OFX vs. MoneyGram: Which is the Best Option for Sending Money to Developing Countries?

When it comes to sending money to developing countries, there are a number of factors to consider, including the cost, the speed of the transfer, and the security of the transaction. Two of the most popular options for sending money to developing countries are OFX and MoneyGram. In this article, we will compare the two services and help you decide which one is the best option for you.

Cost

OFX typically offers lower fees than MoneyGram. For example, OFX charges a flat fee of $15 for transfers up to $1,000, while MoneyGram charges a fee of $10 for transfers up to $500 and a fee of $15 for transfers between $500 and $1,000. However, MoneyGram may offer lower fees for larger transfers.

Speed

OFX transfers typically take 1-2 business days to arrive, while MoneyGram transfers typically arrive within minutes. However, the speed of the transfer may vary depending on the country you are sending money to and the method of transfer you choose.

Security

Both OFX and MoneyGram use SSL encryption to protect your personal and financial information. However, OFX also offers a number of additional security features, such as two-factor authentication and a dedicated fraud prevention team.

Other Factors To Consider

In addition to cost, speed, and security, there are a number of other factors to consider when choosing a money transfer service. These factors include:

• The availability of the service in the country you are sending money to.
• The customer service reputation of the service.
• The ease of use of the service.
• The ability to track the status of your transfer.

Conclusion

OFX and MoneyGram are both reputable money transfer services that offer a number of advantages and disadvantages. Ultimately, the best option for you will depend on your individual needs and preferences. If you are looking for a low-cost option, OFX is a good choice. If you need your money to arrive quickly, MoneyGram is a better option. And if you are concerned about security, OFX offers a number of additional security features.