Chase vs OFX: Fees, Rates & Speed Compared
Chase
3.5Chase (JPMorgan Chase) is one of the largest US banks, offering international wire transfers to account holders. Convenient but typically more expensive 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.
Chase and OFX are both popular choices for international money transfers, but they take different approaches. Chase, founded in 1799 and headquartered in New York, 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 $1,000 USD → INR transfer, Chase delivers ₹490.66 more to the recipient.
In this comparison
Live comparison: Chase vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Chase vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Chase | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹93,311.91 | ₹92,821.25 | Chase (+₹490.66) |
| GBP → EUR(£1,000) | — | €1,121.83 | N/A |
| USD → PHP($500) | — | ₱28,682.17 | N/A |
| USD → MXN($1,000) | MX$16,800.73 | MX$16,859.63 | OFX (+MX$58.90) |
| 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 Chase and OFX
Chase vs OFX: Feature comparison
| Feature | Chase | OFX |
|---|---|---|
| Overall rating | 3.5/5 (Good) | 4.2/5 (Good) |
| Fee structure | $5 domestic, $40-$50 international wire | No transfer fees |
| Exchange rate markup | 2% - 4% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 1-5 business days | 1-3 business days |
| Supported countries | 200+ | 190+ |
| Supported currencies | 100+ | 55+ |
| Max transfer | $250,000 | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | OCC, FDIC, Federal Reserve | ASIC, FCA, FinCEN |
| Founded | 1799 | 1998 |
Pros and cons
Chase
Pros
- Trusted major US bank
- Wide currency support
- Existing customers can send easily
- Strong regulatory oversight
Cons
- High transfer fees ($5-$50)
- Poor exchange rate markup (3%+)
- Much more expensive 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 Chase vs OFX
Choose Chase if:
- You want the real mid-market exchange rate with no hidden markup
- Chase'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: Chase or OFX?
Cost: Too close to call
Chase and OFX are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Chase typically delivers in 1-5 business days, while OFX takes 1-3 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: Chase
Chase has broader coverage with 200+ countries and 100+ currencies. Chase also offers Bank Deposit.
Bottom line
Chase and OFX serve different needs well. Chase is best for large transfers and business payments, while OFX excels at large transfers and business payments. Your best choice depends on what matters most: cost, speed, coverage, or delivery options.
Frequently asked questions
Is Chase or OFX cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Chase and OFX are closely matched on total cost. Chase charges $5 domestic, $40-$50 international wire with a 2% - 4% above mid-market exchange rate markup, while OFX charges No transfer fees with a 0.5% - 1.5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Chase or OFX?
Chase typically completes transfers in 1-5 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 Chase and OFX safe to use?
Yes, both are regulated money transfer services. Chase is regulated by OCC, FDIC, Federal Reserve 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 Chase vs OFX?
Chase has a maximum transfer of $250,000 (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 Chase or OFX to send money internationally?
It depends on your priorities. Choose Chase for large transfers and business payments, or OFX for large transfers and business payments. We recommend comparing rates for your specific transfer amount and corridor using our calculator above.