Personal Finance Money transfer

OFX vs Wise: which one is better in 2026?

Gabriela Peratello

03.09.26 (last updated)

Read time 4 minutes

If you need to send a payment overseas, or hold and exchange foreign currencies, you might be you might be comparing the services offered by OFX®¹ and Wise.

Choosing a non-bank specialist like Wise or OFX can mean better exchange rates, clearer fees, and faster transfers than you may get with a bank. But the best service for you depends on how much you want to send, where you're sending money, and whether you need extra features like phone support or currency risk management.

To clear things up, let’s put Wise and OFX side-by-side and look at what sets them apart.

🚀 Get started with Wise

What is OFX and how does it work?

OFX is a global money transfer and foreign exchange provider. It has been in business for over 25 years, serves more than 1 million clients, and is registered in the US as a Money Service Business with FinCEN.² OFX supports transfers in 50+ currencies to 170+ countries.¹

To get started with OFX, you'll need to register online and verify your identity. Once your account is ready, you can set up transfers online, in the OFX app, or with support from OFX's team. OFX says most currencies can be transferred 24/7, although rates and speeds may change on weekends.³

To send money with OFX, log in, enter the amount and currencies for your transfer, add your recipient's bank details, and fund the payment from your bank account. OFX then converts the money and sends it to your recipient's bank account.

Benefits	Considerations
Make transfers online, in-app, or with phone support	Minimum transfer value is 150 USD⁵
No OFX transfer fee for US customers⁴	Exchange rates include a customer rate, which may differ from the market rate⁸
Supports transfers in 50+ currencies to 170+ countries¹	Third-party banks may deduct fees from the transfer⁴
Personal and business services available	Personal debit cards and personal multi-currency account details are not available

What is Wise and how does it work?

Wise was founded in London in 2011 and was originally called TransferWise. Wise offers international transfers, a multi-currency Wise Account, and the Wise Multi-Currency Card for people who want to send, hold, receive, spend, and exchange money internationally.

With Wise, you can register online or in the Wise app. You may need to upload documents for verification, depending on the transfer or account service you want to use.*

Once your account is set up, select the currencies and amount you want to send. Wise shows the exchange rate, transfer fee, and estimated arrival time upfront, so you can review the full cost before you pay.

Wise also lets you hold and exchange 40+ currencies, get account details to receive payments in 20 currencies, and order a Wise Multi-Currency Card for spending in 150 countries and territories.*

Benefits	Considerations
Currency conversion uses the mid-market exchange rate	Some service and transaction fees apply
Send fees start from 0.23%⁶	No branch network for face-to-face service
Hold and exchange 40+ currencies*	Currency risk management products are not available
Send fast, or even instant, payments to many countries⁷	Transfer availability depends on route, payment method, verification, and local banking systems

*Wise may request additional documents to verify a customer's identity

OFX vs Wise: fees and pricing

Transaction fees

OFX says there are no OFX transfer fees for US customers.⁴ However, third-party banks may deduct fees from a transfer before it reaches the recipient. That means the recipient may receive less than expected, depending on the banks involved.⁴

In comparison, Wise charges a small, transparent fee for every transfer, and you’ll always see the exact amount you pay before.

A quick example

Here’s a comparison of the fees you’d pay - and how much your recipient would get - with Wise vs OFX when sending 1000 EUR to a friend in Europe:

As you can see, even when a provider has no upfront transfer fee, the exchange rate can still affect how much arrives. Wise uses the mid-market exchange rate and shows a separate transfer fee. OFX uses a customer rate, which is based on factors including the market rate, transfer amount, transfer frequency, and currency.⁸

Get started with Wise

OFX vs Wise: exchange rates

OFX says its customer rate is the rate clients transfer at. OFX determines this rate based on the current market rate, the amount being transferred, how frequently the client transfers, and the currency involved.⁸

Wise uses the mid-market exchange rate for currency conversion and shows its transfer fee separately. This can make it easier to see the full cost of your payment before you send.

⚠️ The mid-market rate is basically the rate you’ll find on Google. In contrast, the ‘retail’ rate adds a markup to the mid-market rate. That’s very common, but also makes it harder to see the full cost of your payment.

Cost breakdown

Let’s walk through a side by side comparison of some key features and costs with OFX vs Wise:

	OFX	Wise
Open account	No fee	No fee
Send cost	No OFX transfer fee for US customers⁴	From 0.23%⁶
Minimum transfer	150 USD⁵	No minimum
Maximum transfer	OFX says it does not enforce maximum transfer limits, but bank limits may apply³	Limits vary by currency, route, and payment method
Exchange rate	Customer rate may differ from the market rate⁸	Mid-market rate

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

OFX vs Wise: product availability

Ultimately whether OFX vs Wise is best for you might simply come down to the specific services you need. While both OFX and Wise have many overlapping services, they’re not exactly the same. Here’s an overview:

	OFX	Wise
Send money to	170+ countries¹	150 countries and territories¹⁰
Currencies supported	50+ transfer currencies¹	Hold and exchange 40+ currencies*
Arrange transfers by phone	Available	Not available
Arrange transfers online and in-app	Available	Available
Personal multi-currency account	Not available	Available
Personal debit card	Not available	Available
Business multi-currency account	Available: manage 30+ currencies and receive with local account details in USD, CAD, EUR, and GBP⁹	Available: hold and exchange 40+ currencies*
Business debit cards	Corporate cards available with eligible OFX business products⁹	Available
Currency risk management products	Available	Not available

Frequently asked questions

Is OFX a legitimate company?

Yes. OFX says its US entity, USForex Inc., is registered as a Money Service Business at the federal level with FinCEN and licensed as a money transmitter by relevant state regulators.²

Is Wise cheaper than OFX?

It depends on the transfer. OFX says it does not charge transfer fees for US customers, but its exchange rate may differ from the market rate and third-party banks may deduct fees.⁴ Wise uses the mid-market exchange rate and shows its transfer fee upfront.

The easiest way to compare is to check both providers for the exact amount, currencies, and payment method you want to use.

Is OFX better than Wise?

Neither provider is best for everyone. OFX may suit customers who want phone support, high-value transfer options, or currency risk management products. Wise may suit customers who want self-service online transfers, transparent fees, mid-market rate currency conversion, and a personal multi-currency account.

Open a Wise Business account online
.

Sources:

OFX - supported currencies - What currencies can I make a transfer with OFX?
OFX - about us - About OFX
OFX - making a transfer FAQs - Making a transfer with OFX
OFX - transfer fees - Are there any transfer fees?
OFX - minimum transfer amount - What is the minimum transfer amount?
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information
The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system, and systems availability of our partners' banking systems, and may not be available for all transactions
OFX - customer rate - What is the customer rate?
OFX - multi-currency account - Multi-currency accounts
Wise Account - Wise multi-currency account

Sources checked on 03.09.2026

*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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