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OFX vs Transferwise - Best Option For 2020

OFX Currency Transfer

OFX is an online international currency transfer provider for eCommerce and Amazon sellers or anyone sending money across borders

With no maximum transfer limit and a minimum of $1000, OFX is one of the cheapest international currency transfer service providers for your business.

With OFX anyone can use the OFX mobile app or online portal and send money to over 80 countries.

How to use OFX money transfer

  • You sign up & lock-in your transfer rates. Tell your OFX representative how much you’re transferring.
  • Send OFX your funds. They accept wire transfers from your bank account or you can apply to set up an ACH direct debit. Keep in mind, OFX doesn’t accept cash, credit cards, checks or bank drafts.
  • OFX delivers your money to your recipient. Their transfer to most countries takes 1-2 business days. You can always track your transfers online or with the OFX mobile app.

How OFX Works

When selling in international markets or for sellers located internationally and selling in the U.S., Amazon doesn’t tell you but you’re being charged around 3.5% - 4% on top of the selling fees.

With a solution like OFX available to you, using Amazon or a bank is a really inefficient way of doing business.

Check out this video explaining how traditional transfer wires work and exactly how OFX works to save you money on international currency transfers.

You may not think 2% is not a big deal, but if you are running on a 20% margin in your business, 2% in fees ends up being 10% of your profit margin.

Here is a real-world example of the opportunity cost of losing just 2% of profits to fees.

International Revenue Monthly Revenue 2% saving monthly Annual Revenue 2% saving annually Revenue over 5 years 2% saving over 5 years
Canada $10,000 $200 $120,000 $2,400 $600,000 $12,000
U.K. $50,000 $1,000 $600,000 $12,000 $3,000,000 $60,000
Germany $100,000 $2,000 $1,200,000 $24,000 $6,000,000 $120,000
Australia $500,000 $10,000 $6,000,000 $120,000 $30,000,000 $600,000

OFX Fees & Exchange Rates

Internation Transfer Rates OFX Banks Amazon
Fees As low as .5% 3.5% - 4% 3.5%
Transfer Times 24-48 hours 2-5 days 3-5 days

 

OFX Wire Transfer Banks OFX
Transfer Time 3-5 business days 24-48 hours (even weekends)
Transfer Fees $55 $25

For sellers switching between currencies, not only is Amazon charging you but banks also charge margins.

For example, if you are in the U.K. but selling in the U.S. or vice versa, when paying suppliers in China you have convert currencies twice which ends up costing you around 7%.

OFX Coupon

Pick an OFX coupon below based on your level of sales volume per year and save money with the best-negotiated prices in the market.

Sellers Doing $500k or Under For Businesses Just Starting Out Or Under $500k Per Year In Volume
Get Deal Expiry:  
Sellers Doing $500k - $2 million For Businesses Who Have $500k - $2 million Per year In Volume
Get Deal Expiry:  
Sellers Doing $2 million and up For High Volume Businesses with $2 million and Up Annually
Get Deal Expiry:  

Open Free International Bank Account

OFX is the easiest option for creating an international bank account. Creating your account only takes 30 minutes of paperwork, a week or two to get you through compliance and you will be good to go.

The sign-up process with OFX for an international bank account is really easy and be completed in a few simple steps.

Check out this in-depth review of OFX currency transfers and step by step guide on opening international bank accounts.

OFX Reviews

Heiko Cajar           "I use OFX for occasional fund transfers between NZ and the EU. Their communication is outstanding and I found their service always fast and reliable. On top of that: better exchange rate than with the bank and I like their no fees policy."
Robbie Jones           "Excellent service with very competitive exchange rates, I've used OFX on two other occasions and have had no issues, it's very simple and convenient."
Hugh Scheepers           "I have use OFX twice in the last couple of months to bring funds across from the UK. I had some issues with my internet banking so I wasn't able to get the payment to OFX before the deadline. One quick phone call and it was sorted, Once the funds were in their account, the transfer happened promptly. I also got updates every step of the way."
Peggy Dienes           "I make a monthly transfer of GBP to USD, and have used banks and other online transfer agents in the past. USForex has the best combination of sharp rates, prompt and reliable service and no fuss operations that I have come across."

Transferwise Currency Transfers

Transferwise is one of the top online money transfer services focusing on sellers and everyday people send money across borders.

They support many currency routes across the globe and provide their customers with multi-currency accounts, along with debit cards to send and receive payments in 40+ currencies.

TransferWise fees are based on a percentage of the total amount you are sending. As a result, TransferWise is the best for situations when sending a low amount of money across borders.

Here is how Transferwise and OFX compare in fees, currencies, and speed.

OFX vs. Transferwise Delivery Methods Minimum Transfers Transfer Speed Currencies Transfer Fees
OFX Bank Transfer  $1,000  24-48 Hours 55 currencies $0
Transferwise Bank Account  $1 1-4 Days 40 currencies % of the total

 

How Transferwise Works

  1. Register for free: Sign up online or in their mobile app for free. All you need is an email, or a Google or Facebook account.
  2. Choose an amount to send: Tell them how much you want to send. Transferwise will show you their fees upfront and tell you when funds should arrive.
  3. Add recipient's bank details: Fill in the details of your recipient's bank account. Transferwise can also request the details for you.
  4. Verify your identity: For some currencies or large transfers, they will need a photo id to ensure your safety.
  5. Pay for your transfer: Send your money with a bank debit (ACH), wire transfer, or debit or credit card.
  6. Your all set: Transferwise will handle the rest and transfer your funds.

Transferwise Reviews

          "I’ve used it a few times now to move money and it has been done fast and securely. Saved me a large amount that I would have otherwise lost to currency exchange fees and poor conversion rates from banks - saving money is earning money! "
          "Easy to open at times companies like this require further information, which is normal. After a short explanation for.what they requested about my business, the guys at TransferWise confirmed account opened."
          "This app is easy to use and straight forward I am happy with it and would recommend to anyone "
          "It has saved me a small fortune that I would otherwise have lost to currency exchange fees and poor conversion rates from greedy banks. "

Transferwise Coupon

Send Money With TransferWise Take Advantage of this special offer from The Last Amazon Course and save with TransferWise.
Get Deal Expiry:  

Transferwise vs. OFX

TransferWise is the best for situations when sending a low amount of money across borders.

We recommend using OFX when you need to send a relatively larger amount of funds to suppliers or across borders.

Take advantage of these special negotiated rates from OFX.

Sellers Doing $500k or Under For Businesses Just Starting Out Or Under $500k Per Year In Volume
Get Deal Expiry:  
Sellers Doing $500k - $2 million For Businesses Who Have $500k - $2 million Per year In Volume
Get Deal Expiry:  
Sellers Doing $2 million and up For High Volume Businesses with $2 million and Up Annually
Get Deal Expiry:  
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