OFX vs United Overseas Bank (UOB): 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.
United Overseas Bank (UOB)
3.5UOB is a leading Singaporean bank offering international money transfers across Southeast Asia. Strong in ASEAN corridors with competitive SGD rates.
OFX and United Overseas Bank (UOB) 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. United Overseas Bank (UOB), operating since 1935 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 United Overseas Bank (UOB) across popular corridors
The table below shows how much the recipient receives when sending through OFX vs United Overseas Bank (UOB) on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | United Overseas Bank (UOB) | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,395.93 | — | N/A |
| GBP → EUR(£1,000) | €1,123.70 | — | N/A |
| USD → PHP($500) | ₱28,609.39 | — | N/A |
| USD → MXN($1,000) | MX$16,754.80 | — | N/A |
| GBP → PKR(£500) | ₨180,920.70 | — | 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 United Overseas Bank (UOB)
OFX vs United Overseas Bank (UOB): Feature comparison
| Feature | OFX | United Overseas Bank (UOB) |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 3.5/5 (Good) |
| Fee structure | No transfer fees | SGD 5-$25 per transfer |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 0.5% - 2% above mid-market |
| Transfer speed | 1-3 business days | 1-3 business days |
| Supported countries | 190+ | 50+ |
| Supported currencies | 55+ | 25+ |
| Max transfer | No limit | $200,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | MAS (Singapore) |
| Founded | 1998 | 1935 |
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
United Overseas Bank (UOB)
Pros
- Strong Southeast Asian network
- Competitive SGD transfer rates
- High transfer limits
Cons
- Singapore-focused (limited for other markets)
- Wire fees for non-UOB recipients
- Exchange markup higher than fintechs
When to choose OFX vs United Overseas Bank (UOB)
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 50+ countries)
Choose United Overseas Bank (UOB) if:
- You want the real mid-market exchange rate with no hidden markup
- You need a multi-currency account to hold and convert balances
- United Overseas Bank (UOB)'s strengths (Bank Deposit) match your needs
Verdict: OFX or United Overseas Bank (UOB)?
Cost: Too close to call
OFX and United Overseas Bank (UOB) 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 United Overseas Bank (UOB) 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, United Overseas Bank (UOB) is the better pick if you need large transfers and business payments.
Frequently asked questions
Is OFX or United Overseas Bank (UOB) cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows OFX and United Overseas Bank (UOB) are closely matched on total cost. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while United Overseas Bank (UOB) charges SGD 5-$25 per transfer with a 0.5% - 2% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, OFX or United Overseas Bank (UOB)?
OFX typically completes transfers in 1-3 business days, while United Overseas Bank (UOB) 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 United Overseas Bank (UOB) 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. United Overseas Bank (UOB) is regulated by MAS (Singapore) with a 3.5/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs United Overseas Bank (UOB)?
OFX has a maximum transfer of no published upper limit (minimum $100), while United Overseas Bank (UOB) allows up to $200,000 (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 United Overseas Bank (UOB) to send money internationally?
For most users, OFX offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, United Overseas Bank (UOB) 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.