OFX vs. Wells Fargo: Who wins with cheapest rates & fees? | finder.com
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OFX vs. Wells Fargo Money Transfers

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OFX and Wells Fargo are two well-established services for transferring money overseas. Unsure which is better for your needs?

Here, we compare OFX and Wells Fargo head-to-head. We’ll talk about how each service works, who offers better exchange rates and who’s faster. Overall, OFX will save you money, but Wells Fargo may have a slight edge on speed.

ofx wells-fargo
OFX Wells Fargo
Fees $0 when sending $1,000 or more Between $5 and $7 per transfer (other bank fees may apply)
Exchange rates 0.4% above the mid-market rate About 2% above the mid-market rate
Speed 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 2 business days
Max Transfer Amount No limit Maximum varies by country

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OFX and Wells Fargo: How they work

Both OFX and Wells Fargo offer easy online transferring.

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

With Wells Fargo, you need a Wells Fargo checking or savings account. You can visit a branch or go online to transfer currency from your account to your recipient’s bank account. Your recipient can also collect your money in cash at a bank branch.

Case study: $1,000 to Mexico

Say you want to send $1,000 to help out a few friends in Mexico. Here’s what that transfer would look like with OFX and Wells Fargo.

OFX Wells Fargo
Transfer fee $0 $5 (other bank fees may apply)
Exchange rate 1 USD = 21.31 MXN 1 USD = 20.94 MXN
Transfer speed Up to 4 business days (1–2 to OFX, 1–2 to recipient) 2 days
Total received 21,310 MXN 20,940 MXN

You’ll save the $5 transfer fee by going with OFX, and your friends will receive about $17 more pesos on the exchange rate alone.

Who offers lower fees?

OFX

OFX charges nothing for minimum transfers of $1,000 or more.

Wells Fargo

Fees vary depending on how much money you are transferring and where you are transferring to. Typical fees are between $5 and $7 per transfer.

  • Winner: OFX

OFX’s transparency $0 transfer fee make it the clear winner.

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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Who offers better exchange rates?

To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

Let’s take a look at the rates OFX and Wells Fargo offer compared to the mid-market rate.

OFX

A typical exchange rate at OFX is about 0.4% above the mid-market rate — which is very competitive.

Here’s an example with U.S. dollars to Mexican pesos (MXN):

  • If the mid-market rate is 1 USD = 21.40 MXN,
  • OFX’s exchange rate might be 1 USD = 21.31 MXN.

To see how your currency will be converted through OFX, enter the amount you want to transfer into our comparison calculator above.

Wells Fargo

A typical exchange rate at Wells Fargo is about 2% above the mid-market rate.

Using our example of U.S. dollars to Mexican pesos:

  • If the mid-market rate is 1 USD = 21.40 MXN,
  • Wells Fargo’s exchange rate might be 1 USD = 20.94 MXN.
  • Winner: OFX

If you’re sending $1,000 to your friends in Mexico, OFX’s stronger exchange rate will drop more than $15 in pesos into their pocket over Wells Fargo’s. While rates are in constant flux, you’ll typically find better exchange rates at OFX.

Who’s faster?

OFX

First, it’ll take one to two business days for you to transfer your money to OFX. It will take another one to two days from OFX to your recipient.

In total, it usually takes between two and four business days to complete an entire transaction through OFX.

Wells Fargo

For bank-to-bank transactions from your Wells Fargo account, it typically takes two days for your recipient to see the money in their account.

  • Winner: Tie

It will likely take about the same time to transfer money through either service. However, Wells Fargo has a slight edge given OFX’s possible four-day delivery.

Who offers more options?

Providers Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
OFX Electronic funds transfer (EFT) $1,000 minimum; no maximum Bank transfer 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 190+ countries (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
Wells Fargo Wells Fargo checking or savings account $25; maximum varies Bank transfer, cash pickup 2 business days 13 countries — Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Philippines, India, Vietnam and China

Bottom line

Your reasons for sending money overseas will be numerous: to support a kid studying abroad, help friends or family with emergencies or finally put down a deposit on an apartment in Japan.

If cost is your main concern, OFX will be cheaper for nearly all cases. If speed is most important, your transfer could be completed a day or two faster through Wells Fargo. Ultimately, you’ll need to compare your options to find the service that’s best for you.

Frequently asked questions

See how OFX and Wells Fargo compare to other money transfer companies

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$0 3 - 5 days USD 0.00 20.163 MXN 100,816 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1,000 1 day USD 0.00 20.153 MXN 100,765 No maximum limit, no fees and competitive exchange rates for 100+ currencies. Go to site Show details
USD 1 3 - 5 days USD 75.00 20.336 MXN
100,155
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 20.153 MXN 100,685 Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
Go to site Show details
1 - 2 days USD 0.00 20.133 MXN 100,663 Get live quotes on exchange rates and take advantage of no transaction fees with no limits on transfers. Go to site Show details

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US International Money Transfers Offers

Important Information*
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2 Responses

  1. Default Gravatar
    KiyuMarch 1, 2017

    How many hours did my money back on my well fargo bank after I cancel money to phillipines using sharemoney?

    • finder Customer Care
      HaroldJuly 16, 2017Staff

      Hi Kiyu

      Thank you for your inquiry.

      While we do not represent any company that we feature on our pages, we can offer you a general advice. Usually, the transfer speed is within 24 hours. But regarding this matter you would need to contact the money transfer company to clarify the information.

      I hope this information has helped.

      Cheers,
      Harold

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

Go to site