Millions of people send money abroad for various reasons, and even more, people receive money from abroad daily. Whether or not it is from a partner to another, parent to child, or for mortgage/academic purposes, there is always reason money has to be transported internationally between countries and currencies.
There are several factors to consider when sending or receiving from abroad, such as how safe the money is, how long it will take, the cost of sending, and the options available. Among the many options online for money transfer, this article makes a comparison review of two of the best money transfer companies (OFX and Wise) in the world today. Here, we will highlight the similarities, as well as the differences. Then, we would conclude on which of these two is a better option for your money transferring needs.
OFX VS Wise: Similarities
Though OFX has been around much longer and might seem more trustworthy than TransferWise (now referred to as Wise), there are a few things that make both companies good choices for sending money online abroad. When compared with other options online, they both seem to have the best transfer rates with less than 1%, which is very competitive, especially when compared to other neighboring money transfer companies. The foreign exchange (FX) rate is also very transparent when sending money from one currency to the other.
Another thing very peculiar to both money transfer companies is the amount of time it takes to send money internationally. Though both are relatively not as fast as expected, they compromise for this with the low fees charged. To have your money sent at a faster rate would attract more fees in other companies. However, it is not so bad a deal when the client considers that it takes both companies about two (2) to four (4) days to send any amount of money internationally.
Both companies can also attend to your money transferring needs through their well-operating mobile app. This way, you can track the progress of the money transfer through your phone. However, both companies cannot have the money sent as pick-up cash. To receive money sent through the options, the receiver would have to use a receiving bank account. Therefore, bank charges and policies might interfere with money transfers on some occasions.
Finally, as an individual, you can make use of either company to transfer money as low as $1 (1USD), with reasonable transfer fees attached. That means you don’t have to feel like a large chunk of your money is gone when transferring a small, thoughtful sum to your loved ones abroad. However, despite all these similarities, there are other features that differentiate both companies. Knowing these differences can help you choose which company can serve your needs better.
OFX VS Wise: Differences
OFX and Wise are both good companies to transfer money, but they aren’t for everyone. Some people (individuals or corporate businesses) might prefer one over the other, and here are several reasons to back this up:
When it comes to the amount of money to be sent, it is better to use OFX to transfer large amounts of money. Wise is not quite recommendable for the transfer of large amounts of money.
OFX does not have an option for same-day delivery. This means that with OFX, there is no luck in receiving a sent money within 24hours. Immediate and quick delivery is possible with Wise when a credit or debit card is being used.
Wise does not have a 24-hour running customer service every day. You can only reach their support systems by phone from 9:00 am to 17:00 (5:00 pm) from Monday to Friday. If you usually do your transfer during the weekends, you cannot access the customer service in case of emergencies or complications.
Using a credit card to make any kind of payment overseas is not possible with OFX.
Although both companies have relatively close transfer fees, OFX charges best for smaller amounts of money.
Signing up for either OFX or Wise is easy and straightforward. However, with their differences, you might want to take a step back before choosing one to use. Our verdict, however, is that both accounts are good options for different people. If you usually send large amounts, Wise is a better option, while OFX offers a better transfer fee for small amounts of money. But still, the choice solely depends on you.
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