OFX vs TransferGo Comparison

OFX, established in 1998, has cemented its reputation as a global money transfer giant, facilitating over $20bn in transactions annually across a network of 55+ currencies. With its roots in Australia, OFX has expanded its reach globally, offering a wide array of financial services with a focus on competitive rates and extensive customer support.

On the other hand, TransferGo, founded in 2012, has quickly risen to prominence within Europe, specializing in fast, affordable transfers. Catering to over 60+ currencies, TransferGo prides itself on its same-day transfer capabilities and has garnered a strong customer base with its user-friendly platform.

Both companies offer secure, regulated services designed to simplify cross-border transactions for individuals and businesses alike.

Customers

Company NameOFXTransferGo
Logotransfergo new logo
OFX ReviewTransferGo Review
Customer rating4.3/54.8/5
# Rating Customers6,400+22,500+
Top 3 Pros
  • Global Offices with Local Presence
  • 24/7 Customer Support
  • Great Client Feedback
  • 96% client approval rating
  • Same-day money transfers available
  • Low fixed fees
Top 3 Cons
  • Less Tech-Savvy
  • Outdated Look
  • Customer Support Can Be Slow
  • Can only send from 8 currencies
  • Free transfers take a while to process
  • Margins not as tight as other competitors

Availability

Company NameOFXTransferGo
Logotransfergo new logo
Office locations10 global officesUK, Lithuania, Germany, Poland, Turkey
# Currencies55+60+

Security

Company NameOFXTransferGo
Logotransfergo new logo
Regulated byFCA (UK), ASIC (Australia), FinCEN (USA), FINTRAC (Canada)Financial Conduct Authority (UK), Bank of Lithuania (Europe)
HTTPS SecuredYesYes
Segregated Customer AccountsYesYes
2FAYesNo

Limits and Fees

Company NameOFXTransferGo
Logotransfergo new logo
Min transferΒ£100 or equivalentNo minimum
Max transferNo maximumNo maximum
Fixed feesNo fixed feesΒ£0 – Β£2.99 depending on speed
See rates before you log in?YesYes

Customer Support

Company NameOFXTransferGo
Logotransfergo new logo
Dedicated DealerYesNo
EmailYesYes
PhoneYesYes
Live ChatNoNo
24/7YesNo

Ways to Transfer

Company NameOFXTransferGo
Logotransfergo new logo
Online SystemYesYes
Online AppYesYes
Multi-Currency AccountYesNo
Cash PickupNoNo
Card Top-UpNoNo

Additional Functions

Company NameOFXTransferGo
Logotransfergo new logo
HedgingYesNo
Mass paymentsYesYes (Batch payments for business clients)
Cash chequesNoNo
Multi-Currency Debit CardNoNo

Conclusion

On MoneyTransferComparison, OFX has received a higher editorial score. The advantages of OFX over TransferGo are these:

  • OFX offers a wider global presence with offices in key locations around the world, providing local expertise and support.
  • OFX provides a dedicated dealer for each customer, ensuring personalized service and tailored financial advice for currency exchange and transfers.
  • OFX supports a broader range of currencies, making it suitable for more diverse international money transfer needs.

OFX is better for larger transactions and for businesses or individuals needing specialized services such as hedging and mass payments. Its global reach and dedicated dealer support make it ideal for complex financial transactions requiring personalized attention.

TransferGo is better for quick, cost-effective transfers within Europe, especially for migrants sending money back home. Its same-day transfer capability and low fixed fees make it an attractive option for those prioritizing speed and cost over the breadth of services.