OFX vs Royal Bank of Scotland: 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.
Royal Bank of Scotland
3.3Royal Bank of Scotland (now NatWest Group) offers international payments for UK account holders. Higher costs than specialist transfer services.
OFX and Royal Bank of Scotland 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. Royal Bank of Scotland, operating since 1727 from Edinburgh, UK, focuses on international money transfers. 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, Royal Bank of Scotland delivers €5.26 more to the recipient.
In this comparison
Live comparison: OFX vs Royal Bank of Scotland across popular corridors
The table below shows how much the recipient receives when sending through OFX vs Royal Bank of Scotland on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | Royal Bank of Scotland | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,821.25 | — | N/A |
| GBP → EUR(£1,000) | €1,121.83 | €1,127.09 | Royal Bank of Scotland (+€5.26) |
| 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 OFX and Royal Bank of Scotland
OFX vs Royal Bank of Scotland: Feature comparison
| Feature | OFX | Royal Bank of Scotland |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 3.3/5 (Fair) |
| Fee structure | No transfer fees | £15-£25 per international payment |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 2.5% - 4% above mid-market |
| Transfer speed | 1-3 business days | 2-5 business days |
| Supported countries | 190+ | 200+ |
| Supported currencies | 55+ | 25+ |
| Max transfer | No limit | $25,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | FCA, PRA |
| Founded | 1998 | 1727 |
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
Royal Bank of Scotland
Pros
- Trusted UK bank with long history
- Send from existing account
- Part of NatWest Group
Cons
- High transfer fees (£15-£25)
- Poor exchange rate markup
- Slower than specialist providers
When to choose OFX vs Royal Bank of Scotland
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
Choose Royal Bank of Scotland if:
- You want the real mid-market exchange rate with no hidden markup
- Royal Bank of Scotland's strengths (Bank Deposit) match your needs
Verdict: OFX or Royal Bank of Scotland?
Cost winner: Royal Bank of Scotland
Royal Bank of Scotland wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €5.26 more with Royal Bank of Scotland. Royal Bank of Scotland 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 Royal Bank of Scotland takes 2-5 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 Royal Bank of Scotland covers 200+ countries with 25+ currencies.
Bottom line
Overall, Royal Bank of Scotland 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 Royal Bank of Scotland cheaper for international transfers?
Based on our data, Royal Bank of Scotland is generally cheaper across most corridors. Royal Bank of Scotland charges £15-£25 per international payment with a 2.5% - 4% 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, Royal Bank of Scotland delivers €5.26 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, OFX or Royal Bank of Scotland?
OFX typically completes transfers in 1-3 business days, while Royal Bank of Scotland takes 2-5 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 Royal Bank of Scotland 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. Royal Bank of Scotland is regulated by FCA, PRA with a 3.3/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs Royal Bank of Scotland?
OFX has a maximum transfer of no published upper limit (minimum $100), while Royal Bank of Scotland allows up to $25,000 (minimum $1). 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 Royal Bank of Scotland to send money internationally?
For most users, Royal Bank of Scotland 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.