Barclays vs OFX: Fees, Rates & Speed Compared
Barclays
3.5Barclays offers international payments for existing account holders through online banking and the Barclays app. Convenient but with higher costs than specialist providers.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Barclays and OFX are both popular choices for international money transfers, but they take different approaches. Barclays, founded in 1690 and headquartered in London, UK, is best known for international money transfers. 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 £1,000 GBP → EUR transfer, Barclays delivers €0.64 more to the recipient.
In this comparison
Live comparison: Barclays vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Barclays vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Barclays | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹92,821.25 | N/A |
| GBP → EUR(£1,000) | €1,122.47 | €1,121.83 | Barclays (+€0.64) |
| USD → PHP($500) | — | ₱28,682.17 | N/A |
| USD → MXN($1,000) | — | MX$16,859.63 | N/A |
| 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 Barclays and OFX
Barclays vs OFX: Feature comparison
| Feature | Barclays | OFX |
|---|---|---|
| Overall rating | 3.5/5 (Good) | 4.2/5 (Good) |
| Fee structure | £5-£25 per international payment | No transfer fees |
| Exchange rate markup | 2% - 3.5% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | Same day to 3 business days | 1-3 business days |
| Supported countries | 200+ | 190+ |
| Supported currencies | 30+ | 55+ |
| Max transfer | $50,000 | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA, PRA | ASIC, FCA, FinCEN |
| Founded | 1690 | 1998 |
Pros and cons
Barclays
Pros
- Trusted UK high street bank
- Easy online/app transfers
- Strong security and regulation
Cons
- £5-£25 transfer fees
- Exchange rate markup (2-3%)
- Slower than specialist providers
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 Barclays vs OFX
Choose Barclays if:
- You want the real mid-market exchange rate with no hidden markup
- Barclays'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: Barclays or OFX?
Cost winner: Barclays
Barclays wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €0.64 more with Barclays. Barclays achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Barclays typically delivers in Same day to 3 business days, while OFX takes 1-3 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. Barclays supports 200+ countries and 30+ currencies, while OFX covers 190+ countries with 55+ currencies.
Bottom line
Overall, Barclays 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 Barclays or OFX cheaper for international transfers?
Based on our data, Barclays is generally cheaper across most corridors. Barclays charges £5-£25 per international payment with a 2% - 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 £1,000 GBP → EUR transfer, Barclays delivers €0.64 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Barclays or OFX?
Barclays typically completes transfers in Same day to 3 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 Barclays and OFX safe to use?
Yes, both are regulated money transfer services. Barclays is regulated by FCA, PRA and has a 3.5/5 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 Barclays vs OFX?
Barclays has a maximum transfer of $50,000 (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 Barclays or OFX to send money internationally?
For most users, Barclays 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.