OFX vs State Bank of India: 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.
State Bank of India
3.4State Bank of India offers international remittance services through SBI Remit and its global branch network. India's largest bank by assets.
OFX and State Bank of India 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. State Bank of India, operating since 1955 from Mumbai, India, 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.
In this comparison
Live comparison: OFX vs State Bank of India across popular corridors
The table below shows how much the recipient receives when sending through OFX vs State Bank of India on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | State Bank of India | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,235.96 | — | N/A |
| GBP → EUR(£1,000) | €1,124.05 | — | N/A |
| USD → PHP($500) | ₱28,690.50 | — | N/A |
| USD → MXN($1,000) | MX$16,772.01 | — | N/A |
| GBP → PKR(£500) | ₨181,034.32 | — | 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 State Bank of India
OFX vs State Bank of India: Feature comparison
| Feature | OFX | State Bank of India |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 3.4/5 (Fair) |
| Fee structure | No transfer fees | $5-$25 per wire transfer |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 1.5% - 3% above mid-market |
| Transfer speed | 1-3 business days | 1-3 business days |
| Supported countries | 190+ | 20+ |
| Supported currencies | 55+ | 15+ |
| Max transfer | No limit | $25,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | RBI (India), FinCEN, FCA |
| Founded | 1998 | 1955 |
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
State Bank of India
Pros
- Direct credit to any Indian bank account
- India's most trusted bank brand
- Global branch network
Cons
- Higher exchange rate markup than fintechs
- Slower than dedicated transfer services
- Less user-friendly online experience
When to choose OFX vs State Bank of India
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 20+ countries)
Choose State Bank of India if:
- You want the real mid-market exchange rate with no hidden markup
- State Bank of India's strengths (Bank Deposit) match your needs
Verdict: OFX or State Bank of India?
Cost: Too close to call
OFX and State Bank of India are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Speed: Similar delivery times
Both providers offer similar transfer speeds. OFX typically delivers in 1-3 business days, while State Bank of India 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, OFX edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, State Bank of India is the better pick if you need international money transfers.
Frequently asked questions
Is OFX or State Bank of India cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows OFX and State Bank of India are closely matched on total cost. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while State Bank of India charges $5-$25 per wire transfer with a 1.5% - 3% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, OFX or State Bank of India?
OFX typically completes transfers in 1-3 business days, while State Bank of India 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 OFX and State Bank of India 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. State Bank of India is regulated by RBI (India), FinCEN, FCA with a 3.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs State Bank of India?
OFX has a maximum transfer of no published upper limit (minimum $100), while State Bank of India allows up to $25,000 (minimum $50). 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 State Bank of India to send money internationally?
For most users, OFX offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, State Bank of India is the better choice if you need international money transfers. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.