CurrencyFair vs OFX: Fees, Rates & Speed Compared
CurrencyFair
4.3CurrencyFair is a peer-to-peer currency exchange platform offering competitive rates by matching buyers and sellers directly, plus a marketplace for setting your own rate.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
CurrencyFair and OFX are both popular choices for international money transfers, but they take different approaches. CurrencyFair, founded in 2010 and headquartered in Dublin, Ireland, 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, CurrencyFair delivers ₹3073.11 more to the recipient.
In this comparison
Live comparison: CurrencyFair vs OFX across popular corridors
The table below shows how much the recipient receives when sending through CurrencyFair vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | CurrencyFair | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹95,894.36 | ₹92,821.25 | CurrencyFair (+₹3073.11) |
| GBP → EUR(£1,000) | €1,144.40 | €1,121.83 | CurrencyFair (+€22.57) |
| USD → PHP($500) | ₱29,007.14 | ₱28,682.17 | CurrencyFair (+₱324.97) |
| USD → MXN($1,000) | MX$17,058.66 | MX$16,859.63 | CurrencyFair (+MX$199.03) |
| 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 CurrencyFair and OFX
CurrencyFair vs OFX: Feature comparison
| Feature | CurrencyFair | OFX |
|---|---|---|
| Overall rating | 4.3/5 (Excellent) | 4.2/5 (Good) |
| Fee structure | From €0 (marketplace) to €3 (instant) | No transfer fees |
| Exchange rate markup | 0.3% - 0.5% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 1-2 business days | 1-3 business days |
| Supported countries | 150+ | 190+ |
| Supported currencies | 20+ | 55+ |
| Max transfer | $500,000 | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | CBI, ASIC | ASIC, FCA, FinCEN |
| Founded | 2010 | 1998 |
Pros and cons
CurrencyFair
Pros
- Peer-to-peer marketplace for best rates
- No fees on marketplace orders
- Great for large transfers
- Transparent pricing
Cons
- Marketplace orders may take time to match
- No cash pickup option
- Limited currency pairs vs major 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 CurrencyFair vs OFX
Choose CurrencyFair if:
- You want the real mid-market exchange rate with no hidden markup
- You value user experience — CurrencyFair is rated 4.3/5 on Trustpilot
- CurrencyFair'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
Verdict: CurrencyFair or OFX?
Cost winner: CurrencyFair
CurrencyFair wins on cost in 4 of 6 corridors we tested. For example, on USD → INR ($1,000), the recipient gets ₹3073.11 more with CurrencyFair. CurrencyFair achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. CurrencyFair typically delivers in 1-2 business days, while OFX takes 1-3 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: OFX
OFX has broader coverage with 190+ countries and 55+ currencies. OFX also offers Bank Deposit.
Bottom line
Overall, CurrencyFair 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 CurrencyFair or OFX cheaper for international transfers?
Based on our data, CurrencyFair is generally cheaper across most corridors. CurrencyFair charges From €0 (marketplace) to €3 (instant) with a 0.3% - 0.5% 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 USD → INR transfer, CurrencyFair delivers ₹3073.11 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, CurrencyFair or OFX?
CurrencyFair 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 CurrencyFair and OFX safe to use?
Yes, both are regulated money transfer services. CurrencyFair is regulated by CBI, ASIC and has a 4.3/5 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 CurrencyFair vs OFX?
CurrencyFair has a maximum transfer of $500,000 (minimum $50), 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 CurrencyFair or OFX to send money internationally?
For most users, CurrencyFair 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.