TransferWise and OFX both are global level money transfer companies and have offices in some of the major cities worldwide. But when we compare TransferWise vs OFX, we can see that the exchange rates are highly competitive and both of them can save more for you as compared to bank transfers. OFX transfer services are there for people from the past 17 years, while TransferWise was established in the year 2011. We understand that you will have multiple questions such as TransferWise or OFX, which one is best? Which is the most affordable option to send money internationally? So let’s have a look at both the companies using different perspectives such as:
- Better exchange rate
- Transfer speed
Fees: OFX does not charge any fees for transferring money if you are transferring money more than USD $1,000 or more while TransferWise fees depends on where and how much amount you are sending. Its fees range in between 0.55% to 2.35% of your transaction and sometimes more. So, here we prefer OFX as it is charging lower fees compared to TransferWise.
Better Exchange Rate: TransferWise is one of some companies which offer the mid-market exchange rates while OFX exchange rates are approximately 0.4% above the mid-market rates, as it includes the transaction fees too which it is not charged under fees head. Both have competitive rates, but TransferWise has much better rates.
Transfer Speed: TransferWise mostly deliver its money with 1-2 days, so does OFX. So under this head, both the companies are providing money to the recipient within a period of 1-4 days. So, here is a tie.
But as we see the TransferWise is not charging any hidden fees, while OFX is offering lower exchange rates makes TransferWise a better option to send money to the Philippines. So, if you are thinking of "remittance to Philippines from USA", you can choose the best of them and at the same time, ERIQ is providing you multiple offers which will reduce your transfer fees.