OFX review Singapore 2026: fees, exchange rates and Wise comparison

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OFX¹ is a well-known international money transfer provider that helps individuals and businesses send money overseas. But before choosing OFX for your next transfer, you'll probably want to know how its fees, exchange rates, transfer speed and features compare to alternatives like Wise.

In this OFX review, we'll look at how OFX works, whether it's safe, how much it costs to use, and how it compares with Wise for international transfers from Singapore

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OFX Review: Quick overview

Here’s a quick summary of OFX Singapore’s main features, including fees, transfer speed, supported countries and where the service works best.

*Fees, rates and limits correct at time of research, 16th June 2026

OFX pros and cons

What is OFX?

OFX is a specialist in international transfers you can set up online, in app and by phone, 24/7. You can send money to 170+ countries for personal or business reasons, and there are no caps on the amount you send, with zero transfer fees on payments above 10,000 SGD.

OFX also offers more complex currency tools to manage the risks involved in fluctuating rates, such as limit orders and forward contracts. These are handy for businesses paying suppliers in foreign currencies and people who have overseas bills, for example.

And if you’re wondering - is OFX safe? The good news is that it’s an MAS-regulated service which has been in business for over 25 years.

OFX Fees and Exchange Rates

OFX is optimised for large payments and has no fees on high-value transfers. However, as there are still likely to be fees included in the exchange rate used for conversion, it is still important to compare the costs of your transfer against other providers.

Even small changes in the rate used for a high-value transfer can mean paying much more in the end - looking for a provider which offers the mid-market rate or as close as possible to it can often mean getting a better deal in the end.

OFX Transfer fees

OFX waives its transfer fees if you send over 10,000 SGD. Smaller payments cost 15 SGD each.

OFX Exchange rates

The OFX exchange rate includes a variable markup. This is a percentage fee added to the mid-market exchange rate you might find on Google or with a currency conversion app.

Some new customers may get a discount on the markup fee for their first payment - you can talk through your options with a broker before you pay.

OFX vs Wise: Key differences

To help with this OFX review we’ll also look at how OFX vs Wise measure up so you can compare.

It’s helpful to know that while both providers offer international transfers, they each also have their own unique features. OFX has currency risk management solutions for individuals and business owners who need to limit risks involved with fluctuating rates, and also has a 24/7 phone brokerage for people who prefer to transact by phone.

Wise, on the other hand, has multi-currency accounts and cards for both business and personal customers, which let you hold, send and spend 40+ currencies, and receive payments conveniently with account details for 8+ currencies. That can be a big draw for people who travel a lot, pay overseas bills, or get paid by international employers.

Here’s a quick summary of OFX vs Wise features - and we'll look in more detail at key factors right after.

*Fees and limits correct at time of research, 16th June 2026

OFX vs Wise fees

How OFX vs Wise work on fees is quite different.

Wise uses a variable fee, which is based on the currency you’re sending, the value of your payment, and how you fund the transfer. Wise transfer fees start from 0.23%, and there are progressive automatic discounts on higher value payments above 30,000 SGD in value.

OFX has a flat transfer fee of 15 SGD for smaller transfers under 10,000 SGD in value, and waives this fee for larger amounts.

OFX vs Wise exchange rates

Wise uses the mid market rate for currency conversion.

The mid-market rate is often considered a good benchmark for a fair exchange rate. This is the rate you’ll find if you search for your currency pair on Google, and the mid-point between the buy and sell rates used on global markets.

When you send money with OFX, the exchange rate you’re quoted may include a small markup. New customers might find that there are promotional rates available on their first payments.

With OFX, you’ll only see the rate you’re offered when you model your payments online or in the app, or when you talk to a broker. It helps to know that weekend markups may be higher than weekday costs, so sending during the working week can be beneficial if possible.

See how Wise compares with other providers for sending SGD to USD using the real-time calculator below:

OFX vs Wise for large transfers

Both OFX and Wise are great options for high-value payments.

With Wise, you can send up to 2 million SGD per transfer, with discounts on transfers above 30,000 SGD in value. The exact Wise limits depend on the payment method - you can only send up to 16,000 SGD per transfer using a card for example.

Wise applies automatic discounts on fees if you send 30,000 SGD or more in a single payment or over the course of a month. You don’t need to do anything to get this discount - it’s applied automatically.

OFX has no limit on the amount you can send. Your own bank may apply limits, but in this case, you can talk to an OFX broker about making part payments over a few days to cover the transaction amount if needed.

OFX vs Wise transfer speed

About 74% of Wise payments are instant - that is, they arrive in 20 seconds or less.

OFX payments take about 1 - 2 business days on average. It takes about 1 day for your money to reach OFX if you send SGD.

OFX then dispatches the funds to your recipient’s account. Some routes, like payments to Australia, can arrive quickly - a day or so after the money is received by OFX, but some routes, such as payments to India, can take a little longer.

OFX vs Wise: supported currencies and countries

You can use a Wise payment to send to banks and mobile money accounts in 140+ countries, in over 40+ currencies.

OFX allows you to send payments to banks in 170+ countries, in 50 currencies.

OFX vs Wise: Which Should You Choose?

Both OFX and Wise can be strong choices for Singapore residents making international payments for personal or business reasons.

OFX lets you send an unlimited amount to 170+ countries, and waives its fees for higher-value payments. Exchange rate markups may apply, which can push up costs - compare the amount the recipient gets in the end before you decide to send.

OFX also offers a couple of other advantages Wise does not: currency risk management solutions and a 24/7 phone broker service. If you need more complex currency tools like limit orders or forward contracts, or if you want to talk through your transaction before you send, OFX might be a good pick.

Where Wise stands out is in its mid-market exchange rates and low, transparent fees. You can send to 140+ countries, and delivery options also include mobile wallets in some destinations like the Philippines. Because Wise has no exchange rate markup and makes its fees clear, it can be easier to check and compare the costs of your transfer - and may work out cheaper in the end.

Wise also offers the advantage of a multi-currency account and card for both personal and business customers, making it a strong all round choice for anyone who needs to manage their money day to day across multiple countries and currencies.

Need to send money abroad? Use Wise for quick transfers at the mid-market rate

Wise international money transfers can be set up online or within the Wise app with low fees from 0.26% and the mid-market rate, to over 140+ countries. There’s no markup added to the exchange rate that’s used to convert your currency, which makes it easier to see exactly what you're paying for a transfer, and what the recipient will get in the end. Just transfer the amount indicated in SGD and let Wise do the rest.

Track your transfers easily when you create a free Wise account, and manage, hold, and convert your money in SGD and 40+ other currencies. You'll get the same great rates, and be able to track your transfers all from one place. As a bonus, you can also get 8+ local account details to be able to receive money in SGD, USD, GBP, and more.

✍️ Sign up for a free account now

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Sources:

1. OFX Singapore
2. OFX FAQ - fees
3. OFX FAQ - minimum transfer fees
4. OFX FAQ - rates
5. OFX FAQ - delivery
6. OFX FAQ - limits