Equals Money vs OFX: Which Is Cheaper to Send Money Abroad?

If you’re looking for the cheapest way to send money abroad, you’ll quickly find that overall costs vary depending on the money transfer service you use. Two well-known options for UK customers are Equals Money and OFX.

Both sit outside traditional banking, offering international payment services designed to reduce bank fees, improve currency exchange rates, and provide more control over foreign currency transfers. However, they operate differently — and which one works out cheaper depends on the amount of money, destination, transfer method, and how costs are structured.

This guide provides general information purposes only and compares Equals Money vs OFX on pricing, speed, and suitability. It’s designed to help you compare money transfer providers and understand the overall costs before choosing a provider.

How international money transfer costs really work

When comparing providers, it’s important to understand how global payments are priced. Most international transfers involve a combination of fees and exchange rate adjustments.

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Exchange rate markups

Most providers apply a markup to the exchange rate taken from the foreign exchange market or wholesale foreign exchange market. Even small exchange rate markups can add a noticeable extra cost, particularly when converting large sums or multiple different currencies.

Fees and payment methods

Costs may also include:

• Fixed or variable fee information
• Charges for certain payment options (such as credit card or debit card funding)
• Additional costs from intermediary banks involved in a wire transfer

To find the best way to send money, you need to consider the full picture: exchange rate, fees, transfer speed, and payment route.

Overview: Equals Money vs OFX

Equals Money at a glance

Equals Money offers a multi-currency money account that supports international bank transfer, batch payments, and domestic payments to local bank accounts. It is commonly used by:

• Businesses managing international suppliers
• Contractors handling payments in multiple currencies
• Individuals sending money regularly

Transfers are usually made from a UK bank account using online banking or direct debit, with clear pricing shown upfront. Some services also support forward contracts for managing currency risk.

OFX at a glance

OFX is a specialist global payments provider focused on international transfers. Customers typically open an OFX account to send money via bank transfer to a receiving bank overseas.

OFX is often used for:

• Large one-off personal transfers
• Property-related or relocation payments
• Sending money between local bank accounts in different countries

There is usually a minimum transfer amount, which can make OFX less suitable for very small transfers.

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Exchange rates vs fees: where the real difference lies

Equals Money pricing approach

Equals Money typically:

• Uses competitive exchange rates based on wholesale pricing
• Shows clear fee information alongside the exchange rate
• Offers pricing structures suitable for repeat or business use

For users who want visibility over date pricing, fees, and currency conversion, this transparency can be valuable.

OFX pricing approach

OFX generally:

• Does not charge a separate transfer fee
• Builds costs into its OFX exchange rates
• Focuses on competitive pricing for higher values

While OFX promotes great rates, the real comparison comes down to the total cost once the exchange rate is applied.

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Practical cost comparison examples

The examples below are indicative only. Actual pricing depends on live exchange rates, product availability, and transfer timing.

Sending £500 abroad

On smaller transfers, fixed costs have a bigger impact.

• Equals Money:
  • Competitive exchange rate
  • Possible flat fee
• OFX:
  • No visible fee
  • Exchange rate margin applies

At this level, overall costs can be similar, depending on the currency and destination.

Sending £1,000 abroad

This is where differences become clearer.

• Equals Money may offer lower fees if the exchange rate margin is tight
• OFX may be competitive if the rate remains favourable

Comparing live quotes is essential to identify the cheapest option.

Sending £10,000 abroad

For larger transfers, exchange rate differences matter more than fees.

• Equals Money:
  • Often used for structured business payments or batch payments
• OFX:
  • Frequently competitive for large personal transfers

Even a small rate difference can result in a meaningful cost saving at this level.

Compare costs for your transfer amount.

Comparison table: Equals Money vs OFX

Is Equals Money faster than OFX for international payments?

Typical transfer times

• Equals Money:
  • Many transfers complete within 1–2 business days
• OFX:
  • Transfers often take 1–2 business days once funds are received

Both rely on international banking networks and third parties, meaning delays can occur due to intermediary banks or local processing rules.

What affects speed?

Payment speed depends on:

• Cut-off times
• Destination country
• Compliance checks
• Whether funds pass through intermediary institutions

Neither provider is consistently faster across all routes.

What do customer reviews say about fees and value?

Equals Money feedback

Common themes include:

• Clear pricing and predictable overall costs
• Useful tools for managing multiple currencies
• Business-friendly features

Some users note that understanding the fee structure is important before sending money.

OFX feedback

Reviews often mention:

• Competitive pricing for large transfers
• Simplicity of the money transfer service
• Satisfaction compared with bank pricing

Some customers highlight that exchange rates vary depending on transfer size.

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How do these providers compare to banks and apps?

Traditional banks often charge higher bank fees and wider exchange rate margins. App-based providers such as those offering a wise account or wise app may suit smaller, mobile-led transfers, but can involve wise fees, physical cards, or app-based limits.

Equals Money and OFX sit between these options, offering more structured international payment tools without relying solely on a mobile app.

Choosing the right provider for your destination

Costs vary by destination and currency.

Before transferring, it’s worth checking:

• A relevant Send Money to X Destination page
• A Cheapest Way to Send Money to X Destination guide
• Provider pages for Equals Money, OFX, TorFX, and others

This helps ensure you’re comparing the right providers for your chosen currency and payment route.

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Important considerations beyond cost

When sending money internationally, also consider:

• Accuracy of account details and account number
• How personal information is handled
• Whether you need professional advice or a financial advisor for large sums
• Support for global network payments
• Whether you’re sending funds via bank transfer, wire transfer, or another method

Always ensure details are correct to avoid delays or failed payments.

FAQs About Equals Money vs OFX

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