OFX vs Currencies Direct: Fees, Rates & Speed Compared
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
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 and Currencies Direct are both popular choices for international money transfers, but they take different approaches. OFX, founded in 1998 and headquartered in Sydney, Australia, is best known for large transfers and business payments. Currencies Direct, operating since 1996 from London, UK, 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 €16.38 more to the recipient.
In this comparison
Live comparison: OFX vs Currencies Direct across popular corridors
The table below shows how much the recipient receives when sending through OFX vs Currencies Direct on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | Currencies Direct | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹91,788.04 | — | N/A |
| GBP → EUR(£1,000) | €1,125.04 | €1,141.42 | Currencies Direct (+€16.38) |
| USD → PHP($500) | ₱28,658.24 | — | N/A |
| USD → MXN($1,000) | MX$16,738.51 | — | N/A |
| GBP → PKR(£500) | ₨181,615.31 | — | 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 OFX and Currencies Direct
OFX vs Currencies Direct: Feature comparison
| Feature | OFX | Currencies Direct |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.6/5 (Excellent) |
| Fee structure | No transfer fees | No transfer fees |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 0.3% - 0.7% above mid-market |
| Transfer speed | 1-3 business days | 1-2 business days |
| Supported countries | 190+ | 200+ |
| Supported currencies | 55+ | 40+ |
| Max transfer | No limit | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | FCA, CNMV, BdP |
| Founded | 1998 | 1996 |
Pros and cons
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
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
When to choose OFX vs Currencies Direct
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- OFX's strengths (Bank Deposit) match your needs
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
Verdict: OFX or Currencies Direct?
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 €16.38 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. OFX typically delivers in 1-3 business days, while Currencies Direct takes 1-2 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. OFX supports 190+ countries and 55+ currencies, while Currencies Direct covers 200+ countries with 40+ 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 OFX or Currencies Direct 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 €16.38 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, OFX or Currencies Direct?
OFX typically completes transfers in 1-3 business days, while Currencies Direct takes 1-2 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 OFX and Currencies Direct safe to use?
Yes, both are regulated money transfer services. OFX is regulated by ASIC, FCA, FinCEN and has a 4.2/5 Trustpilot rating. Currencies Direct is regulated by FCA, CNMV, BdP with a 4.6/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs Currencies Direct?
OFX has a maximum transfer of no published upper limit (minimum $100), while Currencies Direct 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 OFX or Currencies Direct 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.