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OFX vs. Wise (TransferWise)

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

Both OFX and Wise are great services that can transfer your money overseas. With competitive fees and stellar customer service, it can be difficult to choose between them. However, not everything about these companies is on equal par, and which is better for you may depend on your circumstances. We’ll discuss the differences to help you understand whether OFX or Wise is the right choice for your next money transfer.

Compare OFX to Wise

Whether OFX or Wise is better for you depends on the unique needs of your cash transfer. For quick comparison between these money transfer services, enter the amount you want to send, your country’s currency and your recipient’s currency.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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How they work?

To use either OFX or Wise, you’ll need to create a free account, but it’s easy to set one up as part of your transfer. With Wise, you can also sign in with an existing Google+, Facebook or PayPal account.With OFX, you go to its site, enter how much money you’re transferring and either send your funds to an OFX account or link your bank account so OFX can pull funds directly. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.
For Wise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, money is pulled from your bank account and matched to a sender.
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Who offers lower fees?

OFX

OFX charges no transfer fees when sending $1,000 or more around the world.

Wise

With Wise, fees depend on where and how you’re sending money. They range from 0.55% 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, you’ll pay 1.1% of your transaction (or $12) plus a fixed fee of $8; to the Philippines, the fee drops to 0.75% ($7.50) plus a fixed fee of $3.50. You can easily find out what you’ll pay by visiting its “How much does Wise cost?” page.

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Winner: OFX

Wise’s fees are among the lowest in the industry. But OFX’s transparency and $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 at OFX is about 0.4% above the mid-market rate — a competitive rate any way you look at it.

So if you need to send $1,000 to the Philippines:

  • If the mid-market rate is 1 USD = 49.74 PHP
  • OFX’s exchange rate could be 1 USD = 48.88 PHP

Wise

Exchange rates is where Wise shines. It’s one of the only 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 = 0.82 EUR, 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.

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.

Send money internationally with Wise

Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.

  • 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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Who’s faster?

OFX

To transfer your money to OFX, it 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 four business days for your recipient to see your cash.

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Winner: Tie

Your average transfer may take about the same time with both services.

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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; $36,000 maximumBank account1–4 daysNearly 40 currencies
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Bottom line

When it comes to international money transfers, both OFX and Wise are forces to be reckoned with. It’s too close to call which is better for your situation. 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.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Exclusive: Use code GET60 and save $30 on each transaction over $200. Valid for the first two transactions and till 31st July 2021. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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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.

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