6 OFX Alternatives in Canada

OFX (Open Financial Exchange) formerly known as Ozforex is an Australian online foreign exchange and payment company. It offers transfers in 55 currencies with a range of options such as recurring payments, limited orders, and forward contracts that can give you convenience, better rates, and predictable costs.

Here, we look at OFX Alternatives in Canada.

Pesa as an OFX Alternative

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Pesa(formerly Pesapeer) is a digital app that is used to send and receive money globally with a multi-currency wallet. It offers fee-free transfers internationally at highly competitive rates thereby cutting off expensive fees you'll typically incur when using other platforms.

If you're in Canada, Nigeria or the UK, you can seamlessly send and receive money to 50+ countries.

While eliminating the mental stress of figuring out how to get money across borders, Pesa is committed to making global money transfers local and stress-free.

Pesa allows these processes to take place on the app, which is available on both iOS and Android.

• International Transfers - Allows you to send money across borders.
• Local Bank Transfer - Transfers within the same bank.
• Pesa user Transaction - Pesa allows you to transfer money on the app to another Pesa user.
• Wallet To Wallet - It also allows the exchange of money from wallet to wallet.

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Other OFX Alternatives In Canada

1. Xe Money Transfer

Xe money transfer is a service focused on cost-effectiveness and availability. It is similar to OFX and is available in over 40 currencies.

Unlike OFX, Xe does not charge any fees on transactions of CAD 500 or more, instead, it creates a margin added to the exchange rate and makes money from there. For transactions under 500 Canadian dollars, a flat-out fee of $4 is charged.

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2. TorFX

TorFx and OFX both offer bank-to-bank transfers only with no transfer fees across all currencies. But with OFX minimum transfer fees of $150 and transfer fees of up to $15, TorFX offers no transfer fees and has lower minimum transfer amounts. Along with its zero transfer fee and best rate guarantee, TorFX offers exceptionally competitive prices.

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3. Wise

Wise is a transfer service that allows the delivery of the best possible exchange rate. Most especially, it exchanges its currency at mid-market rates, while applying a fee for transfers as a small percent of the total plus the full amount.

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4. Western Union

Western Union has high fees and weak exchange rates that may be 8% more than the mid-market rates, unlike OFX which has no fees. However, while OFX only allows bank-to-bank transfers, Western Union allows multiple transfers including paying with cash, bank, or card.

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5. WorldRemit

As the name implies, WorldRemit allows a wide range of transfer options in more than 140 countries worldwide and this includes bank-to-bank options, cash, and online transfers. Unlike OFX’s flat fees, WorldRemit fees vary by currency and a range of delivery options. OFX does not allow cash pick-up, but WorldRemit offers both of these options.

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Create a PESA account today - and start sending and receiving money globally.