OFX, established in 1998, has grown into a global financial services provider, renowned for its extensive network of international offices and a strong focus on large transactions and business services.
Wise, launched in 2011, revolutionized the market with its transparent fee structure and user-friendly platform, quickly becoming a favorite for individuals and small businesses seeking cost-effective and straightforward international money transfers.
Both companies have garnered impressive customer feedback for their reliable and competitive services.
This article aims to compare OFX and Wise, highlighting their strengths, services, and ideal use cases to help you decide which is best suited for your international money transfer needs.
Customers
| Company Name | OFX | Wise |
|---|---|---|
| Logo |  |  |
| OFX Review | Wise Review | |
| Customer rating | 4.4/5 | 4.3/5 |
| # Rating Customers | 10,119 | 231,230 |
| Top 3 Pros |
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| Top 3 Cons |
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Availability
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Office locations | 10 global offices | 11 global offices |
| # Currencies | 50+ | 50+ |
Security
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Regulated by | FCA, ASIC, FinCEN, FINTRAC | FCA, ASIC, FinCEN, and others |
| HTTPS Secured | Yes | Yes |
| Segregated Customer Accounts | Yes | Yes |
| 2FA | Yes | Yes |
Limits and Fees
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Min transfer | £100 or equivalent | £1/€1/$1 |
| Max transfer | No limit | $1,000,000 |
| Fixed fees | No fixed fees | Varies by route |
| See rates before you log in? | Yes | Yes |
Customer Support
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Dedicated Dealer | Yes | No |
| Yes | Yes | |
| Phone | Yes | Yes |
| Live Chat | No | No |
| 24/7 | Yes | No |
Ways to Transfer
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Online System | Yes | Yes |
| Online App | Yes | Yes |
| Multi-Currency Account | Yes | Yes |
| Cash Pickup | No | No |
| Card Top-Up | Not specified | Yes |
Additional Functions
| Company Name | OFX | Wise |
|---|---|---|
| Logo | | |
| Hedging | Yes | No |
| Mass payments | Yes | No |
| Cash cheques | No | No |
| Multi-Currency Debit Card | Yes | Yes |
Conclusion
On MoneyTransferComparison, OFX has received a higher editorial score compared to Wise. The advantages of OFX over Wise are these:
- OFX offers dedicated dealer support, which is crucial for personalized service and guidance on large transfers.
- It has a broader global office presence, ensuring local expertise and support in more regions.
- Provides more comprehensive services for business clients, including hedging and advanced currency solutions.
OFX is better suited for businesses and individuals making large transfers who might benefit from personalized service and advice. It’s also a strong choice for those needing to make complex transactions, such as hedging against currency fluctuations.
Wise, on the other hand, is better for individuals and small businesses looking for straightforward, low-cost transfers and those who will benefit from a multi-currency account and debit card for international spending. Its transparent fee structure and ease of use make it ideal for smaller, frequent transfers and for those managing money across multiple currencies.
OFX vs Competitors
Wise vs Competitors