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The key difference between Wise and OFX is that Wise is built for self-managed small or medium transfers, while OFX is made to handle large transfers on your behalf.
OFX offers tools like forward contracts, limit orders, and spot transfers to make the most of the exchange rate fluctuations, as well as, dedicate account managers to handle transfers on your behalf.
With Wise on the other hand, you are handling your own transfer, which is usually cheaper, and the entire process has been simplified to make it as easy and as painless as possible.
Overview: Who wins?
If you do not have either one, here’s a quick overview of when it’s best to use OFX or Wise:
Wise is better for… | OFX is better for… |
|---|---|
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Wise vs OFX: Side-by-side
Basics
Details | Wise | OFX |
|---|---|---|
Founded | 2011 | 1998 |
Available on | iOS, Android, Online | iOS, Android, Online |
Supported corridors | 150 | 190 |
Supported currencies | 40 | 50 |
Payment methods | Credit/debit, bank transfer, multi-currency account, and more depending on the country | Bank transfer |
Receiving methods | Credit/debit, bank transfer, multi-currency account, and more depending on the country | Bank transfer |
Fees & rates
Details | Wise | OFX |
|---|---|---|
Live exchange rates ($10,000 USD to CAD) | 1.3967 | 1.3899 |
Live exchange rates ($1,000 USD to CAD) | 1.3968 | 1.3877 |
Live transfer fees ($10,000 USD to CAD) | 35.28 | 0 |
Live transfer fees ($1,000 USD to CAD) | 10.15 | 0 |
Transfer Limits
Details | Wise | OFX |
|---|---|---|
Min. Sending amount | Few cents | $100 |
Max. Sending amount | Up to $1,600,000 | Unlimited |
Transfer Speed
Details | Wise | OFX |
|---|---|---|
$10,000 USD to AUD transfer | Minutes - 24 Hours | Minutes - 24 Hours |
$5,000 USD to AUD transfer | Minutes - 24 Hours | Minutes - 24 Hours |
$2,000 USD to AUD transfer | Minutes - 24 Hours | Minutes - 24 Hours |
Customer support
Details | Wise | OFX |
|---|---|---|
Support options | Phone, FAQs | Phone, Account manager, Email |
Personal account manager | ❌ No | ✅ Yes |
Safety & regulators
Details | Wise | OFX |
|---|---|---|
Safety | Wise is safe to use to send money abroad | OFX is safe to use to send money abroad |
Regulators | FinCEN, FCA, ASIC, MAS, BSP, CNBV, BNM, KLFB, CMISA, BI, RBI, CCE, BCB, NBB, DIA | AFSL |
Regulate countries | 15 | 1 |
Security features | 2FA, Biometrics, FaceID | PIN, 2FA |
User reviews
Details | Wise | OFX |
|---|---|---|
MoneyTransfers.com reviews | 20+ | 7+ |
Trustpilot reviews & rating | 4.4/5 (270,000+ reviews) | 4.4/5 (11,000+ reviews) |
App reviews & rating | iOS (4.8, 157.1K reviews)Android (4.8, 1.48M reviews) | iOS (4.8, 2.6K reviews)Android (4.4, 4.17K reviews) |
Business transfers
Details | Wise | OFX |
|---|---|---|
Market orders | ❌ No | ✅ Yes |
Spot transfer | ❌ No | ✅ Yes |
Forward contracts | ❌ No | ✅ Yes |
Regular payments | ✅ Yes | ✅ Yes |
FX options | ❌ No | ✅ Yes |
Corporate cards | ✅ Yes (Not in the US) | ✅ Yes |
Batch payments | ✅ Yes | ✅ Yes |
API integrations | ✅ Yes | ✅ Yes |
Lock-in rates | ❌ No | ✅ Yes |
Additional features
Details | Wise | OFX |
|---|---|---|
Bank-to-bank transfers | ✅ Yes | ✅ Yes |
P2P transfers | ✅ Yes | ❌ No |
Scheduled transfers | ✅ Yes | ✅ Yes |
Rate alerts | ✅ Yes | ✅ Yes |
Multi-currency account | ✅ Yes | ✅ Yes |
Multi-currency card | ✅ Yes | ✅ Yes |
Domestic payments | ✅ Yes | ❌ No |
Exchange rates & fees
Wise is the winner when it comes to overall fees.
Looking at different transfer amounts and currencies (live data below), we can see that Wise offers more for your money on anything above $5,000 while OFX becomes cheaper as you start going into lower numbers.
However, the difference between the two on small transfers is almost negligible, but paired with UI experience and transparency, Wise is simply better at a cost of few cents on small transfers.
Wise offers money transfers at the mid-market rate and charge a fee, while OFX has no fee but adds a markup.
This an important differentiator between the two and will determine which provider suits you better.
Here's a quick OFX vs Wise comparison of the fees.
Wise
Here's a table summarising Wise's live exchange rates and fees for different transfer amounts and currencies.
It's clear that Wise get you more money the more you send, especially over $5,000 compared to OFX.
This is unusual, because currency brokers like OFX are usually cheaper when it comes to larger amounts (clearly evident in our TorFX vs Wise comparison)
Country | Wise exchange rate | Wise transfer fee | Receive amount |
|---|---|---|---|
USD / AED | 3.6730 | $40.36 | AED 36,581.76 |
USD / CAD | 1.3967 | $35.28 | $13,918.22 |
USD / EUR | 0.8611 | $35.9 | €8,580.5 |
USD / INR | 88.7900 | $52.96 | ₹883,197.68 |
USD / MXN | 18.4151 | $62.86 | $182,993.43 |
USD / ZAR | 17.2464 | $69.26 | R 171,269.51 |
OFX
Surprisingly, OFX is a bit cheaper on smaller transfers ($5,000 and less), however their entire product is built to facilitate large transfers.
The saving is negligible vs the effort you will put in to make a transfer.
Country | OFX exchange rate | OFX transfer fee | Receive amount |
|---|---|---|---|
USD / AED | 3.6541 | $0 | AED 36,541.36 |
USD / CAD | 1.3899 | $0 | $13,898.56 |
USD / EUR | 0.8568 | $0 | €8,568.14 |
USD / INR | 88.3347 | $0 | ₹883,346.57 |
USD / MXN | 18.3227 | $0 | $183,227.31 |
USD / ZAR | 17.1674 | $0 | R 171,673.82 |
It might not seem like much, but looking at these side by side there is a difference especially if you're planning to make multiple or very large transfers.
Transfer speed
It's a tie, both Wise and OFX are really fast when it comes to money transfers abroad.
In most cases, especially on smaller transfers you can expect money to arrive in minutes or within a day.
For larger transfers, Wise can take around 1-2 days (depending on the currencies) while OFX can take around 2-4 days (again, depends on the currencies).
Here's a quick overview of OFX vs Wise in terms of speed.
Transfer limits
OFX is the winner when it comes to transfer limits
OFX has no limits on international transfers, which is very hard to beat.
For this comparison, we are specifically talking about the service limits, not the limits imposed by your bank.
For example, some banks may block large transactions if you don't let them know in advance.
If you are planning to make a large transfer, make sure to let your bank know in advance to avoid delays.
Here's how OFX and Wise compare in terms of transfer limits.
Companies like OFX are built to move large money transfers, while online platforms like Wise have hard limits (even if these are extremely high).
Payment type | Wise | OFX |
|---|---|---|
Wire transfer | 1,000,000 USD | Unlimited |
USD currency top up | 6,000,000 USD | Not applicable |
ACH payment | 50,000 USD | Unlimited |
Debit/credit card | 2,000 USD | Unlimited |
SWIFT | 1,600,000 USD | Unlimited |
For more detailed breakdowns, check out our reviews, where we cover OFX transfer limits and Wise's transfer limits.
Product offering
OFX is the winner here, they offer more features and bigger coverage compared to Wise.
If you're looking to send more exotic currencies, OFX is much better. If on the other hand you are sending generic currencies (EUR, USD, GBP, etc..), Wise might be a better option.
Here's a quick overview of the features offered by OFX and Wise.
Wise supported destinations
Currency pair | Wise fee |
|---|---|
Afghanistan | $60.74 |
Åland | $27.22 |
Albania | $60.74 |
Algeria | $60.74 |
American Samoa | $9.03 |
Andorra | $27.22 |
Angola | $60.74 |
Antigua and Barbuda | $60.74 |
Argentina | $119.44 |
Armenia | $60.74 |
Australia | $26.86 |
Austria | $27.22 |
Azerbaijan | $60.74 |
Bahamas | $60.74 |
Bahrain | $60.74 |
Bangladesh | $134.5 |
Barbados | $60.74 |
Belarus | $60.74 |
Belgium | $27.22 |
Belize | $60.74 |
Benin | - |
Bermuda | $60.74 |
Bhutan | $60.74 |
Bolivia | $60.74 |
Bosnia and Herzegovina | $60.74 |
Botswana | - |
Brazil | $70.26 |
Brunei | $60.74 |
Bulgaria | $34.17 |
Burundi | $60.74 |
Cambodia | $60.74 |
Cameroon | $60.74 |
Canada | $26.9 |
Cape Verde | $60.74 |
Cayman Islands | $60.74 |
Chile | $51.23 |
China | $56.67 |
Colombia | - |
Comoros | $60.74 |
Congo [DRC] | $60.74 |
Costa Rica | $103.7 |
Croatia | - |
Cuba | $60.74 |
Curacao | $60.74 |
Cyprus | $27.22 |
Czech Republic | $31.84 |
Denmark | $26.99 |
Djibouti | $60.74 |
Dominica | $60.74 |
Dominican Republic | $60.74 |
East Timor | $9.03 |
Ecuador | $9.03 |
Egypt | $70.07 |
El Salvador | $9.03 |
Equatorial Guinea | $60.74 |
Eritrea | $60.74 |
Estonia | $27.22 |
Ethiopia | $60.74 |
Fiji | - |
Finland | $27.22 |
France | $27.22 |
Gabon | $60.74 |
Gambia | $60.74 |
Georgia | $100.93 |
Germany | $27.22 |
Ghana | $113.71 |
Gibraltar | $60.74 |
Greece | $27.22 |
Grenada | $60.74 |
Guam | $9.03 |
Guatemala | - |
Guinea | $60.74 |
Guinea-Bissau | - |
Guyana | $60.74 |
Haiti | $60.74 |
Honduras | $60.74 |
Hong Kong | $29.53 |
Hungary | $41 |
Iceland | $60.74 |
India | $39.22 |
Indonesia | $39.41 |
Iran | $60.74 |
Iraq | $60.74 |
Ireland | $27.22 |
Israel | $40.4 |
Italy | $27.22 |
Ivory Coast | - |
Jamaica | $60.74 |
Japan | $33.19 |
Jordan | $60.74 |
Kazakhstan | $60.74 |
Kenya | $78.91 |
Kiribati | $26.86 |
Kosovo | $27.22 |
Kuwait | $60.74 |
Kyrgyzstan | $60.74 |
Laos | $60.74 |
Latvia | $27.22 |
Lebanon | $60.74 |
Lesotho | $60.74 |
Liberia | $60.74 |
Libya | $60.74 |
Liechtenstein | $27.42 |
Lithuania | $27.22 |
Luxembourg | $27.22 |
Macedonia | $60.74 |
Madagascar | $60.74 |
Malawi | $60.74 |
Malaysia | $32.79 |
Maldives | $60.74 |
Mali | - |
Malta | $27.22 |
Mauritius | $60.74 |
Mexico | $46.14 |
Micronesia | $9.03 |
Moldova | $60.74 |
Monaco | $27.22 |
Mongolia | $60.74 |
Montenegro | $27.22 |
Morocco | $142.54 |
Mozambique | $82.63 |
Myanmar [Burma] | $60.74 |
Namibia | $65.22 |
Nepal | $66.31 |
Netherlands | $27.22 |
New Zealand | $27.58 |
Nicaragua | $60.74 |
Niger | - |
Nigeria | $43.71 |
Norway | $27.1 |
Oman | $60.74 |
Pakistan | $45.79 |
Palau | $9.03 |
Panama | $60.74 |
Papua New Guinea | $60.74 |
Paraguay | $60.74 |
Peru | - |
Poland | $31.69 |
Portugal | $27.22 |
Puerto Rico | $9.03 |
Qatar | $60.74 |
Romania | $31.16 |
Russia | - |
Rwanda | $60.74 |
Saint Lucia | $60.74 |
Saint Vincent and the Grenadines | $60.74 |
Samoa | $60.74 |
San Marino | $27.22 |
Saudi Arabia | $60.74 |
Senegal | - |
Serbia | $60.74 |
Seychelles | $60.74 |
Sierra Leone | $60.74 |
Singapore | $28.51 |
Slovakia | $27.22 |
Slovenia | $27.22 |
Solomon Islands | $60.74 |
Somalia | $60.74 |
South Africa | $52.83 |
South Korea | $47.31 |
Spain | $27.22 |
Sri Lanka | - |
Sudan | $60.74 |
Suriname | $60.74 |
Swaziland | $60.74 |
Sweden | $28.54 |
Switzerland | $27.42 |
Syria | $60.74 |
Taiwan | $60.74 |
Tajikistan | $60.74 |
Tanzania | - |
Thailand | $46.05 |
Togo | - |
Tonga | $60.74 |
Trinidad and Tobago | $60.74 |
Tunisia | $60.74 |
Turkey | $32.68 |
Turkmenistan | $60.74 |
Uganda | $49.56 |
Ukraine | - |
United Arab Emirates | $31.08 |
United Kingdom | $30.03 |
United States | $9.03 |
Uruguay | $95.59 |
Uzbekistan | $60.74 |
Vanuatu | $60.74 |
Venezuela | $60.74 |
Vietnam | $45.53 |
Yemen | $60.74 |
Zambia | - |
Zimbabwe | $9.03 |
OFX supported destinations
Currency pair | TorFX fee |
|---|---|
Afghanistan | - |
Åland | - |
Albania | - |
Algeria | - |
American Samoa | - |
Andorra | - |
Angola | - |
Antigua and Barbuda | - |
Argentina | $0 |
Armenia | - |
Australia | $0 |
Austria | $0 |
Azerbaijan | $0 |
Bahamas | - |
Bahrain | $0 |
Bangladesh | - |
Barbados | - |
Belarus | - |
Belgium | $0 |
Belize | - |
Benin | - |
Bermuda | - |
Bhutan | - |
Bolivia | - |
Bosnia and Herzegovina | - |
Botswana | - |
Brazil | $0 |
Brunei | $0 |
Bulgaria | $0 |
Burundi | - |
Cambodia | - |
Cameroon | - |
Canada | $0 |
Cape Verde | - |
Cayman Islands | - |
Chile | $0 |
China | $0 |
Colombia | - |
Comoros | - |
Congo [DRC] | - |
Costa Rica | - |
Croatia | $0 |
Cuba | - |
Curacao | - |
Cyprus | $0 |
Czech Republic | $0 |
Denmark | $0 |
Djibouti | - |
Dominica | - |
Dominican Republic | - |
East Timor | - |
Ecuador | - |
Egypt | $0 |
El Salvador | - |
Equatorial Guinea | - |
Eritrea | - |
Estonia | $0 |
Ethiopia | - |
Fiji | $0 |
Finland | $0 |
France | $0 |
Gabon | - |
Gambia | - |
Georgia | - |
Germany | - |
Ghana | - |
Gibraltar | - |
Greece | $0 |
Grenada | - |
Guam | - |
Guatemala | - |
Guinea | - |
Guinea-Bissau | - |
Guyana | - |
Haiti | - |
Honduras | - |
Hong Kong | $0 |
Hungary | $0 |
Iceland | - |
India | $0 |
Indonesia | $0 |
Iran | - |
Iraq | - |
Ireland | $0 |
Israel | $0 |
Italy | $0 |
Ivory Coast | - |
Jamaica | - |
Japan | $0 |
Jordan | - |
Kazakhstan | - |
Kenya | - |
Kiribati | - |
Kosovo | - |
Kuwait | $0 |
Kyrgyzstan | - |
Laos | - |
Latvia | $0 |
Lebanon | - |
Lesotho | - |
Liberia | - |
Libya | - |
Liechtenstein | - |
Lithuania | $0 |
Luxembourg | $0 |
Macedonia | - |
Madagascar | $0 |
Malawi | - |
Malaysia | $0 |
Maldives | - |
Mali | - |
Malta | $0 |
Mauritius | - |
Mexico | $0 |
Micronesia | - |
Moldova | - |
Monaco | - |
Mongolia | - |
Montenegro | - |
Morocco | $0 |
Mozambique | - |
Myanmar [Burma] | - |
Namibia | - |
Nepal | - |
Netherlands | $0 |
New Zealand | $0 |
Nicaragua | - |
Niger | - |
Nigeria | - |
Norway | $0 |
Oman | $0 |
Pakistan | $0 |
Palau | - |
Panama | - |
Papua New Guinea | $0 |
Paraguay | - |
Peru | $0 |
Poland | $0 |
Portugal | $0 |
Puerto Rico | - |
Qatar | - |
Romania | - |
Russia | $0 |
Rwanda | - |
Saint Lucia | - |
Saint Vincent and the Grenadines | - |
Samoa | $0 |
San Marino | - |
Saudi Arabia | $0 |
Senegal | - |
Serbia | - |
Seychelles | $0 |
Sierra Leone | - |
Singapore | $0 |
Slovakia | $0 |
Slovenia | $0 |
Solomon Islands | $0 |
Somalia | - |
South Africa | $0 |
South Korea | $0 |
Spain | $0 |
Sri Lanka | $0 |
Sudan | - |
Suriname | - |
Swaziland | - |
Sweden | $0 |
Switzerland | $0 |
Syria | - |
Taiwan | $0 |
Tajikistan | - |
Tanzania | $0 |
Thailand | $0 |
Togo | - |
Tonga | $0 |
Trinidad and Tobago | - |
Tunisia | - |
Turkey | $0 |
Turkmenistan | - |
Uganda | - |
Ukraine | - |
United Arab Emirates | $0 |
United Kingdom | $0 |
United States | - |
Uruguay | - |
Uzbekistan | - |
Vanuatu | $0 |
Venezuela | $0 |
Vietnam | $0 |
Yemen | - |
Zambia | - |
Zimbabwe | - |
Additional features comparison
Bot companies offer multiple additional features, but these largely depend on your needs.
Wise offers a multi-currency account, P2P transfers for domestic payments between friends and family, as well as offers a business account (same as OFX).
This is mostly beneficial for personal or single transfers.
OFX on the other hand offers an extremely diverse set of currency risk and business tools, like forward contracts, spot transfers, FX risk management, and dedicated account managers.
Business accounts
Both Wise and OFX offer international business transfers, and both accounts offer numerous features.
Here's a quick comparison of key business features of OFX vs Wise.
Wise is generally better for sole traders, freelancer, or small companies, since your goal is most likely to save on fees, than have dedicated accounts managers, support and access to FX risk tools.
OFX on the other hand is better suited for SMEs and companies operating with currencies (for example with multiple international clients, employees, suppliers, etc).
For more information on their business accounts and offering, check out our Wise and OFX business account reviews.
Customer service and experience
OFX has dedicated account managers, so it's a clear winner here.
Here's a quick comparison of OFX and Wise when it comes to support, service quality, and general usability.
Having a dedicated account manager means that any questions or concerns you may have, can get resolved over the phone with real human.
Wise on the other hand is self-managed and has barely any support options (other than the usual support phone number/email, and FAQs).
In fact.. I've had several issues with my personal Wise account and still waiting on them to get resolved.
Some of our users also been complaining about Wise's customer service, you can find the Wise reviews here.
Ease of use
When it comes to usability, Wise is a clear winner here.
Their entire service is built around simple, quick and accessible money transfers, it's very hard to beat that.
OFX being a broker makes it a bit harder, you need to go through a longer signup and review process, speak to your account manager, and jump a few more hoops before sending money.
This is great if you're buying a house abroad, but not so much if you're sending money home.
Check out our Wise video review below to see how it works.
Wise video overview
Safety and regulations
Both companies are regulated and are safe to send money abroad.
However, I would give Wise a win here because of their coverage.
Wise is covered in over 15 countries/regions, meaning they are legally allowed to make transfers from those places.
What are regulators?
In simple terms, for a company to be able to make transfers from a country, it needs someone in that country to give it a stamp of approval.
That someone is usually a financial regulator. And it is different in every country, state, or region.
However, this does not make OFX any less safe or secure , instead, it means that OFX has less coverage in terms of where they can offer their services.
Here's a quick summary of what security options both companies are offering.
Customer feedback
Overall Wise has a better feedback from users online and from our own users at MoneyTransfers.com.
Both companies have more or less the same ratings on Trustpilot (both have 4.4), but wise has over 270,000 reviews while OFX only has 11,000 reviews.
Here's a side-by-side comparison of Wise and OFX in terms of their feedback.
Also, take a look at what our users had to say about both companies.
Wise user reviews
Comments
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc.
If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
OFX user reviews
Comments
Anonymous
They have limit amount
Anonymous
Not free service
Schuffner
all question answered, rechecked, not successful!
Jon
Free for two months than have to pay a monthly fee. I don't want to do that.
Anonymous
Plz give me my withdraw
Anonymous
Gives better exchange rate
Michael Patrick Briggs
It amazes me that a company dealing with your money can afford to be so cavalier with how they treat you.
I made a transfer of AUD$3000 to two different recipients on a Monday, then apparently needed to verify my identity due to an update of location actioned by a staff member without my consent.
I provided that on the Tuesday, and despite contacting OFX three times over the next few days, only got an update at 4.30pm Friday that more information was required.
That came with a promise that if I got it to them fast, my transfers would be processed before 5pm. I sent the requested information within minutes - it is currently 5.30pm and nothing has happened.
That means AUD$3000 has been sitting with them for a week, transfers don't occur on the weekend, and I have no faith it will even be Monday, because they only get back to me if I chase them.
If you put AUD$3000 on the short-term money market along with money from the 100,000 other customers they cheat like this, you make some pretty good intertest off other people's misery.
OFX should be ashamed of themselves and fined by the regulators - I'll certainly make sure at least one of those things happen, but otherwise highly recommend you choose another provider for international money exchange.
Alternative to Wise & OFX
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