Monese vs OFX: Fees, Rates & Speed Compared
Monese
3.9Monese is a mobile banking app offering international money transfers alongside a current account, debit card, and multi-currency wallet — popular with expats and migrants in Europe.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Monese and OFX are both popular choices for international money transfers, but they take different approaches. Monese, founded in 2015 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, Monese delivers €8.73 more to the recipient.
In this comparison
Live comparison: Monese vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Monese vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Monese | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹92,821.25 | N/A |
| GBP → EUR(£1,000) | €1,130.56 | €1,121.83 | Monese (+€8.73) |
| 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 Monese and OFX
Monese vs OFX: Feature comparison
| Feature | Monese | OFX |
|---|---|---|
| Overall rating | 3.9/5 (Good) | 4.2/5 (Good) |
| Fee structure | From £0 to £2 per transfer | No transfer fees |
| Exchange rate markup | 1% - 2% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 1-3 business days | 1-3 business days |
| Supported countries | 30+ | 190+ |
| Supported currencies | 15+ | 55+ |
| Max transfer | $25,000 | No limit |
| Payment methods | Bank Transfer, Debit Card | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA | ASIC, FCA, FinCEN |
| Founded | 2015 | 1998 |
Pros and cons
Monese
Pros
- Full mobile banking account
- Easy signup with no UK address needed
- Multi-currency wallet
- Free ATM withdrawals (plan dependent)
Cons
- Higher exchange rate markup than specialists
- Limited to European corridors
- Transfer limits on basic plan
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 Monese vs OFX
Choose Monese if:
- You want the real mid-market exchange rate with no hidden markup
- You need a multi-currency account to hold and convert balances
- Monese'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
- You need wider country coverage (190+ vs 30+ countries)
Verdict: Monese or OFX?
Cost winner: Monese
Monese wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €8.73 more with Monese. Monese achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Monese typically delivers in 1-3 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
Monese and OFX serve different needs well. Monese is best for international money transfers, 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 Monese or OFX cheaper for international transfers?
Based on our data, Monese is generally cheaper across most corridors. Monese charges From £0 to £2 per transfer with a 1% - 2% 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, Monese delivers €8.73 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Monese or OFX?
Monese typically completes transfers in 1-3 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 Monese and OFX safe to use?
Yes, both are regulated money transfer services. Monese is regulated by FCA and has a 3.9/5 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 Monese vs OFX?
Monese has a maximum transfer of $25,000 (minimum $10), 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 Monese or OFX to send money internationally?
It depends on your priorities. Choose Monese for international money transfers, or OFX for large transfers and business payments. We recommend comparing rates for your specific transfer amount and corridor using our calculator above.