OFX vs Wise (ex.TransferWise) in Australia. Which is for you?

Roberto Efflandrin

Sending money abroad can turn into a real hassle if it's your first time or you have no idea what to expect. If you live in Australia, you’ll be delighted to know that there are several money transfer providers that you can use.

However, each provider offers their own pricing, delivery times and payout options. This article will introduce you to and compare OFX and Wise (ex Wise), two companies that specialise in moving money internationally.

💰 Wise provides you the mid-market exchange rate and low transparent transfer fees shown upfront.

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Wise money transfers

Table of Contents

(Transfer)Wise vs OFX introduction

TransferWise and OFX are two digital money institutions that provide Australian customers exchange and transfer services to destinations internationally. Both companies also have operations outside of Australia.

Who is OFX ?

OFX, short for OzForex, is an Australian publicly listed company that started in 2001. OFX now has offices in 9 countries around the world and over 500 employees. OFX offers international money transfer services to individuals and business customers.¹

Who is Wise (ex TransferWise)?

Wise, formerly known as TransferWise was founded in 2011 in London, United Kingdom. Wise originally specialised in international money transfers but has expanded its products to include multi-currency accounts, physical and virtual debit cards and services for international businesses. Wise began offering its services to Australian customers in 2016. It is regulated and holds Australian Financial Services Licence (AFSL) number 513764.

OFX vs Wise — Main product offerings

OFX and Wise may seem similar, but overall each offer different products. Let’s compare the main product offerings available to Australian customers below.

OFX Wise (Wise Account)
Send international transfers in 50+ currencies to 170 countries¹ Send international transfers to 80 countries
OFX Global currency account.

Available to business customers only²

Multi-currency account
  • Own local account details in 10 currencies
  • Hold money in 52 currencies

    Available to personal and business customers

Physical and digital debit cards
  • Can be used to spend in 175 countries

As seen on 15th November 2022

OFX vs Wise — Fees

The fees to open an account and use any of the available products is a main factor that people take into consideration when choosing which option is right for them. Below is a comparison between the fees of the products OFX and Wise offer.

Service OFX³ Wise
Sending money Based on how much you are sending:
  • For transfers under $10,000 AUD, a transfer fee of $15 AUD
  • There is no transfer fee for transfers over $10,000 AUD
Fee depends on transfer method and currency

Fee will include a small flat fee + from 0.41% of the transfer amount

(See current pricing)

Receiving money A recipient of an OFX transfer may be charged a fee of between $15-$30 AUD Free to receive in 10 currencies

A fee of $4.14 USD for USD wire transfers

Currency accounts Free to open (eligible business customers only)² Free to open for personal and 1 time setup fee of $22 AUD for the business account.

For amounts over the fee-free holding limit of $23,000 AUD, Wise charges a daily fee of 0.00437% (which comes to 1.6% per year).

This fee is charged starting after the 3rd day you have over the fee-free allowance in your balance. More info here.

Card transactions N/A One time fee of $10 AUD to order physical card

Free to create virtual cards

Free ATM withdrawals up to $350 AUD per month

Before 01/2023 fee of $1.50 + 1.75% of transfer when withdrawal amount exceeds $350 a month

As seen on 14th November 2022

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
Read more: OFX Fees: What’s the price of a money transfer?

OFX vs Wise — Exchange rates used

You will find that exchange rates can vary greatly between providers. This is because an exchange rate can include a markup that the company keeps. Here are the exchange rates used by OFX and Wise.

OFX⁴ Wise
OFX uses the market rate with an added margin on top Wise uses the mid-market exchange rate with no margins or markups

As seen on 16th November 2022

As you can see, OFX makes money on the exchange rate offered to customers. To see how this affects a standard transfer, let's see how much a recipient will receive when sending $1000 AUD to the United Kingdom.

International transfer of $1000 AUD to be received in GBP*⁵

OFX Wise
Sending $1015 AUD which includes the OFX $15 AUD transfer fee

FX rate: 0.5584 per 1 AUD

Total recipient receives: 558.4 GBP

Sending $994.86 AUD which includes a $5.14 AUD transfer fee. See current pricing

FX rate: 0.570546 per 1 AUD

Total recipient receives: 567.61 GBP

*Rates indicative as of the 15th November 2022

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Meet Wise

OFX vs Wise — Supported currencies and routes

Sometimes you may need to send money in a non-major currency. Here are the currencies supported and routes you can send to using OFX or Wise for your international transfer.

Service OFX Wise
Sending money currencies 50+ currencies to 170 countries¹

(see list here)

50+ currencies to 80 countries

(see list here)

Currency accounts currencies 6 currency accounts for Business customers only


JPY and PLN for payment gateways and marketplaces only²

10 local account details available to personal and business customers


As seen on 14th November 2022

OFX and Wise are similar when it comes to supported currencies when making international money transfers. However, as you can see OFX offers a wider range of countries that Australian customers can send money to.

Read more: TorFX vs Wise (ex.TransferWise) in Australia

Money transfer speed

It’s always good to know when your recipient should expect the money to arrive into their accounts. Let’s see how OFX and Wise compare on transfer speeds.

OFX⁶ Wise
Commonly will take 1-2 days for major currencies and 3-5 days for exotic currencies Depends on country, currency, and how a transfer is paid. Timeframes can range from instant transfers/few hours, up to 5 days for some bank transfers.

As seen on 14th November 2022

Timeframes can vary for both providers with common factors such as weekends, public holidays, system outages, currencies and payment methods all possible to delay payment arrivals.

Note: The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Transfer pay in and pay out payment methods

These days, there are various ways to be able to pay for your transfer and ways that your recipient can receive their money. Here is how OFX and Wise compare.

OFX⁷ Wise
Pay in options Bank transfer


  • Bank transfer
  • PayID
  • PoLI
  • Credit or debit card
Payout options Bank transfer Bank account

Wise currency account

As seen on 15th November 2022

Pros and cons of using these services

Let’s bring this all together and get to know the pros and cons of either service to help you decide which option is best for you.

OFX Wise
  • Send transfers to 170 countries
  • Fee-free transfers on transfers over $10,000 AUD
  • Upfront, low and transparent fees
  • Mid-market exchange rate. Just like the one you see on Google.
  • Multicurrency accounts for both personal and business customers
  • Multi-currency accounts only available to business customers
  • Limited pay in and pay out options
  • Doesn’t deal in cash or cheques

What about safety?

It's always good to understand how your money is safeguarded and some of the other safety features that are provided by any given financial provider. Here is how OFX and Wise compare.


OFX is regulated by 50 regulators globally. In Australia, OFX is regulated by the Australian Securities and Investment Commission (ASIC). OFX also holds an Australian Financial service licence, AFS Licence No. 226 484.¹


Wise is regulated by ASIC, and holds an Australian Financial Services Licence (AFSL), AFS Licence number is 513764. Wise is also authorised by Australian Prudential Regulation Authority (APRA) as an authorised deposit taking institution.

On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

Online reviews for OFX and Wise in Australia

A great way to gauge how a company fares on the market is through their review rating from existing and previous Australian customers.

OFX reviews⁸ Wise reviews⁹
AU Trustpilot average star rating: 4.1/5

Reviews: 5195

Rated as: Great

AU Trustpilot average star rating: 4.5/5

Reviews: 179,048

Rated as: Excellent

As seen on 16th November 2022

Customer support and contacts

If you need to contact OFX or Wise for any reason, here are the ways to contact each company in Australia.

OFX Wise
Email: customer.service@ofx.com Phone: +61 1800 849 247
Local Phone: 1300 300 424 FAQ sections through the Wise website
International phone: +61 2 8667 8090 Multilingual customer support through Wise account online, or through in-app chat
OFXFacebook Wise Facebook

In conclusion

When it comes down to it, OFX has more routes around the world where you can make international transfers. However, when comparing Wise and OFX only on international transfers, Wise usually comes out on top in terms of fees for transfers, the exchange rate and ways to pay in and pay out a transfer.

On top of that, the Wise Account offers multi-currency accounts to personal and business customers, with the added bonus of being able to order a Wise debit card to spend your cash in 175 countries worldwide and online.

Join over 13 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Open your Wise account in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.


  1. OFX about
  2. OFX Business multi currency account
  3. OFXfees
  4. OFX margin
  5. OFX sample quote
  6. OFX transfer speeds
  7. OFX sending funds
  8. OFX trustpilot review

Sources checked on: 16 November 2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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