OFX vs SingX: 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.
SingX
4.2SingX is a Singapore-based money transfer service offering competitive rates for transfers from Southeast Asia to global destinations.
OFX and SingX 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. SingX, operating since 2015 from Singapore, 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.
In this comparison
Live comparison: OFX vs SingX across popular corridors
The table below shows how much the recipient receives when sending through OFX vs SingX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | SingX | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,821.25 | — | N/A |
| GBP → EUR(£1,000) | €1,121.83 | — | N/A |
| 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 SingX
OFX vs SingX: Feature comparison
| Feature | OFX | SingX |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.2/5 (Good) |
| Fee structure | No transfer fees | Flat SGD 5 or free for larger amounts |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 0.3% - 0.8% above mid-market |
| Transfer speed | 1-3 business days | 1-2 business days |
| Supported countries | 190+ | 50+ |
| Supported currencies | 55+ | 30+ |
| Max transfer | No limit | $100,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | MAS (Singapore) |
| Founded | 1998 | 2015 |
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
SingX
Pros
- Competitive rates from SGD
- No hidden fees
- Higher transfer limits than many fintechs
Cons
- Primarily serves Singapore market
- No cash pickup option
- Smaller provider with less brand recognition
When to choose OFX vs SingX
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 wider country coverage (190+ vs 50+ countries)
Choose SingX if:
- You want the real mid-market exchange rate with no hidden markup
- You need a multi-currency account to hold and convert balances
- SingX's strengths (Bank Deposit) match your needs
Verdict: OFX or SingX?
Cost: Too close to call
OFX and SingX 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 SingX takes 1-2 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, SingX is the better pick if you need large transfers and business payments.
Frequently asked questions
Is OFX or SingX cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows OFX and SingX are closely matched on total cost. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while SingX charges Flat SGD 5 or free for larger amounts with a 0.3% - 0.8% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, OFX or SingX?
OFX typically completes transfers in 1-3 business days, while SingX 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 SingX 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. SingX is regulated by MAS (Singapore) 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 OFX vs SingX?
OFX has a maximum transfer of no published upper limit (minimum $100), while SingX allows up to $100,000 (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 SingX to send money internationally?
For most users, OFX offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, SingX 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.