Why would I pay a recipient via OFX Direct over SWIFT?Why would I pay a recipient via OFX direct over SWIFT?Apr 19, 2026Knowledge
InformationDetailsThe following reasons highlight why you might prefer OFX Direct over SWIFT:Lower Fees: OFX Direct typically incurs lower transaction fees compared to SWIFT payments, making it a more cost-effective option for sending funds.Faster Processing Times: Payments made through OFX Direct are often processed more quickly than those sent via SWIFT, especially for domestic transactions, allowing recipients to access their funds sooner.Simplified Process: Using OFX Direct tend to involve fewer processing institutions and less complexity compared to navigating the SWIFT network, contributing to the ease and reduced cost of delivering your payment to the intended beneficiary.Why is this page important? Understanding the advantages of using OFX Direct helps customers make informed decisions about their payment methods, ensuring they choose the most efficient and cost-effective options for their needs. Next Steps: To pay a recipient via OFX Direct:1. Log into your OFX account and navigate to the Recipients section on the menu side bar.2. Complete the "Basic Info" section. Once complete, click on "Next" to move to "Banking essentials" section. 3. Select the "country' and "currency" details for the beneficiary. Select the option for OFX Direct as the preferred method for paying the beneficiary. Click "Next" to move to the next section.4. Enter the banking details of the recipient.5. Review the recipient information. Click on "Save recipient" to complete. Related Articles:How do I create a Recipient? TitleWhy would I pay a recipient via OFX Direct over SWIFT?URL Namekb-3139076215-why-would-i-pay-a-recipient-via-ofx-direct-over-swift