In the past years, with the change in different spheres such as technology, access of people to the electronic world and also entering the world in difficult times like Covid-19, people started to use different services and platforms that can help them in all situations, especially in the case of financial services and activities.
However, in this case, there are so many different options that are available and offering their services for customers around the world.
Always one of the important issues for people is transferring money from one country to another with the best option that can be possible. The best service, in this case, should be safe, quick and allow users for easy access to different currencies and target points.
In this sphere for sure, there are so many services that are available but in this short article, we want to compare two important platforms as OFX and TransferWise. We want to help readers to know more about the different features of these international money transfer platforms.
OFX vs Wise: How do they function?
OFX, as one of the successful Australian online foreign exchange and payments companies, allows easy money transfer for so many different platforms and individuals such as Travelex, MoneyGram, Xero, Capital One 360, migrants and expatriates, and small businesses.
There are so many good features that this service is providing for users, however, Money transferred to date, and fast transfers are the most popular reasons that made more than 430K followers around the world for this platform.
Also, OFX with so many years of experience, allows the users to track their transactions by app, SMS, website, or email notification so everyone simply can be comforted in this case.
Should be said that OFX users can transfer money to different parts of the world, Europe, the US, and some Asian countries are some of these target points.
Wise (known as TransferWise until 2021) is another popular platform. It uses the mid-market exchange rate and shows its fee separately and upfront, rather than hiding a margin in the rate. Nevertheless, at least in terms of exchange rates, Transferwise is providing users with mid-market rates and without any additional fees.
Should be noted that the payment options with Wise consist of Bank transfer and credit/debit cards. Customers can send funds with Wise, minimum 1$ to a maximum of 1,500,000$.
OFX vs Wise: Fees Comparison
The OFX account allows users to have a local bank account in more than 100 countries, which will remove all hidden fees in any money transfer.
OFX charges very cheap prices for large transactions. The low percentages in exchange rate give such a possibility to OFX to provide amazing cheap fees for its clients. However in Wise, when we talk about fees it is depending on the amount of money, exchange rates, and the country.
But it is usually between 0.35% to 2.04% for the customers. The Wise calculation in the platform can inform users about whole fees that need to be paid. Also, the credit and debit cards of Wise consist of some fees depending on the transaction.
OFX vs Wise: What are the exchange rates?
Both platforms offer perfect exchange rates. Yet, with OFX the rate will lock in the whole process of transactions. Wise guarantee on the exchange rate for 40 hours. Transferwise is providing users with mid-market rates and without any additional fees.
OFX vs Wise: How many currencies are available?
OFX supports more than 50 different currencies. Yet, Wise covers more than 45 currencies at the moment.
Are they safe?
Wise operates under different regulations that force them to separate their operational funds from users’ money. Also, users can get notifications in case of any account activities.
Yet, both OFX and Wise operate under regulations and licenses of the Financial Crimes Enforcement Network (USA), the UK Financial Conduct Authority (UK), and some others. Additionally, for more safety, these money transfer systems support fraud prevention activities and technologies to provide their users with secure financial services.
Transfer Speeds
In terms of speed, for more popular currencies such as USD, GBP, EUR, AUD, CAD, NZD, SGD, Wise makes transactions in a few hours, maximum in one day. But other currencies can be done between 2 to 4 days. Yet, OFX provides 1 to 3 days transactions for popular currencies and 3 to 7 days for others.
Customer Service and Support
OFX provides both online and offline customer support with 24/7 availability on phone and email. Wise on the other hand, helps its customers with a very high level of FAQ page, a professional support team in live chat and email.
Conclusion
The comparison of these two popular services is not easy and simple, but with what is said above we can see that in most cases, both platforms provide the same high types of services. Yet, we believe the main difference between these two programs is the amount of money that users want to transfer.
Wise can be perfect for small transactions and businesses. Yet, OFX can be a perfect option for large transactions. OFX and TransferWise features, as said before, can make life easier for all people around the world.
