OFX vs TransferWise - featured image

OFX vs TransferWise

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

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 0.684 USD
6,843
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
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.

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
OFX TransferWise
Transfer fee $15 $9.94
Exchange rate AUD$1 = PHP36.44 AUD$1 = PHP37.96
Transfer speed 1 - 2 business days 1 business day
Total pesos received PHP36,440.40 PHP37,585.23
Receiver gets PHP1,144.83 less PHP1,144.83 more
Sending $10,000 to the Philippines
OFX TransferWise
Transfer fee $0 $63.62
Exchange rate AUD$1 = PHP36.70 AUD$1 = PHP37.98
Transfer speed 2 business days 1 business day
Total pesos received PHP367,037 PHP377,419.19
Receiver gets PHP10,382.19 less PHP10,382.19 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.

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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.

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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 methods Receiving options Minimum and maximum transfers Transfer speeds Currencies Safety
OFX Bank transfer Bank account only Minimum: $250

Maximum: No limit

1 - 2 days 50+ currencies Regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS, FMA
TransferWise Bank transfer, credit card, debit card Bank account only Minimum: $1

Maximum: $1,800,000

1 - 2 days 45+ currencies Regulated 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 200 1 day AUD 0.00 0.684 USD
6,843
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 0.684 USD
6,843
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.684 USD
6,843
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 250 1 day AUD 0.00 0.684 USD
6,843
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 200 1 day AUD 0.00 0.684 USD
6,837
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.684 USD
6,835
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.684 USD
6,833
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.684 USD
6,842
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.684 USD
6,836
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.687 USD
6,836
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
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

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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 WorldFirst International Money Transfers
WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

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

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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