When it comes to international money transfers, there are a variety of options available to individuals and businesses. Two of the most popular services are TransferWise and OFX. Both of these services provide a reliable and secure way to send money across borders, but which one is better? To answer that question, it’s important to consider a few factors, such as fees, exchange rates, and customer service.
How To Transfer Money Internationally With Wise (Transferwise)
Fees
When it comes to fees, Transferwise is the clear winner. It charges a flat fee of 0.5% on all transfers, with a minimum fee of €1. This makes it one of the most cost-effective options on the market. OFX, on the other hand, charges a fee based on the amount of money being transferred. The exact fee depends on the currency being transferred, but it can be as high as 3%. This makes it much more expensive than Transferwise.
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Exchange Rates
When it comes to exchange rates, both services offer competitive rates. Transferwise offers mid-market rates, which are the same rates you’ll find on Google or Yahoo Finance. OFX also offers competitive rates, but they may be slightly higher than Transferwise, depending on the currency being transferred.
Customer Service
Both Transferwise and OFX offer excellent customer service. Transferwise has a 24/7 live chat and email support, as well as a knowledgebase that provides answers to common questions. OFX also offers 24/7 customer service, but it is only available via phone or email.
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Conclusion
When it comes to international money transfers, Transferwise and OFX are both excellent services. Transferwise is the clear winner when it comes to fees, offering a flat 0.5% fee on all transfers. OFX offers competitive rates, but they may be slightly higher than Transferwise, depending on the currency being transferred. Both services offer excellent customer service, with Transferwise offering a 24/7 live chat and email support, as well as a knowledgebase. Ultimately, both services are reliable and secure, so it comes down to personal preference.
Transferwise vs Payoneer – Which is Better?
