OFX vs Wise: UK comparison for businesses

OFX built its reputation on foreign exchange and has since grown into a full business payment platform with corporate cards, AP automation and FX risk tools.¹ It suits UK businesses that move large sums across borders regularly and want more than a straightforward transfer service.

Wise Business suits businesses that want transparent fees on every payment, a multi-currency account with no monthly fee and everyday tools like expense cards, bulk payments and paying overseas suppliers from one account.

In this guide, we compare both providers across accounts, features, fees and international payments to help you decide.

💡 Learn more about Wise Business

OFX vs Wise Business: comparison summary

Both providers support multi-currency accounts and international payments.

OFX suits businesses that move large sums regularly and need FX risk management tools like forward contracts. Wise Business suits businesses that want transparent fees on every transfer, more currencies, wider card coverage and no monthly subscription.

Here are the key differences between the two providers.

For businesses that want to see exactly what a transfer costs before sending, Wise Business shows fees and the mid-market exchange rate upfront on every payment.

Note: OFX offers custom pricing if your business requires 50 plus users.

OFX accounts and features

OFX offers three plans for UK businesses: Standard, Full Suite and Custom. All plans come with a 30-day free trial and access to the Global Business Account, corporate cards and international payment tools.²

Standard

The Standard plan is free and suits smaller businesses that need to manage cross-border payments in multiple currencies.

With the Standard plan, you get:²

• A Global Business Account to receive, hold and pay in 30+ currencies
• Local bank details in GBP, EUR, USD and CAD to receive payments like a local
• International payments to 180+ countries
• Domestic GBP payments via FPS, with 50 transactions included per month
• Corporate cards with Apple Pay and Google Pay support
• Spot FX transfers and access to forward contracts and limit orders
• Bank feeds with Xero and QuickBooks Online
• 24/7 support via phone, email and online chat

The Standard plan costs £0 per user per month. CHAPS domestic payments cost £5 per transaction. International SWIFT incoming payments also carry a £5 fee, currently waived from May 2026.²

Full Suite

The Full Suite plan costs £75 per month for up to five users, with £10 per additional user. It adds spend management, AP automation and advanced controls on top of everything in the Standard plan.

Key additions include:²

• 0.5% cashback on eligible corporate card spend
• Control Hub with approval policies, budgets, and spend limits
• Spend management with expense tracking, receipt capture and employee reimbursement
• AP and bill automation with OCR capture and smart supplier rules
• 2-way sync with Xero and QuickBooks Online
• 150 FPS domestic transactions included per month
• Dedicated account manager

Custom

The Custom plan suits businesses with over 50 users or high transaction volumes. It includes everything in Full Suite plus multi-entity support and volume-based FX pricing. Pricing is available on request.² OFX does not offer tax filing tools, invoice management, savings accounts or FSCS deposit protection.

Wise Business accounts and features

Wise Business keeps costs simple. There are two plans with no monthly subscription, and the difference between them comes down to one thing: whether you need to receive international payments as well as send them.

Essential

The Essential plan is free to open. It covers international transfers and managing multiple currencies in one account without any monthly commitment.

With the Essential plan, you can:

• Hold and convert 40+
• Send trackable transfers to 140+ at the mid-market exchange rate
• Pay with a Wise Business expense card in 150+
• Run international bulk payments to multiple recipients in one go
• Set up multi-user access with team permissions
• • 0.5% cashback on eligible card spend. See cashback full terms and conditions here.
• Connect to accounting software including Xero, QuickBooks, FreeAgent and more
• Get dedicated support and volume discounts for large transfers, with transfer limits up to 20 million GBP/EUR/USD. Sophisitcated security and anti-fraud measures with your money safeguarded.
• Ability to earn a return: Gives UK businesses access to the Wise Interest feature, so you can earn a variable return on your GBP, USD, and EUR balances. (Capital at risk, growth not guaranteed).

The Essential plan does not include local account details for receiving payments from abroad, direct debits, invoice tools, or payment links.

Advanced

The Advanced plan costs a one-time fee of £50 with no monthly charge. It unlocks the receiving side of the account, meaning it better suits businesses that invoice international clients or receive payments in foreign currencies regularly.

On top of everything in the Essential plan, Advanced gives you:

• Local account details in 8+ so international clients can pay you as if you were a local business
• Direct debit setup for recurring payments
• Invoice generating tool
• Payment links and QR codes

Wise Business does not offer forward contracts, limit orders, AP automation or savings accounts.

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

OFX vs Wise Business: account fees

Both providers handle currency conversion and transfer fees differently. Here is how they compare.

Wise Business fees vary by currency and transfer amount. The fees for making payments page shows you the exact cost for your specific transfer before you confirm, so there are no surprises on either end.

OFX vs Wise Business: processing times

In Q1 2026, 75% of Wise transfers were instant (under 20 seconds). Transaction speeds depend on individual circumstances. For less common currencies and destinations, funds typically land within 24 hours. OFX processes major currency transfers within one to two business days from receipt of funds, with less common currencies taking up to three business days depending on the destination country and recipient bank.⁵

For time-sensitive payments in major currencies like EUR, USD and GBP, Wise Business is likely faster.

Opening an account with OFX

OFX accounts are open to UK sole traders, partnerships, trusts, not-for-profit organisations, private companies and public companies.² The application is fully digital and takes place through the OFX website or app. All plans come with a 30-day free trial so you can test the platform before committing.²

To register, you will need:⁶

• Your full name and date of birth
• Your current residential address
• Your occupation
• A valid email address and contact number

OFX may request additional business documentation during the verification process, and a team member may follow up to finalise onboarding after your initial application.² OFX is authorised by the FCA as an Electronic Money Institution (FRN: 902028).⁷

Open a Wise Business account

Wise Business is open to UK sole traders, limited companies, partnerships, freelancers and some non-profit organisations, subject to eligibility checks and Wise's acceptable use policy. The application is fully online and takes a few minutes to start.

You will need to provide:

• Personal and contact details for the account representative
• Business name, entity type, registration number and sector
• Registered address and trading address, if different
• Photo ID and proof of address for directors and beneficial owners
• Business registration document or certificate

Verification typically completes within one to three working days, though more complex ownership structures can take longer. For a full breakdown of what Wise requires at each stage, see Wise Business account requirements.

Manage payments and scale globally the smart way, with Wise Business

No matter what you choose, both OFX and Wise Business are powerful solutions for businesses of all sizes and scale. With Wise Business, you'll always get transparent and low fees that you can see upfront on every transaction.

With Wise Business, you can:

• 🌍 Send money to 70+ countries and pay overseas invoices at the mid-market exchange rate with low, transparent fees and no hidden exchange rate markups (product availability varies by region)
• 📥 Receive payments in 24 currencies and counting
• 💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
• 💰 Hold money in 40+ currencies
• 🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• 👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation. See full cashback terms and conditions
• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
• 🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
• 📑 Create custom professional invoices and schedule invoice payments for future dates
• 📈 Earn variable returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Rates vary by country and currency. Rates are variable. Visit Wise Interest to find out more)
• 🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for your domestic and global needs.

Be Smart, Get Wise.

Register for Wise Business ✍️

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

Frequently asked questions

Does OFX support direct debits?

Yes, but only on the Full Suite plan at £75 per month.² Wise Business includes direct debit setup on the Advanced plan for a one-time fee of £50, with no monthly charge after that.

Can I set a fixed exchange rate for a future payment with OFX or Wise Business?

OFX offers forward contracts and limit orders, which let you fix a rate for a future payment or set a target rate to trigger automatically.² Wise Business does not offer these tools. OFX has an advantage for businesses focused on reducing FX risk in global supply chains. For everyday transfers at the mid-market rate with no monthly fee, Wise Business works best.

Is OFX safe for UK businesses?

Yes. OFX is authorised by the FCA as an Electronic Money Institution (FRN: 902028).⁶ Client funds are held in segregated safeguarding accounts. OFX is not a bank and does not offer FSCS deposit protection, which also applies to Wise Business.

Sources used:

1. Business account – OFX
2. OFX pricing – OFX
3. Making a transfer archives – OFX
4. OFX card agreement – OFX
5. How long do online payments take – OFX
6. What information is required to register – OFX
7. Legal (FCA authorisation)– OFX

Sources last checked: 27/7/2026