Currencies Direct vs OFX: Fees, Rates & Speed Compared
Currencies Direct
4.6Currencies Direct is a UK-based FX specialist offering competitive exchange rates for large international transfers, with no transfer fees and dedicated account managers.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Currencies Direct and OFX are both popular choices for international money transfers, but they take different approaches. Currencies Direct, founded in 1996 and headquartered in London, UK, 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 GBP → EUR transfer, Currencies Direct delivers €15.99 more to the recipient.
In this comparison
Live comparison: Currencies Direct vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Currencies Direct vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Currencies Direct | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹92,821.25 | N/A |
| GBP → EUR(£1,000) | €1,137.82 | €1,121.83 | Currencies Direct (+€15.99) |
| 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 Currencies Direct and OFX
Currencies Direct vs OFX: Feature comparison
| Feature | Currencies Direct | OFX |
|---|---|---|
| Overall rating | 4.6/5 (Excellent) | 4.2/5 (Good) |
| Fee structure | No transfer fees | No transfer fees |
| Exchange rate markup | 0.3% - 0.7% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 1-2 business days | 1-3 business days |
| Supported countries | 200+ | 190+ |
| Supported currencies | 40+ | 55+ |
| Max transfer | No limit | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA, CNMV, BdP | ASIC, FCA, FinCEN |
| Founded | 1996 | 1998 |
Pros and cons
Currencies Direct
Pros
- No transfer fees
- Competitive rates for large transfers
- Dedicated account managers
- Forward contracts and limit orders
Cons
- Not ideal for small transfers
- No cash pickup
- Bank transfer funding only
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 Currencies Direct vs OFX
Choose Currencies Direct if:
- You want the real mid-market exchange rate with no hidden markup
- You value user experience — Currencies Direct is rated 4.6/5 on Trustpilot
- Currencies Direct's strengths (Bank Deposit) match your needs
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- OFX's strengths (Bank Deposit) match your needs
Verdict: Currencies Direct or OFX?
Cost winner: Currencies Direct
Currencies Direct wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €15.99 more with Currencies Direct. Currencies Direct achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Currencies Direct typically delivers in 1-2 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. Currencies Direct supports 200+ countries and 40+ currencies, while OFX covers 190+ countries with 55+ currencies.
Bottom line
Overall, Currencies Direct 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 Currencies Direct or OFX cheaper for international transfers?
Based on our data, Currencies Direct is generally cheaper across most corridors. Currencies Direct charges No transfer fees with a 0.3% - 0.7% 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, Currencies Direct delivers €15.99 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Currencies Direct or OFX?
Currencies Direct typically completes transfers in 1-2 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 Currencies Direct and OFX safe to use?
Yes, both are regulated money transfer services. Currencies Direct is regulated by FCA, CNMV, BdP and has a 4.6/5 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 Currencies Direct vs OFX?
Currencies Direct has a maximum transfer of no published upper limit (minimum $100), 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 Currencies Direct or OFX to send money internationally?
For most users, Currencies Direct 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.