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Looking to transfer money overseas and trying to decide between XE and OFX?

You’ve come to the right place. In this detailed comparison, we’ll break down everything you need to know about these two popular money transfer platforms. From fees and costs to safety and transfer speeds, we’ve got you covered.

So whether you’re a small business owner looking to save on international transfers or an individual trying to get the best exchange rate, read on to discover which platform is right for you.


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XE vs OFX: Company Comparison


XE is a global currency exchange platform founded in 1993 and headquartered in Newmarket, Ontario, Canada. The platform allows users to transfer money online or via their mobile devices with a range of tools for monitoring foreign exchange rates and tracking currency markets. 

XE is available in over 220 countries and supports over 130+ currencies. In addition to money transfer services, XE offers business tools, such as currency rate alerts, invoicing, and risk management.

See our review of XE.


OFX was founded in 1998 and is headquartered in Sydney, Australia. It enables customers to send money abroad in over 55 currencies to over 190 countries, with local support in each region. 

OFX offers competitive exchange rates and low fees, making it an attractive option for individuals and businesses that require regular international transfers. The platform offers various services, including a dedicated account manager, risk management tools, and forward contracts.

XE and OFX offer useful tools and are widely available. However, XE is available in more countries and supports more currencies. 

See our review of OFX.

Fees and Costs Comparison

XE charges a flat fee of $3 for transfers under $500 but there’s no fee for transfers over $10,000. 

OFX charges a flat fee of $15 for international transfers under AUD$ 10,000. International transfers that are AUD$ 10,000 or over are free. 

Transaction Fee$3 for transactions under $500No limit for mobile phone, transfers. Online transfers are limited to $500,000
Exchange Rate0.4-1.6% above the exchange rate0.4%+ on the mid-market exchange rate.
Credit Card FeeNoneNone
Minimum Limit$1$1,000
Maximum Limit (24 hours)No limit for mobile phone, transfers.Online transfers are limited to $500,000No limit
Total Amount Upfront QuoteAvailableAvailable
No limit for mobile phone, transfers. Online transfers are limited to $500,000NoneNone


Depending on your location, OFX may be the cheaper option as it often doesn’t charge any fees for international transfers. However, US users may find that OFX’s fees of $4-$15 are more expensive than XE’s fee of $3 for smaller transactions that are under $500.

OFX is best for cheaper large transfers whereas XE can be more affordable for smaller transfers.  

Exchange rate comparison

XE charges an exchange rate margin of 0.4-1.6%. OFX charges a markup on the mid-market exchange rate at 0.4% or above. 

Once the rate with OFX has been locked in, you’ll know exactly how much the recipient will receive, even if the exchange rate changes. 

Users like how transparent OFX is with its exchange rates and how they can lock rates in, regardless of the market activity. We recommend OFX over XE for exchange rates as users are given a breakdown of exactly how much the recipient will receive based on the low exchange rate margins. 

Safety Comparison


XE is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Financial Conduct Authority (FCA) in the United Kingdom. The company also uses advanced encryption technology to protect financial and personal information during transactions. 


OFX is a licensed and regulated financial institution in various countries, including the United States, the United Kingdom, and Australia.

The company uses advanced encryption technology to protect customers’ financial and personal information during transactions. 


Both XE and OFX are regulated by reputable financial authorities and take the safety of their customers’ information seriously by using advanced encryption technology to protect customer data.

Transfer Speed Comparison


The majority of XE transfers are completed within 24 hours. Some of these transfers can be delivered within minutes or hours. Other international transfers can take 1-4 working days, depending on the country and amount. 


Most international direct bank transfers take 1-2 days. Depending on the bank, some recipients can receive the money within hours. However, OFX can take 3-5 days to complete transfers with certain currencies. 


Users can rely more on XE for fast transfer times with most of them being complete within 24 hours and some delivered within hours or minutes. OFX can deliver transfers within 24 hours, however, it can take up to 5 days for some transfers. 

Ease of Use Comparison

Account Setup: Opening an XE account is simple but the process can take some time. OFX requires users to complete an online registration form, provide identification documents, and complete a phone verification process.

Payment Methods: XE and OFX allow users to fund their transfers through bank transfers and debit/credit cards.

App: XE and OFX offer a mobile app for iOS and Android devices that enables users to track their transfers, receive real-time exchange rate alerts, and manage their money. 

Transfer Limits: OFX doesn’t have transfer limits whereas XE allows for a maximum transfer of $500,000. 

Customer Support: XE and OFX offer customer support through email, phone, and live chat. 

Currency Options: XE supports over 130 currencies, while OFX supports over 55.

Customer Review Comparison


XE has received positive customer reviews, with an overall rating of 4.2/5 stars on Trustpilot, with over 56,000 reviews. 

On the Apple App Store, XE has a rating of 4.3/5 stars with over 5,000 reviews. It also has a rating of 3.5/5 stars with over 112,000 reviews on the Google Play Store.

Customers appreciate the platform’s competitive exchange rates, easy-to-use interface, and reliable transfer services. Some customers have reported issues with customer support response times.


OFX has a rating of 4.2/5 stars on Trustpilot with over 5,000 reviews. 

On the Apple App Store, OFX has a rating of 4.9/5 stars with over 2,000 reviews. It also has 4.6/5 stars with over 3,000 reviews on the Google Play Store.

Customers like the competitive exchange rates, easy-to-use platform, and excellent customer service. However, some customers have reported issues with slow transfer times.

The poor customer response times reported by XE customers are a significant downside compared to OFX.

Availability Comparison

XE offers services in over 220 countries worldwide, covering most of North America, Europe, Asia, and Africa. It also supports over 130+ currencies.

OFX offers services in over 190 countries worldwide, covering North America, Europe, Asia, Australia, and New Zealand. It supports over 50+ currencies.

XE has more currency options and is available in more countries than OFX. 

Final Verdict

XE is best for users who want to transfer smaller amounts of money in more currencies and to more countries than OFX. 

However, users who are sending larger sums of money would prefer OFX due to how it has no limits and often enables fee-free transfers with transactions of AUD$ 10,000. 

After reading through our comparison post, we hope that you’re left with a better sense of what XE and OFX have to offer so that you can decide on the one that’s best for you. 


Is there a better solution than XE? 

Wise is a great alternative to XE due to its multi-currency account that lets you manage 50+ currencies. The debit card available with Wise also makes it easy for travelers to spend in different countries with low transaction fees. 

However, XE offers cash pickups and Wise doesn’t, which is a significant factor to consider. 

Which is cheaper, XE or OFX? 

If you’re sending over AUD$ 10,000 internationally, OFX doesn’t charge a fee which makes it cheaper. However, it charges a flat fee of $15 for international transfers under AUD$ 10,000. XE charges $3 for small transfers under $500.

Therefore, XE is cheaper for international transfers under AUD$ 10,000 and OFX is cheaper for transfers of AUD$ 10,000 or more. 

How many currencies do XE and OFX support? 

XE supports over 130 currencies and OFX supports over 55 currencies.


  1. TrustPilot – XE
  2. Apple App Store – XE
  3. Google App Store – XE
  4. Google App Store – OFX
  5. Apple App Store – OFX
  6. XE – Getting started with Money Transfers
  7. OFX – How we keep our rates so low
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