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OFX vs Wise (TransferWise)

We compare OFX and TransferWise to see which provider you should go with for your next transfer.

In the world of international money transfers, OFX and Wise have emerged as leading brands in Australia. They typically offer better exchange rates and lower fees than your local but cater to different audiences. OFX specialises in large money transfers and Wise is more suited for smaller amounts. Below we cover how their fees, exchange rates and transfer speeds differ to help you make the right choice.

1 - 2 of 2
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
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Which has lower fees?

OFX

OFX charges a $15 flat fee unless your transfer is over $10,000, if you're a new customer they might waive the flat-fee to entice you. It's also worth noting, OFX have a minimum transfer amount of $250.

Wise

With Wise, fees depend on the payment method, the amount and the destination. Their fees normally range from 0.45% to 1.5% of your transaction. For example, sending $1,000 to Bangladesh will cost you $9.25, while sending $1,000 to Canada will cost you about $5.85.

Trophy icon
Winner: Tie

For smaller transfers, Wise will be a better option for you in terms of the fees. But if you're making a larger transaction, OFX may end up being more cost-effective as you pay no fees above a certain limit and offer from forex tools. We're calling this one a tie.

Let's crunch the numbers: Sending $1,000 and $10,000 to the United States

To put this into the context of a real-world transaction, this is what two different transfers look like when sending money with Wise and OFX. Keep in mind that transferring to other currencies will have different fees involved and may take longer.

In our imaginary scenario, we'll be using a bank transfer.

Sending $1,000 to USA
OFXWise
Transfer fee$15$5.29
Exchange rate$1 AUD = 0.6298 USD$1 AUD = 0.6332 USD
Transfer speed1 - 2 business days1 business day
Total dollars received620.95 USD629.85 USD
Receiver gets9.45 USD less9.45 USD more
Sending $10,000 to USA
OFXWise
Transfer fee$0$47.77
Exchange rate$1 AUD = 0.6304 USD$1 AUD = 0.6335 USD
Transfer speed2 business days1 business day
Total pesos received6,304 USD6,304.84 USD
Receiver gets0.84 USD less0.84 USD more

The exchange rates were taken from each providers website on 1 November, 2023. In both scenarios Wise wins but as you transfer more money, the gap between OFX and Wise narrows.

Which offers better exchange rates?

OFX

A typical exchange rate at OFX is about 0.50% to 3% above the mid-market rate. For example, OFX charges a 1.84% markup on USD and a 2.09% markup on Euro transfers. So while OFX doesn't charge a fee for transfers over $10,000, it still makes money from this margin.

Wise

Exchange rates are where Wise shines. It's one of the few money transfer services that offer you the mid-market rate, the best available. So if you're sending $1,000 to the Philippines and the mid-market rate is $1 AUD = 37.09 PHP, that's the rate you're going to get.

Trophy icon
Winner: Wise

There's no denying the power of paying the mid-market rate.

Which is faster?

OFX

Most currencies will take one to two business days. However, if you're sending money to the US, it often arrives within a day.

Wise

Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash. Paying by card is by far the fastest method, with your money arriving there immediately in most cases.

Trophy icon
Winner: Wise

Both providers can get your money there fast for certain payments or currencies, but Wise has the faster transfers overall.

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrenciesSafety
OFX
  • BPAY
  • Bank transfer
  • Bank account
Minimum: $250

Maximum: Unlimited

24 hours54 currenciesRegulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS, FMA
Wise
  • Bank transfer
  • Credit card
  • Debit card
  • PayID
  • Alipay (China only)
  • Bank account
Minimum: $1

Maximum: $1,800,000

Within minutes52 currenciesRegulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS

OFX

With OFX, you go to its site, enter how much money you're transferring and send your funds to an OFX account. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

Wise

For Wise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, you're given Wise's bank details and PayID to send the money to. Wise sends the money once it's received.

Bottom line

When it comes to money transfers, OFX and Wise are forces to be reckoned with but serve different types of customers. Wise is suited for small, regular transfers while OFX is built for large, one-off transfers and provides better customer support. OFX can't compete with Wise's exchange rate but has tools such as forwards contracts that can give you competitive rates if your transfer isn't urgent.

Looking for more options?

1 - 25 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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