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.










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.
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 |
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.
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 |
✅ 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.
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 |
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.
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 |
✅ 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.