Quick verdict
| Choose Wise if you want: | Choose OFX if you want: |
|---|---|
| Speed and simplicity | Best value for larger transfers |
| Low fees for smaller transfers | Personalized service for high amounts |
| Multi-currency account options | Forward contracts for rate protection |
| Self-serve only, no phone support | Direct access to a currency specialist |
OFX vs Wise: Which Money Transfer Service Is Right for You?
When it comes to sending money internationally, both OFX and Wise offer compelling options, but they cater to slightly different needs. Wise has built its reputation on transparency. It offers customers the mid-market exchange rate — the real rate you see on Google — with a small, upfront fee. This model makes it easy for individuals and small businesses to know exactly what they’re paying, and it often results in cheaper overall costs for smaller transfers.
OFX, on the other hand, specializes in larger transactions. Instead of charging a fixed fee, OFX applies a small margin to the exchange rate itself. While this means you don’t get the exact mid-market rate, the margin tends to shrink for high-value transfers, making OFX particularly attractive for sending larger sums — typically over $10,000. Many businesses and individuals moving substantial amounts appreciate the ability to negotiate better rates with OFX, something Wise doesn’t offer.
Another major difference lies in the transfer speed and user experience. Wise is known for its fast transfers, often completing transactions within a day for major currency pairs. Its platform is incredibly easy to use, making it ideal for those who want a seamless, self-serve experience. OFX also offers a strong digital experience but tends to involve a little more onboarding at the start, including phone verification for new customers. However, once set up, OFX offers 24/7 customer support, which can be invaluable for businesses dealing with time-sensitive transactions.
When choosing between OFX and Wise, it’s important to think about more than just rates and fees. How much personal support you want during your transfer can make a big difference.
In short, Wise focuses on speed, simplicity, and transparency for smaller or regular transfers, while OFX is built for larger amounts and personalized service. Which one is right for you depends largely on how much you’re sending, how often you transfer, and whether you value real-time convenience or personal account management.
Let’s break it down further!
🌍 What They Are
• Wise (formerly TransferWise) is all about transparency and real exchange rates. They show you the real mid-market rate (the one you see on Google) and simply add a small, upfront fee.
• OFX is a specialist in larger transfers and offers competitive rates without transfer fees. Instead of showing the exact mid-market rate, they build a small margin into the exchange rate.
💸 Cost Comparison
• Wise: Charges a small fee based on the amount you’re sending (typically 0.35%–1%) plus a fixed fee. Their strength is being super clear — you always see exactly what you’ll pay.
• OFX: Doesn’t charge a transfer fee (yay!) but applies a slight margin on the exchange rate. This margin often gets smaller for larger amounts (e.g., above $10,000), making OFX better value for big transfers.
In short:
• Smaller amounts → Wise usually wins.
• Larger amounts → OFX can offer better overall value.
⏱️ Speed of Transfers
• Wise: Known for fast transfers — often same day or next day for major currencies.
• OFX: Generally takes 1–2 business days, depending on the currencies and banks involved.
If speed matters a lot, Wise is usually quicker.
📱 Ease of Use
• Wise: Extremely easy and intuitive. Their app and website are user-friendly, even if you’ve never sent money abroad before.
• OFX: Also has a good app and online platform, but account setup can be a little slower because they sometimes require a quick phone call to verify your details (especially for first-time senders).
🏦 Supported Currencies
Both Wise and OFX support a wide range of currencies — from USD and EUR to more exotic ones like MXN (Mexican Peso) and ZAR (South African Rand). Wise currently covers more currencies overall, but OFX handles major corridors really well.
🔒 Safety
Good news: Both are completely safe and licensed!
• Wise is regulated in the UK, US, Australia, Europe, and many other countries.
• OFX is regulated in Australia (where they’re based) and licensed around the world too.
Your money is kept in segregated accounts and protected by strong compliance rules.
🛠️ Extra Features
• Wise: Offers multi-currency accounts where you can hold, send, and receive money in different currencies — super handy for freelancers, travelers, or remote workers.
• OFX: Great for businesses and high-value personal transfers. They offer spot contracts, forward contracts, and options for people who want to lock in rates for the future.
👥 Personal Support vs. Self-Serve: A Key Difference
One key difference that often matters, especially for larger or more complex transfers, is the level of personal support. OFX offers access to real people — experienced staff who can assist you by phone or email whenever you have questions about your transfer. This can be incredibly helpful if you’re moving a large amount of money, dealing with deadlines, or simply want the reassurance of speaking to someone directly.
Wise, by contrast, is designed as a fully online, self-serve platform. While they offer strong customer support through live chat and email, there’s no option to speak directly to a specialist by phone. For users who are comfortable managing everything themselves, Wise’s simplicity is perfect. But for those who prefer the ability to call and get tailored advice, OFX can offer an extra layer of confidence and service.
✨ Summary: When to Choose Each
| Best for | Small to medium transfers | Large transfers (>$10,000) |
| Pricing | Mid-market rate + small transparent fee | No fee, small margin on exchange rate |
| Speed | Same day to 1–2 days | 1–3 business days |
| Ease of Use | Very user-friendly app and website | Easy, but first-time setup can involve a call |
| Minimum Transfer | As low as $1 | Typically around $100–$250 |
| Multi-Currency Account | Yes (hold and manage currencies) | Yes* (Business only) |
| Forward Contracts | No | Yes (lock in future rates) |
| Regulation | Fully licensed globally | Fully licensed globally |
| Customer Support | Online support, live chat | 24/7 phone and email support |
| Personal Support | Self-serve only, no phone support | Direct access to a currency specialist |
| Currency Coverage | Over 50+ currencies | 50+ currencies (focus on major ones) |
💬 Final Thoughts
Both Wise and OFX are excellent choices, and you really can’t go wrong with either. If you’re sending small-to-medium amounts and want speed and transparency, Wise is fantastic. If you’re moving larger sums (think $10,000+) and want lower exchange rate margins, OFX might save you more.
As always, it’s a smart move to compare rates in real-time before making your decision — even a small difference can add up, especially for big transfers!
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Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.