OFX (previously known as OzForex) is a leading provider of international money transfer services. It allows individuals and businesses to send and receive money across borders at competitive exchange rates. While OFX is a popular choice for international transfers, there are several alternatives and competitors that offer similar or even more advanced features. In this article, we will explore the top 10 OFX alternatives and competitors in 2024.

1. TransferWise (Wise)

TransferWise is a digital money transfer service that enables individuals and businesses to send and receive money internationally. It offers competitive exchange rates and low fees, making it an attractive alternative to OFX. TransferWise also provides a user-friendly platform and transparent pricing, ensuring a seamless and cost-effective money transfer experience.

Key Features:

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  • Competitive exchange rates and low fees
  • User-friendly platform and transparent pricing
  • Fast and secure money transfers

2. Revolut

Revolut is a digital banking platform that offers various financial services, including international money transfers. It allows users to send and receive money in multiple currencies with competitive exchange rates. Revolut also provides additional features such as budgeting tools, expense tracking, and cryptocurrency trading, making it a comprehensive alternative to OFX.

Key Features:

  • International money transfers with competitive exchange rates
  • Budgeting tools and expense tracking
  • Cryptocurrency trading

3. Wise (formerly TransferWise)

Wise is another popular choice for international money transfers. It offers competitive exchange rates, low fees, and fast transfers. Wise also provides a multi-currency account, allowing users to hold and manage funds in different currencies. With its user-friendly interface and extensive global coverage, Wise is a strong competitor to OFX.

Key Features:

  • Competitive exchange rates and low fees
  • Fast and secure money transfers
  • Multi-currency account

4. PayPal

PayPal is a well-known digital payment platform that also offers international money transfer services. It allows users to send and receive money globally with ease. With its wide acceptance and trusted reputation, PayPal is a convenient alternative to OFX for individuals and small businesses.

Key Features:

  • Global money transfers with wide acceptance
  • Trusted and secure platform

5. WorldFirst

WorldFirst is a foreign exchange and international payments provider that caters to both individuals and businesses. It offers competitive exchange rates and low fees, along with personalized customer service. WorldFirst also provides advanced risk management tools, making it a suitable alternative for businesses with complex forex needs.

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Key Features:

  • Competitive exchange rates and low fees
  • Personalized customer service
  • Advanced risk management tools

6. Xoom

Xoom, a PayPal service, is a digital money transfer platform that specializes in international remittances. It enables users to send money to over 130 countries worldwide, offering competitive exchange rates and fast transfers. Xoom's integration with PayPal makes it a convenient alternative to OFX for users already familiar with the PayPal ecosystem.

Key Features:

  • International remittances to over 130 countries
  • Competitive exchange rates and fast transfers
  • Integration with PayPal

7. CurrencyFair

CurrencyFair is a peer-to-peer currency exchange platform that allows individuals and businesses to transfer money internationally at competitive rates. It operates on a unique model that matches users looking to buy and sell different currencies, resulting in lower fees and better rates. CurrencyFair is a compelling alternative to OFX for cost-conscious users.

Key Features:

  • Peer-to-peer currency exchange at competitive rates
  • Lower fees compared to traditional providers
  • Secure and transparent transactions

8. Payoneer

Payoneer is a global payment platform that offers international money transfer services. It caters primarily to freelancers, digital nomads, and online businesses. Payoneer provides users with a multi-currency account, virtual banking features, and the ability to receive payments from various marketplaces worldwide. With its focus on the gig economy, Payoneer is a valuable alternative to OFX.

Key Features:

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  • International money transfers for freelancers and online businesses
  • Multi-currency account and virtual banking features
  • Seamless integration with marketplaces

9. Western Union

Western Union is a well-established provider of international money transfer services. It offers a wide network of physical locations worldwide, allowing users to send and receive money in person. Western Union also provides online and mobile app services for added convenience. With its extensive reach, Western Union is a reliable alternative to OFX for individuals who prefer offline transactions.

Key Features:

  • Wide network of physical locations for in-person transactions
  • Online and mobile app services for digital transfers
  • Trusted and reliable service

10. Ria Money Transfer

Ria Money Transfer is a global remittance provider that offers international money transfer services. It operates through a vast network of agents and partners, ensuring convenient cash pickup options in various countries. Ria Money Transfer provides competitive exchange rates and low fees, making it a viable alternative to OFX for individuals who prefer cash-based transactions.

Key Features:

  • Global remittance services with a wide network of agents
  • Competitive exchange rates and low fees
  • Cash pickup options available

These alternatives and competitors to OFX offer a range of features for international money transfers. Whether you need to send money abroad for personal or business purposes, these platforms provide competitive exchange rates, low fees, and user-friendly interfaces. Consider factors such as transfer speed, supported currencies, and additional financial services when selecting the best alternative for your international money transfer needs in 2024.