OFX and Transferwise Compared
- A$15 for transfers up to A$10,000
- No Fee for transfers A$10,000 and over
- 0.7% of amount for Transfers up to A$10,000
- 0.7% on initial A$10,000 plus 0.5% on transfers A$10,000 and over
- A$1000 (Over the phone)
- AUD 1.8 million (via bank transfer)
- AUD 3500 (card payment)
So, Should You Choose OFX or TransferWise?
Comparing and choosing between these two companies isn’t easy because they have a lot in common.
Most importantly, both are significantly cheaper than using a bank.
Why people choose one over the other usually comes down to one of the following:
- A recommendation from a friend of family member
- Exchange rates and fees
- Service and support
Why Carol Chose OFX
Carol moved from Sydney to London last year. After selling her apartment, she needed to transfer a large amount of money to her bank account in the UK.
Many of her friends had used both OFX and TransferWise so she registered her details with both companies. Being a larger transfer, Carol was nervous about how safe each company was. OFX managed to contact her on the phone and walk her through the company and how it works. She also worked out that on her amount, OFX was a cheaper option but for smaller transfers back to Australia, she’d be better off using TransferWise.
Why Michael Chose TransferWise
Michael started freelancing a year ago and recently started winning business in different countries. Soon he noticed that the exchange rates his bank was giving him was eating into his profit so he looked around for some options.
While neither OFX or TransferWise offer personal advice, OFX did offer forward exchange contracts. The reason he chose TransferWise though, it the ability to bill and receive money in different currencies through the Borderless Account. He also likes doing everything online and loves how easy TransferWise is to use.
Tools to Help You Decide
1. First, use a currency converter or calculator to find the wholesale exchange rate.
2. Then, make sure you compare your options based on your currency and amount.
Most alternatives like OFX or TransferWise offer different fees and exchange rates depending on the currency and amount so there isn’t one company that is always the cheapest.
Exchange Rate Calculators
Frequently Asked Questions
To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:
- Electronic Funds Transfer
- Direct Debit*
- Credit Card* (*Paying with any card carries a 0.6% fee)
- Electronic Funds Transfer
- Direct Debit
Here are some of the features available:
- Spot Exchange Contracts : Purchase currency for immediate transfer
- Forward Exchange Contracts: Lock in exchange rates ahead of time
- Order Types : Allows you to purchase currency at a determined rate
- Risk Management Specialists : A dealer is available 24 hours to provide advice tailored to fit your business needs
- Regular Transfers : Set up recurring transfers with this feature
- Free transfers : For amounts over AUD 10,000
- AED United Arab Emirates Dirham
- AUD Australian Dollar
- CHF Swiss Franc
- DKK Danish Kroner
- EUR Euro
- GBP Pound Sterling
- HKD Hong Kong Dollar
- JPY Japanese Yen
- MXN Mexican Peso
- NOK Norwegian Kroner
- NZD New Zealand Dollar
- PLN Polish Zloty
- SEK Swedish Kroner
- SGD Singapore Dollar
- THB Thailand Baht
- USD US Dollar
- ZAR South African Rand
- AZN Azerbaijani Minat
- BGN Bulgarian Lev
- BHD Bahraini Dinar
- BND Brunei Dollar
- CNY* Chinese Yuan Renminbi
- CZK Czech Koruna
- EGP Egyptian Pound
- FJD Fiji Dollar
- HUF Hungarian Forint
- IDR Indonesian Rupiah
- ILS Israeli Shekel
- INR Indian Rupees
- KRW South Korean Won
- KWD Kuwaiti Dinar
- LKR Sri Lankan Rupee
- MAD Moroccan Dirham
- MGA Malagasy Ariary
- MYR Malaysian Ringgit
- OMR Omani Rial
- PEN Peruvian Nuevo Sol
- PGK Papua New Guinea Kina
- PHP Philippine Peso
- PKR Pakistan Rupee
- RUB Russian Ruble
- SAR Saudi Riyal
- SBD Solomon Island Dollar
- SCR Seychelles Rupee
- TOP Tongan Pa anga
- TRY Turkish Lira
- TWD Taiwanese Dollar
- TZN Tanzanian Shilling
- VEF Venezuelan Bolivar Fuerte
- VND Vietnamese Dong
- VUV Vanuatu Vatu
- WST Samoan Talar
- XOF CFA Franc
- XPF CFP Franc
- *Business customers only
TransferWise can send and receive these currencies:
- AUD – Australian Dollar – TransferWise sends out and receives AUD via Australian local transfer
- BGN – Bulgarian Lev – Within Bulgaria
- BRL – Brazilian Real – Within Brazil – TransferWise can only send payments to or from private individuals within Brazil. Currently we are unable to send business payments to or from BRL.
- CAD – Canadian Dollar – Within Canada.
- CHF – Swiss Franc – Within Switzerland and Liechtenstein
- CZK – Czech Koruna – Within the Czech Republic
- DKK – Danish Krone – Within Denmark
- EUR – Euro – TransferWise can send out and receive Euros anywhere within SEPA*
- *Due to the current situation in Greece the capital controls only allow a limited amount per customer to
be sent out of the country within one month period. This limit was recently raised from €500 to €1000, however it
is possible that not all banks have implemented this change yet. The deposit to us can only be made via bank transfer.
- GBP – Pounds Sterling – Within the UK (including Gibraltar, the Channel Islands, and the Isle of Man)
- HKD – Hong Kong Dollar – Within Hong Kong
- HRK – Croatian Kuna – Within Croatia
- HUF – Hungarian Forint – Within Hungary
- JPY – Japanese Yen – Within Japan
- NOK – Norwegian Krone – Within Norway
- NZD – New Zealand Dollar – Within New Zealand
- PLN – Polish Złoty – Within Poland
- RON – Romanian Leu – Within Romania
- SEK – Swedish Krona – Within Sweden
- SGD – Singapore Dollar – Within Singapore
- USD – US Dollar – TransferWise can only send out USD to checking accounts in the US.
TransferWise can receive USD via ACH bank debit, domestic wire, and international SWIFT payment.
TransferWise can only send out these currencies (via local transfer):
- AED – Emirati Dirham – Within the UAE
- BDT – Bangladeshi Taka – Within Bangladesh
- CLP – Chilean Peso – Within Chile
- CNY – Chinese Yuan – Within China, from a limited list of countries (see here for the full list)
- COP – Colombian Peso – Within Colombia – Transfers to Colombia are
closed to new customers for the time being. Please register your interest here and we’ll inform you when they reopen.
- GEL – Georgian Lari – Within Georgia
- IDR – Indonesian Rupiah – Within Indonesia
- ILS – Israeli Shekels – Within Israel
- INR – Indian Rupee – TransferWise sends out INR via RTGS, NEFT, TPT (as appropriate) to INR-denominated accounts in India.
- KES – Kenyan Shillings – Within Kenya
- KRW – South Korean Won – Within South Korea – Transfers to Korea are closed to new customers for the time being.
This is due to a change in our partner's operational requirements.
- LKR – Sri Lankan Rupee – Within Sri Lanka
- MAD – Moroccan Dirham – Within Morocco
- MXN – Mexican Peso – Within Mexico
- MYR – Malaysian Ringgit – Within Malaysia
- NGN – Nigerian Naira – Within Nigeria
- PEN – Peruvian Sol – Within Peru
- PHP – Philippine Peso – Within Philippines
- PKR – Pakistani Rupee – TransferWise can send payments to private recipients
within Pakistan. Currently we are unable to send business payments to PKR.
- RUB – Russian Ruble – Within Russia (except Sevastopol and Crimea due to EU sanctions)
- THB – Thai Baht – Within Thailand
- TRY – Turkish Lira – Within Turkey and Northern Cyprus (as long as the IBAN begins with TR)
- UAH – Ukranian Hryvna – Within Ukraine
- VND – Vietnamese Dong – Within Vietnam
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