Wise vs OFX: Which is Best? → 7 Must Knows
In 2008, OFX opened my eyes to money transfer services and how much they can save – then almost 10 years later I started using Wise (then Transferwise).
Today I use both services, but for very different reasons.
Wise is great for smaller transfers, paying people or being paid in different currencies and overseas travel, but I still prefer and recommend OFX for larger money transfers.
In this comparison of Wise and OFX, I will point out why each is better and highlight a few reasons you might not use them as well. Let’s get into it!
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Quick Comparison: The Big Differences
Wise and OFX are my top picks for international money transfers, but they are distinctly different.
In practice, Wise is ideal for smaller transfers (under $7,000 USD or equivalent) but also incorporates a multi currency account and cards.
OFX stands out for larger transfers, especially because of its customer service which is needed for larger transfers.
Rates and fees are also quite different – OFX has competitive exchange rates which get better as transfer amounts grow.
Meanwhile, Wise is more competitive on small amounts and uses the mid-market rate (the best possible) while showing you their low fees upfront. Both crush the banks on service, speed and especially fees.
OFX pioneered lower fees (starting in 1998) and has strong customer service, providing a hybrid of online and 24/7 phone support to streamline larger transfers.
Wise, launched in 2010 focuses on driving fees down and providing full transparency through a modern, online-focused platform.
| Feature | Wise | OFX |
| Best For | Smaller transfers (under $7,000) | Larger transfers (over $7,000) |
| Exchange Rates | Uses the mid-market rate (the best) | Great rates, better for big amounts |
| Fees | Low, transparent fees upfront | Lower fees, especially for large sums |
| How It Works | Online-only platform | Mix of online and 24/7 phone support |
| Customer Support | Mostly online help | Strong support, perfect for big transfers |
| Additional Features | Multi-currency accounts + cards | Personal help for large transfers |
| Biggest Strengths | Transparent, fast, great for smaller amounts | Great rates and support for big transfers |
1. Real Fees & Hidden Fees
The first thing I always look at with money transfer services is the fees, especially the ones most people miss. Whether it’s Wise, OFX, or another provider, I want to know exactly what I’m paying and avoid any surprises, particularly on either side of the transfer where banks can take a big chunk.
Fortunately both OFX and Wise have a massive network of local bank accounts which means they almost always remove the extra fees that banks charge (and can easily add up to $20 – $100).
Wise is also particularly good at showing you their fees – check out their calculator to see what I mean.
Other than those fees, most money transfer services have a fixed fee, however Wise does not.
Meanwhile, OFX does have a small fee of $15 for some transfers under $10,000, but you can have that fee removed by using this link.
Why this matters:
Hidden fees can eat into your transferred amount, and both services actively reduce these through their network of local bank accounts. Other money transfer services usually also often have a fixed fee, but Wise doesn’t and OFX sometimes charges a $15 fee (below $10,000) but you can have this fee removed from all future transfers.
2. Exchange Rates?
The exchange rate offered is usually the biggest part of the total fees for most money transfer services and banks.
Wise incredibly gives you the mid-market rate – which basically means there is NO FEE built into their exchange rate.
Instead Wise charges a straightforward, transparent fee averaging 0.62% of the amount and usually about 0.35% for common currencies.
With OFX, like everyone else, they build in a fee into their exchange rate. Starting at about 1.5%, OFX reduces this fee towards about 0.5% as amounts increase.
Why this matters:
Small differences in exchange rates can add up quickly, especially if you’re moving a large amount or small amounts regularly. For Wise, it’s hard not to love the simplicity and clarity of not building their fees into the exchange rate. OFX is more traditional when it comes to exchange rates, but they are very competitive and just a fraction of what banks charge.
3. Transfer Speeds
When I need funds fast – usually while traveling or for business payments – speed is top of my list. Thankfully, Wise can be extremely fast (practically instantaneous) and sometimes send funds within hours or a day. Part of the reason Wise is able to make transfers so quickly is because they spend a lot of time integrating with local banks worldwide so that they can offer lots of options – including the fastest (but sometimes more expensive) options.
OFX usually takes a few days (1–5 days), but almost all of the time taken is the two banks at either end which depends a lot on the countries you are transferring between. But because these are large transfers, speed is not so important whereas reliability is.
But this makes it easy – I usually choose Wise for daily expenses and OFX for bigger, planned transfers.
Why this matters:
Speed can make or break a transfer, and it’s essential to know what each service can realistically deliver.
4. Ease of Use (Website, App, and User Experience)
Both Wise and OFX have a great user experience, but Wise is more modern and advanced while OFX is reassuringly old school.
Both Wise and OFX are equally functional online for transfers, but OFX’s 24/7 phone support is a huge bonus for bigger transfers. If I need reassurance or something goes sideways, it’s good to know I can call someone at OFX.
For example, on one occasion where I did get into trouble with a transfer because I did not know my bank had a transfer limit, OFX called me and arranged two separate transfers at the same exchange rate before I even knew there was an issue.
The user experience with Wise is also integrated into their multi-currency accounts and cards which makes them feel more like a complete solution for international money. However, I have also had issues with ID and had to work with them for several days on email for the issue to be resolved.
Why this matters:
An easy-to-use app or website saves time, and both OFX and Wise are functionally very good. I do love the Wise experience better though because beyond just transfers I feel in control of my international money. But I personally use OFX on my computer and I know from experience that phone support is there if I need it.
5. Security Measures
Both Wise and OFX are highly-regulated and secure. Both Wise and OFX have (2FA) two-factor authentication. They also talk about lots of other apparently important stuff with “prevention”, “fraud detection”, “cyber security” which all sound very important. The trouble is that I am not a security expert and nor do I want to be.
That said, I do know two-factor authentication (2FA) is really helpful (most banks don’t even have it) and both services have solid reputations, which makes me confident they are doing what is needed.
Why this matters:
Clearly, if you don’t have secure transfers you might lose your money.
6. Customer Support
This is one of the biggest differences – Wise offers quick and efficient support via chat with email for more complex issues, while OFX has 24/7 phone support.
In practice, what this means is that OFX is preferable for large transfers where there is more likely to be problems as regulations become more stringent.
On the flip side, smaller transfers are usually trouble free and therefore Wise is a great option. Not to say Wise doesn’t do large transfers they do and they even have a team dedicated to this however there are limitations and OFX handles large transfers “out of the tin”.
Why this matters:
Support can be crucial, especially when dealing with larger amounts or urgent needs.
7. Reviews (Including Negatives)
Both services hold “Excellent” ratings on Trustpilot (Wise at 4.3/5 with 240k+ reviews, OFX at 4.4/5 with 10k+ reviews).
Ironically the reason why both services are not higher relates a lot to customer service. For OFX most recently the complaints focus around wait times. With Wise it is more complex, but I think it makes sense that many issues would be resolved if customers had easier access to telephone support but this of course would increase costs.
Wise Positives
- Inexpensive
- Fast
- Great user experience
Wise Negatives
- Account freezes for additional verification
- Sometimes causing delays
OFX Positives
- 24/7 customer service
- Lower fees for large transfers
OFX Negatives
- Wait times on phone at times and transfer delays, often linked to bank processing times
Why this matters:
Wise – Primarily offers online support through chat and email, with fast response times which works well for the vast majority of smaller transfers.
OFX – Offers 24/7 phone support in addition to online assistance, making it ideal for users who want the extra confidence during large transfers.
Verdict
Both Wise and OFX are fantastic options, but their strengths differ. Wise is best for smaller, faster transfers (under $7,000 USD), and Wise has other benefits like its excellent app, travel card and multi-currency account.
OFX, on the other hand with its competitive rates on larger amounts and 24/7 phone support, is ideal for large transfers.
For large transfers, use OFX and avoid the possible $15 for transfers below $10,000. For day-to-day use and smaller transfers, Wise is a must-have for those who deal with different currencies on a regular basis.
