Wise vs OFX

In this guide, we’ll compare world-leading fintech Wise with the Australian-founded and publicly-traded currency broker, OFX.

We’ll pit their services against one another, using key money transfer metrics like speed, safety and cost. By the end, you’ll understand how they’re similar, and how they differ. Ultimately allowing you to discern when they suit your needs and when there’s better alternatives.

Wise vs OFX: Pros and cons

Transparent, low fees
200,000+ reviews on Trustpilot
Publicly traded on London Stock Exchange
Multi-currency account
Poor reviewed customer service
Fees have increased on major currencies
No cash transfers
No hedging tools
Global offices
Publicly traded on ASX
24/7 customer support
Well reviewed app
No cash-delivery services
Tight compliance controls
Some reports of bad customer service
Multi-currency account for business only

Wise vs OFX: Where can you send money to?

With OFX you can send 50+ currencies to 170 countries. Wise has slightly better capabilities in this department. With Wise, you can send 40 currencies to 140 countries. By industry standards, both companies offer a comparatively low amount. Significantly less than the 100 currencies that Xe can handle.

Ultimately though, all major currency routes are covered by both providers. You can see what currencies either provider handles prior to registration. Simply check their website.

The same applies here for OFX with countries, you can find a full list on their website. Check the Wise help centre for their country capabilities.

Wise vs OFX: Side-by-side

CredibilityHighly-credible, publicly traded and transferring over £100b annuallyHighly credible, global footprint and traded on the ASX
SafetyFully regulated and licensedFully regulated and licensed
Customer Reviews200,000+6,500+
Customer Rating4.2/54.3/5
App Reviews35,000+ App store
700,000+ Play store
2,500+ App store
3,500+ Play store
App Rating4.6/5 App store
4.7/5 Play store
4.6/5 App store
4.7/5 Play store
CostTransparent fixed fee + small variable fee charged as a % (similar to margin)No fees on any size transfer and margin added to the mid-market rate
SpeedOften instant, sometimes 2 working daysUsually 1-2 working days
Service– Online
– App
– Online
– App
– Personal account manager to call anytime
Functionality– Bank-to-bank transfers
– Wise-to-Wise transfers
– Scheduled transfers
– Rate alerts
– Multi-currency account
– Wise currency car
– Bank-to-bank transfers
– Market orders
– Forward contract
– Regular payments
– FX options
– Multipay
Go to WiseGo to OFX

History / credibility

Wise, formerly known as TransferWise, is a world-renowned online and mobile money transfer company. Trading since 2011, Wise was originally founded on the basis of a peer-to-peer currency exchange model. However, unmatched currency flows and operational challenges meant this soon had to be dropped.

Nowadays, Wise is known for being an online provider with totally transparent fees that seeks to move “money without borders”. In July 2021, Wise became the first FinTech company to float on the London Stock Exchange. The company has a market value of over £8.5 billion and transfers over £100 billion annually.

OFX is one of only three publicly traded money transfer companies (the others being Wise and Western Union). Founded in Australia in 1998, OFX is one of the oldest specialist money transfer companies in the entire industry.

Having recently celebrated 25 years of trading, the OFX group now has 8 global offices and employs over 700 staff.


Wise and OFX are both fully licensed and regulated in every area they operate. It’s quite remarkable, actually, that OFX is regulated by over 50 regulators globally. In Australia, both Wise (licence no. 513764 ) and OFX (licence no. 226484) are regulated by ASIC.

We advise contacting both firms directly to understand what can happen to your money in the unlikely event that either company faces financial difficulties.

Customer reviews

A quick search online and you’ll discover thousands of reviews for both Wise and OFX. Wise particularly stands out in this area. The company boasts over 200,000 Trustpilot reviews, surpassing any other payment provider. OFX, with just over 6,500 reviews, holds a smaller share compared to Wise, but it’s still significant in the industry, particularly for a dedicated currency brokerage service. Approximately 86% of OFX’s reviews are positive, 3% are neutral, and 11% are less favourable.


Wise and OFX operate different fee structures.

Conversely, Wise is very upfront about its fees. You can easily check Wise’s charges using their online pricing calculator. No need for an account, just head to Wise.com and navigate to the pricing section.

It’s always ‘wise’ to compare quotes to ensure you’re getting the best deal possible.


If you’re transferring money between two Wise accounts, expect it to be almost instantaneous. However, when we talk about transfer speeds to external bank accounts, both Wise and OFX offer similar timeframes.

Remember, international transfers can face delays for various reasons. It’s a good idea to allow extra time, regardless of which provider you’re using.


Wise boasts a super slick online platform and money transfer app. Something they’re well known for is the Wise multi-currency account.

OFX also provides an online platform and money transfer app, earning an equally strong rating on Apple and Android. A standout feature of OFX is the ability to discuss strategies and potential hedging tools with a currency expert.

Wise vs OFX: Summing up

Fundamentally, Wise shines for low-value transfers. Its online-only service boasts transparent fees that are hard to beat when sending small amounts.

On the other hand, OFX emerges as a strong contender across the entire range of money transfer needs.

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