OFX vs Wise (TransferWise)
We compare OFX and Wise to see which provider you should go with for your next transfer.
Key takeaways
- OFX often suits transfers over $10,000, as it waives its transfer fee on larger amounts, while Wise uses the mid-market exchange rate and charges a separate, upfront fee instead.
- Wise generally offers faster transfers, with many arriving within minutes when paid by PayID or card.
- OFX offers financial tools like forward contracts for locking in preferred exchange rates.
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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 $15 flat fee unless your transfer is over $10,000. If you're a new customer, OFX may offer an introductory exchange rate on your first transfer booked online. It's also worth noting, OFX has a minimum transfer amount of $250.
Wise
With Wise, fees depend on the payment method, the amount and the destination. Their fees start from 0.19% and are typically under 0.5% for major currencies, though some less common currencies cost more. For example, sending $1,000 to Bangladesh will cost you $13.25, while sending $1,000 to Canada will cost you about $5.31.
Winner: Tie
For smaller transfers, Wise's low percentage-based fees usually make it the cheaper option. For larger transfers, OFX may be more cost-effective as it waives its transfer fee on amounts of $10,000 or more (though a margin is built into its exchange rate) and offers forex tools like forward contracts. 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
| OFX | Wise | |
|---|---|---|
| Transfer fee | $15 (added on top, $1,015 total) | $5.06 (included in the $1,000) |
| Exchange rate | $1 AUD = 0.6944 USD | $1 AUD = 0.7101 USD |
| Transfer speed | 1 - 2 business days | Same day (bank transfer/PayID) |
| Total dollars received | 694.40 USD | 706.46 USD |
| Receiver gets | 12.06 USD less | 12.06 USD more |
Sending $10,000 to USA
| OFX | Wise | |
|---|---|---|
| Transfer fee | $0 | $35.55 (included in the $10,000) |
| Exchange rate | $1 AUD = 0.6994 USD | $1 AUD = 0.7099 USD |
| Transfer speed | 2 business days | By next business day (PayID) |
| Total pesos received | 6,994.00 USD | 7,073.76 USD |
| Receiver gets | 79.76 USD less | 79.76 USD more |
OFX adds its $15 fee on top of transfers under $10,000, while Wise's fee is included in the amount you send. At the time of writing, Wise delivered more US dollars on both transfers, but OFX may offer better rates to logged-in customers and on high-value transfers.
Which offers better exchange rates?
OFX
OFX adds a margin to the mid-market rate, which is typically around 0.5% to 3% and shrinks as you send more. For example, on a $10,000 transfer on 23 September 2026, OFX's standard rate was about 1.5% below the mid-market rate for USD and 1.7% for euros. So while OFX doesn't charge a fee for transfers of $10,000 or more, 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, whatever the mid-market rate is when you set up your transfer is the rate you'll get, and Wise guarantees it for a set period.
Winner: Wise
There's no denying the power of paying the mid-market rate.
Which is faster?
OFX
Once OFX receives your funds, most transfers to major currencies like US dollars and euros arrive within 1 to 2 business days.
Wise
Most Wise transfers arrive within a day, and many arrive within seconds, especially if you pay by PayID or card. Depending on the currency and payment method, some transfers can take a few business days.
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 methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | Safety | |
|---|---|---|---|---|---|---|
| OFX |
|
| Minimum: $250 Maximum: Unlimited | 24 hours | 50+ currencies | Registered with AUSTRAC (remittance sector register) and 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 | Registered with AUSTRAC (remittance sector register) and regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS, APRA |
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
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?
Check out our comparison of over 25 providers to find you the best rates on your next transfer
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