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OFX vs. Wise (TransferWise)

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

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Wise (TransferWise)

Wise (TransferWise) logo
  • 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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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.

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Product USFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX logo
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Wise logo
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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Who offers lower fees?

OFX

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.

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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.

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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 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.

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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.

Exchange rates as of April 2021

OFXWise
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.

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Winner: Wise

The average transfer times are similar but Wise is just a bit quicker as users send lower amounts.

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Who offers more options?

Payment MethodsMinimum and maximum transfersDelivery methodsTransfer speedsCountries and currencies
OFX
Electronic funds transfer (EFT)
$1,000 minimum per year; no maximum
Bank transfer
1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient
195 countries and 55 currencies (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
Wise
Bank account
$1 minimum; $1,000,000 maximum
Bank account
1–3 days
50+ currencies
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Verdict

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.

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.

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's headshot
Head of publishing and editorial

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. See full bio

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