Nowadays, international money transfers hardly take time. Thanks to online money transfer companies, you can send money to your beneficiary in another country within a few seconds. When it comes to a money transfer comparison, two names stand out from the rest, OFX and TransferGo. Both of them are widely popular because of the following reasons:
- No transfer limits
- Low transfer fees
- Transparency in transactions
- Multiple transfer options
- Fast delivery
OFX vs TransferGo – Understanding the Differences Before Choosing
Many people want to use the best service provider for transferring money to another country, not least to save on fees charged by local banks. TransferGo and OFX are the leading money transfer companies in this category. They provide fast and transparent transactions. However, they differ in a few areas. Here are some of the OFX v TransferGo differences that you need to know.
OFX vs TransferGo Contents
- Knowing OFX
- Compare TransferGo
- Safety and Security
- Transfer Costs
- Transfer Speed and Options to Send Money
- Hidden Fees
Launched in 1998, OFX or OzForex is a blessing in disguise for small traders, businesses, and individuals who want to transfer money to another country. This Australian money transfer company became instantly popular because of its competitive exchange rates, multiple transfer options, and excellent customer service. The minimum transfer amount using OFX is $1000 or something similar in a different currency.
Most people use OFX to send money for various purposes, such as emigrating, foreign education fees, funding a wedding, buying luxury goods, helping family, acquiring property, etc. OFX is highly popular for bank transfers and online transfers. Apart from these two options, there are various other transfer facilities that OFX offers.
• Recurring transfers
• Spot transfer
• Market orders
• Forward contracts
• One-off payments
• Regular payments
OFX has an excellent customer service team available 24 x 7. You can get help both online and over the phone. Plus, the high-security facilities make OFX a trustable name when it comes to transferring money both domestically and internationally. But there are a couple of drawbacks of OFX also. First, it does not accept payments through credit and debit cards. Second, it does not provide cash pick-up services.
Although it has global reach, TransferGo is a comparatively new company. It started in 2012 but has fast become one of the go-to companies for millions of users who want to send money to their beneficiaries quickly. This UK-based company provides money transfer services to more than 47 countries in over 22 supported currencies. It offers both personal and business transfers without charging any gigantic fees. Unlike OFX, which doesn’t accept payments through debit and credit cards, TransferGo doesn’t have such limitations. It supports payment through debit and credit cards and bank transfers.
However, it only accepts a few currencies while sending money using credit and debit cards, such as NOK, SEK, PLN, DKK, EUR, and GBP. There is also a capping of 2000 GBP on the maximum transfers amount you can arrange using debit and credit cards. But, it does not have any maximum limit if you transfer money using your bank account.
The fast transfer methods offered by this company is one of the reasons why people prefer using TransferGo. Apart from the swift money transfers, it also has an excellent customer care team. The customer service department answers to queries in multiple languages. It doesn’t matter whether you can speak English or not. You can wait for the specified window during which the customer care team will answer in the language you are comfortable with.
Safety and Security
Many people have a misconception that sending money to a beneficiary in another country means trouble. They think that hackers are waiting to find an inch of space so that they can loot the money the sender has in his/her account. While there is some truth to that, OFX and TransferGo are completely safe for transferring money internationally. Whether it is a domestic or international transfer, you don’t have to worry about cyber criminals intervening.
OFX offers one of the highest levels of digital security. It uses Norton’s Symantec SSL certificate. This means it is practically impossible for anyone to hack into your account, thus making global money transfers safer. Plus, it meets the security guidelines and regulations of Australia. Some of the notable authorities that regulate the functioning of OFX are as follows:
• The Australian Securities and Investments Commission regulates OFX. OFX is also Australian Financial Markets Association’s full-time member.
• OFX has registration under Money Services Business in the USA with the Financial Crimes Enforcement Network.
• The Financial Conduct Authority regulates its operations in the UK under the Authorized Payment Institution panel.
The money transfer provider considers the safety and security of the customers’ trust and money as its top priority. Hence they made every possible arrangement to ensure secure transactions.
TransferGo is equally good when it comes to the safety and security of the customers’ bank details. It keeps all the financial information separately so that no one can hack into their system. Like OFX, TransferGo is also very strict about following the regulations in various countries.
• It provides institutional-grade security with a 2048-bit signature and 256-bit SSL encryption. This is probably the highest level of security you can expect from a money transferring company.
• The UK Financial Conduct Authority regulates and controls its operations.
• It also has a registration with Her Majesty’s Revenue and Custom.
The debate between OFX v TransferGo usually heats up while discussing online money transfer costs. OFX is, by far, the most lenient company when it comes to the transfer fee and exchange rate. However, the prices for sending money differ from one country to another. It also follows a fee-free threshold. For example, you can send money abroad up to $5000 without paying any transfer fees. But, OFX charges 5% fixed fee if the amount is more than $5000. The amount varies for different countries.
Apart from such a relaxed money transfer fee structure, OFX is also widely popular for its excellent currency conversion fees. Their foreign exchange rates have a margin of only 0.4%, which is almost negligible if you are sending a small amount. Apart from these two fees, OFX does not charge any additional amount.
Transfer fees in TransferGo also differ according to the amount of money you want to send. Its fixed transfer fee is something that helps millions because they don’t have to guess the amount that the beneficiary will receive. Apart from transfer fees, TransferGo also charges a conversion fee, depending on the country to which you are sending funds. The conversion fee varies from 0.6% to 1.5% of your transfer amount.
TransferGo has a slightly higher exchange rate than OFX. Although it converts the currency exchange rate according to the current market prices, the rate varies from 0.2% to 2.2%. Again, the amount varies according to the foreign currency. However, the rate gets fixed once you initiate the transaction. You will be able to see the rate TransferGo is charging during the transfer.
Transfer Speed and Options to Send Money
Both TransferGo and OFX are experts at sending money quickly. Your bank may take a couple of days to credit the amount in your account, but these two apps will process your payment within seconds.
OFX provides both online transfers and bank to bank transfers. There is a time difference in these two methods. Online transfers are faster than bank transfers. It takes only a day or two to credit your account with an online transfer. This is the same for international and domestic payments. However, bank to bank transfers takes two to five business days. There is also a drawback of OFX. It does not provide instant transfer services. Many customers who prefer instant transfers often complain about the absence of this facility.
If you compare TransferGo against OFX, it also transfers money swiftly. For example, standard delivery usually takes place on the same day or within the next business day. This is the mode of payment that most customers prefer to use. There is also an option for cheap delivery. It takes up to three business days to see the amount credited in your account. There is also an express delivery or faster delivery option that transfers your funds within 30 minutes. It costs £ 1.99 or more for express transactions and £ 0.99 for one-day transactions.
TransferGo recently launched an option for same-day international money transfers. However, this system only works during weekends. It offers a guaranteed delivery by 5.30 PM, provided you make the payment by 12.30 PM on the same day. TransferGo has limited services in a few countries, where it usually takes at least one working day to transfer funds. These countries are Canada, Czech Republic, Africa, Mexico, the USA, Israel, Hong Kong, Switzerland, Bulgaria, and Australia.
Comparing TransferGo vs OFX, it is fair to say that both believe in full transparency. They don’t have any type of hidden fees that might affect the total amount you send or receive. You can check the details of your transaction from your profile dashboard. It will specify the transaction number, the total amount you sent or received, the amount OFX or TransferGo deducted as transfer fees and exchange rates. If you see any discrepancy in the amount, you should contact your bank because they often deduct small amounts as service charges. That amount may not reflect in your transaction history.
Overall, both OFX and TransferGo are highly reliable, safe, and swift for transferring money within the country or to a recipient in another nation.