OFX

Summary
OFX provides international money transfer services for individuals and businesses, focusing on competitive exchange rates and transparent fees. They offer various transfer options, including spot transfers and forward contracts, and provide tools for currency risk management. The service is accessible via their online platform and mobile app, supported by 24/7 customer service and robust regulatory compliance.
Rationale
OFX offers international money transfers for both individuals and businesses, emphasizing competitive exchange rates and lower fees compared to traditional banks. While they mention 'bank-beating rates,' they do not explicitly state 'mid-market exchange rate transfers' as a core feature, which is a must-have. They do, however, highlight transparent fees, fast transfers, and a multi-currency account (though the 'Global Currency Account' is no longer available for new clients, they still offer multi-currency capabilities for existing clients and specific business needs). They also provide a mobile app, 24/7 customer support, and emphasize regulatory compliance. Features like batch payments, API integration, and real-time rate alerts are also clearly present.
Pricing
Usage-based

Personal Transfers

$0.00 per use
  • Send money to 170+ countries in 50+ currencies
  • Bank-beating rates
  • 24/7 customer support
  • Spot Transfer (send at today’s rate)
  • Limit Order (target a rate)
  • Forward Contract (fix a future rate for up to 12 months)
  • Rate alerts
  • Mobile app
  • Introductory rate for first personal transfer (USD, CAD, AUD, NZD, GBP, EUR, SGD)
  • Forward Contracts require a deposit (typically 10% for personal accounts)
  • Forward Contracts not available for personal clients in Hong Kong or Singapore
  • Minimum amount for Forward Contracts (e.g., US$10,000)

Business Transfers

$0.00 per use
  • Send money to 170+ countries in 50+ currencies
  • Bank-beating rates
  • 24/7 dedicated OFXpert support
  • Spot Transfer (send at today’s rate)
  • Limit Order (target a rate)
  • Forward Contract (fix a future rate for up to 12 months)
  • Batch payments
  • API integrations
  • Xero integration
  • Risk management tools
  • Mobile app
  • Global Currency Account no longer available for new business & eCommerce clients
  • Forward Contracts require a deposit (typically 5% for business accounts)
  • Forward Contracts not available for clients in Singapore
  • Minimum amount for Forward Contracts (e.g., US$10,000)
Features

Must Have

4 matches

Mid-Market Exchange Rate Transfers

Transparent Low Fees

Multi-Currency Account

Fast Transfer Execution

Other

7 features

Batch Payments

API Integration

Real-Time Rate Alerts

Business Account Features

Mobile App

Regulatory Compliance

Customer Support