OFX vs Currencies Direct: Fees & Exchange Rates

When comparing money transfer services, OFX and Currencies Direct are two established providers with a strong global reach. Both specialise in international transfers rather than everyday banking and are often used as alternatives to bank-based options such as HSBC Bank, US banks, or providers like Bank of America and JP Morgan Chase.

While both companies focus on offering competitive rates compared with bank price comparisons, they differ in pricing structure, customer experience, and the types of transfers they are best suited to. This guide compares OFX vs Currencies Direct on fees, exchange rates, transfer speed, limits, and use cases.

This article is for informational purposes only and is designed to help users who want to compare providers before sending a large or small amount of money overseas.

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How international money transfer costs work

The total cost of an international transfer is usually made up of two elements: exchange rates and fees.

Exchange rates and markups

Most providers base pricing on the market rate for a given currency pair, then apply exchange rate markups. These markups are often the main cost, particularly when sending large amounts of money in major currencies such as USD, EUR, or transfers to the United States.

Fees and additional charges

Depending on the route and provider, costs may include:

• No visible fee, with costs built into the exchange rate
• Deductions by third parties or intermediary banks
• Charges applied by the recipient’s bank account

Understanding currency conversion costs is essential when comparing providers.

Compare exchange rates and transfer fees.

Overview: OFX vs Currencies Direct

OFX at a glance

OFX is an international money transfer provider offering speedy international money transfers for individuals and businesses. It is commonly used for:

• Large amounts sent overseas
• Property purchases and relocations
• High-value personal and business payments

OFX operates via an online platform rather than a mobile app and typically does not support debit card funding. Transfers are usually made via bank transfer from online banking.

Currencies Direct at a glance

Currencies Direct is part of FEXCO / FXC Group Ltd and operates a broker-led Currencies Direct account model. It is often used for:

• Personal transfers
• Regular payments
• Business payments across multiple foreign currency routes

Currencies Direct provides access to an online platform, broker support, and tools such as rate alerts and currency rate alerts.

Fees and exchange rates compared

OFX fees and exchange rates

OFX generally:

• Charges no upfront transfer fee
• Applies costs through exchange rate markups
• Focuses on larger transfers rather than low-value payments

Rates tend to improve as the amount of money increases.

Currencies Direct fees and exchange rates

Currencies Direct typically:

• Does not charge a visible transfer fee
• Sets exchange rates via broker support
• May offer improved pricing for regular payments or higher volumes

For some users, the ability to discuss rates directly contributes to excellent customer service.

Check current international transfer costs.

Are there promotions or discounts with OFX or Currencies Direct?

Neither OFX nor Currencies Direct typically advertises fixed promotions or discount codes for lower fees. Instead, pricing benefits usually come from negotiated exchange rates, particularly for larger transfers or repeat customers. Any improved pricing is usually reflected in the exchange rate rather than applied as a visible discount.

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Practical cost comparison examples

These examples are illustrative only. Actual costs depend on live market conditions, currency pair, and timing.

Sending £500 abroad

• OFX may be less suitable due to higher minimum thresholds
• Currencies Direct may allow smaller or more flexible transfers

Sending £1,000 abroad

• Both providers may offer similar overall costs
• Exchange rate differences become more important than fees

Compare costs for your transfer amount.

Sending £10,000 abroad

• OFX is widely used for large, one-off transfers
• Currencies Direct may offer competitive rates with broker input

Even small rate differences can materially affect how much money the recipient receives.

Comparison table: OFX vs Currencies Direct

How quickly do OFX and Currencies Direct process international payments?

Both OFX and Currencies Direct usually complete transfers within 1–2 business days once funds are received. Speed depends on destination country, currency, intermediary banks, and the recipient’s bank account rather than the provider alone. Transfers involving less common currencies may take longer.

Compare providers before choosing.

Transfer limits and payment methods

OFX limits and payment methods

• Higher minimum transfer amount
• No stated upper limit, subject to checks
• Bank transfer funding via online banking
• No debit card, direct debit, or mobile app payments

Currencies Direct limits and payment methods

• Lower minimum transfer amounts
• No fixed maximum limit
• Bank transfer funding
• Online platform access with broker support

Neither provider supports Apple Pay or card-funded international transfers.

Which provider suits different use cases?

OFX may suit you if:

• You’re sending large amounts overseas
• You’re transferring funds to the United States or other major currencies
• You prefer a self-managed online platform

Currencies Direct may suit you if:

• You make regular payments
• You value broker support and rate alerts
• You’re managing personal or business payments

Compare providers before choosing.

Destination and currency considerations

Costs can vary by destination and currency. Some providers are more competitive for:

• Transfers to the United States
• Payments involving major currencies
• Certain emerging or specialist routes

Before sending money, it helps to review:

• A Send Money to X page
• A Cheapest Way to Send Money to X guide

See costs for sending money to X.

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Does Currencies Direct or OFX have better customer reviews regarding their fees?

Reviews comparing Currencies Direct and OFX often focus on overall value rather than strict fee rankings. OFX customers frequently highlight competitive rates for large transfers and simple online pricing, while Currencies Direct reviews often emphasise helpful broker support and personalised guidance on exchange rate markups. Neither provider consistently ranks “better” solely on fees — user experience tends to vary by transfer size and destination.

FAQs About OFX vs Currencies Direct

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