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OFX vs. Wells Fargo Money Transfers

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


Fact checked

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.

Fees$0$40 – $45
Fees$0 when sending $1,000 or moreBetween $5 and $7 per transfer (other bank fees may apply)
Exchange rates0.4% above the mid-market rateAbout 2% above the mid-market rate
Max Transfer AmountNo limitMaximum 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.

Wells Fargo

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.

Who offers lower fees?


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.

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Winner: OFX

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

Compare other transfer services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1,000 1 - 2 days USD 0.00 20.918 MXN 104,592 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
$1 Same day USD 0.00 21.035 MXN 105,173 XE offers fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$0 1 - 2 days USD 1.99 20.707 MXN 103,494 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 50.00 21.13 MXN
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
$1 Within an hour USD 3.99 21.041 MXN 105,120 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
$50 1 - 2 days USD 0.00 21.003 MXN 105,014 InstaReM offers quick and simple international money transfers with the ability to earn loyalty points. Go to site Show details

Compare up to 4 providers

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.


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.

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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?


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.

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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?

ProvidersPayment 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 recipient190+ countries (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
Wells FargoWells Fargo checking or savings account$25; maximum variesBank transfer, cash pickup2 business days13 countries — Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Philippines, India,Vietnam and China

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.

OFXWells Fargo
Transfer fee$0$5 (other bank fees may apply)
Exchange rate1 USD = 21.31 MXN1 USD = 20.94 MXN
Transfer speedUp to 4 business days (1–2 to OFX, 1–2 to recipient)2 days
Total received21,310 MXN20,940 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.

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.

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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?

    • Avatarfinder 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.


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