Wise vs OFX international transfers: Fees, exchange rates and transfer times in 2025

Whether you’re sending money abroad for personal or business reasons, selecting the right service provider involves a careful evaluation of numerous factors, including fees, exchange rates, transfer times and security measures. 

In this detailed comparison guide, we analyse two prominent players in the market: Wise and OFX. 

We compare their fees, exchange rates, transfer times, service quality and security measures, providing you with the insights needed to make an informed decision.

(Discover TransferGo as a viable alternative with competitive rates, transparent fees, fast transfer times and higher customer review ratings than both Wise and OFX!)

Wise vs OFX overview

When it comes to international money transfers, both Wise and OFX each offer specific advantages tailored to diverse user needs.

Wise overview

Formerly known as TransferWise, Wise is renowned for its dedication to transparency and cost efficiency. 

It offers transfers at the mid-market rate, avoiding hidden fees or markups on exchange rates, thus appealing to users looking for economical solutions for their international transactions.

OFX overview

Founded over two decades ago and originally operating under various names like OzForex and UKForex, OFX has made a significant mark on the international money scene. 

Based in Sydney with offices worldwide, OFX facilitates transfers in over 55 currencies across more than 190 countries. 

OFX doesn’t limit how often or how much you can transfer, but you need to send at least $1,000. 

If you send less than $10,000, OFX charges a $15 fee, besides adding a markup to the exchange rate.

Key differences

Wise and OFX both stand out in international money transfers but for different reasons. 

Wise is known for its clear pricing and consistently uses the mid-market rate, which is great for those looking to save money. 

OFX, on the other hand, is flexible with large transfers since it doesn’t set a maximum limit, though it does require a minimum amount and charges fees for smaller transfers. 

Both companies are trusted for their security, but Wise tends to be more upfront about its fees, unlike OFX, which varies its markups.

Exchange rates and transfer fees

Wise exchange rates and transfer fees

Wise is praised for its clear fee structure and focus on keeping costs low. It sticks to the mid-market rate, which means users get fair exchange rates without any hidden fees. This approach makes Wise an affordable option for sending money internationally:

• Exchange fees: Wise doesn’t add any margin to the exchange rate, so you get a rate very close to the mid-market.
• Transfer fees: Fees start at just 0.43% and vary depending on the currency pair and how much you’re sending, but they’re usually lower than what banks charge.

Like TransferGo, Wise is all about transparency, showing all the costs upfront so you know exactly what you’re paying before you make a transfer.

OFX exchange rates and transfer fees

OFX implements a flat $15 fee on transfers under $10,000, while transfers exceeding this amount are free of charge. 

However, the real cost comes from hidden markups on the exchange rates. To understand the rate you’ll receive, registration and login are required. 

OFX’s rates vary based on several factors, as stated on their website:

“Each OFX Customer may get a different rate depending on the Market Rate; the value of their transfer; how often they transfer; and or the currency pairing of their transfer.” 

On top of that, OFX admits that additional markups may apply based on the time of your transfer: 

“When you book a transfer with OFX during the weekend, the transfer may cost more than the same transaction if you booked it on a weekday. Typically, foreign exchange markets are open from Monday to Friday. However, on weekends and certain holidays when the markets are closed an additional markup may apply.” 

While OFX is a convenient option for international transfers, those seeking a more cost-effective and transparent solution will likely find the Wise and TransferGo alternatives more attractive.

Service quality and user experience

When selecting international money transfer providers, reviewing online customer reviews is very important.

These offer valuable insight into service quality, user experience and overall satisfaction levels, so you can make a more informed decision.

In this section, we compare the performance of Wise and OFX to assess their service quality and user experience based on existing customer feedback.

Wise customer satisfaction

Wise has earned acclaim for its user-friendly online platform and transparent fee disclosure, with both factors reflected in its Trustpilot score of 4.2 out of 5 stars.

Users frequently commend the straightforward navigation of Wise’s interface, which supports smooth transactions, and the transparency that enhances user trust.

OFX customer satisfaction

Though OFX boasts a commendable TrustPilot score of 4.4 out of 5, indicating robust performance, TransferGo’s superior “Excellent” rating of 4.7/5 positions it as a preferred choice among users. 

TransferGo distinguishes itself with a dedicated multilingual customer support team available 24/7, enhancing user satisfaction and trust.

Transfer times

Wise money transfer times

Wise usually finishes most of its transfers in just minutes. 

However, the time it takes can vary depending on a few things like when the funds arrive, verification steps and the currency being used.

Overall, transfers with Wise can take anywhere from a few minutes up to four business days.

OFX money transfer times

OFX generally handles most transactions in major currencies within one to two business days after receiving the funds. 

However, for less common currencies or when dealing with more complex banking systems, the process can extend to three to five days. 

The duration can vary significantly, influenced by factors such as the recipient’s bank and the SWIFT network, making it less predictable.

For those looking for certainty with their transfer times, TransferGo offers a variety of delivery options that cater to different needs. 

Standard transfers with TransferGo typically arrive within one business day, and there are options to speed this up to as fast as 30 minutes, providing a reliable and swift alternative to both Wise and OFX.

Security and trustworthiness

In the realm of international money transfers, security and trustworthiness are paramount.

Wise

Wise prioritises security and transparency, establishing itself as a reliable choice in the money transfer sector. 

The company is regulated by the UK’s Financial Conduct Authority (FCA), ensuring it meets high safety standards. 

Wise’s commitment to transparency is evident in its upfront fee disclosure, helping users avoid unexpected costs. 

Additionally, Wise uses advanced security measures, such as data encryption and multi-factor authentication, to protect user data and transactions.

OFX

OFX is also a secure and trusted platform, regulated to operate in multiple global markets. 

For example, the service ensures that European payments are made via the safe and efficient SEPA network. 

Similarly, TransferGo places a strong emphasis on security and trust, adhering to stringent standards set by financial authorities. 

As an authorised payment institution regulated by the FCA, TransferGo ensures the protection of customer funds with high-level security protocols. 

These include encryption and extensive verification processes to prevent unauthorised access or fraud, making it a safe option for international money transfers.

Final verdict

When comparing Wise and OFX, each provider offers distinct advantages. 

Wise stands out for its transparent pricing and speedy service, making it ideal for those who value straightforwardness and efficiency in their financial transactions. 

OFX, while offering flexible transfer options for larger amounts, can be less predictable in terms of fees and transfer times. 

For those seeking an alternative with competitive rates, transparent fees and fast transfer times, TransferGo emerges as a robust choice. 

With its user-friendly interface and strong security measures, TransferGo offers a reliable and secure service that has earned the trust of millions worldwide.

FAQs

What are the key differences between Wise and OFX for international money transfers?

Wise is known for its transparent fees and mid-market rates, ideal for budget-conscious users, while OFX allows for large transfers without upper limits but includes a minimum threshold and variable fees.

How do Wise and OFX compare in terms of exchange rates and transfer fees?

Wise offers mid-market rates with no hidden fees, maintaining low costs. OFX can charge a $15 fee for smaller transfers and includes a markup on exchange rates, which may increase the overall cost of a transfer.

What are the transfer times like for Wise and OFX?

Wise typically completes transfers within minutes to a few days, depending on various factors. OFX processes transactions within one to two business days for major currencies, but this can extend to three to five days for less common currencies or complex situations.

What security measures do Wise and OFX have in place for international transfers?

Both Wise and OFX adhere to high security standards, regulated by respective financial authorities. They employ robust security measures like encryption and multi-factor authentication to ensure user safety.

What is the maximum amount you can transfer using Wise?

Wise allows transfers up to a certain limit which can vary by currency and user verification status. OFX does not impose an upper limit on the amount you can transfer, making it suitable for large transactions.

What details does Wise require for a money transfer? 

To facilitate the transfer, you’ll need to provide your own account information along with the following details:

●      The name and address of the recipient’s bank.

●      The recipient’s name and address.

●      The recipient’s account number or IBAN (International Bank Account Number, commonly used for bank account identification).

●      The recipient’s BIC/SWIFT code.

What details does OFX require for a money transfer?

Setting up an account with OFX involves a few more steps than some other online transfer services, but it’s still a straightforward process. Here’s what you need to do to start sending money with OFX:

1. Go to www.ofx.com and create an account.
2. After you register, an OFX representative will call you to finalise your account setup and address any queries.
3. You might need to provide additional documents if further verification is required to activate your account.
4. Once your account is up and running, log in to OFX to get a live quote for your transfer. This quote will show the current exchange rate if you’re sending money internationally. You can access your account through the OFX website, their mobile app, or by speaking with an OFX representative by phone.
5. Input the bank account details of your recipient to secure your exchange rate.
6. Transfer your funds to OFX from your bank account within 48 hours to complete the transaction.

How can I contact Wise?

You can contact Wise on +61 1800 549 837 or via their online help page.

How can I contact OFX?

OFX can be contacted through their support page, which offers phone numbers for various geographic areas.

Wise sources

• TrustPilot, Wise review

• Wise, How long does a transfer take?
• Wise, Pricing

OFX sources

• TrustPilot, OFX review 
• OFX, Does OFX offer the same exchange rates on weekends? 
• OFX, What is the customer rate?
• OFX, What is the minimum transfer amount? 

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

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