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OFX vs TransferWise

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

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Both OFX and TransferWise will give you a better exchange rate and lower fees than your local bank – but how do they fare against each other? We'll go into how their fees, exchange rates and transfer speeds differ to find out which one comes out on top.

The fees and rates used in this comparison are accurate as of 27 November 2018.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 0.703 USD
7,031
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.706 USD
7,028
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Which has lower fees?

OFX

OFX charges a $15 flat fee unless your transfer is over $10,000, in which case they waive the fee. This makes OFX better suited for larger transfers.

TransferWise

With TransferWise, fees depend on where and how you're sending money. They range from 0.45% to 1.5% of your transaction, plus a small flat fee of a few dollars. For example, sending $1,000 to Bangladesh will cost you about $15, while sending $1,000 to Canada will cost you about $6.

Trophy icon
Winner: Tie

For sending smaller transfers, TransferWise will often be a better option for you in terms of the fees. But if you're making a larger transfer, OFX may end up as a better option with its no fees for transfers over $10,000. We're calling this one a tie.

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

To put this into the context of a real-world transaction, this is what two different transfers look like when sending money with TransferWise 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 the Philippines
OFXTransferWise
Transfer fee$15$9.94
Exchange rateAUD$1 = PHP36.44AUD$1 = PHP37.96
Transfer speed1 - 2 business days1 business day
Total pesos receivedPHP36,440.40PHP37,585.23
Receiver getsPHP1,144.83 lessPHP1,144.83 more
Sending $10,000 to the Philippines
OFXTransferWise
Transfer fee$0$63.62
Exchange rateAUD$1 = PHP36.70AUD$1 = PHP37.98
Transfer speed2 business days1 business day
Total pesos receivedPHP367,037PHP377,419.19
Receiver getsPHP10,382.19 lessPHP10,382.19 more

For both transfers, TransferWise ends up the winner. Even though OFX knocks off the fee for larger transfers, TransferWise's better exchange rate still makes it a better deal for this transfer.

Which offers better exchange rates?

OFX

A typical exchange rate at OFX is about 1% to 5% above the mid-market rate. So while OFX doesn't charge a fee for transfers over $10,000, it still makes money on this margin.

TransferWise

Exchange rates are where TransferWise shines. It's one of the only money transfer services that offer you the mid-market rate. So if you're sending $1,000 to the Philippines and the mid-market rate is AUD$1 = PHP37.95, that's the rate you're going to get.

Trophy icon
Winner: TransferWise

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.

TransferWise

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: OFX

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

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrenciesSafety
OFXBank transferBank account onlyMinimum: $250

Maximum: No limit

1 - 2 days50+ currenciesRegulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS, FMA
TransferWiseBank transfer, credit card, debit cardBank account onlyMinimum: $1

Maximum: $1,800,000

1 - 2 days45+ 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.

TransferWise

For TransferWise, 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 TransferWise's bank details and PayID to send the money to. TransferWise sends the money on once it's received.

Bottom line

When it comes to international money transfers, both OFX and TransferWise are forces to be reckoned with. It's too close to call which is better for your situation. Ultimately, you'll need to weigh your specific details or compare further options to find the service that's right for you.

Looking for more options?

Check out the table below for information on what other providers are out there. You can enter how much you want to send in the calculator to get an idea of what fees and exchange rate you should expect.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.703 USD
7,031
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.703 USD
7,031
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.703 USD
7,031
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.703 USD
7,031
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
GBP 3,000 1 day AUD 0.00 0.703 USD
7,031
Global Reach will match any competitor's exchange rates. Conditions apply.
Get no fees for both business and personal transfers when you send your money overseas with Global Reach.
Go to site Show details
AUD 1 1 day AUD 52.00 0.702 USD
6,988
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 0 Same day AUD 2.99 0.698 USD
6,980
Special offers like free transfers and better exchange rates available for new customers.
Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.
Go to site Show details
AUD 1 Same day AUD 0.00 0.702 USD
7,024
Get fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.705 USD
7,017
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.699 USD
6,987
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.697 USD
6,972
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Frequently asked questions

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for SendFX International Money Transfers
SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

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