OFX vs Wise (TransferWise): Which is better? | finder.com.au

OFX vs Wise (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 Wise 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 0.768 USD
7,684
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.772 USD
7,683
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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.

Wise

With Wise, 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.

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Winner: Tie

For sending smaller transfers, Wise 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 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 the Philippines
OFXWise
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
OFXWise
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, Wise ends up the winner. Even though OFX knocks off the fee for larger transfers, Wise'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.

Wise

Exchange rates are where Wise 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: 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.

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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 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
WiseBank 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.

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 on once it's received.

Bottom line

When it comes to international money transfers, both OFX and Wise 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
GBP 0 1 - 2 days AUD 0.00 0.766 USD
7,664
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.768 USD
7,684
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.769 USD
7,694
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.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.769 USD
7,685
Send 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 0.769 USD
7,687
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 52.00 0.768 USD
7,639
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 10 Within an hour AUD 2.99 0.763 USD
7,630
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.768 USD
7,679
XE has 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 0.770 USD
7,664
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple 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 0.764 USD
7,639
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.762 USD
7,622
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.772 USD
7,683
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

More guides on Finder

International Money Transfer Offers

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

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

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

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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.

Logo for Send International Money Transfers
Send International Money Transfers

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

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