Home Comparison OFX vs Wise

OFX vs Wise

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.

Updated: 03/06/2021
Read time: 7 minutes
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How does OFX compare to Wise?

Wise is 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 Exchange Solutions Ltd, 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 fees vary depending on the currency pair, the payment method and the amount transferred. According to the provider, the fee it charges is a percentage of the amount sent. The higher the amount, the lower the percentage fee. The pricing calculator on the Wise website is the surest way of knowing how much you’ll be charged for your transfer.


OFX carries the day with zero transfer fees

✅ Verdict: Wise has lower fees

Wise 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.


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.


Wise doesn’t charge any margin on exchange rates. All transfers are priced at mid-market rates.

✅ Verdict: Wise wins

Wise emerges top in the exchange rate category – with no markup added on to the mid-market rate, it would be difficult to beat those rates.

Which brand covers more locations?


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 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, the 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.


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 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?


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.


Wise accepts bank transfers, debits 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, and 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.

✅ 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?


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 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 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 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


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

  • Limit and stop-loss orders-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

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

✅ Verdict: OFX wins

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

Case studies

To bring the above features into perspective for the two providers, below are some 3 scenarios involving money transfer to Danish krone that you should consider.

Transfer fee$0$0$0$3.28$9.56$94.63
Exchange rate6.62126.61996.65596.755416.755416.75541
Transfer speed1-4 daysUp to 4 days
Total received1324.126618.8133,118.001,328.926,690.83134,478.29

In all three scenarios, Wise comes out as the better option in comparison of OFX vs Wise.

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.

  • 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.
  • Smaller transactions – Wise is convenient for sending smaller transfers. You can send as little as $1.
  • Business payments – OFX has tailored products for small and medium businesses
  • Large transactions – OFX has no maximum limit. The fact that they charge no transfer fees makes it an attractive option
  • Disbursement network coverage – With a network of 195 countries, OFX allows its customers to send money to more countries than Wise.

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Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in PR and Outreach but he has a broad knowledge of search engine optimisation and all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team manages and creates unique marketing tactics, and generally supports the overall growth of the website.