OFX Vs. Wise (What Is Better For Your Transfers in 2022?)

ofx vs wise

OFX and Wise are both great options for sending and receiving money internationally. These two companies have very much in common and offer better rates than your regular or even digital bank.

But how do they stack up against each other?

Wise is more affordable than OFX because they offer exchange rates based on the mid-market rate and have zero margins. However, OFX is a better alternative for sending large transfers because it charges no fees for transfers, whereas Wise is perfect for smaller transfers.

Additionally, Wise has more payment options on top of the standard bank transfers. They even allow deposits into mobile wallet accounts in some countries.

Continue reading to find out more about these two top-notch money transfer services. 

wise vs ofx infographics

Why Should You Choose OFX

why choose ofx

OFX has been in existence for many years. Here’s why you should choose them.

Larger Transfers

OFX doesn’t have a limit on how much money you can transfer. There are no transfer fees for all types of transfers.

Wider Coverage

OFX can transfer money to more than 100 countries. This means you can send money to more countries compared to when using Wise. This platform has extensive coverage and handles more currencies.

Customer Service

When you have an issue with your transfer, reaching the OFX customer support team is much easier. On top of being available 24/7 on the phone and via email, this company also has some physical offices in different parts of the world, including Ireland, Australia, Canada, Hong Kong, London, and the US.

Why You Should Choose Wise

why choose wise

Let’s take a look at some of the reasons why you should choose Wise for your transfers.

Lower Fees

When sending money via Wise, they don’t have a margin on the exchange rate. This platform is one of the only money transfer services that offer customers the mid-market rate. In addition, for every transfer, you’ll see the exact amount you pay as transfer fees.

Multi-Currency Account

Using a Wise multi-currency, you send, hold and receive money. You can hold more than 50 currencies and convert them at your convenient time.


As a regulated company, Wise operates within the set rules that govern international money transfers. 

They also hold money with leading banks, which keeps your money safe. In addition, Wise has a data protection system to keep your personal data secure and a dedicated anti-fraud team working round-the-clock.

RELATED: 30 Biggest Digital Banks (Customers and Valuation)

Pros & Cons 


24/7 customer serviceNo recurring fees
No flat-rate transfer feesTransparent, cheap, and fast money transfers
No maximum transfersFees as low as possible
Good exchange ratesInternational debit card available
Great for bigger transfersSpend in any currency
3-D Secure authentications
Easy to signup


No live chat online1% fee for ATM withdrawals above £200/$250/€250
Takes two to four business days to transfer moneyDebit card not free and not available in many countries
Fees may not be worth it for smaller sumsDeposits not insured

READ ALSO: The 13 Best Online Money Transfer Services

How to Open an OFX Account

opening ofx personal account

OFX makes it easy to open an account, whether it’s for business or personal needs. There are two ways you can do this – on the OFX website or by downloading an app from Apple or Google Store. 

Simply start by choosing your country and entering other personal information, and you’ll be ready to send money in no time. 

Additionally, have your government-issued photo ID ready. You’ll also need to submit a photo of yourself and your document and enter your SSN. This is commonplace with financial apps and part of the KYC (Know Your Customer) regulation.

How to Open a Wise Account 

Opening a Wise account is equally as easy and straightforward for both personal and business accounts. 

Visit the Wise website and register by using your email address, or Google, Facebook, and Apple account. 

Choose from a personal or business account, add a password, and select your country. You’ll also need an ID for further verification as well. 

About OFX 

about ofx

OFX was started in 1998 by Matthew Gilmour in a garage in Sydney’s Northern Beaches. For the past 20 years, the company has grown from two employees to over 500. 

Customers now trust them across the globe with international money transfers. OFX has more than 1 million customers globally and continues to grow.

Over the years, the company has operated under territory-specific brands, including UKForex, NZForex, USForex, CanadianForex, before consolidating into one brand, OFX, in 2015.

The company now has over 115 bank accounts in its network to help meet customer demands. 

OFX has eight global offices in Australia, Canada, Hong Kong, Singapore, the United Kingdom, the United States of America, New Zealand, and Ireland to serve customers better.

About Wise 

about wise

Wise was previously known as TransferWise. It was founded in 2011 by two Estonians – financial consultant Kristo Käärmann and Taavet Hinrikus, who was notably Skype’s first employee.

The two friends started the company with the vision of making international money transfers cheap, quick, transparent, and simple. 

Today, Wise has a multi-currency account that helps over 13 million people and businesses manage their money worldwide. Every month, the platform handles more than $9 billion.

Wise also has a debit card that customers can use to shop anywhere around the world. To cover more people, Wise has also partnered with companies such as Monzo, Bolt, and GoCardless, to provide their customers with the best international banking experience.

PayPal co-founder Max Levchin, and Richard Branson are among the people who have invested in Wise’s vision.

The company now has 17 offices and 4,000+ employees to further its global vision and build money without border limitations.



OFX used to have a flat-rate transfer fee, but they got rid of it. However, third-party banks may deduct some money, unfortunately. 

The company also takes a small margin above the Current Market Rate. This markup is about 0.03% or less, which means it’s better than the compared 0.04% for bank-to-bank exchanges. For every $1,000 you send, they take a maximum of $30.


  • Free account setup
  • No monthly fees
  • €7/$9/£5 to order a debit card
  • One-time fee of £16/€23/$31 for business accounts
  • 0.41% fixed fee to send money (varies by currency)
  • 0.33%-3.56% to convert a currency using your card
  • Free ATM withdrawals up to £200/30 days, after that 1%
  • $4.14 to receive USD wire transfers

If you look at the fees above, it all seems a bit complicated. However, there’s an excellent calculator on the Wise website that lets you know exactly how much you’ll be paying and how much money the recipient is getting. 

Accounts & Cards


For international money transfers, OFX offers rapid transfers when you need to send cash right away. You can choose to go for Single transfers or “Spot Deals,” which allows you to lock in a great rate. Simply send the cash to the OFX team and let them do the rest.  

The other option is recurring transfers, ideal for payments such as a monthly mortgage or quarterly school fees. You’ll need to set up the transfer schedule, and the OFX team will process the payments on time.

The Forward Exchange Contract feature is ideal if you need to lock in a rate but want to transfer funds later. It allows you to book transfers to protect you against changes in the exchange rate.

With the Global Currency Account, you can accept payments and get paid at no monthly fee. This is ideal for both businesses and individuals.


Wise allows you to manage your cash across more than 50 currencies. With the Multi-Currency Account account, you can hold the money until you are ready to convert it.

Wise also has a debit card that has zero transaction fees and a low conversion rate. With this card, you can spend money and pay for products and services in countries such as the U.S., U.K, New Zealand, Australia, Japan, Singapore, and EEA.

Currently, the Wise card is only available to residents in Europe, North America, some parts of Asia, and Oceania. You’ll receive your card within three days to two weeks, depending on your location. The company is working to roll out these cards in more regions.

Additionally, Wise offers freelancer, e-commerce, and business accounts with different features that are specialized for the type of account. 

Credibility & Security 

When choosing a money transfer platform, it’s best to go for one that’s regulated. With the rise in online scams, a good platform will operate under financial regulations to protect your money. 

OFX is monitored by the Financial Conduct Authority as an Electronic Money Institution in the UK and regulated by the ASIC in Australia, as well as other financial authorities across the world.

On the other hand, Wise is regulated by the FCA in the UK and FinCEN in the US, as well as many other authorities worldwide.

READ NEXT: Starling Vs. Revolut (Head to Head Comparison)

Business Accounts 

OFX Business

OFX welcomes businesses of all sizes:

  • Small business: when you trade overseas, complete regular transfers and exchange < €1M annually 
  • Medium business: when you trade more considerable quantities of goods and services and transfer €1M+ annually
  • Online sellers: when you sell goods in online marketplaces and need accounts in particular currencies to receive funds from sales

The OFX multi-currency account offers you the ability to pay and get paid in many foreign currencies you do interaction in.

  • Send and accept multi-currency payments
  • Pay taxes and suppliers 
  • Avoid unnecessary conversion fees
  • Xero integration 
  • Invoice in foreign currencies 
  • Sync transactions automatically
  • No monthly account fees and receiving fees
  • Open local currency accounts 
  • Collect funds from your customers, payment gateways, marketplaces…

You can open a local currency account in GBP, CAD, USD, EUR, AUD, SGD, HKD, JPY, and PLN.

Wise Business

Wise offers various business accounts: 

  • Freelancers
  • Ecommerce
  • Regular business account

Business accounts are a great option for entrepreneurs, freelancers, SMEs, and big companies. It makes transactions around the world extremely easy and affordable and allows you to hold money in different currencies. 

It can also save you and your business a ton of money with its famous low-fee transfers for paying freelancers and contractors as well as for importing goods from overseas.

With this account, you’ll get Wise international business cards that enable your team or your employees to pay like locals wherever they are using the real exchange rate without hidden fees.

Additionally, there’s a handy batch payment tool that gives you the ability to send multiple payments as one international transfer. And by using the Wise open API, you can also automate payments for your business.

Find out more information in our Wise Business account review.

Customer Reviews 

When it comes to sending money, customer reviews are also critical. You should check sites such as Trustpilot to see other people’s experiences with the platform.

You’ll commonly find comments about the app’s functionality, transfer speed, and customer service access. Wise has a 4.5/5 rating, while OFX has a 4.1/5 score, both excellent ratings.




Paysend was formed in 2017 and provides easy online money transfers with a streamlined approach. Their transfers are faster and easier than other companies. To date, there have been around 6 million Paysend clients, and the company has a 4.4-star rating on Trustpilot. 



Remitly focuses on immigrant families and strives to make accessible, affordable, and fast international money transfers. There are also no fees on your first transfer. 



WorldRemit aims to offer its customers cheaper money transfers, along with a smoother experience transfer process. You can choose from more than a hundred countries and several dozen currencies.


Whether you choose Wise or OFX comes down to how much money you’re sending. If you’re sending bigger amounts, your best bet is OFX, for everything else, Wise is an excellent choice. 

As Seen On...
forbes logo
wall street journal
yahoo finance
bbc logo

The Future of Banking

As a Current mobile banking app affiliate, I get a commission at no cost to you if you decide to sign up through my links.

The Future of Banking

As a Current mobile banking app affiliate, I get a commission at no cost to you if you decide to sign up through my links.