OFX alternatives

Compare the best OFX alternatives for Australians.

By   |   Verified by David Boyd   |   Updated 22 Dec 2022

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

Comparing OFX alternatives

Wise Money Transfer

On website

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • A pioneering borderless account with support for 50+ currencies. Buy like a local with a Wise debit card.
  • Transfer funds from Australia with mid-market rates and no hidden fees.
  • Funds arrive with the recipient within 1 - 2 days or less if it's a popular currency pair.

Pros

  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.

Cons

  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
Send

On website

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Based in Queensland. Aussie-owned and operated.
  • Supports money transfers in 37 currencies. 24/7 availability.
  • Available for personal and business users. Businesses get a dedicated account manager.

Pros

  • No transfer transaction fee and no account-keeping fees.
  • Competitive foreign exchange margin compared to banks.
  • Wide range of currencies and destination countries.
  • Suitable for businesses as well as individuals.

Cons

  • Bank account is the only delivery method.
  • Minimum transfer amount of $250.
  • Limited funding methods.
Airwallex Money Transfer

On website

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Aussie-owned and operated. Head office located in Melbourne.
  • Charges a low margin on the interbank rate with no hidden fees.
  • International transfers are only one of the many features offered for business customers.

Pros

  • Create an account in just a few minutes.
  • No international transfer transaction fee.
  • Favourable currency exchange rates.
  • Quick transfers.

Cons

  • Limited transfer methods.
  • Fewer transfer currencies are available than some competing services.
Remitly

On website

Minimum Transfer Amount

$10.00

Transfer Speed

Within an hour

Transfer Fee

$4.00

Highlights

  • Money can be delivered to the recipient's bank account, address, mobile phone, or picked up from a location convenient to them.
  • Remitly is fast, with funds typically being delivered within minutes.
  • Offers competitive currency exchange rates and a clear schedule of fees.

Pros

  • Low transaction fees.
  • Plenty of delivery options.
  • Wide global network, covering 50+ currencies and countries.
  • Highly rated customer support.

Cons

  • Fees apply when you fund your account using a credit card.
  • Transfer limits apply.
torfx

On website

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Set market alerts and buy currency at the desired rate in the future.
  • Low-fee recurring transfers make it easy to pay overseas mortgages, loans, etc.
  • Every customer — personal and business — gets a dedicated account manager.

Pros

  • No transfer fee.
  • Competitive exchange rates.
  • Wide range of currencies and destination countries.
  • Phone and email support are available.

Cons

  • Minimum transfer amount is $200.
  • Only accepts bank transfers.
  • Transactions under $2,000 can be expensive.
Revolut

On website

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Supports money transfers in 27+ currencies from Australia.
  • No fees when transferring money to a Revolut friend.
  • Have the option to buy crypto and send it to a recipient's wallet.

Pros

  • The standard account has no monthly fees.
  • Top-up and hold account balances in various currencies.
  • Lots of different additional features are available, such as crypto trading and disposable virtual cards.
  • Has a well-designed mobile app.

Cons

  • Monthly fees apply to certain types of accounts.
  • You may experience delays when sending money internationally.
WorldRemit

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$1.00

Highlights

  • Low transfer fees, mostly in the range of $1 to $4 per transaction.
  • Flexible fund methods, including bank transfers, POLi, debit cards, credit cards, prepaid cards, Apple Pay, or Google Pay.
  • Delivery options vary depending on destination. Cash can be picked up by the recipient, or delivered to their bank account or mobile phone.

Pros

  • Low transfer fees.
  • No minimum transfer amount is required.
  • Multiple payment options.
  • Cash pick-up, cash delivery, and Airtime mobile phone top-up are available.

Cons

  • Transaction limit of $5,000 for some payment methods.
  • Fees depend on the method and currency you choose.
Xe Money Transfer

On website

Minimum Transfer Amount

$0.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Send money in 130+ currencies to 220+ countries.
  • Deposit funds to your Xe account with a bank transfer, credit card, or debit card.
  • Relatively simple money transfer service that gets the job done.

Pros

  • No transfer fee.
  • No minimum transfer amount is required.
  • No transfer limit.
  • Good customer support.

Cons

  • Limited currencies.
  • Bank transfers only.
Western Union

Minimum Transfer Amount

$1.00

Transfer Speed

Real-time

Transfer Fee

$0.00

Highlights

  • Popular option for sending money to someone with no bank account.
  • Recipients can collect cash from one of WU's agents. Locations worldwide.
  • Low minimum money transfer amount.

Pros

  • Reputable company with plenty of physical branches around the world.
  • Lots of options for payment method and pick-up method.
  • Regulated by ASIC and FinCEN.
  • 24/7 customer service.

Cons

  • High fees compared to other money transfer services.