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. For AUD-to-major-currency transfers, this is typically 0.4–1.5% of the transfer amount. The fee is displayed upfront before you confirm the transfer, and Wise uses the mid-market exchange rate with no additional markup. What you see quoted is what the recipient gets.

OFX does not charge a fixed transfer fee for most transactions (a small fee may apply for transfers under AUD 1,000). Instead, OFX makes its margin through the exchange rate, which is set slightly above mid-market. The margin is not explicitly displayed as a separate line item — you see the OFX rate and the amount the recipient will receive. For larger transfers (above AUD 10,000), OFX often offers rates that are very competitive, and you can speak with a dealing desk to negotiate.

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. For large transfers, the margin can be very tight (sometimes 0.2–0.5% above mid-market), making OFX competitive with or cheaper than Wise on large sums.

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 supports transfers in over 50 currencies and covers most major and many emerging-market corridors relevant to Australian senders.

OFX supports transfers in 50+ currencies with particular strength in major corridors (AUD to USD, GBP, EUR, NZD, CAD, INR) and property-related transfers where large sums and documentation support are needed.

Maximum transfer size

Wise has per-transfer limits that vary by currency and verification level, typically capping at AUD 1,000,000–1,500,000 per transfer for fully verified accounts.

OFX has no published maximum transfer limit and regularly handles very large transfers (AUD 500,000+) including property settlements and inheritance transfers. This is a key differentiator for high-value transfers.

Customer protection and regulation

Wise is registered with AUSTRAC and holds an Australian Financial Services Licence (AFSL). Client funds are safeguarded in accordance with regulatory requirements.

OFX is registered with AUSTRAC and holds an AFSL. OFX is also publicly listed on the Australian Securities Exchange (ASX: OFX), which adds a layer of transparency through ASX reporting and governance requirements.

Both providers are legitimate, 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 tends to suit: Smaller to mid-range transfers (AUD 100–50,000), senders who prioritise rate transparency, regular small transfers (family support, subscriptions), and users who prefer a fully self-service digital experience.

OFX tends to suit: Larger transfers (AUD 10,000+, particularly AUD 50,000+), 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?

For smaller transfers (under AUD 10,000), Wise's transparent mid-market rate plus fee is often cheaper. For larger transfers (above AUD 10,000–20,000), OFX's negotiable rates can match or beat Wise. Compare the total amount received for your specific amount and corridor.

Are both regulated in Australia?

Yes. Both are registered with AUSTRAC and hold Australian Financial Services Licences.

Can I use both for recurring transfers?

Yes. Both support repeat transfers, though Wise's automation features are more developed for small regular payments.

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 does not offer forward contracts.

Which is faster?

Wise is generally faster for standard-sized transfers in major corridors. OFX's processing times are slightly longer but reliable.

Can I send very large amounts (AUD 500,000+)?

OFX is better suited for very large transfers — no published cap and dedicated dealing desk support. Wise has per-transfer limits that may require splitting very large sums.