OFX vs Wise

OFX Vs Wise


Why you can trust us: Our recommendations are unbiased, based on personal experience, and regularly updated to ensure accuracy. We personally test every provider we review. We may earn a commission if you sign up for a platform using one of our links. Learn more.

Looking to compare OFX and Wise? While these two services share some similarities, there are significant differences that set them apart.

Wise is renowned for its affordable rates and quick transfers. On the other hand, OFX offers a unique fee structure, wider availability, and higher maximum transfer limits, making it a formidable competitor to Wise.

In the following comparison, we’ll delve into the details to help you determine which company is the ideal choice for your specific requirements.


New user incentive
Fees and costs🟢
Transfer speed🟢
Transfer limits🟢
Ease of use🟢
Customer reviews🟢
Try OFXTry Wise

OFX vs Wise Company Comparison 


With over 500 employees, OFX has offices in London, Dublin, Sydney, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. 

The company has served more than a million customers by transferring payments to over 170 countries. Over $200 billion has been transferred via OFX in more than 50 currencies worldwide.

With OFX, you’ll have access to their “currency experts” through 24/7 phone support. The service’s no-limit transfer makes it stand out among other payment transfer services.

New customer incentives: OFX has a Referral Program that helps companies earn revenue from referrals. Businesses that sign up for the program are provided with an Alliance Manager who helps them to create strategies for reaching new customers through marketing and website tools. 

See our review of OFX.


Wise is a London-based fintech company founded in 2011. Initially known as TransferWise, the company has over 4500 employees from 110 nationalities. They have countless locations worldwide, including the U.S., UAE, India, Australia, the U.K., and more.

Every month, they help their customers transfer over £9 billion in 77 countries. Their multi-currency accounts let you transfer funds in over 20 currencies and hold more than 50 currencies. 

You can use their Wise debit card to spend money in these currencies worldwide. For debit transactions, you can transfer up to $15000 per day.

New customer incentives: You can send a referral link to people for them to signup for a Wise account. Both you and the people you refer receive discounts on transfers. 

OFX stands out with its limitless transfer amount. It’s also available in more countries than Wise. However, OFX’s global currency account can only hold up to 7 currencies, whereas a Wise multi-currency account lets you hold money in over 50 currencies.

See our review of Wise.

Fees & Costs Comparison 


OFX doesn’t charge a monthly account or setup fee. For U.S. customers, the company charges a flat fee ranging between $4 to $15 per transfer. 

OFX charges a fixed fee of AUD 15 for international transfers under AUD 10,000. For payments above AUD 10,000, there is no transfer fee.


If a transfer is made between two Wise accounts in the same currency, Wise doesn’t charge a transaction fee. Wise does charge a nominal fee to facilitate the transaction. If the transfer involves different currencies, a fee between 0.5% – 1% is charged. 

Additional fees include a $1-$2 flat fee and an extra fee if you use a card to make the payment.

Transaction FeeUnder AUD 10,000: AUD 15
Over AUD 10,000: Free
Percentage-based fees
Exchange RateMarkup is includedMid-market Rate
Credit Card FeeN/AYes
Minimum Limit$1000$1
Maximum Limit (24 hours)No limit$1,000,000
Total Amount Upfront QuoteYesYes

We generally prefer Wise to OFX when it comes to costs due to how they provide a detailed breakdown of all the costs and the amount that the recipient will receive as a result. 

Whilst OFX doesn’t charge a transfer fee, the recipient’s bank may deduct fees from the overall transfer amount. As a result, recipients may be left with less money than they thought they’d be receiving. 

Exchange Rate Comparison


OFX makes a profit on the exchange rate margins. The company also alerts you when your desired market exchange rate is available. 

Before finalizing your transfer, you’ll be given an upfront quote so you’re aware of the exchange rate and the total costs involved. 


Wise uses the mid-market rate. This rate can easily be looked up on Google or Reuters and is often the rate used by banks. Wise gives a full upfront quote before you transfer your payment, including the exchange rate.

If you have a desired exchange rate, Wise alerts you when the market matches that specific rate.

Since Wise uses the mid-market exchange rate, it is more transparent than OFX’s exchange rate. It’s also generally cheaper than OFX’s exchange rates as Wise doesn’t add a markup. 

Safety Comparison


OFX is a licensed global foreign exchange company regulated by financial authorities worldwide, including the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investments Commission (ASIC).

The company also has a fraud prevention system that uses a multi-layered approach to detect malware and phishing apps to save customers from fraud and scams.

When you register with OFX’s website and use it for transferring payments, your information is secured with Secure Socket Layer (SSL) encryption.


Wise is a licensed money transmitter registered with Financial Crimes Enforcement Network (FinCEN). It’s also bound to follow strict regulatory rules set by agencies of the countries it operates in. 

This includes the Financial Conduct Authority (FCA) in the U.K., the Australian Securities and Investments Commission (ASIC), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and more.

They also have an in-house team that ensures financial security through daily security reviews.

Both money transfer companies are regulated by reputable and legitimate financial agencies worldwide. They also have teams dedicated to securing user information and preventing fraud.

Transfer Speed Comparison


OFX only takes 1-2 days when transferring money to major markets. Transferring money in less popular currencies can take longer, between 3-5 days.


Wise can transfer funds within seconds with certain currency routes. The majority of international transfers are completed within 24 hours with other transfers taking up to two days. 

These speeds can vary depending on the currency, amount, recipient destination, and payment method used. 


Wise is the more reliable option if you need to transfer funds quickly as most of their transfers take just 24 hours. 

Ease of Use Comparison

Transfer Limits: Wise has a minimum limit of $1 while OFX’s minimum limit is $1000. While OFX has no maximum limit, Wise has a maximum wire transfer limit of $1,000,000.

Currency Options: With OFX, you can hold money in up to 7 different currencies, while Wise offers more options with 50 currencies.

Account Setup: Wise’s account setup takes just a few minutes. OFX account setup can take up to 4 business days due to verification processes. 

Apps: Both money transfer services have apps that can be used worldwide. The apps can be downloaded from the Apple Store and the Google Playstore.

Customer Support: Wise offers chat, email, and phone support. It also has a help center in 16 languages, including English, Italian, French, Spanish, etc. OFX offers 24/7 customer support through phone, email, and fax.

Payment Methods: OFX lets you pay securely through BPay, Electronic Funds Transfer, and Direct Debit. With Wise, you can fund your transfers through bank transfers, credit cards, and debit cards.

Related posts: Best International Debit Card

Customer Review Comparison


OFX has 4.2/5 stars on Trustpilot, 4.9/5 stars on the Apple store, and 4.6/5 stars on the Google play store.

Users were impressed with the easy-to-use OFX app. However, some complained about delays with their payments. 


Wise has 4.4/5 stars on Trustpilot, 4.8/5 stars on the Apple store, and 4.2/5 stars on the Google play store.

Users like Wise’s multi-currency account and debit card as it makes spending money overseas and managing multiple currencies easy. Although, some users were disappointed with Wise’s customer support. 

OFX users were more pleased with the customer service available compared to Wise. Although, more OFX users complained about payment delays in comparison to Wise. Both services are rated highly with some drawbacks, which makes this a tiebreaker. 

Availability Comparison

Wise lets you transfer payments to 77 countries, including the United States, the United Kingdom, Australia, China, France, Europe, and more. With a Wise multi-currency account, you can add money to your account in 21 currencies and hold money in over 50 currencies. 

OFX has 8 global offices in London, Dublin, Sydney, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. The company lets you transfer money to over 170 countries and hold money in 7 currencies.

Whilst Wise allows users to hold more currencies, OFX is available in many more countries, making them more widely available around the world. 

Final Verdict

The biggest benefits of OFX include its no-limit transfers, low fees, customer support team, and wide global reach. If you need fast, affordable, and transparent international transfers with more currencies, Wise is the best option. 

After reading our comparison post of OFX Vs Wise, we hope that you’re feeling more confident about which service is best for your needs. 


Is there a better solution than Wise? 

Remitly offers numerous cash pick-up locations and home delivery services which Wise lacks. You can also pay a fee for Remitly’s express delivery for transfers within 24 hours. 

Although, Wise is cheaper for large direct bank transfers and has a higher monthly transfer limit than Remitly. 

Which is cheaper, OFX or Wise?

Wise does not charge an exchange rate markup, but it does charge small fees for transfers. OFX adds a markup to the exchange rate, but it offers zero fees for transfers.

The transparency from Wise allows users to see exactly how much the recipient will receive. OFX’s zero transfer fees seem more attractive until you realize that the fees can vary widely and be more costly depending on the recipient’s bank. 

How many currencies do OFX and Wise support?

OFX lets you hold money in 7 currencies. A Wise multi-currency account lets you add money to your account in more than 20 currencies and hold money in over 50 currencies.


  1. https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-country
  2. https://wise.com/help/articles/2897238/which-currencies-can-i-add-keep-and-receive-in-my-wise-account
  3. https://www.ofx.com/en-us/legal/state-licensing/
  4. https://www.ofx.com/en-us/about-us/
Notify of
Inline Feedbacks
View all comments