OFX vs Wise: A full comparison 2024

Claire Millard
Ileana Ionescu
Last updated
August 29, 2023

Not sure whether to use OFX or Wise (formerly TransferWise) for your next international payment? This OFX Vs Wise review is here to help. We’ll cover:

  • A full side by side feature comparison

  • Which provider is cheaper?

  • Which is faster?

  • Which is safer?

  • Which gets better customer reviews?

Summary: Both OFX and Wise are international transfer companies - but the focus of their businesses is quite different. OFX provides currency risk management tools and 24/7 phone services through personal brokers. Wise uses new approaches to send online and in-app international payments which can be cheaper, faster and more convenient than using an alternative provider. In our comparison for USD payments, Wise came out cheaper than OFX. Both providers are regulated by FINTRAC.

OFX Vs Wise: Quick comparison

Send payments to55 currencies80+ countries, 53 currencies
Multi-currency accountsNAvailable for 53 currencies
Debit card availableNY
Personal broker servicesYN
Currency risk management solutionsYN
Fully licensed and regulatedYY
Open a business accountYY
Send money with Wise
Go to OFX

So, to summarise:

  • Wise and OFX both offer transfers in 50+ currencies

  • Wise has a multi-currency account and linked debit card to support 50+ currencies, while OFX does not

  • OFX offers currency risk management services through personal brokers - Wise does not

  • Both providers are fully regulated, and offer both personal and business services

Whether OFX or Wise is best for you will depend on the services you want to use. OFX offers forward exchange contracts and target rate orders. These can help you avoid risks on high value foreign currency transactions. Wise is a specialist in fast, low cost international payments and doesn’t offer currency risk management solutions. If you need an online or in-app cross-border transfer Wise may win on price and speed with mid-market exchange rate payments using the Wise transfer network.

The important bits

RatesExchange rates include a markupMid-market exchange rate with no markup

15 CAD fee for payments under 10,000 CAD

No transfer fee for higher value payments

Low fees, varies by destination
SpeedTransfers take 1 - 4 business days to arrive40% of payments are instant, 80% arrive in 24 hours
ServiceOnline, in app and by phoneOnline, in app and by phone
SafetyFully regulated and licensedFully regulated and licensed
Reviews (TrustPilot)4.2 star, Great, 4,000+ reviews4.6 star, Excellent, 134,000+ reviews

Rates: Wise uses the mid-market rate, whereas OFX adds a markup

Fees: Wise uses variable fees which are based on the destination country, OFX has a flat 15 CAD fee for transfers under 10,000 CAD and does not charge a transfer fee for higher value payments

Speed: OFX transfers usually take 1 - 4 business days.

50% of Wise payments are instant, 80% arrive within 24 hours

Service: Both providers offer service online, in-app and by phone. OFX has specialist personal broker services, while Wise focuses on offering fast and convenient online and in-app transfers

Safety: Both providers are fully licensed and regulated

Reviews: Wise has Excellent review ratings on Trustpilot with 134,000+ reviews listed. OFX has 4,000+ ratings, and scores a Great overall review

Pros and cons

  • Personal broker services

  • Send payments to 55 currencies

  • Currency risk management solutions

  • No transfer fees on high value payments

  • Experienced provider, fully regulated 

  • Mid-market exchange rates + low fees

  • Transparent pricing

  • Send to 80+ countries 

  • International accounts for personal  and business customers

  • Hold and manage 53 currencies 

  • Exchange rate markups may push up transfer costs

  • Transfer times aren’t the fastest out there

  • You can’t pay by credit card, cash or cheque

  • Rate quotes only available to account holders

  • Online and mobile payments only - no branches

  • No option for cash payments

  • Transfer fees vary by destination country

  • Multi-currency accounts are not interest bearing

OFX Vs Wise: The verdict

Whether OFX or Wise win for you will depend on the specific services you need.

OFX provides expert broker services and currency risk management solutions like forward exchange contracts and target rate orders. There are no transfer fees for international payments over 10,000 CAD in value, but exchange rate markups are added. For lower value transfers, a 15 CAD fee applies.

Wise is a specialist in fast and secure online and in-app transfers direct to bank accounts. Wise payments use the mid-market exchange rate with low, transparent fees. You can also get a Wise multi-currency account with a linked international debit card.

If you’re sending a payment to a bank account directly, Wise can be faster - with no markups added to the exchange rate, and transparent pricing. To find out the rate offered by OFX you’ll have to register an account in advance - whereas with Wise you can just run an instant online comparison to see the rates and fees available.

Go to Wise
Go to OFX

About OFX and Wise

OFX was founded in 1998, and has 1 million+ customers. You can send payments in 55 currencies with OFX. Through your personal broker you can also set up forward exchange contracts and target rate orders to help manage currency risks when transacting or holding high values of foreign currencies.

OFX business accounts are also available to hold and manage foreign currencies and payments. (OFX Review)

Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 10 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card. (Wise Review)

With Wise you can send payments to 80+ countries, in 50+ currencies. Send money with Wise.

OFX Vs Wise: which is cheaper? 

Choosing an international payment specialist is almost certainly cheaper than sending money using your bank. Let’s see how the costs of OFX Vs Wise measure up in a few specific payments.

This comparison assumes you’re sending a payment using a bank transfer, which is then delivered right into your recipient’s own bank account. We’ll use an example of sending a payment in CAD to a USD account.

Sending amount in CADWith OFX your recipient gets:With Wise your recipient gets:Winner
1,000 CAD753.22 USD769.41 USDWise
5,000 CAD3,810.55 USD3,849.31 USDWise
10,000 CAD7,678.02 USD7,717.87 USDWise

Fees and exchange rates correct at time of research - 20 July 2022

Send money with Wise

How do they work?

To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.

Once your account is up and running make payments online and in the Wise app:

  1. Log into your account

  2. Type in how much you want to transfer, or how much you need the recipient to get

  3. Enter the recipient’s details - bank account number or email

  4. Check over the details

  5. Fund your payment using a card or bank transfer

  6. Confirm and your money will be on the move

Wise transfers are made through Wise’s network of local bank accounts, so they arrive faster and don’t incur intermediary fees. When you want to pay for your transfer in Canadian dollars you’ll send the money to Wise’s local Canadian account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments.

To use OFX you’ll need to first set up an account. You can do this either online or by calling the OFX team, and will need to provide some ID for verification purposes. Your first international payment must be made on the phone through a specialist broker. After that you can send money online or in the OFX app:

  • Log in to your account or call the OFX support team

  • Get a quote for the exchange rate available

  • Give your recipient’s bank account details

  • Lock in your transfer at the agreed rate

  • Send your money to OFX

  • Once the payment is cleared it will be sent to your recipient automatically

Get started with Wise
Go to OFX

OFX Vs Wise Fees

OFX charges 15 CAD for transfers which are under 10,000 CAD in value, and doesn’t use a transfer fee for larger international payments. However, even on high value payments there is an exchange rate markup - which is a fee wrapped up in the exchange rate being offered.

You’ll be able to get an exchange rate quote for your payment through the OFX personal brokers, or by logging into your account online or in the app. You can compare the rate quoted to the mid-market rate shown on the OFX site to see the markup being used. Exchange rate markups are very common, but can make it harder to work out the true cost of your payment.

Wise doesn’t hide any fees in the exchange rates used, but instead has a couple of different transparent costs:

  • Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of $1.50 - $2

  • Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.5% to 0.6% of the transfer value

OFX Vs Wise: which is faster?

When you make a transfer with OFX there are 2 stages to the process - your payment must arrive with OFX and then clear, then OFX will pay it out to the recipient account in the destination currency.

Because there are a couple of steps that need to take place, the time it takes for your payment to arrive can vary from 1 - 4 business days, depending on a few factors:

  • When your payment arrives with OFX, and whether it hits cut-off times

  • How long your funds take to clear with OFX

  • The processes in place at the recipient’s own bank

Wise is a specialist in fast and efficient international payments which use their own transfer network for speed. 40% of Wise payments get to their destination instantly, and 80% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.


Both OFX and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

OFX is regulated in Canada and by a total of 50 regulators globally.

Wise is registered with FINTRAC, and also regulated by the FCA in the UK, FinCEN in the US, and other global regulatory bodies around the world.

Ease of use

  • Creating an account: Create your account online or in app with both OFX and Wise. OFX also offers the option to register an account by phone

  • Making a transfer: OFX offers a range of electronic funding methods including BPay, electronic funds transfer and direct debit - you’ll get a full list of payment options for your transfer type when you lock in an exchange rate quote. Wise payments can be funded by bank transfers, card payments and Apple Pay payments

  • Ways to send money: Send payments to your recipient’s bank account directly with both OFX and Wise

  • Languages: OFX services and customer support are delivered in English. Wise offers 15 languages, plus multi-lingual support services

  • Minimum & maximum amounts: OFX has a minimum transfer amount of the equivalent of 150 USD and no fixed upper limit. Wise sending limits can vary by destination country

Supported currencies

OFX supports 55 currencies on major payment routes. Wise supports 53 currencies, and lets you send payments to over 80 countries.


Both OFX and Wise have some interesting features which will suit different customer needs.

OFX offers a 24/7 personal broker service by phone as well as some currency management solutions which are not available through Wise. However, where

OFX and Wise services overlap is in their range of international account products and cross-border payments.

Wise offers an international account to both business and personal customers, to spend internationally, make ATM withdrawals and avoid foreign transaction fees when you shop online with international retailers. OFX does have a global currency account for businesses, but this service isn’t available for personal customers.

You can make online and in-app international payments direct to bank accounts with both OFX and Wise. Here Wise wins overall on the exchange rates, and has a more transparent pricing structure.

Get started with Wise
Go to OFX


Is OFX or Wise cheaper?

For payments direct to bank accounts Wise is more transparent and usually cheaper, as it offers the real exchange rate with no markup, and low transfer fees.

Is OFX or Wise faster?

Wise payments are often faster than OFX, thanks to Wise’s modern payment processes which make transfers quicker, cheaper and more efficient.

How many currencies do OFX and Wise support?

OFX supports 55 currencies and Wise supports 53 currencies.