OFX vs TransferGo: 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.
TransferGo
4.4TransferGo specializes in fast, low-cost transfers between Europe and key global corridors. Popular with expats and migrant workers.
OFX and TransferGo 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. TransferGo, operating since 2012 from London, UK, focuses on fast, small remittances. 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 £500 GBP → PKR transfer, OFX delivers ₨3207.88 more to the recipient.
In this comparison
Live comparison: OFX vs TransferGo across popular corridors
The table below shows how much the recipient receives when sending through OFX vs TransferGo on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | TransferGo | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹91,374.47 | — | N/A |
| GBP → EUR(£1,000) | €1,125.89 | €1,153.52 | TransferGo (+€27.63) |
| USD → PHP($500) | ₱28,227.88 | — | N/A |
| USD → MXN($1,000) | MX$16,677.92 | — | N/A |
| GBP → PKR(£500) | ₨180,127.88 | ₨176,920.00 | OFX (+₨3207.88) |
| 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 TransferGo
OFX vs TransferGo: Feature comparison
| Feature | OFX | TransferGo |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.4/5 (Excellent) |
| Fee structure | No transfer fees | £0.99 - £2.99 per transfer |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 0.3% - 1.5% above mid-market |
| Transfer speed | 1-3 business days | 30 minutes to 3 days |
| Supported countries | 190+ | 70+ |
| Supported currencies | 55+ | 50+ |
| Max transfer | No limit | $50,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | FCA, Bank of Lithuania |
| Founded | 1998 | 2012 |
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
TransferGo
Pros
- Very competitive European corridor rates
- Fast delivery (often same day)
- Simple, clean app experience
Cons
- Fewer destination countries than Wise/Remitly
- No cash pickup option
- Not available in the US
When to choose OFX vs TransferGo
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 70+ countries)
Choose TransferGo if:
- You want the real mid-market exchange rate with no hidden markup
- Speed is your top priority — transfers can arrive in minutes
- You value user experience — TransferGo is rated 4.4/5 on Trustpilot
- TransferGo's strengths (Bank Deposit) match your needs
Verdict: OFX or TransferGo?
Cost: Too close to call
OFX and TransferGo 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.
Faster: TransferGo
TransferGo is generally faster, with transfers arriving in 30 minutes to 3 days, compared to 1-3 business days for OFX.
Wider coverage: OFX
OFX has broader coverage with 190+ countries and 55+ currencies. OFX also offers Bank Deposit.
Bottom line
Overall, TransferGo 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 TransferGo cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows OFX and TransferGo are closely matched on total cost. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while TransferGo charges £0.99 - £2.99 per transfer with a 0.3% - 1.5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, OFX or TransferGo?
OFX typically completes transfers in 1-3 business days, while TransferGo takes 30 minutes to 3 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 TransferGo 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. TransferGo is regulated by FCA, Bank of Lithuania with a 4.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs TransferGo?
OFX has a maximum transfer of no published upper limit (minimum $100), while TransferGo allows up to $50,000 (minimum $10). 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 TransferGo to send money internationally?
For most users, TransferGo 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.