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

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4.

Xe

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.

Wise Alternative Key Services Best For
Statrys logo Multi-currency business accounts, Virtual and physical cards, Dedicated account manager, FX services SMEs based in Hong Kong, Singapore, or the BVI
Wise logo Multi-currency accounts, Batch payments, API integrations, International transfers with mid-market rates Freelancers and businesses with international clients 
TorFX logo Business trading account, 24/7 transfer services, Spot and forward contracts, personalised customer support Expatriates and companies with international operations
XE logo International money transfers, Currency Converter, Exchange rate alert, 24/7 online account access Growing businesses, remote workers, and enterprises
Revolut logo Multi-currency accounts, International money transfers, Cryptocurrency trading, Bulk payments  Global SMEs, startups with international operations, frequent travellers, and digital nomads

📌 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

A screenshot of Statrys' website.

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 Key Services Description
Multi-Currency Business Account Hold, receive, and make local and international payments in 11 currencies: AUD, USD, HKD, SGP, JPY, EUR, GBP, SGF, CHF, NZD, and CAD with a single account number.
Virtual and Physical Debit Cards Get virtual and physical prepaid Mastercard® to make purchases online and in-store, as well as withdraw cash from ATMs across Hong Kong and abroad.
Xero Integration Streamline your bookkeeping and cash flow management with Xero accounting software integration. 
Maker-approver roles Customise your transfer approval process and set up payments without immediate balance availability, which will be approved later.
FX Services Protect your business against currency fluctuations with forex exposure hedging and make spot and forward orders at your preferred rate. 
Company Registration Benefit from 100% online Hong Kong and Singapore company incorporation services, including company secretary services and a registered address.
Invoicing Software Free invoicing software that allows you to create, manage, and send invoices efficiently. 

Statrys Fees

Fees Amount
Monthly Fee HKD88
Payments in HKD within Hong Kong Receive: Free
Send: HKD 5
International Payments (SWIFT) Receive: HKD 55
Send: HKD 75
Foreign Exchange Rate and Fee FX rate: Based on real-time mid-market rates
FX fee: as low as 0.1%

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. 

Sample Statrys payment cards for CTA

Wise

A screenshot of Wise's website

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 Key Services Description
Business Account Hold, convert, send, and receive payments in over 40 currencies, including AUD, CAD, EUR, GBP, JPY, and USD.
International Transfers Send money to over 70 countries with competitive fees compared to bank transfers 
Wise Debit Card (Only available for customers in some countries and regions, including the UK, Australia, New Zealand, Singapore, and Malaysia.) Spend your account balance anywhere with the real exchange rate with no markups. 
Batch Payments Send multiple payments to different recipients in one go without processing each transaction individually. 
FX Services Convert money with transparent fees and favourable exchange rates.

Wise Fees

Fees Amount
Account Opening Fee Free 
Monthly Fee Free
Local Payments Receive: Free
Send: Free
SWIFT Payments Receive: CAD 10 per CAD SWIFT payment
Send: Not specified
Foreign Exchange Rate and Fee FX rate: Based on mid-market rate
FX fee: From 0.43%

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

A screenshot of TorFX's website

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 Key Services Description
Business Trading Account Trade 24/7 with a dedicated account manager and risk-management solutions.
24/7 Transfers  Make international transfers up to AUD 200,000 at any time of the day.
Spot Contract Transfers Make immediate transfers with the most competitive exchange rate.
Forward Contract Transfer Protect your funds from negative market shifts by securing an exchange rate for up to 2 years in advance.
Market Orders Limited Order: Automatically transfer at a target exchange rate.
Stop Loss Order: Set a worst-case rate to control the risk of exchange rate fluctuation.

TorFX Fees

Fees Amount
Account Opening Fee Free
Monthly Fee Free
Local Payments Cannot find the information
SWIFT Payments Vary depending on factors such as intermediary bank fees
Foreign Exchange Rate and Fee FX rate: Mid-market rates with mark-ups
FX fee: No transfer fee

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

A screenshot of Xe's website

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 Key Services Description
Business Account Send money to 200 countries over 100 currencies through direct debit, wire transfer, or debit or credit cards. 
Currency API  Get real-time accurate currency exchange data for hundreds of global currencies.
Currency Converter Check live foreign currency exchange rates and review historical rates.
FX Risk Management  Protect your finances against currency fluctuations with spot transfers, forward contracts, market orders, and option contracts. 
Mass Payments Send multiple payments from a single payment gateway.

Xe Fees

Fees Amount
Account Opening Fee Free
Monthly Fee Cannot find the information
Local Payments Cannot find the information
SWIFT Payments Depends on transactions 
Foreign Exchange Rate and Fee FX rate: Mid-market rates
FX fee: Depends on transactions

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

A screenshot of Revolut's website

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 Key Services Description
Multi-Currency Business Account Receive and send money in 26 currencies, including GBP, EUR, USD, SGD, HKD, JPY, AUD, and NZD
Local Accounts Collect and send GBP, EUR, and USD with local sort code in the UK, IBAN in the EEA, and routing number in the US. 
Payment Card Get virtual and physical Visa and Mastercard® corporate cards for payments and ATM cash withdrawals.
FX Services Exchange over 25 global currencies at an interbank rate 24/7.
APIs Integrate your Revolut account with your business’s applications and APIs for a personalised and streamlined payment experience.

Revolut Fees

Fees Amount
Account Opening Fee Free
Monthly Fee From AUD 21 to AUD 79
Local Payments Free within account plan limit; AUD 0.20 if exceeded.
SWIFT Payments Free within account plan limit; AUD 10 if exceeded.
Foreign Exchange Rate and Fee FX rate: Mid-market rates
FX fee: Depends on transactions

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. 

A dropdown of some supported currencies by the Statrys business account.

FAQs

What are the best OFX alternatives?

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The top 5 OFX alternatives are:

1. Statrys
2. Wise
3. TorFX
4. Xe
5. Revolut

What services does OFX offer?

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What is an alternative to OFX in Hong Kong?

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Can I have both OFX and Statrys accounts?

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Disclaimer

More info

Statrys competes directly with OFX in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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