Wise (TransferWise)
Both OFX and Wise are great choices for sending your money overseas. With competitive fees and stellar customer service for business and personal users, it can be difficult to choose between them. Wise offers low-cost money transfers and multi-currency accounts. On the other hand, OFX is a foreign exchange broker that specializes in large money transfers above $10,000.
OFX charges no transfer fees when sending $1,000 or more around the world. Despite this, OFX adds a margin to the mid-market exchange rate making them more expensive for lower amounts.
With Wise, fees depend on where and how you’re sending money. They range from 0.41% to 2.35% of your transaction — and sometimes a bit higher, plus a fixed fee depending on the currency you’re transferring to. To send $1,000 to China via wire transfer, you’ll pay 1.1% of your transaction (or $11.02) plus a fixed fee of $3.52; to the Philippines, the fee drops to roughly 0.71% ($7.11) plus a fixed fee of $3.52.
Winner: OFX
Wise’s fees are among the lowest in the industry but OFX’s $0 fees for all transfers make it the clear winner.
A typical exchange rate markup at OFX from the currencies we viewed is around 2% to 4% above the mid-market rate.
So if you need to send $1,000 to the Philippines:
Exchange rates is where Wise shines. It’s one of the few 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 1 USD = 54.96 PHP, that’s the rate you’re going to get.
Winner: Wise
Though OFX and Wise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.
Say you want to send $1,000 to buy office equipment for a business expansion in Mexico City. Here’s what an online bank-to-bank transfer would look like with OFX and Wise.
Exchange rates as of April 2021
| OFX | Wise | |
|---|---|---|
| Transfer fee | $0 | $8.19 |
| Exchange rate | 1 USD = 21.525 MXN | 1 USD = 21.529 MXN |
| Transfer speed | Up to 4 business days (1–2 to OFX, 1–2 to recipient) | 1–4 days |
| Total received | 21,525 MXN | 21,352 MXN |
This one is a close call. While you could shave some time off the transfer speed with Wise, you save nearly $10 on the transfer fee alone by going with OFX. The difference between exchange rates, however, is too minimal to weigh.
To transfer your money to OFX, it normally takes one to two business days. It takes another one to two days to send that money from OFX to your recipient. You’re looking at least two business days to complete a transaction from send to receipt.
Depending on the currencies involved and your payment method, it could take up to three business days for your recipient to see your cash.
Winner: Wise
The average transfer times are similar but Wise is just a bit quicker as users send lower amounts.
| Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
|---|---|---|---|---|---|
| OFX | Electronic funds transfer (EFT) | $1,000 minimum per year; no maximum | Bank transfer | 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient | 195 countries and 55 currencies (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria) |
| Wise | Bank account | $1 minimum; $1,000,000 maximum | Bank account | 1–3 days | 50+ currencies |
When it comes to international money transfers, both OFX and Wise are forces to be reckoned with. Wise is better for low transfer amounts while OFX is better suited for large money transfers. Ultimately, you’ll need to weigh your specific details or compare further options to find the service that’s right for you.
If you follow the law and submit your legal documentation timely and accurately, you shouldn’t experience hassles with the IRS. If you choose not to follow the law, you may be on the hook for stiff penalties, including jail time.
OFX customer service is open 24/7 at 1-888-288-7354. If you have more time, you can use its online contact form.
Wise is open from 9 a.m. to 7 p.m. EST at 1-888-908-3833. For faster service, search its online support center.
Yes. Both OFX and Wise give you the chance to wait for a more favorable exchange rate if you are transferring money to another currency. By locking in your preferred rate, you can exchange money when the rate is more favorable.
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