OFX vs Wise: 4 Key Things That Make All the Difference

Wise (formally known as TransferWise) and OFX have so much in common, it can be really hard to choose between them, but here we go:

Wise is different to OFX in four important ways:

  1. Wise have the Borderless Account. It's a great product for travellers and small businesses. OFX don't have anything that's even half as good.
  2. Wise are incredibly open and clear about what exchange rate and fee you'll pay
  3. OFX have a better service offering for larger businesses, with products like Forward Exchange Contracts.
  4. OFX still charge a flat fee for smaller transfers.

So, for small businesses, travellers and most international money transfers, Wise is usually cheaper.

For larger businesses and larger transfers, it pays to compare the total cost of each company to work out the best option.

The Important Bits


Safety: Based in Australia, fully licensed and publicly listed

Rates: Vary based on amount and currency

Fees: $15 for transfers under $10,000. Fee free above $10,000.

Speed: 1-2 business days for most transfers

Service: Above average customer service, particularly over the phone

Wise (formerly known as TransferWise)

Safety: Based in the UK, licensed and well backed

Rates: You receive the interbank exchange rate on google

Fees: Percentage based fee

Speed: 1-2 business days for most transfers

Service: Limited phone support but excellent online resources

Learn more about OFX

Learn more about Wise

Let's have a look at them in more detail

Exchange Rates

Like banks, money transfer providers make money in two main ways: Firstly, the margin from which they purchase currency at a wholesale rate and the cost of currency sold on to customers. Secondly, an additional transaction fee.

OFX makes its money by the two ways mentioned above.

Wise makes its money primarily in fees as they offer the real wholesale exchange rates to customers. It’s important to consider exchange rates and fees as those are the main cost factors for every transaction.

Exchange rates fluctuate all the time, rates can rise and fall in a matter of seconds. Hence, it’s crucial to compare exchange rates between providers before making a decision. We would provide a comparison today, but it may not be accurate by the time you read this. So here are four ways you can compare current exchange rates between OFX and Wise:

  1. View live rates on OFX and Wise websites
  2. Call OFX on +61 2 8667 8090
  3. Contact Wise through the Live Chat feature on its website
  4. Compare exchange rates online with our comparison engine


OFX  don't charge any fee for transfers above $10,000. They charge $15 for any transaction below $10,000. Their also have an exchange rate margin that is built into the exchange rate they offer you (which will be different to what you see on google).

Wise makes money in fees calculated on a percentage of the transfer amount. The good thing is, they are very clear and transparent about how much they will charge you. For a full run down of there fees, click here

Time For Transfer To Reach Recipient

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

OFX and Wise generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

How easy are they to use?

Both companies are fairly similar when it comes down to using them.

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

What Currencies Can I Transfer?

For an extensive list of currencies available for transfer with OFX and Wise, check out our reviews for each company

OFX Review

Wise Review

Accepted Payment Methods and Minimum & Maximum Transfer Amounts


Customer Support

OFX provides outstanding 24 hour customer service over the phone. You can be rest assured that you'll receive prompt response for any of your queries. With Wise, it was difficult to find their contact number. We had to use their live chat feature to get in touch with a consultant and received a response within 24 hours.

Learn more about OFX

Learn more about Wise

By Justin Rampono Updated May 19th, 2021