OFX vs Wise: Comparison for Australian businesses

If you’ve recently winced at the big fees your bank charges to pay an overseas supplier or contractor, it’s likely that you’re on the lookout for a financial services provider that makes international payments cheaper and more convenient.

For Australian businesses, OFX vs Wise Business is a popular comparison, each offering digital-first solutions for managing money across borders. In this blog, we’ll compare the two side-by-side, looking at everything from fee structures to local account features.

Rather than picking a definitive winner or recommending one over the other, the goal is simply to outline how each product works and how they differ, with facts and accurate stats, so you can decide which is a better fit for your business in 2026.

Table of contents
What is OFX? What is Wise Business? Feature comparison: OFX vs Wise Business Supported currencies Accepted transfer methods Sending money abroad Safety and security Pricing comparison: OFX vs Wise Business Exchange rates Wise vs OFX review Wise Business: All in one account

What is OFX?

OFX is a global money transfers and financial platform based in Australia. It was founded in Sydney back in the late 1990s, and now operates globally with international payment services tailored for businesses, particularly ones that need to make large transfers or want to reduce their foreign exchange exposure. OFX offers spot transfers, forward contracts, and limit orders to help “protect your bottom line.”

For Australian businesses, OFX provides¹:

• International payments in 30+ currencies
• FX solutions to manage currency risk
• Corporate cards
• Spend management tools
• Multi-currency accounts
• Accounts Payable (AP) and bill automation

👆Read here to learn more about the OFX business account

What is Wise Business?

Wise is a global payments provider founded in the UK in the early 2010s that now serves 16+ million customers. Wise Business is its business account service geared towards startups and large corporations alike that want to better manage cross-border transactions with low, transparent pricing and real exchange rates.

It’s also commonly used by businesses that make frequent international payments, and need to hold and manage multiple currencies in a single account to streamline the task of working with suppliers and contractors overseas, and getting paid regularly by global customers.

For Australian businesses, Wise Business provides²:

• International payments in 40+ currencies
• Conversions at the mid-market exchange rates with transparent fees
• Multi-currency accounts
• Corporate cards
• Team controls
• Create, manage, and send invoices

Feature comparison: OFX vs Wise Business

To give you a better idea of what these two providers offer, here’s a high-level comparison of the core business features offered by OFX and Wise Business. All based on information from official sources.

Feature	OFX³	Wise Business
Send money to	170+ countries	140+ countries
Currencies supported	30+	40+
Local account details	✅5 currencies	✅8+ currencies
Business debit cards	✅	✅
Batch payments	✅	✅
Accounting integrations	✅ Xero and QuickBooks	✅ Xero and QuickBooks, and 4 others
FX risk management tools	✅	❌
Invoicing tools	❌	✅
Customer support	24/7 support via phone, email, and live chat	24/7 support via email, phone, and live chat
Mobile app	✅	✅

It’s important to note that some of OFX’s advanced features are limited to paid-for tiers. For example, dedicated onboard and activation support is only available on the highest ‘Custom’ tier, so it’s important to look at the full feature list for clarity before signing up.

Now, we’ll look at a few of these core features in more detail, comparing Wise vs OFX directly, starting with the number of currencies supported.

Supported currencies

OFX lets you make payments and receive and hold money in 30+ currencies. You can also create local account details to bank ‘like a local’, but it is limited to five currencies: AUD, USD, GBP, EUR, and CAD³.

Wise Business ups the ante with support for sending money in 40+ currencies, in addition to local account details for receiving money in 8+ currencies. This includes all the ones offered by OFX, plus a few that could be useful for Australian businesses in the Asia Pacific region, such as NZD, HKD, PHP, and SGD.

Accepted transfer methods

OFX allows Australian businesses to fund international transfers using several payment methods. According to OFX, an electronic fund transfer (EFT), which is a standard bank-to-bank transfer, might be the fastest and cheapest route (depending on the transaction)⁴. You also have the option of using BPAY, or a direct debit if you’re setting up a recurring payment.

With Wise Business, you can fund your account using your debit card or credit card, by sending money via a bank transfer with online banking, or via Pay ID. Once the funds are added, businesses can hold and convert balances in a plethora of supported currencies, and use them to make multiple international payments without having to fund each transfer individually.

Sending money abroad

The process for sending money overseas is similar for both platforms, though the underlying workflows are slightly different.

Making international payments with OFX

OFX supports payments to 170+ countries in 30+ currencies. To send money, businesses first have to book a transfer at an agreed exchange rate, then fund the transfer before money is sent to the overseas recipient. Transfers can be made as a one-off payments or setup on a recurring basis. OFX also offers foreign exchange tools, such as forward contracts, to lock in exchange rates for future payments.

After the payment is sent, there is a 1-3 business day window for delivery, depending on the currency⁵.

OFX provides a clear 4-step process for sending money abroad: Get a quote, add recipient details, review and confirm, and wait for a confirmation email or call⁶. For certain transactions, such as sending funds to a new recipient or for transfers above $100,000, you’ll get a call within 15 minutes to confirm everything before it’s processed.

Making international payments with Wise Business

With Wise Business, Australian businesses can send international payments to 140+ countries in 40+ currencies via the online platform or mobile app. To make a transfer, select the sending and receiving currencies and the amount, then Wise will display all the applicable fees before confirmation. Payments are funded from an existing account balance or at the point of transfer. Once confirmed, funds are deducted from the account and sent to the recipient’s bank account.

Wise payments are also fast, where 74% of transfers are instant and 96% under 24 hours.*

Sending money overseas with Wise Business follows a similar 4-step process: Select currencies and amount, enter recipient details, review and pay, and track transfer. You can also add and confirm new recipients entirely through the app.

* Accurate as of Q1, 2026. Transaction speeds vary and may not apply to all transfers.

Safety and security

Both OFX and Wise are regulated financial service providers.

OFX is regulated by ASIC in Australia and holds relevant licences in the regions it operates in. It also deploys identity protections, such as multi-factor authentication (MFA), fraud prevention, and high-level cybersecurity frameworks to keep personal details and transactions secure⁷.

Wise Business is also regulated by ASIC in Australia, with customer funds safeguarded according to local regulatory requirements. Wise uses two-step authentication, real-time fraud prevention, biometrics and encryption, and customisable controls (location permissions, auto log-out, etc.) to keep money properly protected.

Pricing comparison: OFX vs Wise Business

Pricing structure is a key differentiator when comparing OFX vs Wise Business. The two providers diverge on paths for how fees are applied and how exchange rates are presented. OFX offers multiple business plans with varying features and a subscription model with monthly fees, though it does have an entry-level ‘free’ plan. Wise doesn’t have tiers, instead applying fees on a per-transaction basis instead.

Here’s a full breakdown of pricing for business accounts.

Feature	OFX³	Wise⁸
Account setup	Free	Free
Monthly fees	AUD 0 for 2 users per month for Standard, AUD 25 per user per month for Full Suite	AUD 0 (65 AUD one-time fee to get local account details)
Transfer fees	Intermediary bank fees and others may apply13	From 10 AUD (varies by currency)
Exchange rate	Includes 1.50%+ markup	Mid-market rate with no hidden markup
Minimum transfer	AUD 250 plus AUD 15 fee for all transfers less than AUD 10,000⁹	AUD 1
Maximum transfer	No maximum¹⁰	AUD 5 million
Domestic payments in AUD	20 with Standard plan, 200 with Full Suite, AUD 1 per transaction outside monthly allowance	No fees
Receive AUD Wire/SWIFT transaction	AUD 5	AUD 6.24

Exchange rates

OFX adds a 1.50% margin on all international debit card payments with both its Standard and Full Suite plans³. There’s also a small markup for other exchange rates when converting funds. This is what’s typically known as a “retail” rate, allowing the provider — in this case, OFX — to make money on each conversion.

In contrast, Wise Business always uses the real, mid-market exchange rate, the one you see on Google or Reuters, and applies a small transparent fee on top. This fee varies by currency, but it’s provided in a complete itemised breakdown before the payment is sent, so you know exactly how much you’ll pay.

Wise vs OFX review

Both OFX and Wise have an ‘Excellent’ rating on Trustpilot, indicating high customer satisfaction. Here’s an overview of the current ratings and reviews on the platform.

Company	Rating	No. of reviews
OFX¹¹	4.3/5	11,125
Wise¹²	4.3/5	277,666

Ratings as of 13 January 2026

Wise Business: All in one account for cross-border transactions

For Australian business comparing OFX vs Wise, the decision might come down to how international payments fit into day-to-day activities. OFX has a stronger emphasis on foreign exchange services and risk management tools, while Wise Business has more emphasis on multi-currency accounts and transparent pricing with no markups, suitable for frequent international payments.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD
• Earn potential returns** on your everyday money through Wise Interest

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.
**Capital at risk, growth not guaranteed. Interest is the name of a custody and nominee service provided by Wise Australia Investments Pty Ltd in partnership with Franklin Templeton.

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Source:

1. OFX Australia
2. Wise Business Australia
3. OFX - Business pricing
4. OFX - cheapest way to send money internationally
5. OFX - How long do online payments take
6. OFX - Money transfer step-by-step
7. OFX - Security measures
8. Wise Business pricing
9. OFX - what is the max amount you can transfer?
10. OFX - what is the min transfer amount?
11. Au Trustpilot - OFX reviews
12. Au Trustpilot - Wise reviews