Compare UKForex vs TransferWise

UKForex Ltd Logo
Trustpilot Rating
Reviews 4,020 | Excellent
 (4.4)

UKForex Ltd is an electronic money institution focused on foreign exchange and international payments. UKForex Ltd offers international money transfers, foreign exchange, e-wallet accounts to individuals, small- and medium-sized businesses, online sellers. In 2019 UKForex Ltd had total assets of 19.86 mln GBP, UKForex Ltd generated net income of 997,869.00 GBP. Incorporated in the United Kingdom, UKForex Ltd is authorized and regulated by the Financial Conduct Authority. UKForex Ltd is doing business as OFX.

Transferwise Ltd Logo
Trustpilot Rating
Reviews 94,805 | Excellent
 (4.6)

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards, international money transfers, virtual accounts with IBAN to individuals, businesses. In 2019 Transferwise Ltd had total assets of 1,108.80 mln GBP, Transferwise Ltd generated net income of 10.30 mln GBP. Incorporated in the United Kingdom, Transferwise Ltd is authorized and regulated by the Financial Conduct Authority.

UKForex Business Focus
foreign exchange and international payments
UKForex Products
  • e-wallet accounts
UKForex Services
  • international money transfers
  • foreign exchange
UKForex Clients
  • individuals
  • small- and medium-sized businesses
  • online sellers

View UKForex Profile +

TransferWise Business Focus
international money transfers
TransferWise Products
  • prepaid cards
  • virtual accounts with IBAN
TransferWise Services
  • international money transfers
TransferWise Clients
  • individuals
  • businesses

View TransferWise Profile +

Compare Money Transfers

UKForex TransferWise
Speed0-3 days0-2 days
Amount Range100 GBP - unlimited1.00 EUR - 1,200,000 EUR
Countries197 countries60+ countries
Currencies55+ currencies40+ currencies
Sending From
  • bank accounts
  • debit cards (UK GBP)
  • Transferwise accounts
  • bank accounts
  • payment cards
Receiving To
  • bank accounts
  • Transferwise accounts
  • bank accounts
  • payment cards
Transfer Options
  • one-time payments
  • regular payments
  • large amounts transfers
  • one-time payments
  • regular payments
  • batch payments
  • direct debits
  • large amounts transfers
Risk Management
  • forward exchange contracts
  • target rate orders
Make Transfer Make Transfer
 

Transfer Costs

UKForex

Transfer Fees
Zero transfer fees for all transfers (special offer for registrations from TheBanks.eu). Note: $15.00 standard fee is normally charged for transfers under $10,000 at OFX; there is no transfer fee when transferring over $10,000.
Exchange Rate
OFX delivers competitive exchange rates, so you can save up to 75% on the exchange rate margin and keep more of your money.

TransferWise

Transfer Fees
How much a particular Transferwise transfer costs depends on three things — the amount being sent, the payment method, and the exchange rate.
Exchange Rate
Transferwise ensures that its customers get mid-market rate — it’s the one banks use to trade between themselves.

Transfer Speed

UKForex

OFX's global network of banks allows us to transfer money overseas securely and quickly. Most other major currency transfers may arrive within 1-2 days (from the time OFX receives your funds). While banks require that you submit your money transfer orders during their business hours, OFX operates 24 hours a day, 7 days a week.

TransferWise

Transferwise provides an estimated delivery time for every transfer. In general, the delivery time depends on the following:

  1. Sending and receiving countries and currencies.
  2. Payment method. Some payment methods and faster than the other. For example, card payments are normally instant, while bank transfers take longer.
  3. Transfer initiation time. Transferwise can handle the money during normal banking hours.
  4. Security checks. Sometimes Transferwise needs to verify sender's ID, address as well as other details. Such verification can add extra time to your transfer on top of the initial estimation.

Available Currencies

UKForex

AEAED (UAE dirham)
AUAUD (Australian dollar)
CACAD (Canadian dollar)
CHCHF (Swiss franc)
DKDKK (Danish krone)
EUEUR (Euro)
GBGBP (Pound sterling)
HKHKD (Hong Kong dollar)
HUHUF (Hungarian forint)
ILILS (Israeli shekels)
JPJPY (Japanese yen)
MXMXN (Mexican peso)
NONOK (Norwegian krone)
NZNZD (New Zealand dollar)
PLPLN (Polish złoty)
SESEK (Swedish krona/kronor)
SGSGD (Singapore dollar)
THTHB (Thai baht)
TRTRY (Turkish lira)
USUSD (US dollar)
ZAZAR (South African rand)
AZAZN (Azerbaijani Minat)
BGBGN (Bulgarian lev)
BHBHD (Bahraini Dinar)
BNBND (Brunei Dollar)
CNCNY (Renminbi (Chinese) yuan)
CZCZK (Czech koruna)
EGEGP (Egyptian Pound)
FJFJD (Fijian Dollar)
IDIDR (Indonesian rupiah)
ININR (Indian rupee)
KRKRW (South Korean won)
KWKWD (Kuwatiti Dinar)
LKLKR (Sri Lankan Rupee)
MAMAD (Moroccan Dirham)
MGMGA (Malagasy Ariary)
MYMYR (Malaysian ringgit)
OMOMR (Omani Rial)
PEPEN (Peruvian Nuevo Sol)
PGPGK (Papua New Guinea Kina)
PHPHP (Philippine peso)
PKPKR (Pakistani rupee)
RURUB (Russian ruble)
SASAR (Saudi riyal)
SBSBD (Solomon Island Dollar)
SCSCR (Seychelles Rupee)
TOTOP (Tongan Pa anga)
TWTWD (Taiwanese Dollar)
TZTZN (Tanzanian Shilling)
VEVEF (Venezuelan Bolivar Fuerte)
VNVND (Vietnamese Dong)
VUVUV (Vanuatu Vatu)
WSWST (Samoan Talar)
XOF (West African CFA Franc)
XPF (CFP Franc)

Sending Methods

UKForex

Debit Cards
Available for Visa debit cards in GBP issued for UK customers.
Bank Accounts

TransferWise

Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
TransferWise allows to send money from a sender's bank account: the sender should send money to TransferWise own bank account in the sender's country.
Payment Card
TransferWise supports sending money from payment cards the same way as from bank accounts.

Receiving Methods

UKForex

Bank Accounts
OFX supports transfers to bank accounts only.

TransferWise

Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
Delivering money to bank accounts is the main receiving method in TransferWise.
Payment Card
TransferWise can deliver CNY to UnionPay card holders based in China.

Sending Countries

TransferWise

Transferwise offers sending money from a sender's Transferwise account, so sending money is available for all countries where Transferwise Borderless account is offered. Transferwise Borderless account is offered worldwide expect for several sanctioned countries and territories.

Receiving Countries

TransferWise

TransferWise allows to send money to 50 countries, namely:

SEPA-Countries (Europe)
AR Argentina
AU Australia
BD Bangladesh
BR Brazil
BG Bulgaria
CA Canada
CL Chile
CN China
CO Colombia
HR Croatia
CZ Czech Republic
DK Denmark
GE Georgia
HK Hong Kong
HU Hungary
IN India
ID Indonesia
IL Israel
JP Japan
KE Kenya
MY Malaysia
MX Mexico
MA Morocco
NP Nepal
NZ New Zealand
NG Nigeria
NO Norway
PK Pakistan
PE Peru
PH Philippines
PL Poland
RO Romania
RU Russian Federation
SG Singapore
ZA South Africa
KR Korea, Republic of
LK Sri Lanka
SE Sweden
CH Switzerland
LI Liechtenstein
TH Thailand
TR Turkey
UA Ukraine
AE United Arab Emirates
GB United Kingdom
US United States
VN Vietnam
EG Egypt
GH Ghana

Advantages and Disadvantages

Advantages of UKForex Transfers

Zero transfer fees
Spot and forward contracts
Support for limit orders
Available for individuals and business customers

Advantages of TransferWise Transfers

Broad countries coverage
Available for individuals and business entities
Suitable for large transfers

Disadvantages of UKForex Transfers

Receiving money to bank accounts only

Disadvantages of TransferWise Transfers

Have to open a current account with TransferWise
Receiving money mainly to bank accounts

How UKForex Transfers Work

1.
Register with OFX
Register, get verified and login.
2.
Setup Transfer
Enter your recipient’s bank account details and lock-in your transfer.
3.
Send Funds
Simply send your funds to us via Debit Card (Personal transfer only) or Electronic Funds Transfer and OFX will do the rest.


How TransferWise Transfers Work

1.
Create account
Create and verify your TransferWise account
2.
Enter transfer's details
Provide the recipient’s details and the amount you want to send. Note that the recipient doesn't need a TransferWise account, just a bank account.
3.
Pay for your transfer
Pay by credit or debit card or make a local bank transfer to TransferWise’s bank account in your country. You don't have to link your bank account to TransferWise (unless you’re sending from Canada or the US).
4.
Transfer processed
TransferWise has local bank accounts in countries all over the world. So often TransferWise is able to use money from a TransferWise user sending money the other way around.
5.
Transfer completed
If you provide your recipient’s email address, the recipient will get a notification that the money is on the way.


See Also