Summary Table
OFX | Wise |
Overall Rating: ⭐⭐⭐ 3.5/5 Features: 4.3 Fees: 4 Card Features and Fees: 1 Customer Support 4.6 | Overall Rating:⭐⭐⭐⭐4.2/5 Features: 4.5 Fees: 4.2 Card Features and Fees: 4.3 Customer Support: 3.8 |
Key Features ✅ Offers local currency accounts capable of holding up to 7 foreign currencies. ✅ Support sending money in 50+ currencies to over 170 countries. ✅Limit orders and forward contracts to hedge against currency risks ✅Send bulk payments to 500 payees in one go. ✅ Streamlines the accounting process through Xero integration. ✅ Connect to payment gateways and marketplaces worldwide to collect payments | Key Features ✅ Provides a multi-currency account supporting over 40 currencies ✅Local account details in 9 countries ✅ Offers both digital and physical multi-currency debit cards ✅ Allows for bulk payments to up to 1000 payees ✅ Features business API integration to streamline financial operations. |
Best For Ecommerce sellers and any business with a global client base looking for cost-effective solutions for large international payments and tools to manage foreign exchange risks effectively. | Best For Global businesses and freelancers seeking a cost-efficient, flexible, and convenient way to manage multi-currency transactions with debit cards for international payments or APIs to automate transactions and reduce errors. |
OFX Overview
OFX is an Australian fintech company that provides international money transfer services for personal and business customers. Founded in 1998 with headquarters in Sydney, the company has a strong global presence with offices in Auckland, Dublin, London, Toronto, San Francisco, Hong Kong, and Singapore.
OFX has served over 1 million customers worldwide and is listed on the Australian Stock Exchange. Its services include foreign currency accounts and currency risk management solutions.
- Eligible countries: Most countries in the world
- Eligible company type: Any type of business, including sole traders, partnerships, trusts, private companies, and public companies
- Licenses: Australian Financial Services Licence (AFSL) and other related licenses in Singapore, Hong Kong, New Zealand, the EU, the UK, the US, and Canada
- Partner banks: Not specified
Wise Overview
Wise, formerly TransferWise, is a London-based international money transfer service provider founded in 2011. It offers cross-border money transfer services to over 10 million active individual and business customers, with offices in 11 locations worldwide.
Wise provides products to facilitate global money transfer needs, including virtual accounts that support transactions to over 70 countries in more than 40 currencies.
- Eligible countries: Most countries and regions
- Eligible company type: Any type of business, including freelancers, sole traders, limited companies, and charities registered in the EEA, Switzerland, Canada, the US, the UK, Australia, and New Zealand
- Licences: Wise is authorised as an Electronic Money Institution (EMI) in the UK and registered with the US Financial Crimes Enforcement Network (FinCEN). It also holds other financial service provider licenses in several locations, including Australia, the EEA (through Belgium), Brazil, Hong Kong, and India.
- Partner banks: Multiple banks in different regions, including Barclays, Citibank, Deutsche Bank, and JP Morgan Chase.
Interested in Wise? Find out everything you need to know before opening a Wise Business account.
Business Account Features
Both OFX and Wise offer services in several regions worldwide. This article focuses on product offerings in the UK. We recommend checking the information with each of them for up-to-date information.
| OFX | Wise |
Local Account Details | Up to 7 local currency accounts: AUD, CAD, EUR, GBP, HKD, USD, and SGD | 9 Currencies, including GBP, EUR, AUD, NZD, SGD, CAD, RON, TRY, and HUF. |
Supported Currencies | 7 Currencies: AUD, CAD, EUR, GBP, HKD, USD, and SGD | Over 40 currencies, including GBP, EUR, AUD, NZD, HKD, and SGD. |
International Payments | ✔️ | ✔️ |
Receive Payments From Online Marketplaces and Payment Gateways | ✔️ | ✔️ |
Accounting Software Integration | ✔️ | ✔️ |
Multi-user Access | Allows adding up to 15 users with varying roles and permissions (upon request) | Enables team members to manage a business account with custom roles |
Primary Pros |
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Primary Cons |
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OFX vs Wise Features Rating
OFX’s Features Rating is 4/5
OFX offers comprehensive foreign exchange options, along with convenient payment gateway and accounting software integrations. However, its business account supports payments in significantly fewer currencies than Wise. This limitation could restrict businesses looking to extend their operations across more countries worldwide, affecting their ability to compete in a global market.
Wise’s Features Rating is 4.5/5
The Wise account is an efficient option for companies operating internationally, with its capability to hold, receive, and send money in over 40 currencies. Features such as batch payments, large money transfers, and API integration cater to various business needs, making Wise a versatile choice for businesses looking to streamline their international financial transactions.
Business Account Fees
OFX vs Wise Business Account Features Rating
OFX’s Features Rating is 4.3/5
OFX stands out for its extensive payment network, covering 170+ countries, and advanced FX tools like limit orders and forward contracts, making it a strong choice for businesses focused on managing currency risk. Its no maximum transaction limits also make it particularly beneficial for handling high-value international payments.
However, its business account supports payments in significantly fewer currencies than Wise. This limitation could restrict businesses looking to extend their operations across more countries worldwide, affecting their ability to compete in a global market.
Wise’s Features Rating is 4.5/5
The Wise account is an efficient option for companies operating internationally, with its capability to hold, receive, and send money in over 40 currencies. Features such as batch payments, and API integration cater to various business needs.
Although Wise doesn’t provide hedging tools, its extensive currency support makes Wise a good choice for businesses looking to streamline their international financial transactions.
Business Account Fees
| OFX | Wise |
Account Opening | Free | GBP 60 |
Getting Local Account Details | Free | GBP 60 |
Account Monthly Fees | Free | Free |
Receive Local Payments | Free | Free |
Receive International Payments (SWIFT) | Free | Depends on currencies, such as
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Sending Money | Free, but third-party banks may deduct a fee from your transfer | From 0.33% |
FX Fee | Cannot find the information | From 0.33% (Varies by currency) |
FX Rate | Based on the mid-market exchange rate | Based on the mid-market exchange rate |
OFX vs Wise Business Account Fees Rating
OFX’s Fees Rating is 4/5
OFX is a cost-effective choice for companies looking to minimise the costs of transferring money internationally, offering free business accounts with no account opening, monthly, or transfer fees. Although it claims to offer competitive exchange rates, it does not provide a transparent fee and pricing structure, which is a slight drawback.
Wise’s Fees Rating is 4.2/5
Although Wise charges some fees that OFX does not incur, it provides transparent information on account opening fees, monthly maintenance fees, the cost of getting local account details and currency markup. Overall, Wise is straightforward with its pricing and offers a competitive fee structure compared to traditional bank accounts, making it an attractive option for businesses in global markets.
Card Features and Fees
| OFX | Wise |
Card Type | Not available | Physical and virtual debit cards |
Card Base Currency | Not available | Multi-currency |
Payment Limit | Not available | GBP 45,000 per month |
ATM Withdrawal | Not available | ✔️ |
ATM Withdrawal Fee | Not available | 1.75% + GBP 0.5 per withdrawal (after exceeding GBP 200 per month) |
ATM Withdrawal Limit | Not available | GBP 4,000 per month |
Cashback Reward | Not available | 0.5% cash back on all eligible business expenses. |
Primary Pros | Not available |
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Primary Cons | Not available |
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OFX vs Wise Card Features and Fees Rating
OFX’s Card Features and Fees Rating is 1/5
While OFX excels in global money transfers and FX tools, the absence of card services is a significant drawback compared to Wise. For businesses requiring global spending flexibility through expense cards, OFX does not meet these expectations.
Wise’s Card Features and Fees Rating is 4.3/5
Wise provides comprehensive card services with both physical and virtual debit cards, allowing for convenient global transactions. Key features such as ATM accessibility, multi-currency support, compatibility with mobile wallets, and no foreign transaction fee are valuable for eligible users. However, the restricted availability of these services by location is a slight drawback.
Customer Support
| OFX | Wise |
Communication Channels | Email and Phone Call | Help centre (available for everyone) Phone, Email, and Personalised support (available for Wise account holders) |
Working Hours | 24/7 | Not specified |
OFX vs Wise Customer Support Rating
OFX’s Customer Support Rating is 4.6/5
OFX offers 24/7 customer support through email and phone calls, ensuring direct communication options are available for customers worldwide. With offices in 8 countries, customers can contact OFX customer service via local phone calls anytime, with free call options available in some regions. This support channel is accessible to potential customers as well.
Wise’s Customer Support Rating is 3.8/5
Wise offers a wide range of customer support channels for its customers, including contact forms, phone, and email. Although it provides more communication channels compared to OFX, the service hours are not specified on the Wise website, and you need to have an account with Wise in order to contact the support team.
Looking for an Alternative in Asia?
If you are looking for a multi-currency account to streamline your business operations in Asia or planning to set up your business in this region, consider Statrys.
Statrys is a licensed Money Service Operator in Hong Kong that offers business account solutions for businesses registered in Hong Kong, Singapore, and the British Virgin Islands. With a Statrys business account, you can send, hold and receive money in 11 major currencies, including USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD, all under one account number.
Statrys also offers flexible FX tools, including forward contracts, with rates based on real-time mid-market rates to help you mitigate currency fluctuation. Additionally, you can benefit from real-time SWIFT payment tracking, multiple expense cards to manage your team budget, and integration with Xero.
Here is a summary of Statrys’ services.
Statrys Key Services
FAQs
What is the main difference between OFX and Wise business accounts?
Wise accounts can hold over 40 currencies, with an optional service for local account details in 9 currencies. On the other hand, you can open local currency accounts in 7 foreign currencies with OFX. Also, OFX doesn’t offer expense cards to their customers.
Is Wise or OFX cheaper?
Which is better for small businesses, OFX or Wise?
Disclaimer
Statrys competes directly with OFX and Wise in the Hong Kong payment industry, but we're committed to providing an unbiased, thorough review to help you make an informed choice.
