OFX is a strong choice for larger international money transfers, especially if you value transparent exchange rates and 24/7 customer support. Skrill is better for faster, smaller transfers and offers more versatile payment and delivery options, but its fees can be complex and potentially higher, especially for currency conversions.
| Attribute | OFX | Skrill |
|---|---|---|
| Transfer Speed | Major currency transfers typically take 1-2 business days, exotic currencies may take 3-5 business days. Same-day transfers are sometimes possible for transfers to Australia or the US on weekdays. | Instant for Skrill to Skrill transfers; Bank transfers typically take 2-5 business days; International transfers are generally processed instantly where possible, or within 1-2 business days; Debit and credit cards are the quickest methods, as payments typically arrive in the recipient's account the same day. |
| Available Currencies | Supports 50+ currencies, can send money to over 170 countries. | Supports over 40 currencies; Digital wallet offered in 40 different currencies. |
| Minimum Transfer Amount | $1,000 USD, $250 AUD. | Not specified in the search results. |
| Maximum Transfer Amount | Generally, no maximum transfer limit, but some currencies have limits due to regulations in the recipient's country. Your bank may also have daily transfer limits. | Transfer limits vary based on verification level and account history; Unverified accounts have lower limits; Limits range from $999.99 for unverified users to unlimited for fully verified users. |
| Payment Methods | Bank transfer is the primary payment method. In Australia, BPAY is also an option. Direct debits are available for corporate customers. | Bank transfers, Credit cards, Debit cards, Cash at participating outlets, Skrill wallet balance, Local payment methods. |
| Recipient Delivery Options | Bank deposit is the primary payout option. OFX does not support cash pickups. | Bank account, Skrill account, Mobile wallets. |
| Customer Support Availability | 24/7 customer support via phone and email. Support available in multiple languages, including English, Mandarin, and Cantonese. | 24/7 customer support is available, but response times can vary. |
| Mobile App Functionality | Mobile app available for iOS and Android. Features include initiating transfers, tracking transfers, viewing live exchange rates, managing recipients, setting rate alerts, and uploading verification documents. | Available on iOS and Android; Allows for on-the-go account management; Features include transaction monitoring, money transfers, and currency conversions; Users can upload documents for verification; Option to enable fingerprint login. |
| User Interface and Experience | Offers a user-friendly online platform and mobile app. | Intuitive and user-friendly web and mobile interfaces; Sleek, modern design; Easy to navigate and manage accounts. |
| Security Features | Regulated by financial authorities in multiple jurisdictions. Employs multi-factor authentication, real-time fraud detection, SSL encryption, and regular security assessments. | Industry-standard encryption, Fraud monitoring systems, Regulated by the Financial Conduct Authority (FCA) in the UK, Two-factor authentication, SSL technology with high-security 128-bit encryption certified by VeriSign, KYC procedures, Anti-fraud monitoring and blocking suspicious transactions. |
| Exchange Rates Transparency | OFX uses a 'retail' exchange rate, which includes a margin above the mid-market rate. The margin typically ranges from 0.4% to 2%, but can vary based on currency pair and transfer amount. Larger transfers often receive better rates. | Applies a markup to the mid-market rate; Currency conversions typically include a fee of 3.99%; Skrill Money Transfer offers cost transparency. |
| Fee Structure | OFX often charges a $15 fee for transfers below $10,000 (or equivalent). Transfers above $10,000 are typically fee-free. Third-party banks may deduct fees from the transfer. | Tiered fee structure, with costs varying based on usage patterns and verification level; Basic account is free to open and maintain; Inactivity fee of €5 if an account remains unused for 12 months; Withdrawals to credit card: 7.5%; Bank transfers: €5.50; ATM withdrawals using Skrill prepaid card: €1.75 + 2.25% of the transaction amount; Sending money to other Skrill users: 1.45% of the transaction amount (capped at €10); Currency conversion fee: up to 3.99%; Merchant fees range from 1.9% to 2.9% plus a fixed fee per transaction. |
| Price | Not available | Not available |
| Ratings | Not available | Not available |