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OFX vs Wise

The main difference between OFX and Wise is that OFX has zero fees while Wise fees vary depending on the currency pair, the payment method and the amount transferred.

When making international money transfers, some of the questions you ask yourself revolve around the transfer fees, exchange rates and turnaround time. But with so many money transfer providers available, it might be hard to pick the one which fits your needs.

It takes an independent comparison to clearly bring out the differences in features such as transfer speeds, exchange rates, transfer fees and reliability. This Wise, (formerly Transferwise) vs OFX comparison also seeks to identify the pros and cons of each provider.

Artiom Pucinskij
Author 
Artiom Pucinskij
8 minutes
September 17th, 2025
Visit Wise
OFX
Fees & Rates
9.4
Transfer Speed
8.0
Safety & Trust
8.5
Product Offering
8.8
Transfer Limits
9.5
Ease of Use
8.2
Customer Feedback
8.3
8.7
Overall
Wise
Fees & Rates
9.4
Transfer Speed
9.0
Safety & Trust
9.2
Product Offering
8.8
Transfer Limits
9.5
Ease of Use
10.0
Customer Feedback
8.5
9.2
Overall
Transfer Examples

Quick comparison of rates & fees

Here are the live fees and rates for Wise and OFX for various transfer amounts.

Based on our live data, it's fairly clear that Wise is the cheaper option compared to OFX for most transfers.

OFX is generally known to offer more exotic currencies, so it is a good option when looking to send more currencies like PHP abroad.

Amount
Last updated at 9/18/2025
GBP
USD
Mid Market Rate£1 = $1.36
Transfer Amount£1,000
1Wise
Wise
2OFX
OFX
Wise
Recipient gets
$1,358.63
Exchange rate
1.3650
Exchange rate markup
0.00%
Cheapest payment method
Bank transfer
Transfer fee
£4.67
Visit
OFX
Recipient gets
$1,356.1
Exchange rate
1.3561
Exchange rate markup
0.65%
Cheapest payment method
Bank transfer
Transfer fee
£0
Visit
EUR
USD
Mid Market Rate€1 = $1.19
Transfer Amount€1,000
1Wise
Wise
2OFX
OFX
EUR
GBP
Mid Market Rate€1 = £0.87
Transfer Amount€1,000
1Wise
Wise
2OFX
OFX
USD
GBP
Mid Market Rate$1 = £0.73
Transfer Amount$1,000
1OFX
OFX
2Wise
Wise
USD
PHP
Mid Market Rate$1 = ₱56.88
Transfer Amount$1,000
1OFX
OFX
2Wise
Wise

How does OFX compare to Wise?

Wiseis a UK based international money transfer service provider that uses mid-market rates to process transfers. It provides an excellent platform for both small and large transfers subject to upper transfer limits. Currently the limits are GBP 1 million, USD 1 million and EUR 1.2 million.

Previously known as Transferwise, Wise has been trading for almost a decade. It serves over 6 million customers who collectively transfer more than £4 billion monthly.

OFX has existed for almost twice as long. It is one of the most trusted online money transfer operators, with network coverage that connects over 1 million customers globally and supports 55+ currencies. Since its inception, customers have transferred over $100 billion through the platform. Out of its many features, OFX most appealing feature is the $0 transfer fees rate the company applies to all transfers.

Which brand has lower fees?

How much a transfer will cost you is an important decision-making factor you cannot afford to ignore. Money transfer providers have different fee structures, mostly dependent on the currency pair and the amount you are transferring.

Wise

Wise fees vary depending on the currency pair, the payment method and the amount transferred.

Wise charges a percentage fee based on the transfer amount and currencies involved, usually starting from 0.35%. The fee is gradually decreased the more you need to send.

Here's a summary of live rates from Wise for various amounts, assuming you are sending USD abroad.

You can use the dropdown to add or change currencies.

USD
AED, CAD, EUR, GBP, IDR, MXN, PKR, TWD, VES, ZAR

Currency pair

Wise fees

Receive amount

USD / AED
$10.97
AED 1,796.21
USD / CAD
$8.76
$675.68
USD / EUR
$8.43
€414.72
USD / GBP
$8.65
£360.24
USD / IDR
$9.6
Rp 8,055,801
USD / MXN
$9.88
$8,966.6
USD / PKR
$10.23
Rs 137,882.5
USD / TWD
$11.71
$14,681.9
USD / VES
$11.71
VES 78,949.66
USD / ZAR
$17.22
R 8,380.48
Last updated at 9/18/2025Download CSV
Scroll for more

OFX

OFX is a currency broker and carries the day with zero transfer fees.

For comparison, this is how much you can expect to receive with OFX, accounting for no transfer fees.

USD
AED, CAD, EUR, GBP, IDR, MXN, PKR, TWD, VES, ZAR

Currency pair

OFX fees

Receive amount

USD / AED
$0
AED 1,824.32
USD / CAD
$0
$683.26
USD / EUR
$0
€419.05
USD / GBP
$0
£364.19
USD / IDR
$0
Rp 8,161,552.83
USD / MXN
$0
$9,087.64
USD / PKR
$0
Rs 140,355.53
USD / TWD
$0
$14,938.66
USD / VES
$0
VES 79,602.89
USD / ZAR
$0
R 8,621.08
Last updated at 9/18/2025Download CSV
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✅ Verdict: OFX has lower fees

OFX is most certainly the winner with zero transfer fees. When searching for the money transfer provider with the lowest fees, use our simple guide to find the cheapest way to send money abroad.

Which brand offers better exchange rates?

When talking about exchange rates, the point of reference should always be the mid-market rate. Also known as the interbank rate, the mid-market rate is the midpoint between the buy and sell prices of a currency pair. This rate gives a good benchmark for OFX vs Wise comparison.

Wise

Wise doesn’t charge any margin on exchange rates. All transfers are priced at mid-market rates (the same rate you see on Google).

Here we've added live Wise rates to show how much you will receive for different transfer amounts when sending USD.

USD
AED, CAD, EUR, GBP, IDR, MXN, PKR, TWD, VES, ZAR

Currency pair

Wise exchange rates

Receive amount

USD / AED
3.6730
AED 1,796.21
USD / CAD
1.3755
$675.68
USD / EUR
0.8437
€414.72
USD / GBP
0.7332
£360.24
USD / IDR
16427.0000
Rp 8,055,801
USD / MXN
18.2947
$8,966.6
USD / PKR
281.5250
Rs 137,882.5
USD / TWD
30.0680
$14,681.9
USD / VES
161.6860
VES 78,949.66
USD / ZAR
17.3588
R 8,380.48
Last updated at 9/18/2025Download CSV
Scroll for more

OFX

OFX charges an average margin of 0.4% above the mid-market rate. However, you may encounter cases where transferring amounts between $5,000 and $50,000 attracts margins of approximately 0.8% to 1.2%.

Once you agree on the currency pricing, OFX locks in the rate for the duration of the transfer to guard you against exchange rate fluctuations.

Here's a summary of live rates from Wise for various amounts, assuming you are sending USD abroad.

You can use the dropdown to add or change currencies.

USD
AED, CAD, EUR, GBP, IDR, MXN, PKR, TWD, VES, ZAR

Currency pair

OFX exchange rates

Receive amount

USD / AED
3.6486
AED 1,824.32
USD / CAD
1.3665
$683.26
USD / EUR
0.8381
€419.05
USD / GBP
0.7284
£364.19
USD / IDR
16323.1057
Rp 8,161,552.83
USD / MXN
18.1753
$9,087.64
USD / PKR
280.7111
Rs 140,355.53
USD / TWD
29.8773
$14,938.66
USD / VES
159.2058
VES 79,602.89
USD / ZAR
17.2422
R 8,621.08
Last updated at 9/18/2025Download CSV
Scroll for more

✅ Verdict: OFX wins

As you can see from the Wise vs OFX rates and fees, OFX's small markup and no fees outweigh the fees charged by Wise.

Which brand covers more locations?

Wise

Wise network coverage brings together a total of 59 countries that you can send money to through their platform. The number of currencies they support currently stands at 52.

OFX

OFX allows its customers to send money to more than 195 countries and territories globally. On the currency front, the provider gives a comprehensive list of 55 currencies (18 standard and 37 exotics) that it supports. The popular transfer corridors are Australia - UK, Australia - USA, USA - UK, USA - Canada, Canada-UK and UK - Spain.

✅ Verdict: OFX wins

Between OFX vs Wise, OFX has the widest network coverage and supports the most currencies.

Which is faster?

There are two phases to transferring funds online. The first phase is moving the money from your chosen payment method to the provider.

The second phase revolves around delivering the money to the recipient.

Wise

Transferring money through the Wise platform takes about 1-2 business days.

Smaller transfers may take hours to get to your recipient but large transfers may take a little longer than 2 days.

OFX

OFX takes between 3 and 4 days from the time you initiate the transfer to the time it gets to the recipient.

✅ Verdict: Wise wins

Wise has an edge over OFX in terms of transfer speeds. If you're looking for the fastest provider, use our simple guide to find the fastest way to send money internationally.

Which brand offers more transfer & payment options?

Wise

Wise accepts bank transfers, debit cards, credit cards, ACH bank debit, Bank wire transfer, and even Facebook Messenger when sending to Australia, UK, Canada and Europe.

For bank transfers, you can make them in person at the branch, online, or over the phone.

The main payout channel for Wise is bank deposits. However, in countries like Ghana, Kenya, Bangladesh, and the Philippines, the provider allows for deposits into mobile phone e-wallet accounts.

OFX

The options for paying for your transfer on OFX are Electronic Funds Transfer (ETF), BPAY if you are in Australia and direct debits for corporate customers.

Once you lock in the transfer, OFX sends you a list of payment options. The only pay-out option available on OFX is bank transfer.

✅ Verdict: Wise has more payment options

Based on the variety of transfer payment and payout options comparing Wise vs OFX, Wise wins.

What users have to say about each brand?

Wise

On Trustpilot, Wise has 76,548 reviews, 86% rated ‘Excellent’ and 8% ‘Great’. The trust score is 4.6/5. The main advantages customers cite include:

  • Simple and interactive interface

  • Great exchange rate

  • Very fast in transfers

  • Fair pricing in transfer fees

However, on Reddit, some customers complained of delays and inefficiencies for certain routes.

OFX

OFX has 3,717 reviews with 80% ‘Excellent’ and 10% ‘Great’. The trust score is 4.4/5. Customers had the following to say

  • Professional customer service

  • Great rates

  • Affordable transfers- No transaction fees charged

  • Reliable

✅ Verdict: Wise has better user reviews

Despite the handful of negative reviews on both ends, Wise wins in the number of reviews and trust score.

What brand offers the best ease of use, accessibility & security?

Wise

Wise website supports 12 languages: English (both US and UK), Germany, French, Portuguese, Turkey, Spanish, Japanese, Polish, Romanian, Italian, Hungarian and Russian. Customer support is available on live chat, email and phone.

Through the provider's mobile app, you can send money, track transfers, check rates and do so much more. The provider has put in place institutional-grade security with two-factor authentication as a security layer.

OFX

OFX supports 6 languages through its website: English (US and UK), Hong Kong, Australian, Canadian, New Zealand, and Singaporean.

Customer support is through email and phone. Just like Wise, OFX has a mobile application available both on Android and iOS platforms.

In terms of security, OFX has invested in sophisticated technology for identity protection and fraud prevention. They also have Secure Socket Layer (SSL) encryption for web security.

✅ Verdict: Wise has better accessibility

Between OFX vs Wise, the language support and customer help desk channels give Wise a clear win over OFX.

Additional features

Wise

Wise doesn't offer any additional features when compared to OFX.

OFX

OFX offerings, which are above and beyond Wise feature,s include limit and stop-loss orders, forward contracts and FX options.

  • Limit and stop-loss - The customer chooses an exchange rate which if reached, triggers a transfer. It saves you from the burden of constantly monitoring the exchange rate

  • Forward contracts - This feature allows you to lock-in an exchange rate for a period of up to 12 months. It gives stability and risk sheltering in the face of fluctuating currency markets

  • FX options - With FX options, you have the right but not the obligation to transfer money at a predetermined rate in the future

✅ Verdict: OFX wins

OFX is most certainly the winner in this category. They offer everything else Wise offers and more

Bottom line - who is better?

Based on our findings, both OFX and Wise excel in various categories as shown below. The overall winner is Wise. It scores highly in most of the categories but in other areas, it is too close to call. Depending on the specific transactions you are carrying out, you may need to check out their separate reviews.

Wise

Wise is better used for:

  • Domestic payments - Wise was designed to handle international transfers but it now does USD to USD and EUR to EUR domestic transfers as well.

  • Overseas payments - Wise is again the best option because of its zero exchange rate margin and low transfer fees.

OFX

While OFX is better suited for:

  • Business payments - OFX has tailored products for small and medium businesses (check out our OFX business review)

  • Exotic currencies - With a network of 195 countries, OFX allows its customers to send money to more countries than Wise.

FAQs

What is better than Wise?
Can you use more than one money transfer provider?
Do money transfer providers offer different deals?
How fast is an OFX money transfer?
Is it better to use a challenger bank or money transfer provider for international transfers?
Is OFX the same as Wise?
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Contributors

Artiom Pucinskij
With 6+ years of hands-on experience in international money transfer services, Artiom has tested and analyzed dozens of companies, services, and apps firsthand. From sending money between the UK, EU, US, JP, and ID, to helping friends and family transfer large amounts abroad, he combines deep personal experience with industry insight. He has worked on content and product at MoneyTransfers.com since 2019, with a focus on FX rates, transfer apps & companies, and comparison tools. His work has been featured in Forbes, Yahoo Finance, Decrypt, PoundSterling, and more.
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