Wise vs OFX: which is cheaper for a large international transfer?
Wise and OFX are both money-transfer specialists, but they price a transfer in opposite ways. Wise shows a fee on every conversion and gives you the mid-market exchange rate. OFX charges no transfer fee in the UK, Ireland or the US and makes its money on the exchange rate instead, through a margin it does not publish as a percentage.
That makes a straight fee comparison misleading. The only fair test is the amount that lands in the recipient’s account. Below we set OFX’s published rules against Wise quotes for the same routes on our check date, explain when OFX can beat Wise, and cover what each one offers beyond a single transfer.
At a glance
| Wise | OFX | |
|---|---|---|
| What it is | Multi-currency account, card and transfer service | Bank-to-bank international transfer service |
| Transfer fee | Shown upfront; from 0.24% on the UK pricing page, depending on currency | None in the UK, Ireland and the US; Australia AU$15 under AU$10,000 |
| Exchange rate | Mid-market rate | OFX rate including a margin that varies by currency and amount (not published as a %) |
| Minimum transfer | No high minimum (we priced £100) | £100 (UK), US$150 (US), AU$250 (Australia) |
| Hold money in other currencies | Yes, 40+ currencies; local account details in 9 | No personal balance; the Global Currency Account was business-only and is closed to new clients |
| Debit card | Yes, in the UK, EEA, US and other markets | No personal card |
| Regulator (UK) | Wise Payments Ltd, FCA e-money institution | UKForex Ltd, FCA e-money institution (FRN 902028) |
How each one charges you
Wise converts at the mid-market rate, the rate you see on financial news sites, and adds a fee that it shows before you pay. On the routes we priced the variable part was 0.27% to 0.36% when paying in by bank transfer, plus a small fixed fee, and the percentage falls on larger amounts: sending pounds to euros cost 0.33% on £10,000 and 0.27% on £50,000. Paying in by debit card roughly doubles the fee, so for a large transfer always fund by bank transfer.
OFX’s FAQ pages for the UK, Ireland and the US say it charges no transfer fees. In Australia it charges AU$15 on transfers under AU$10,000 and nothing from AU$10,000. OFX explains that its margin depends on the currency and on the amount, so a bigger transfer can get a better rate, but it does not publish the margin. OFX also warns that the recipient’s bank or an intermediary bank may deduct a fee, and that OFX receives no part of it. That warning applies to any bank transfer, including Wise’s, but Wise’s quote includes its own fee in full.
The practical consequence: Wise’s cost is visible on its pricing page and calculator; OFX’s cost is only visible in a live quote. To compare them, request both quotes on the same day and look at the final amount received.
Worked examples on our check date
The Wise figures below are from its price calculator on 28 October 2026, paying in by bank transfer. Because OFX does not publish its margin, we show the break-even point instead: OFX is cheaper only if its margin is smaller than Wise’s total cost expressed as a percentage.
1. £10,000 from the UK to a euro account
| Wise | OFX | |
|---|---|---|
| Transfer fee | £33.41 | £0 |
| Exchange rate | Mid-market (1.19374 on our check date) | OFX rate with an unpublished margin |
| Recipient gets | €11,897.52 | Depends on OFX’s quote |
| Break-even | 0.33% of the amount | OFX wins only if its margin is below about 0.33% |
Wise’s fee falls as a share of the amount: £3.81 on £1,000 (0.38%), £33.41 on £10,000 and £134.04 on £50,000 (0.27%).
2. A £50,000 property deposit
Wise quoted £134.04 to send £50,000 to euros, with €59,523.50 delivered at the mid-market rate. To beat that, OFX’s margin on £50,000 has to be under about 0.27%. OFX says its margin narrows as the amount grows, so for a transfer of this size it is worth getting an OFX quote alongside Wise and choosing the higher amount received. Either way, transfers of this size usually need extra verification, so start a few days before the money is due.
3. Australia: AU$5,000 and AU$20,000 to a UK account
| Amount | Wise (bank transfer in) | OFX |
|---|---|---|
| AU$5,000 | AU$18.29 fee (0.37%); £2,637.34 received | AU$15 fee plus margin |
| AU$20,000 | AU$70.60 fee (0.35%); £10,551.12 received | No fee (AU$10,000 or more) plus margin |
Below AU$10,000 OFX’s AU$15 fee alone is close to Wise’s whole cost, so OFX would need an almost zero margin to compete. Above AU$10,000 the comparison again comes down to the margin.
4. US$10,000 from the US to a euro account
Wise: $35.90 when paying in by domestic wire, or $29.44 if the dollars are already in your Wise balance, with €8,956.90 delivered by wire funding. OFX: no transfer fee in the US and a US$150 minimum, so the comparison is again Wise’s 0.29% to 0.36% against OFX’s margin on the day.
5. Small transfers: £50 or £300
OFX’s UK minimum is £100, so a £50 payment is not possible at all. For £300, Wise quoted £1.51 by bank transfer. OFX would charge no fee, but on a small amount even a modest margin costs more than Wise’s fee: a 1% margin, for example, would be £3. For everyday and small amounts Wise is the more practical tool.
More than a transfer: account features
This is where the two products really differ. Wise is a multi-currency account. You can hold more than 40 currencies, get local account details in AUD, CAD, EUR, GBP, HKD, HUF, NZD, SGD and USD to receive money like a local, and spend with a Wise debit card. Spending a currency you already hold is free, and you get £250, €250 or $250 of free ATM withdrawals a month depending on your region.
OFX does one job: moving money from your bank account to someone else’s bank account in another currency. It has no personal multi-currency balance and no personal card. Its Global Currency Account was only ever for business and eCommerce clients and, according to OFX, is now closed to new clients. OFX’s UK site says its team is on hand 24/7, which some people value for a large, time-sensitive transfer; Wise’s support is mainly in-app and online.
- Receiving money from abroad: Wise (local account details, free domestic receiving except USD wires).
- Spending abroad with a card: Wise; OFX has no card.
- One large bank-to-bank transfer with phone support: OFX is worth a quote.
- Regular monthly transfers of a few hundred pounds: Wise, because of OFX’s minimums and the margin on small amounts.
Where you can use each one
Wise operates through regulated entities in the UK, the EU, the US and several other markets, and its card is offered to residents of the UK, the EEA, Switzerland, the US, Canada, Australia, New Zealand, Japan, Singapore, Malaysia, the Philippines, Brazil and Thailand.
OFX serves personal clients through regional companies: UKForex Ltd in the UK, OFX Payments Ireland Ltd in Ireland, USForex Inc in the US and OzForex Ltd in Australia. Rules differ by region, as the AU$15 fee and the different minimums show, so read the FAQ page for your country before you start.
How your money is protected
Neither is a bank, so neither offers deposit insurance. Wise Payments Limited is an FCA-authorised e-money institution in the UK and safeguards customer money; in the EU, Wise Europe SA is a payment institution supervised by the National Bank of Belgium; in the US, Wise US Inc. is a FinCEN-registered money transmitter. Wise balances are not covered by the FSCS, the Belgian deposit guarantee or direct FDIC insurance.
OFX’s UK entity, UKForex Ltd, is an FCA-authorised e-money institution (FRN 902028). OFX Payments Ireland Ltd is regulated by the Central Bank of Ireland (C190174), USForex Inc is a licensed money transmitter (NMLS 1021624) and OzForex Ltd holds an Australian financial services licence (AFSL 226484). Because OFX does not keep a balance for personal clients, your money is normally only with OFX for the short time between paying in and the transfer being sent.
How to compare the two quotes properly
- Price the same amount, the same currency pair and the same day. Exchange rates move constantly, so quotes taken hours apart are not comparable.
- Compare the amount received, not the fee. OFX’s “no fee” and Wise’s fee are only half of each price.
- Fund Wise by bank transfer: on our check date £10,000 to euros cost £33.41 by bank transfer and £65.07 by debit card.
- Ask whether the recipient’s bank charges for incoming international payments. OFX notes that third-party banks may deduct fees; it applies to Wise payouts that go by SWIFT too.
- For very large amounts, check limits and verification at both providers early.
Verdict by use case
| If you… | Better choice | Why |
|---|---|---|
| Send under £100 / US$150 | Wise | Below OFX’s minimums. |
| Send a few hundred to a few thousand regularly | Wise | Fees of roughly 0.3% to 0.4% at the mid-market rate; no minimum, no margin to guess. |
| Move £10,000 or more once | Get both quotes | OFX wins only if its margin is below Wise’s total cost: about 0.33% on £10,000 and 0.27% on £50,000 on our check date. |
| Live in Australia and send under AU$10,000 | Wise | OFX charges AU$15 below AU$10,000 on top of its margin. |
| Want to hold, receive and spend other currencies | Wise | Multi-currency balances, local account details and a debit card; OFX has none for personal clients. |
| Want a phone team for a big transfer | OFX | OFX’s UK site says support is on hand 24/7. |
Our view: Wise is the better everyday tool and, because its price is published, the benchmark. OFX is a second quote worth getting for one-off large transfers. If the OFX quote delivers more money to the recipient than Wise on the same day, use OFX; if not, Wise.
Frequently asked questions
Does OFX charge fees?
OFX charges no transfer fee in the UK, Ireland and the US. In Australia it charges AU$15 on transfers under AU$10,000. It earns a margin on the exchange rate, which it does not publish as a percentage, and third-party banks may deduct their own fees.
Is OFX cheaper than Wise for large transfers?
Only if its exchange-rate margin is smaller than Wise’s total fee. On our check date Wise charged £33.41 (0.33%) to send £10,000 to euros and £134.04 (0.27%) on £50,000, so OFX had to beat those percentages.
What is the minimum transfer with OFX?
£100 in the UK, US$150 in the US and AU$250 in Australia. Wise has no comparable minimum; we priced £100 at £0.85.
Can I hold money or get a card with OFX?
Not as a personal client. OFX moves money between bank accounts. Its Global Currency Account was for business and eCommerce clients only and is closed to new clients.
Is my money protected with Wise or OFX?
Both are regulated, but neither is a bank. Wise safeguards customer money and is not covered by deposit insurance. OFX’s UK entity is an FCA-authorised e-money institution, and OFX normally holds your money only while a transfer is in progress.
Which is better for regular transfers to family abroad?
Usually Wise: it has no minimum, its fee on £300 to euros was £1.51 on our check date, and the recipient gets the mid-market rate.
Sources
Every fee on this page was checked against these official provider pages on .
- Wise — pricing (UK)
- Wise — price calculator quote (GBP to EUR, 10,000)
- Wise — price calculator quote (GBP to EUR, 50,000)
- Wise — price calculator quote (AUD to GBP, 20,000)
- Wise — price calculator quote (USD to EUR, 10,000)
- Wise Help — currencies you can hold and receive
- Wise Help — where the Wise card is available
- Wise Help — UK safeguarding (Wise Payments Ltd)
- Wise Help — EU safeguarding (Wise Europe SA)
- Wise Help — US entity (Wise US Inc.)
- OFX — transfer fees (UK)
- OFX — transfer fees (Ireland)
- OFX — transfer fees (US)
- OFX — transfer fees (Australia)
- OFX — how much it costs to send money internationally (UK)
- OFX — minimum transfer amount (UK)
- OFX — minimum transfer amount (US)
- OFX — minimum transfer amount (Australia)
- OFX — Global Currency Account update
- OFX — UK home page (regulation, support hours)
- OFX — Australian home page (regulation)
Fees, limits and availability change and can differ by country and account type. Worked examples apply each provider's published fee rules to round amounts; exchange rates move constantly, so confirm the final price in the provider's app before you pay. How we check fees is explained on our methodology page.