Which one is cheaper option to send money?
There are so many money transfer services on the market, it might be a bit difficult to choose one to send money to friends, family, and colleagues back home. You want to make sure you’re getting the best rate, the fastest transfer time, and an all-around pleasant user experience.
Comparing the top possibilities is the most effective way to find the right fit for your needs and lifestyle. Here, we will compare Ofx and transferwise, two popular money transfer platforms. We will compare their fees, accepted payment methods, and more.
OFX (previously known as OzForex, NZForex, UKForex, CanadianForex, ClearFX, USForex, and Transfers) entered the market more than 20 years ago with the purpose of making international money transfers more convenient and affordable for consumers.
OFX, based in Sydney, Australia, and with offices all around the world, now offers consumers seeking to send money abroad 24-hour service and support.
TransferWise is an international money transfer firm founded in the United Kingdom that allows you to send money to over 70 countries. It is gradually becoming a popular choice in the international money transfer area, thanks to strong mid-market exchange rates and simple transfers to bank accounts.
Transfer money quickly and effortlessly with TransferWise's website or mobile app, which accepts credit cards, debit cards, bank accounts, and wire transfer accounts.
OFX only takes transfer financing from your bank account, which means you have fewer options than with other money transfer services. You can pay by wire transfer from your bank account or by requesting an ACH direct debit.
Furthermore, the recipient can only receive money in their bank account.
When funding a transfer to someone abroad, TransferWise gives four options: credit card, debit card, bank account transfer, and wire transfer.
You can send up to $1 million per day with TransferWise, making it one of the largest sending limits in the online money transfer market.
You can send up to $1 million per transaction using a company or personal bank account. You can send up to $15,000 per day using ACH transfers; you can send up to $2,000 per day or $8,000 per week via credit or debit card.
You can transfer up to $50,000 per transfer from an account with an address in Nevada, Hawaii, Guam, or the Virgin Islands. The daily limit for sending money with an ACH transfer from these areas is $10,000.
Use the TransferWise app to set up recurring transactions. This allows you to set things up so that money is automatically sent to other nations, making your life easier.
On any transaction, OFX does not impose any transfer fees. As a result, they are one of the most cost-effective ways to send money overseas. If you send money abroad frequently, it might save you a lot of money.
A fee may be charged by a bank engaged in the transfer in some instances. OFX has no influence over whether or not you are charged a fee, thus they can't do anything about it.
When sending money with TransferWise, the costs you may anticipate to pay vary depending on a number of factors. Some of these elements are:
How much you are sending?
What country you're transferring money to and if you're funding your transfer with a bank account, debit card, or credit card?
TransferWise is transparent about its fees, and you'll always be able to know how much you'll be charged before completing your transaction.
OFX has some of the finest exchange rates among online money transfer firms. As the quantity you transfer grows larger, these rates fall.
The margins that OFX imposes on its exchange rates for these larger transfers can be as low as 0.4 percent. This is significantly less than many other services, which might have markups of up to 4%. If you're sending a tiny quantity of money, though, you won't be able to get a markup this low.
Overall, OFX's exchange rates are better than most in the industry, but they're even better if you're sending significant amounts of money.
TransferWise employs a mid-market exchange rate, making them extremely cost-effective when compared to other money transfer services and possibilities. TransferWise offers rates that are comparable to those offered by your bank when sending money.
When sending money to select countries, you may lock down your exchange rate with TransferWise.
You may have between 24 and 48 hours from the moment you set up your transfer to pay in full for that transfer, depending on where you're sending money to. If you begin your transfer on a Friday, your rate will be guaranteed for the whole weekend.
You will be charged the mid-market rate if you do not fully pay your transfer by the end of the lock-in period. Because this rate fluctuates, you may end up paying more or less than you planned when you made the transfer.
Ofx has been in business for over 20 years and is a well-known name in the international money transfer market.
Australia, the United States, the United Kingdom, and Canada are among the countries that regulate it. OFX is also listed on the Australian Stock Exchange, which requires it to follow a tight set of requirements, including information disclosure.
All client funds are kept separate from OFX's business accounts, ensuring that your money is protected in the event of a financial crisis. OFX must also adhere to stringent capital requirements and follow specific internal procedures. Staff training, risk management, auditing, and accounting are among them.
TransferWise is a safe and secure method to send money to friends and family in other countries.
A number of international monitoring authorities have completely licensed and controlled the service. These organizations keep an eye on companies like TransferWise to make sure they're doing what they say they're doing (transfer money from one country to another) without scamming their clients.
Through its website, OFX can be accessed from a computer, tablet, or smartphone. There is also an app that can be downloaded on Apple and Android smartphones.
To start a money transfer, you can also contact and speak directly with an OFX agent.
TransferWise is a website that you may access from your computer, tablet, or mobile device. Additionally, you may download the TransferWise app for free on your Apple or Android device.
Users like all of TransferWise's platforms, with many describing them as simple and intuitive.
OFX has a large network of partner banks, making online money transfers quick and simple. They don't charge any fees for transfers, making them one of the most cost-effective solutions for sending money. However, because OFX only enables bank-to-bank transfers, it is inconvenient for those who do not have a home bank or who would prefer to send and receive money through another method.
Overall, OFX provides simple, fee-free transactions. So, if you're sending a greater sum of money, you'll save money compared to other money transfer services.
With low transparent fees and mid-market exchange rates, TransferWise is one of the most economical money transfer services available today. Transfers, on the other hand, can take several days. TransferWise may not be the ideal solution for you if you need to send money urgently.
TransferWise is a household name in the money transfer sector for a reason, from its multi-currency accounts to its user-friendly web applications.
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