As the landscape of international money transfers evolves, many are reconsidering their options between Ofx and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine the best choice for your needs.
A quick overview on Ofx and Wise
What is Ofx?
OFX is an international money transfer service that facilitates the movement of funds across borders. It enables users to send and receive money in over 50 currencies to more than 170 countries, catering to both personal and business needs.
Unique features include competitive exchange rates, low or no transfer fees, and integration with accounting software like Xero. Common use cases involve paying overseas staff, suppliers, and managing international business payments.
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals to manage funds in different currencies and by businesses to pay international suppliers and manage payroll. Unique features include local bank account details in multiple countries and a debit card for global spending with minimal fees.
Pricing of Ofx and Wise
OFX offers a tiered pricing structure for business plans, with a free option for up to three users and custom pricing for larger needs. Personal transfers requiring currency conversion generally have no transfer fee, but fees may apply for smaller amounts. Additionally, third-party banks might deduct fees during the transfer process, which are beyond OFX's control.
Wise operates on a transparent fee structure, charging a one-time setup fee for business accounts and varying fees for sending money, starting from 0.33%. Holding money in your account is free, and receiving domestic payments in certain currencies incurs no fee. However, receiving USD wire and Swift payments has a fixed fee, and ATM withdrawals over a certain limit are subject to additional charges.
Wise generally offers better pricing due to its transparent fee structure and lower costs for various transactions.
Features of Ofx and Wise
Ofx features
OFX offers a range of unique features that cater to both personal and business users, making it a versatile choice for international money transfers:
- Competitive Exchange Rates: OFX provides favorable exchange rates, often better than those offered by traditional banks.
- Low or No Transfer Fees: For most transactions requiring currency conversion, OFX does not charge a transfer fee, making it cost-effective.
- 24/7 Customer Support: Users can access customer support at any time, ensuring assistance is available whenever needed.
- Integration with Accounting Software: OFX integrates seamlessly with accounting software like Xero, simplifying financial management for businesses.
- Global Currency Accounts: OFX offers multi-currency accounts, allowing users to hold and manage funds in different currencies, a feature that sets it apart from many competitors.
Wise features
Wise offers a range of unique features that cater to both personal and business users, making it a versatile choice for international money transfers:
- Multi-currency account: Hold and convert money in over 40 currencies, simplifying international financial management.
- High-speed transfers: Over half of transfers are completed in under 20 seconds, ensuring quick access to funds.
- Low fees: Transparent fee structure with a fee calculator, allowing users to see costs upfront.
- Wise debit card: Spend and withdraw cash worldwide without foreign transaction fees, ideal for frequent travelers.
- Local bank account details: Receive payments like a local in multiple countries without needing a physical presence, a feature that sets Wise apart from many competitors.
Comparing Ofx, Wise and OneSafe
Why choose one over the other?
- Why Choose OFX Over Wise: OFX offers a more extensive global reach, supporting over 50 currencies and operating in more than 170 countries, making it ideal for users with diverse international needs. Additionally, OFX provides 24/7 customer support, ensuring assistance is available at any time, which can be crucial for businesses operating across different time zones.
- Why Choose Wise Over OFX: Wise stands out with its transparent fee structure and real mid-market exchange rates, often resulting in lower costs for international transfers. The platform's multi-currency accounts and local bank details in multiple countries make it a convenient choice for individuals and businesses managing funds across different currencies.
Considering OneSafe vs Ofx and Wise
- Why Choose OneSafe Over OFX and Wise: OneSafe offers seamless USD to USDC conversion on Polygon, enabling instant, borderless transactions that are ideal for Web3 companies. Additionally, OneSafe provides end-to-end expense and payroll management, making it a comprehensive solution for businesses operating in the digital asset space.
What are the customers saying?
Ofx reviews
Customer reviews of OFX highlight a mix of experiences. While many users appreciate the competitive exchange rates and low fees, some have expressed concerns about the phone verification process, finding it tedious. Overall, the sentiment is generally positive, but there are areas for improvement. Check out more OFX reviews here.
Wise reviews
Customer reviews of Wise highlight a mix of experiences. Some users have reported issues with account access and document verification, while others have mentioned occasional delays in transfers. Concerns about the level of customer support and increasing fees have also been noted. Check out more Wise reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features.
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Ofx, Wise, or OneSafe: Which is the best platform for you?
In conclusion, while OFX and Wise offer robust solutions for international money transfers, OneSafe stands out with its seamless USD to USDC conversion on Polygon and comprehensive expense and payroll management features. Each service has its strengths, but for businesses operating in the digital asset space, OneSafe provides a modern, efficient, and user-friendly experience. We recommend giving OneSafe a try to see how it can simplify your global financial operations.
