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.
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.
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.
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.
Winner: Wise
Though OFX and Wise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.
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
OFX
Wise
Transfer fee
$0
$8.19
Exchange rate
1 USD = 21.525 MXN
1 USD = 21.529 MXN
Transfer speed
Up to 4 business days (1–2 to OFX, 1–2 to recipient)
1–4 days
Total received
21,525 MXN
21,352 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.
Winner: Wise
The average transfer times are similar but Wise is just a bit quicker as users send lower amounts.
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.
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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Adrienne Fuller is the former head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aimed to deliver the accurate and transparent information she wished she had when she made some of life's important financial decisions. Adrienne has a BA from Colorado College and loves to hike with her two Catahoula dogs.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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