Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

OFX vs Wise (TransferWise)

We compare OFX and TransferWise to see which provider you should go with for your next transfer.

Both OFX and Wise will give you a better exchange rate and lower fees than your local bank – but how do they fare against each other? We’ll look into how their fees, exchange rates and transfer speeds differ to find out which one comes out on top.

The fees and rates used in this comparison are accurate as of 28 January 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 45.00 0.778 USD
3,856
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

OFX

OFX charges a $15 flat fee unless your transfer is over $10,000, in which case they waive the fee. This makes OFX better suited for larger transfers.

Wise

With Wise, fees depend on where and how you’re sending money. They range from 0.45% to 1.5% of your transaction, plus a small flat fee of a few dollars. For example, sending $1,000 to Bangladesh will cost you about $15, while sending $1,000 to the United States will cost you about $6.

Trophy icon
Winner: Tie

For sending smaller transfers, Wise will often be a better option for you in terms of the fees. But if you’re making a larger transfer, OFX may end up as a better option with its no fees for transfers over $10,000. We’re calling this one a tie.

Let’s crunch the numbers: Sending $1,000 and $10,000 to the Philippines

To put this into the context of a real-world transaction, this is what two different transfers look like when sending money with Wise and OFX. Keep in mind that transferring to other currencies will have different fees involved and may take longer.

In our imaginary scenario, we’ll be using a bank transfer.

Sending $1,000 to the Philippines
OFXWise
Transfer fee$15$8.90
Exchange rateCAD$1 = PHP39.03CAD$1 = PHP39.70
Transfer speed1 – 2 business days1 business day
Total pesos receivedPHP39,018PHP39,416
Receiver getsPHP 398 lessPHP 398 more
Sending $10,000 to the Philippines
OFXWise
Transfer fee$0$62.58
Exchange rateCAD$1 = PHP39.03CAD$1 = PHP39.70
Transfer speed2 business days1 business day
Total pesos receivedPHP390,283PHP394,250
Receiver getsPHP 4,250 lessPHP 4,250 more

For both transfers, Wise ends up the winner. Even though OFX knocks off the fee for larger transfers, Wise’s better exchange rate still makes it a better deal for this transfer.

Which offers better exchange rates?

OFX

A typical exchange rate at OFX is about 1% to 5% above the mid-market rate. So while OFX doesn’t charge a fee for transfers over $10,000, it still makes money on this margin.

Wise

Exchange rates are where Wise shines. It’s one of the only money transfer services that offers you the mid-market rate. So if you’re sending $1,000 to the Philippines and the mid-market rate is CAD$1 = PHP39.70, that’s the rate you’re going to get.

Trophy icon
Winner: Wise

There’s no denying the power of paying the mid-market rate.

Which is faster?

OFX

Most currencies will take one to two business days. However, if you’re sending money to the US, it often arrives within a day.

Wise

Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash. Paying by card is by far the fastest method, with your money arriving there immediately in most cases.

Trophy icon
Winner: OFX

Both providers can get your money there fast for certain payments or currencies, but OFX has faster transfers overall.

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrenciesSafety
OFXBank transferBank account onlyMinimum: $150

Maximum: No limit

1 day50+ currenciesRegulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS, FMA
WiseBank transfer, credit card, debit cardBank account onlyMinimum: $1

Maximum: $1,500,000

1 - 2 days45+ currenciesRegulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS

OFX

With OFX, you go to its site, enter how much money you’re transferring and send your funds to an OFX account. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

Wise

For Wise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, you can authorize Wise to withdraw money from your bank account. They send your transfer once your money is deposited into their bank accounts.

Bottom line

When it comes to international money transfers, both OFX and Wise are forces to be reckoned with. It’s too close to call which is better for your situation. Ultimately, you’ll need to weigh your specific details or compare further options to find the service that’s right for you.

Looking for more options?

Check out the table below for information on what other providers are out there. You can enter how much you want to send in the calculator to get an idea of what fees and exchange rate you should expect.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$100 3 - 5 days CAD 0.00 0.774 USD
3,872
Send money without fees and at competitive exchange rates to 130+ countries. Go to site Show details
CAD 1 Same day CAD 0.00 0.774 USD
3,872
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.77 USD
3,847
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.778 USD
3,856
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site