Top 5 OFX Alternatives in 2024 & Who They Are Best For

OFX is an Australian financial service provider founded in 1998. Headquartered in Sydney, OFX also operates globally from offices in London, Dublin, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. 

Specialising in currency exchange and international money transfer, OFX offers extensive services to both individuals and businesses, including multi-currency business accounts, to simplify cross-border payments. 

If you’re still looking for the best options for transferring money abroad, we’ve researched and prepared the top 5 OFX alternatives in 2024 for you to consider. We will guide you through each option's key features and fees to ensure you pick the right one.

📌 Have you used any of these alternatives? We’d love to hear what you think about them! Submit a short review and get rewarded for your time.

Statrys

Founded in 2018, Statrys is an award-winning fintech company providing comprehensive services for global business growth, including multi-currency business accounts, Singapore and Hong Kong company incorporation services, and invoicing software. 

You can hold up to 11 major currencies in a Statrys business account, including AUD, USD, HKD, SGD, and JPY. Statrys accounts support local and international transfers via SWIFT payments and can be integrated with accounting software. However, Statrys currently provides services exclusively for businesses incorporated in Hong Kong, Singapore, and the BVI. 

Key Services Offered by Statrys

Statrys Fees

We Recommend Statrys For

✅ Companies incorporated in Hong Kong, Singapore, or the BVI, especially SMEs.

✅ Businesses that frequently transfer money overseas and are looking to save on conversion and transfer fees. 

✅ Entrepreneurs who prefer personalised and responsive customer support.

💡 Interested? Take a look at Statrys’s account opening process in our step-by-step guide. 

Wise

Wise, formerly known as TransferWise, is a UK-based financial services provider offering international money transfer services to both personal and business customers. 

With a Wise account, you can transfer money in over 40 currencies to more than 70 countries at competitive exchange rates. Additionally, the account offers features designed to streamline global payments, including batch payments and automation APIs. 

Key Services Offered by Wise

Wise Fees

We Recommend Wise For

✅ Businesses that frequently pay in GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY can save on currency exchange rates with Wise’s local currency accounts. 

✅ Freelancers looking for an affordable way to make international transfers. 

✅ Business owners that need APIs to streamline their operations.

💡 Tip: Learn more about opening a Wise Business account, including eligibility, fees, and more, in our detailed guide. 

TorFX

TorFX is an international money transfer provider specialising in currency exchange and remittance services, allowing private and corporate customers to send money overseas to the recipient’s bank account in over 40 currencies to more than 120 countries.

Launched in 2004, TorFX has headquarters in the UK and offices in multiple locations worldwide, including Australia, Europe, South Africa, and the US. 

Key Services Offered by TorFX

TorFX Fees

We Recommend TorFX For

✅ Individuals and businesses that need to transfer money in large amounts internationally.

✅ Companies with global operations with the need for efficient cross-border transactions and currency risk management.

✅ Expatriates that often send money between their home country and their country of residence. 

Xe

Xe is a well-established foreign exchange and money transfer service provider founded in Ontario, Canada, in 1993. In 2015, it became part of Euronet Worldwide, a global provider of electronic payment services.

Xe offers electronic funds transfer services for individual and business clients, allowing users to send money to 200 countries around the world in various currencies with competitive exchange rates and low transfer fees.

Key Services Offered by Xe

Xe Fees

We Recommend Xe For

✅ Individuals or businesses needing to make international money transfers at affordable rates compared to traditional bank transfers. 

✅ Growing businesses looking to make global payments with transparent fee structure and reliable service.  

✅ Enterprises that can benefit from personalised foreign exchange solutions. 

Revolut

Revolut is a London-based neobank providing financial services, including multi-currency personal and business accounts, currency exchange, and company debit cards. Revolut’s products and services are available in multiple countries and regions worldwide, including Australia, the EEA, the UK, and the US. 

Revolut offers business accounts for businesses of all sizes, from freelancers to enterprises. It holds a banking licence in the EU and is registered as an e-money institution in the UK. 

Key Services Offered by Revolut

Revolut Fees

We Recommend Revolut For

✅ Freelancers and SMEs registered with physical addresses in Australia, the EEA, the UK, and the US. 

✅ International travellers who frequently travel abroad can benefit from low foreign exchange fees. 

✅ Individuals and businesses who prefer to manage funds and international transfers digitally. 

💡Tip: Our detailed review has everything you need to know about Revolut Business Accounts. You can also find out how to open Revolut personal and business accounts in our guides.

Final Note

Whether you’re a freelancer, SME, or enterprise, choosing the right option is crucial for seamless global operations. 

Now that we’ve explored the five alternatives to OFX, you should have enough information and factors to make an informed decision for your business. 

If you find it challenging to settle with just one choice, consider the benefits of having multiple business accounts, as it allows you to access various beneficial features and protects your funds in case of bank failures.