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OFX vs. Wise (TransferWise)

Save on fees by discovering which service works better for your money transfer needs

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Wise (TransferWise)

Wise (TransferWise) logo
  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app
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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.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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Who offers lower fees?

OFX

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.

Wise

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.

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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.

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Who offers better exchange rates?

To understand who offers better exchange rates, you need to first look at the mid-market rate. The mid-market rate is the average of the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves. We’ll look at the rates OFX and Wise offer compared to the mid-market rate.

OFX

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:

  • If the mid-market rate is 1 USD = 54.96 PHP
  • OFX’s exchange rate could be 1 USD = 53.86 PHP

Wise

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.

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Winner: Wise

Though OFX and Wise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.

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Case Study: Sending $1,000 to Mexico

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

OFXWise
Transfer fee$0$8.19
Exchange rate1 USD = 21.525 MXN1 USD = 21.529 MXN
Transfer speedUp to 4 business days (1–2 to OFX, 1–2 to recipient)1–4 days
Total received21,525 MXN21,352 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.

Who’s faster?

OFX

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.

Wise

Depending on the currencies involved and your payment method, it could take up to three business days for your recipient to see your cash.

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Winner: Wise

The average transfer times are similar but Wise is just a bit quicker as users send lower amounts.

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Who offers more options?

Payment MethodsMinimum and maximum transfersDelivery methodsTransfer speedsCountries and currencies
OFXElectronic funds transfer (EFT)$1,000 minimum per year; no maximumBank transfer1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient195 countries and 55 currencies (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
WiseBank account$1 minimum; $1,000,000 maximumBank account1–3 days50+ currencies
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Verdict

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.

Looking for more options?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 12 of 12
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
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Frequently asked questions

Does either OFX or Wise offer cash pickups?

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.

Who offers better customer service: OFX or Wise?

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.

Can I get a more favorable exchange rate for my transfer?

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.