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 chasebank
Fees $0 $40 – $45
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
Max Transfer Amount No limit Maximum varies by country
Read Review Read Review


OFX and Wells Fargo: How they work

Both OFX and Wells Fargo offer easy online transferring.

OFX

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

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.

Trophy icon
Winner: OFX

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

Compare other transfer services

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 18.834 MXN 94,168 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 0.00 18.986 MXN
94,931
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 0.00 18.729 MXN 93,644 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
USD 1,000 1 day USD 0.00 18.796 MXN 93,978 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 18.91 MXN 94,550 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
USD 5,000 1 day - - Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details
USD 50 1 - 2 days USD 0.00 18.662 MXN 93,310 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. 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.

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.

Trophy icon
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.

Trophy icon
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 per year; 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

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.

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

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US International Money Transfers Offers

Important Information*
Logo for XE Money Transfer
XE Money Transfer

Offering no maximum and no minimum limit transfers with $0 fees.

Logo for WorldRemit International Money Transfers
WorldRemit International Money Transfers

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.

Logo for TransferWise
TransferWise

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

Logo for CurrencyTransfer
CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

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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.

      Cheers,
      Harold

US International Money Transfers Offers

Important Information*
Logo for XE Money Transfer
XE Money Transfer

Offering no maximum and no minimum limit transfers with $0 fees.

Logo for WorldRemit International Money Transfers
WorldRemit International Money Transfers

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.

Logo for TransferWise
TransferWise

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

Logo for CurrencyTransfer
CurrencyTransfer

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