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OFX is an online money transfer provider that delivers to more than 190 countries from the U.S. via its website and mobile app. Its biggest advantage is cost: OFX offers comparable rates to its competitors, and it doesn’t charge transfer fees. Plus, there’s no maximum transfer amount.
If your recipient can wait a few days to receive the money, OFX can be a cheap option for sending money abroad. Delivery relies on standard banking hours and processing, so you generally won’t get same-day or next-day delivery with OFX. And you’ll need at least $1,000 to make a transfer. Plus, both you and your recipient will need a bank account.
This overview of OFX is for U.S.-based audiences sending money within the U.S. and abroad only.
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OFX offers several ways to transfer money. Here’s a breakdown of the options:
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1. Compare transfer costs across multiple providers. There are two types of costs: upfront fee and exchange rate markup. Find the provider that has the cheapest combination of a low fee amount and the best exchange rate you can get. Usually online nonbank providers offer cheaper transfers than banks.
2. Know how exchange rates work (and how to find the best). An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert U.S. dollars to euros, you would check what one U.S. dollar is worth in euros. Most transfer providers won’t give you the exchange rate you’d find on a currency exchange platform like the one at Bloomberg.com (or when you Google exchange rates), but a currency platform can be a helpful starting point to know what the best rate looks like this minute. When you check the exchange rate for an international transfer with services like Western Union, focus on the foreign currency amount. The higher it is, the more money your recipient receives.
3. Avoid paying with a credit card. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees. If you need money delivered quickly, use a debit card instead. A transfer paid by bank account directly tends to be a much slower transfer.