Personal Finance

XE vs OFX: what's the right one for you? (2024 guide)

Gabriela Peratello

22.07.24

Read time 4 minutes

XE®¹ offers international payments from the US to more or less any country around the world, with options including sending for bank deposit, to a mobile wallet or for cash collection at one of 500,000+ agents globally.

OFX®² is a forex specialist offering international transfers to 170+ countries, currency risk management solutions, and a multi-currency account for business customers. Which is right for you will depend on the transaction type you need - read on for all there is to know.

Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider.

XE vs OFX: overview

	XE	OFX
Key features	Send payments in 100+ currencies, to 200+ countries Send to bank and mobile wallet accounts, and for cash collection Variable fees and delivery times based on specific payment	Send payments in 50+ currencies, to 170+ countries Multi-currency accounts available for business customers Currency risk management services
Main fees	Transfer fee depends on how you pay and where you’re sending to Exchange rates include a variable margin	No transfer fee Exchange rates include a variable margin
Great for	Sending money for cash collection or to a mobile wallet, more or less anywhere in the world	Payments globally, with extremely positive customer feedback from previous loyal clients
Trustpilot rating	4.3 stars, Excellent rating, from over 70,000 reviews³	4.4 stars, Excellent rating, from over 10,000 reviews⁴

XE vs OFX: key features

Both XE and OFX offer international transfer services as one of their core products. XE has a broader range of ways to pay, and ways for your recipient to get their money in the end.

On the other hand, OFX has a bigger range of services covering currency risk management and digital business accounts. Which is right for you might depend on the specific service you need. Here’s an overview.

XE

XE Money Transfer offers international payments more or less anywhere in the world, with a good selection of pay in and pay out methods.

The fees you pay, and the length of time your transfer will take, can vary depending on the pay in and pay out option you select. Here’s a quick roundup of the key features of XE’s money transfer services in the US:

Send money in 100+ currencies to 200+ countries and territories
Send to bank accounts, to mobile wallets and for cash collection
Pay by ACH, wire, credit or debit card
535,000 USD maximum transfer limit
You must be sending 3,000 USD or more to pay from your bank or with a wire
Variable fees based on payment type
Transfers can take 1 - 5 days depending on how you pay and the destination country
Set up your transfer online or in app

Learn more about XE Money Transfer in our full XE review.

OFX

Let’s take a look at the international transfer services available from OFX for customers in the US:

Send money in 50+ currencies to 170+ countries
One off and recurring transfers for personal and business customers
Minimum payment of 1,000 USD - no maximum payment limit⁵
No transfer fee - instead, a small exchange rate marking applies
Most payments arrive in 1 - 2 days, transfers of less commonly traded currencies can take 3 - 5 days
Pay for your transfer by direct debit or wire
24/7 phone service

OFX also has more complex currency risk management products including forward contracts and market orders.

For business and online sellers, OFX also has a multi-currency Global Currency Account⁶, which supports 7 major global currencies. This can be handy for people who sell online in particular, as you can connect your account with marketplaces like Amazon and PSPs like Stripe, to receive foreign currency payments easily.

Learn more about OFX in our full OFX review.

XE vs OFX fees

XE fees depend on how you choose to pay for your transfer, where you’re sending money to, how it should be collected or received, and the value of the payment.

You’ll be able to see the fees and exchange rate available for your specific transfer online or in the XE app before you confirm your payment - so you can compare your options with other providers on the market to make sure you’re getting a good deal.

OFX does not charge a transfer fee in the US - instead, there’s a small markup added to the exchange rate used to convert your dollars for deposit to your recipient’s foreign bank account.

This is a percentage charge, which you can see if you compare the OFX exchange rate against the mid-market exchange rate.

The markup used may well be lower than the markup applied to currency conversion by a bank - but it’s still worth comparing a few different services, looking particularly at the exchange rate offered, before you decide which to use.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees*.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

XE vs OFX pros and cons

Advantages and disadvantages of XE

Pros	Cons
Send money more or less anywhere in the world Good range of pay in and pay out methods Send money online or in the XE app Well established and trusted service	Exchange rates include a markup Delivery times may take up to 5 days depending on the specific payment

Advantages and disadvantages of OFX

Pros	Cons
No transfer fee Send money to 170+ countries Business multi-currency accounts available Get phone based advice from a broker 24/7	Exchange rates include a markup Transfers in some currencies can take up to 5 days

Not sure about whether XE or OFX is right for you? Check out our OFX vs Wise comparison, to learn about an alternative.

Conclusion: XE vs OFX, what's the right one for you?

XE and OFX both offer international transfers for customers in the US. However, the options available for your payment, as well as the fees and exchange rates, vary.

With XE you’ll have a greater choice of ways to pay for your transfer, including using a debit or credit card, and can also choose to send money to mobile wallet accounts or for cash collection.

OFX has a slightly less flexible range of transfer services - but does have some other useful options such as currency risk management solutions and multi-currency accounts for business customers.

Which is best for you will often simply come down to the specific service you need - but whatever you’re looking for, comparing Xe vs OFX, as well as some other providers like Wise, is the best way to be sure of getting a good deal in the end.

Sources:

Sources checked on 07.05.2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.