Remitly and OFX both move money abroad, but they come at it from different angles. Remitly is a dedicated transfer provider built for sending to family, with a fee plus a markup on the rate. OFX is a dedicated currency broker built for larger transfers, with a modest markup and no fee on bigger amounts.
On a $1,000 dollar-to-euro transfer, Remitly costs about $22.91, while OFX costs about $7.50. OFX is usually the cheaper of the two for a bank deposit. The tables below use the current mid-market reference; Wise may use an account-holder API estimate, while other providers use stored published fee and markup models rather than live quotes.
- OFX is usually cheaper for a bank deposit. It has no fee on bigger amounts and a markup of about 0.75%, which beats Remitly's fee-plus-markup.
- Remitly charges a fee plus a markup. Its cost is a fee of about $3.99 plus a markup of about 1.9% on the rate.
- Remitly wins on cash pickup. If your recipient needs cash, Remitly supports it across many countries, which OFX does not.
- The payout method matters. For a bank deposit, OFX usually wins; for cash pickup, Remitly is often the better fit.
How Remitly charges
Remitly is a dedicated transfer provider built for sending to family abroad. It charges a fee of about $3.99 plus a markup of about 1.9% on the exchange rate. There is no monthly limit, and it supports cash pickup, bank deposit, and mobile money across many countries.
The appeal of Remitly is its reach: it supports cash pickup and mobile money across many countries, which is a lifeline where bank access is thin. The trade-off is the fee-plus-markup, which works out higher than OFX's markup for a bank deposit.
How OFX charges
OFX is a dedicated currency broker aimed at larger transfers. It charges no transfer fee on bigger amounts and makes its money on a modest markup of about 0.75% above the mid-market rate. There is no monthly limit and no weekend surcharge, just the same steady markup whenever you send.
The appeal of OFX is simplicity at scale: no fee on larger amounts, a thin markup, and a broker you can talk to. The trade-off is that it only does bank deposits, so it is not a fit if your recipient needs cash.
Head to head, by amount
The ranking depends on the payout method and the amount. Here is the same dollar-to-euro transfer at three sizes.
$1,000: OFX's markup beats Remitly's fee-plus-markup
OFX's markup of about 0.75% works out below Remitly's fee-plus-markup. For a bank deposit, OFX is the cheaper here.
$5,000
At $5,000, both costs scale with the amount, but OFX's 0.75% markup stays below Remitly's fee-plus-markup. The gap holds, and OFX charges no fee on bigger amounts.
$25,000: a big send
On a large send, this is where a broker like OFX comes into its own. Its 0.75% markup and no fee on bigger amounts work out well below Remitly's fee-plus-markup. The gap is now worth real money.
Who should pick what
Pick OFX if you send to a bank account and want the lowest all-in cost, especially on a larger transfer. Its 0.75% markup and no fee on bigger amounts work out below Remitly's fee-plus-markup.
Pick Remitly if your recipient needs cash pickup or mobile money, or you send to a country where bank access is thin. Remitly is built for remittances and supports cash and mobile money across many countries.
Consider Interactive Brokers when a large currency trade will buy an investment or hedge exposure inside the brokerage. Its spot-currency pricing can be much lower than either provider's. Keep Remitly for cash or mobile-money delivery, and OFX for a direct payment to another person. See Interactive Brokers vs OFX.
Frequently asked questions
Is Remitly cheaper than OFX?
For a bank deposit, usually no. OFX has no fee on bigger amounts and a markup of about 0.75%, which works out below Remitly's fee-plus-markup. But if your recipient needs cash pickup or mobile money, Remitly is often the better fit.
Is OFX good for large transfers?
Yes. OFX is a dedicated currency broker built for larger transfers, with no fee on bigger amounts and a modest markup. It also has no monthly limit or weekend surcharge, and you can speak to a broker, which makes it a strong choice for big sends.
Does Remitly support cash pickup?
Yes. Remitly supports cash pickup, bank deposit, and mobile money across many countries, which is a lifeline where bank access is thin. That reach is its main advantage over OFX, which only does bank deposits.
Are the fees shown here exact?
No. The table uses the current mid-market reference and, where available, a Wise account-holder API estimate. Other providers use stored published fee and markup models, not live quotes, so the results are modelled estimates for typical routes. Remitly's fee and markup vary by route, and OFX's markup varies by route and amount. Always confirm the final figure on the provider's own site before you transfer.
Cost figures are worked out from each provider's published fee structure applied to the current mid-market reference rate, modelled estimates for typical major-currency routes. Remitly's fee and markup vary by route; OFX's markup varies by route and amount. The figures shown are representative. Always confirm the final quote on the provider's own site before you transfer. We may earn a commission from affiliate links at no extra cost to you; this never affects rankings. Nothing here is financial advice.
Sources: Remitly pricing (opens in a new tab), OFX pricing (opens in a new tab), Wise pricing (opens in a new tab), IBKR spot-currency commissions (opens in a new tab), Interactive Brokers (U.K.) Limited Client Agreement for Carried Products (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab), IBKR third-party withdrawals (opens in a new tab). Accessed 22 August 2026.