OFX vs Wise

Does the OG from down-under still trump the UK fintech upstart? We think so, but there's not a lot in it.

Formerly known as OzForex, and in the UK as UKForex, OFX is a trusted antipodean international payments service that predates Wise by 13 years. UK-based Wise (formerly TransferWise) is probably better known here and has made a name for itself as a fast, easy, bank-beating transfer service. So how do they hold up against each other?

OFX and Wise at a glance

OFXWise (TransferWise)
Overall rating★★★★★★★★★★
Arrange transfers online
Arrange transfers through app
Arrange transfers by phone
BasedSydney, AustraliaLondon, UK
FCA reference902028900507
LinkGo to siteGo to site

Which is cheaper: OFX or Wise?

Ultimately the best service for you right now is probably the service offering the cheaper deal on your specific transfer, today. Use our calculator to estimate costs.

1 - 2 of 2
Name Product Fastest transfer Fee Key benefits Amount received
24 hours
Wise (TransferWise)
4 hours
From £0.20
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Compare up to 4 providers

Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.

Which charges lower fees?

OFX doesn’t charge a transfer fee, so that’s hard to beat. Wise charges a flat fee AND a percentage-based fee, so is a clear loser here. Nobody wants to be charged a fee – letalone two…

…But the fees don’t tell the full story. The exchange rate you’re offered is the other crucial detail, and that’s how OFX covers its costs.

Trophy iconWinner: OFX

Which offers better exchange rates?

Wise offers the “inter-bank” or “mid-market” rate – in other words the exchange rate you see on Google. That’s essentially the best rate going. OFX tweaks the exchange rate to cover costs. Sneaky, right? Well, sure, but if OFX is cheaper after tweaking the rate than Wise is after adding two differnt fees then that’s the better bet.

Ultimately it’s necessary to get quotes from both services for your specific transfer, and put them side by side, to determine which is best for you right now. Hence the calculator we’ve built above.

Trophy iconWinner: Wise

Example: Sending £10,000 to Australia

Here’s a useful example that’s not based on live exchange rates.

Transfer fee£0£41.10
Exchange rate1 GBP = 1.7082 AUD1 GBP = 1.71217 AUD
Transfer speedOne daySame day
Total received17,082.00 AUD17,051.33 AUD

Sometimes a transfer fee is worth shouldering if it means your recipient gets more overall… but not so in this example, where OFX waives the fee AND delivers more AUD to the recipient.

Coverage and payout

OFXWise (TransferWise)
Coverage rating★★★★★★★★★★
Number of available currencies53
(including: EUR, USD, INR, PHP, PKR, ZAR)
(including: EUR, USD, CNY, INR, PHP, PKR, ZAR)
Number of supported countries213222
Cash pick-up facility
Speed rating★★★★★★★★★★
Fastest transfer speed24 hours4 hours
LinkGo to siteGo to site

Wise does have a slight edge here – credit where credit’s due – but unless your transfer involves one of the specific currencies Wise supports that OFX doesn’t, it’s not important.

Wondering which is faster? Wise is a slick, self-service app where speed and ease is the name of the game. It’s ahead of OFX in this round.

Trophy iconWinner: Wise

Payment methods

OFXWise (TransferWise)
Bank transfer
Debit card
Credit card
LinkGo to siteGo to site

Trophy iconWinner: Tie

Forex features

OFXWise (TransferWise)
Facilities rating★★★★★★★★★★
Recurring transfer facility
Forward contracts facility
Limit orders facility
Stop loss orders facility
Customer servicePhone, EmailPhone, Email
Personal account manager
Price matching facility
LinkGo to siteGo to site

When it comes to locking-in exchange rates for the future, or setting rate targets that trigger transfers, OFX trumps Wise and wins this round hands down.

Trophy iconWinner: OFX

The verdict: Which is better: OFX or Wise?

Ultimately these are both fantastic services that can both beat the rates and fees high-street banks will offer you. But we found that OFX had a narrow edge on features and costs for the sample transfers we used.

Trophy iconOverall winner: OFX… just!

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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