OFX and Wise are the two dominant names in international money transfers outside the banking system. Both promise “honest rates,” both save money compared to banks. But beneath this similarity lie fundamentally different business models, which directly affect which service is more profitable in your specific case.
The Root Difference: Monetization Model
Wise operates on a “real interbank rate + fixed fee” model. The fee is transparent — you see it before sending. The conversion rate is the interbank (mid-market) rate, with no markup. On a £1,000 → EUR transfer, you pay ~£5 in fees and get conversion at the spot rate.
OFX operates on an “interbank rate + percentage margin” model. There is no explicit fee (for transfers above $1,000), but the conversion rate includes a 1–1.5% margin. On the same £1,000 → EUR transfer, you pay £0 in fees but lose ~£12 on the rate difference.
Everything else flows from this root difference.
The Math of Cost: The Tipping Point
The key practical question: at what amount does OFX become cheaper than Wise?
Let’s take three transfer amounts from the US to Europe (USD → EUR, interbank rate 0.9217):
$1,000 Transfer
- Wise: rate 0.9217 + $7.50 fee. Result: €914.74 received
- OFX: doesn’t process (minimum ~$1,500 equivalent in some currencies)
- Winner: Wise (OFX simply unavailable at this amount)
$5,000 Transfer
- Wise: rate 0.9217 + $30 fee. Result: €4,580.85 received. Losses: $30 + ~$0 = $30
- OFX: rate 0.9125 (1% margin). Result: €4,562.50 received. Losses: ~$50
- Winner: Wise. Saves ~$20
$25,000 Transfer
- Wise: rate 0.9217 + $150 fee (0.6%). Result: €22,904.25 received. Losses: $150
- OFX: rate 0.9171 (0.5% margin — improves with volume). Result: €22,927.50 received. Losses: ~$125
- Winner: OFX. Saves ~$25
The tipping point: roughly $15,000–20,000 per transfer. Below that — Wise is cheaper. Above it — OFX starts winning because OFX’s percentage margin decreases with volume growth, while Wise’s fixed fee grows linearly.
Deep Comparison Table
| Parameter | OFX | Wise |
|---|---|---|
| Founded | 1998, Sydney | 2011, London |
| Model | Rate margin 0.5–1.5% | Real rate + fixed fee |
| Minimum Transfer | $1,000 (or equivalent) | $1 |
| Maximum Transfer | No limit | $1.5M (for business) |
| Currencies | 55+ | 50+ |
| Receiving Countries | 190+ | 160+ |
| Speed | 1–3 business days | Minutes–24 hours |
| Forward Contracts | Yes (~2 years forward) | No |
| Limit Orders | Yes | Yes |
| Debit Card | No | Yes (Wise Card, multi-currency) |
| Multi-Currency Account | No | Yes (IBAN, routing number, etc.) |
| Business Accounts | Yes | Yes (Wise Business) |
| API | REST (for partners) | REST (public) |
| ERP Integrations | Xero, QuickBooks, NetSuite | Xero, QuickBooks, FreeAgent |
| Mobile App | Mobile web portal | Full-featured app (4.8★) |
| Regulators | ASIC, FCA, FinCEN, MAS | FCA, FinCEN, ASIC, 40+ licenses |
| KYC | Manual verification | Automated verification |
| Onboarding | 1–2 days | Instant–1 day |
User Experience
Wise wins on UX with a massive lead:
- Onboarding: 10 minutes, automatic verification via selfie and passport
- Interface: minimalistic, intuitive, localized in 15+ languages
- Mobile app: one of the best in fintech (4.8★ on the App Store)
- Notifications: push, email, detailed transfer tracking
- Wise Card: debit card with auto-conversion across 50+ currencies at real rates
OFX lags behind, but not critically for its target audience:
- Onboarding: up to 2 days, manual verification via a manager
- Interface: functional but “bank-like” — no frills
- No mobile app — just a mobile web portal
- Customer service: phone + email, dedicated manager for business
- Forward contracts and hedging — through a manager, not self-service
For frequent users, the UX difference is significant. But OFX’s target audience (businesses making 2–4 large transfers per month) is less sensitive to these differences.
API and Automation
Wise API:
- Fully public REST API
- Excellent documentation with interactive examples
- Webhook notifications for transfer status
- Sandbox available to everyone
- Simple integration in 1–2 days
OFX API:
- REST API for partners and business clients
- Access after signing a contract
- Documentation — on request
- Webhooks for transfer status
- Integration requires interaction with a manager
Wise wins for developers — the API is more accessible, simpler, and faster.
Affiliate Programs
Wise Affiliate Program
- CPA: £10–55 ($13–70) per new customer (country-dependent)
- Model: CPA only (no revenue share)
- Cookie: 30 days
- Payouts: monthly, £25 threshold
- Partner Portal: Partnerize
- Plus: simple, transparent, fast affiliate onboarding
- Minus: low CPA rates, no long-term income
OFX Partner Program
- CPA (business): $75–150 per transfer of $5,000+
- CPA (individual): $25–50 per transfer of $1,000+
- Revenue Share: 10–15% of currency revenue for the first 12 months
- Cookie: 60 days
- Payouts: monthly, $100 threshold
- Plus: revenue share provides long-term income, high customer LTV
- Minus: higher payout threshold, longer customer onboarding — longer sales cycle
Potential income comparison for one business client ($50,000/quarter transfers):
- Wise: $70 (one-time CPA)
- OFX Revenue Share: ~$375–563 over 12 months (10–15% of ~$2,500/year margin)
- Difference: 5.4–8× in favor of OFX over the long term
Summary: When to Choose What
Choose Wise if:
- Transfers under $15,000
- You need a debit card and multi-currency account
- Great UX and mobile app matter
- You need fast API integration (public, self-service)
- You’re an affiliate looking for quick CPA payouts
Choose OFX if:
- Transfers above $15,000 (especially above $50,000)
- You need forward contracts for currency hedging
- The business regularly moves large amounts
- You’re an affiliate targeting long-term income (revenue share)
- Your clients are businesses, not individuals
Optimal strategy: use both. Wise for everyday operations, multi-currency accounts, and small transfers. OFX for large business transfers and hedging. As an affiliate — promote OFX for business audiences (higher LTV), Wise for individuals (faster conversion).