Wise vs OFX: comparing international transfers from Australia

Fee structure

Wise charges a transparent percentage-based fee that varies by currency pair and payment method. Wise publishes the percentage for each currency pair on its own calculator, and the figure has moved over time, so check the live fee for your corridor rather than relying on a quoted range. The fee is displayed upfront before you confirm the transfer, and Wise uses the mid-market exchange rate with no additional markup. Wise also runs a large-transfer discount: sending over AUD 40,000 (across one or several transfers, in major currencies) automatically triggers a lower fee for the rest of that calendar month.

OFX's minimum transfer is AU$250 in all major currencies. For any transfer under AU$10,000, OFX charges a flat AU$15 fee (or the foreign-currency equivalent) on top of its exchange rate. Above AU$10,000, OFX does not charge that separate fee — its margin instead comes from the exchange rate, which OFX sets above the mid-market rate rather than showing as its own line item. A client on OFX's Business Platform is charged a AU$10 fee per SWIFT payment instead. OFX's FAQ also notes a third-party bank may deduct its own fee before paying the recipient, on top of either provider's own charges.

Exchange rate approach

Wise uses the real mid-market rate (the midpoint between buy and sell on global markets) and adds its fee separately. This makes cost comparison straightforward — you can see exactly what the rate is and exactly what the fee is.

OFX builds its margin into the exchange rate. The rate you receive is above mid-market, but the margin varies by currency, transfer size, and market conditions. OFX does not publish a margin percentage — quotes are generated individually, and the margin generally narrows on larger amounts and can be negotiated through its dealing desk. The only way to know OFX's cost on a given day is to compare the rate it quotes against the mid-market rate, and on large sums the two providers can land either way depending on the corridor.

Transfer speed

Wise delivers most transfers within 1–2 business days. Some corridors (AUD to GBP, AUD to USD, AUD to EUR) frequently deliver same-day or within hours if funded by bank transfer during business hours.

OFX delivers most transfers within 1–3 business days. Speed depends on the corridor and the recipient bank. OFX does not typically offer instant delivery but provides reliable processing within its quoted timeframes.

Supported corridors

Wise covers a wide range of currencies and corridors relevant to Australian senders, spanning both major and emerging-market destinations — check Wise's own currency list for your specific corridor, since not every currency can be sent to and from every country.

OFX's Global Business Account page advertises 30+ currencies to 170+ countries; its personal transfer service is strongest in major corridors (AUD to USD, GBP, EUR, NZD, CAD) and in property-related transfers where documentation support matters.

Maximum transfer size

Wise's own site does not publish a single maximum figure for personal transfers; limits vary by currency and verification level, so check the limit for your specific corridor before sending a large amount.

OFX doesn't publish a maximum transfer amount either, and markets itself toward large transactions — property settlements, business payments and investment-related transfers — with an offer of customised rates on high-value transfers and corporate accounts.

Customer protection and regulation

Wise's Australian entity, Wise Australia Pty Ltd (ACN 616 463 855), holds Australian Financial Services Licence (AFSL) number 513764 and is a Purchased Payment Facility provider authorised by the Australian Prudential Regulation Authority (APRA); Wise says it is regulated by the Australian Securities & Investments Commission.

OFX says on its own site that it is regulated by ASIC and AUSTRAC in Australia and holds an AFSL, and has been operating for over 25 years. OFX is also publicly listed on the Australian Securities Exchange (ASX: OFX).

Both providers describe themselves as regulated financial services businesses operating in Australia.

Platform and user experience

Wise offers a polished mobile app and web platform with self-service transfers. The interface emphasises transparency — you see the mid-market rate, the fee, and the delivery estimate before confirming. Wise also offers a multi-currency account (Wise Account) for holding balances in multiple currencies.

OFX offers a web platform and mobile app, plus phone support with dedicated dealing desk access for large transfers. The experience is more relationship-oriented — OFX assigns relationship managers for high-value clients. OFX also offers forward contracts and limit orders for managing currency risk on future transfers.

When each makes more sense

Wise's own pricing structure points it toward: transfers under its AUD 40,000 large-transfer discount threshold, senders who prioritise seeing the fee as a separate, published line item, regular smaller transfers (family support, subscriptions), and a fully self-service digital experience.

OFX's own pricing structure points it toward: transfers over its AU$10,000 no-separate-fee threshold, property purchase and settlement transfers, senders who want to speak with a dealing desk, and those who need forward contracts or limit orders for currency risk management.

Which is cheaper, Wise or OFX?

It depends on the amount and corridor. Wise shows its percentage fee as a separate line item on top of the mid-market rate; OFX charges a flat AU$15 fee only under AU$10,000 and otherwise earns its margin inside the exchange rate it quotes you. Compare the total amount your recipient would actually get for your specific amount, corridor and date, since neither provider's pricing is fixed.

Are both regulated in Australia?

Both describe themselves as regulated on their own websites. Wise's Australian entity holds AFSL number 513764. OFX says it is regulated by ASIC and AUSTRAC and holds its own AFSL.

Can I use both for recurring transfers?

Yes. Both support repeat transfers.

Does OFX offer forward contracts?

Yes. OFX offers forward contracts and limit orders, allowing you to lock in a rate for a future transfer date. Wise's consumer product does not offer these.

Is one faster than the other?

Both quote a delivery estimate before you confirm a transfer, and it varies by corridor and funding method — check the estimate shown for your specific transfer rather than assuming a fixed number of days.

Can I send very large amounts?

Wise's large-transfer discount applies from AUD 40,000. OFX doesn't publish a maximum transfer amount and offers customised rates for high-value transfers. Neither provider publishes a fixed dollar cap on its site, so check directly with the provider for amounts in the hundreds of thousands.