OFX vs MoneyGram: Fees, Rates & Speed Compared
OFX ahead nowhere; MoneyGram on USD → INR, GBP → EUR, USD → PHP, USD → MXN, GBP → PKR.
OFX
Won 0 of 5 routes here
4.2
MoneyGram
Won 5 of 5 routes here
4.0These two serve almost opposite use cases. OFX is a no-fee broker for large, planned bank-to-bank transfers, with no upper limit and a dealer for amounts above roughly $10,000. MoneyGram is a cash network built for smaller, faster remittances, with fees from $1.99 and a $10,000 cap. Anyone comparing them directly likely hasn't decided what kind of transfer this is — the overlap in what they're actually for is narrow.
Live comparison: OFX vs MoneyGram across popular corridors
Recipient payout route by route, OFX against MoneyGram, from collected quotes (not guaranteed).
| Corridor | OFX | MoneyGram | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,834.28 | ₹96,183.13 | MoneyGram (+₹3348.85) |
| GBP → EUR(£1,000) | €1,143.33 | €1,162.45 | MoneyGram (+€19.12) |
| USD → PHP($500) | ₱29,376.30 | ₱30,994.81 | MoneyGram (+₱1618.51) |
| USD → MXN($1,000) | MX$17,669.84 | MX$17,859.91 | MoneyGram (+MX$190.07) |
| GBP → PKR(£500) | ₨168,706.66 | ₨182,623.23 | MoneyGram (+₨13916.57) |
| USD → NGN($200) | — | ₦267,606.93 | N/A |
Key differences between OFX and MoneyGram
OFX vs MoneyGram: Feature comparison
| Feature | OFX | MoneyGram |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.0/5 (Good) |
| Fee structure | No fee on US-dollar transfers; elsewhere, fee-free above a threshold (e.g. AU$/CA$10,000), flat fee below it | From $1.99 to $11.99+ |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 1% - 3% above mid-market |
| Transfer speed | 1-3 business days | Minutes to 3 days |
| Supported countries | 190+ | 200+ |
| Supported currencies | 55+ | 50+ |
| Max transfer | No limit | $10,000 |
| Delivery methods | Bank Deposit | Bank Deposit, Cash Pickup, Mobile Wallet |
| Regulators | ASIC, FCA, FinCEN | FinCEN, FCA |
What we measured: OFX vs MoneyGram
OFX led 0 of 5 of the corridors we price and MoneyGram 0 of 60. OFX's win rate is measured on a small corridor sample and shouldn't be read against MoneyGram's larger one; average shortfall is the more comparable figure, at 4.86% for OFX and 3.14% for MoneyGram.
A worked example: $1,000 to India
On $1,000 USD→INR the gap is ₹3,349, with MoneyGram delivering more — 3.53% all-in for OFX against 0.05% for MoneyGram. $1,000 is well below the amount OFX is actually built for; its rate improves with size in a way this example doesn't capture, and MoneyGram doesn't offer cash pickup pricing that scales the same way.
When to choose OFX vs MoneyGram
Pick OFX for large, planned bank-to-bank transfers
OFX suits a transfer you can schedule: no fee, no upper limit, dealer support once the amount is substantial. Property deposits, emigration transfers and business payments are its natural cases. It pays to bank accounts only and settles in one to three business days — the wrong instrument for anything urgent or anything a recipient needs to collect in cash.
Pick MoneyGram for cash pickup and smaller, faster transfers
MoneyGram is built for the transfer that needs to land in cash, at a counter, sooner than a broker's business-day settlement allows. Its $10,000 cap and $1.99-plus fee structure suit remittance-sized amounts, not the large planned transfers OFX is built for.
What the OFX and MoneyGram figures don’t settle
OFX's rate improves with transfer size in a way a $1,000 comparison cannot show, and MoneyGram's agent-level pricing varies by payout method. Confirm your corridor and amount band before sending.
Verdict: OFX or MoneyGram?
Cost winner: MoneyGram
OFX led 0 of 5 of the corridors we price against 0 of 60 for MoneyGram, though OFX's win rate is measured on a smaller sample. Average shortfalls of 4.86% and 3.14% are the more comparable figures at this sample size.
Faster: MoneyGram
MoneyGram settles in minutes to three days depending on the option chosen; OFX quotes one to three business days with no express tier. For an urgent, smaller transfer, MoneyGram is built for it in a way OFX isn't.
Coverage: Comparable reach
MoneyGram's cash pickup across roughly 200 countries reaches recipients without a bank account; OFX's no-limit, bank-deposit-only model reaches a larger transfer size MoneyGram's $10,000 cap can't.
Bottom line
These two barely overlap in what they're actually for. OFX is built for a large, scheduled, bank-to-bank transfer; MoneyGram for a smaller one that needs to land in cash. Anyone genuinely deciding between them should decide the transfer's shape first.
OFX vs MoneyGram: your questions
Can OFX deliver cash the way MoneyGram does?
No — OFX pays to bank accounts only. If the recipient needs cash pickup, MoneyGram is the option here regardless of OFX's pricing on the corridors it does serve.
Is OFX cheaper than MoneyGram for a large transfer?
Likely, though our $1,000 sample corridors don't show it clearly — OFX's rate improves with transfer size in a way this comparison can't capture. Get a live quote from both at your actual amount, especially above $10,000 where MoneyGram's cap applies.
Does MoneyGram have a size limit OFX doesn't?
Yes — MoneyGram caps at $10,000; OFX has no published upper limit. For a transfer above $10,000, MoneyGram isn't an option regardless of price.
Why would anyone compare these two directly?
Usually because they're deciding between a bank-to-bank transfer and a cash pickup, and haven't settled which one the recipient actually needs. Once that's decided, the choice between OFX and MoneyGram tends to follow automatically.