Wise vs OFX: which is cheaper for sending money abroad?
Both beat a bank wire. The choice between them comes down to one thing: how much you're sending.
The verdict
- Small-to-mid & recurring transfers → Wise. Mid-market rate, small transparent fee, plus a multi-currency account and debit card.
- Large relocation lump sums → OFX. No transfer fee, a margin that tightens on big amounts, a dedicated dealer, and rate-lock forward contracts.
- Always compare the amount received for your exact sum — the winner flips with the amount.
Informational only — not financial, tax, or legal advice. Cross-border tax is fact-specific; confirm with a qualified cross-border CPA or adviser before acting. Some links are affiliate links — we may earn a commission at no extra cost to you. Full disclaimer.
Head to head
| Wise | OFX | |
|---|---|---|
| Exchange rate | Mid-market | Margin in the rate (tightens on large sums) |
| Transfer fee | Small, transparent | Typically none |
| Best for | Small/mid & recurring | Large lump sums |
| Rate lock / forwards | No | Yes (forward contracts) |
| Multi-currency account | Yes (+ debit card) | No |
Directional, not live quotes — verify current rates and fees with each provider.
Compare for your amount
The cheaper option depends on how much you send and the corridor. Run your number, then send with whichever lands more.
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FAQ
Is Wise or OFX cheaper?
For small-to-mid transfers, Wise is usually cheaper because it uses the mid-market exchange rate with a small, transparent fee. For very large transfers (think five or six figures), OFX often wins: it charges no transfer fee and tightens its exchange-rate margin as the amount grows. Always compare the amount that actually arrives for your specific sum.
Does OFX charge a fee?
OFX typically advertises no transfer fee; its margin is in the exchange rate instead, and that margin narrows on larger amounts. Wise charges a small upfront fee but converts at the mid-market rate. The all-in cost is what matters — compare the received amount.
Which is better for a one-off house purchase abroad?
For a large, dated transfer like a property purchase, OFX is worth a quote — it offers a dedicated dealer and forward contracts to lock a rate. For everyday transfers and a multi-currency account, Wise is the simpler default.
Keep reading
Published 2026-06-04. Rates and fees change — confirm with each provider before sending.
Informational only — not financial, tax, or legal advice. Cross-border tax is fact-specific; confirm with a qualified cross-border CPA or adviser before acting. Some links are affiliate links — we may earn a commission at no extra cost to you. Full disclaimer.