receives funds and transfers to recipient | 6. Accept rate and make payment to World First |
Accepted Payment Methods and Minimum & Maximum Transfer Amounts
| OFX | WorldFirst |
|---|---|
| Payment to them: Electronic funds transfer and direct debit | Payment to them: EFT or direct debit. No cheques, cash or credit card. |
| Minimum transfer size: AUD 200 | Minimum transfer size: AUD 250 or AUD 1000 over the phone |
| Maximum transfer size: No limit | Maximum transfer size: No limit |
What Currencies Can I Transfer?
For an extensive list of currencies available for transfer with OFX and WorldFirst, check out our reviews for each company
WorldFirst Review
OFX Review
Customer Support
OFX provides exceptional 24 hour customer service over the phone. Likewise, with World First you can expect to receive support for your queries.
Learn more about OFX
Learn more about WorldFirst
