Bank of America vs OFX: Fees, Rates & Speed Compared
Bank of America
3.3Bank of America offers international wire transfers for account holders. While convenient for existing customers, rates and fees are significantly higher than specialist transfer services.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Bank of America and OFX are both popular choices for international money transfers, but they take different approaches. Bank of America, founded in 1904 and headquartered in Charlotte, USA, is best known for large transfers and business payments. OFX, operating since 1998 from Sydney, Australia, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs. Our data shows the difference can be significant — on a $500 USD → PHP transfer, Bank of America delivers ₱1166.25 more to the recipient.
In this comparison
Live comparison: Bank of America vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Bank of America vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Bank of America | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹92,821.25 | N/A |
| GBP → EUR(£1,000) | — | €1,121.83 | N/A |
| USD → PHP($500) | ₱29,848.42 | ₱28,682.17 | Bank of America (+₱1166.25) |
| USD → MXN($1,000) | MX$16,892.12 | MX$16,859.63 | Bank of America (+MX$32.49) |
| GBP → PKR(£500) | — | ₨180,475.47 | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Bank of America and OFX
Bank of America vs OFX: Feature comparison
| Feature | Bank of America | OFX |
|---|---|---|
| Overall rating | 3.3/5 (Fair) | 4.2/5 (Good) |
| Fee structure | $35-$45 per international wire | No transfer fees |
| Exchange rate markup | 3% - 5% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-3 business days |
| Supported countries | 200+ | 190+ |
| Supported currencies | 100+ | 55+ |
| Max transfer | $100,000 | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | OCC, FDIC, Federal Reserve | ASIC, FCA, FinCEN |
| Founded | 1904 | 1998 |
Pros and cons
Bank of America
Pros
- Trusted major US bank
- Send from existing account
- Strong regulatory protection
Cons
- High transfer fees ($35-$45)
- Poor exchange rates (3%+ markup)
- Slow delivery times
- Much more expensive than specialists
OFX
Pros
- No transfer fees on any amount
- Competitive rates for large transfers
- 24/7 customer support
- Forward contracts available
- Business solutions
Cons
- Higher minimum transfer ($100+)
- Only bank transfer payments accepted
- Rates less competitive for small amounts
When to choose Bank of America vs OFX
Choose Bank of America if:
- You want the real mid-market exchange rate with no hidden markup
- Bank of America's strengths (Bank Deposit) match your needs
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- You need to transfer large sums (OFX has no upper limit)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Verdict: Bank of America or OFX?
Cost winner: Bank of America
Bank of America wins on cost in 2 of 6 corridors we tested. For example, on USD → PHP ($500), the recipient gets ₱1166.25 more with Bank of America. Bank of America achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Bank of America typically delivers in 2-5 business days, while OFX takes 1-3 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: Bank of America
Bank of America has broader coverage with 200+ countries and 100+ currencies. Bank of America also offers Bank Deposit.
Bottom line
Overall, Bank of America edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, OFX is the better pick if you need large transfers and business payments.
Frequently asked questions
Is Bank of America or OFX cheaper for international transfers?
Based on our data, Bank of America is generally cheaper across most corridors. Bank of America charges $35-$45 per international wire with a 3% - 5% above mid-market exchange rate markup, while OFX charges No transfer fees with a 0.5% - 1.5% above mid-market markup. For example, on a $500 USD → PHP transfer, Bank of America delivers ₱1166.25 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Bank of America or OFX?
Bank of America typically completes transfers in 2-5 business days, while OFX takes 1-3 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Bank of America and OFX safe to use?
Yes, both are regulated money transfer services. Bank of America is regulated by OCC, FDIC, Federal Reserve and has a 3.3/5 Trustpilot rating. OFX is regulated by ASIC, FCA, FinCEN with a 4.2/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Bank of America vs OFX?
Bank of America has a maximum transfer of $100,000 (minimum $1), while OFX allows up to no published upper limit (minimum $100). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use Bank of America or OFX to send money internationally?
For most users, Bank of America offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, OFX is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.