OFX vs Wise (TransferWise)
We compare OFX and Wise to see which provider you should go with for your next transfer.
Key takeaways
- Wise delivered more money than OFX on $1,000 and $10,000 transfers to the US and Europe in our October 2026 checks.
- Wise uses the mid-market rate with a separate upfront fee, while OFX drops its $15 fee from $10,000 but adds a margin to its rate.
- OFX can lock in a rate for up to 12 months with a forward contract, while Wise guarantees its rate for 2 to 48 hours.
Verdict: Wise is the cheaper pick for most standard transfers from Australia, including $10,000 sent to the US or Europe in our October 2026 checks, while OFX suits people who want to lock in a rate for months ahead, want 24/7 support from real people or are sending very large sums with no upper limit.
Wise is usually the cheaper and faster choice for everyday and mid-sized transfers, and OFX earns its place for large, planned transfers where rate-locking tools and phone support matter more than the last few dollars. Both are regulated in Australia and both typically beat a bank: the ACCC's 2019 foreign currency inquiry found Australians could have saved around $150 million in 2017-18 by using lower-priced suppliers. Below we compare their fees, exchange rates, rate-locking tools and transfer speeds.
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How we picked these
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Which has lower fees?
OFX
OFX charges a flat AU$15 transaction fee when you transfer less than AU$10,000 (or the foreign currency equivalent), according to OFX. From $10,000 there's no transaction fee, but OFX still earns a margin on the exchange rate, so "fee-free" doesn't mean free. The minimum transfer is $250 in major currencies. Your recipient's bank or an intermediary bank may also deduct its own fee, which OFX says it doesn't receive any part of.
New personal customers may get an introductory rate on their first transfer if they book it online in AUD, USD, SGD, GBP, NZD, EUR or CAD, according to OFX. The offer can be withdrawn at any time, so check it's still running before you register.
Wise
Wise charges a separate fee that's shown upfront and depends on the currency, the amount and how you pay. Its pricing page lists fees from 0.19%.
How you pay makes a real difference. On a $1,000 AUD to USD transfer, Wise quoted about 0.7% to 0.8% if you pay by debit card and about 1.2% to 1.5% by credit card, compared with 0.51% by bank transfer or PayID. Wise also applies an automatic discount once you send more than AU$40,000 (or equivalent) in a month.
Here's what Wise quoted for AUD transfers on 22 October 2026:
| Transfer (paid by bank transfer or PayID) | Wise fee | Fee as a % of amount |
|---|---|---|
| $1,000 AUD to USD | $5.06 | 0.51% |
| $10,000 AUD to USD | $35.55 | 0.36% |
| $1,000 AUD to EUR | $3.90 | 0.39% |
| $10,000 AUD to EUR | $31.71 | 0.32% |
Source: Wise quote tool, 22 October 2026. Indicative only, check Wise for a live quote.
Winner: Wise
For small and mid-sized transfers, Wise's percentage fee is usually much less than OFX's $15 fee plus its exchange rate margin. OFX's fee waiver from $10,000 narrows the gap, but in our October 2026 checks Wise still delivered more at $10,000 because OFX's rate margin cost more than Wise's fee.
Let's crunch the numbers: sending $1,000 and $10,000 overseas
To show what this looks like in practice, we took quotes from each provider's own website on 22 October 2026 for transfers paid by bank transfer. OFX figures are its standard online rates for non-logged-in customers, not introductory or negotiated rates.
These figures are indicative, as at 22 October 2026. Exchange rates change by the minute, so check each provider for a live quote before you send.
Sending $1,000 to the USA
| OFX | Wise | |
|---|---|---|
| Transfer fee | $15 (added on top, $1,015 total) | $5.06 (included in the $1,000) |
| Exchange rate | $1 AUD = 0.6856 USD | $1 AUD = 0.7012 USD (mid-market) |
| Total received | 685.60 USD | 697.60 USD |
| Difference | 12.00 USD less | 12.00 USD more |
Sending $10,000 to the USA
| OFX | Wise | |
|---|---|---|
| Transfer fee | $0 | $35.55 (included in the $10,000) |
| Exchange rate | $1 AUD = 0.6905 USD | $1 AUD = 0.7012 USD (mid-market) |
| Total received | 6,905.00 USD | 6,986.57 USD |
| Difference | 81.57 USD less | 81.57 USD more |
Sending $1,000 and $10,000 to Europe (EUR)
| OFX | Wise | |
|---|---|---|
| $1,000: fee | $15 (added on top) | $3.90 (included) |
| $1,000: exchange rate | $1 AUD = 0.6088 EUR | $1 AUD = 0.6236 EUR (mid-market) |
| $1,000: total received | 608.80 EUR | 621.15 EUR |
| $10,000: fee | $0 | $31.71 (included) |
| $10,000: exchange rate | $1 AUD = 0.6131 EUR | $1 AUD = 0.6236 EUR (mid-market) |
| $10,000: total received | 6,131.00 EUR | 6,216.00 EUR |
Wise delivered more on all four transfers. OFX adds its $15 fee on top for transfers under $10,000, while Wise takes its fee out of the amount you send, so with OFX you also paid $15 more upfront on the $1,000 transfers. OFX says the rate you get depends on how much you send and how often you transfer, so regular or very large senders may be quoted a better rate than these standard online figures once they log in or speak to an OFX dealer.
Which offers better exchange rates?
OFX
OFX sets its customer rate at the market rate plus a margin, according to OFX, and that margin is where it makes most of its money. In our checks on 22 October 2026, OFX's standard online rate was about 2.2% below the interbank rate it displayed for a $1,000 AUD to USD transfer and about 2.3% below for EUR. On $10,000 the gap shrank to about 1.4% for USD and 1.7% for EUR. So the margin gets smaller as you send more, but it doesn't disappear when the $15 fee does.
Wise
Wise is one of the few money transfer services that converts at the mid-market rate, and it charges its fee separately, so you can see exactly what you're paying. When you set up a transfer, Wise guarantees the rate for a set period, which ranges from 2 to 48 hours depending on the currency, according to Wise. If your money doesn't arrive in time, Wise uses the live mid-market rate when it receives your funds.
Winner: Wise
Getting the mid-market rate with a clearly stated fee beat OFX's margin-based pricing at both $1,000 and $10,000 in our checks.
Locking in a rate: OFX forward contracts vs Wise's rate guarantee
If you don't need to send money today, OFX gives you more control over the rate you get:
- Forward contracts: fix an exchange rate for a transfer up to 12 months in the future, according to OFX. These suit known future costs like a property settlement, overseas school fees or a wedding abroad.
- Limit orders: set a target rate for up to 6 months and OFX will book the transfer automatically if the market hits it. Once triggered the transfer is binding and can't be cancelled, and OFX doesn't require a deposit to place one.
Wise doesn't offer forward contracts. Its rate guarantee only covers the window between setting up a transfer and your money arriving (2 to 48 hours). If you hold money in a Wise account, its Auto Conversions feature will convert between two eligible currencies once the market reaches a rate you choose, which works a bit like a limit order but applies to your Wise balance rather than a booked transfer.
Which is faster?
OFX
Once OFX receives your funds, most transfers to major currencies such as US dollars and euros arrive within 1 to 2 business days.
Wise
Many Wise transfers arrive within minutes, especially when you pay by PayID or card. Wise says it can take 0 to 2 working days for your money to reach Wise depending on how you pay, conversion can take up to 2 working days, and delivery to the recipient's bank usually takes 0 to 2 working days.
Winner: Wise
Both can be quick for major currencies, but Wise is faster overall, particularly when you pay by PayID.
General features
| Payment methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | Safety | |
|---|---|---|---|---|---|---|
| OFX |
|
| Minimum: $250 Maximum: Unlimited | 24 hours | 50+ currencies | OzForex Limited holds AFSL 226484 and is an AUSTRAC reporting entity. Also regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS, FMA, CBI (Central Bank of Ireland) |
| Wise |
|
| Minimum: $1 Maximum: $1,800,000 | Within minutes | 40+ currencies | Wise Australia Pty Ltd holds AFSL 513764, is authorised by APRA as a purchased payment facility provider and is an AUSTRAC reporting entity. Also regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS |
OFX has no maximum transfer, which makes it a practical option for very large one-off amounts such as property purchases or moving savings overseas. Wise's limits depend on how you pay: up to $1.8 million per transfer by bank transfer (your bank may set a lower limit), $50,000 by PayID and $18,000 by card. OFX also offers 24/7 support with real people across its global offices, which can be reassuring when you're moving a large amount.
OFX
With OFX, you register online, enter how much you're sending and lock in your rate. You then send your funds to OFX by BPAY or bank transfer, and OFX converts the money and pays it directly into your recipient's bank account.
Wise
For Wise, you sign up, choose the currencies you're exchanging and enter how much you want to send. After reviewing your rate and fee, you pay by bank transfer, PayID or card, and Wise sends the money once it's received.
Bottom line
OFX and Wise both beat most banks, but they suit different people. Wise is the better choice for most transfers, from small regular payments to around $10,000 and beyond, because its mid-market rate and low upfront fee delivered more money in every scenario we checked in October 2026. OFX is built for large, planned transfers: it has no maximum, can lock a rate for up to a year and offers 24/7 support. If you're sending a very large amount, get a live quote from both, and ask OFX whether it can improve on its standard online rate.
Looking for more options?
Check out our comparison of over 25 providers to find you the best rates on your next transfer.
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