OFX vs Airwallex: compare on fees, features and benefits

If you're running a modern business, transferring money internationally quickly and with minimal fees is critical. Both OFX and Airwallex offer global coverage for international transfers, but which solution is right for your business? Read on to compare both solutions to help you decide which is best for your business.

What is OFX? 

OzForex (OFX) is an international remittance company based in Australia. For over 20 years, OFX has specialised in providing cross-border money transfer services enabling users to convert more than 50 currencies. 

OFX is well-known for its flexible remittance options and diverse services, including instant transfers, regular transfers, limit orders, and forward contracts. With offices established in various regions worldwide and regulated by local financial regulatory authorities, OFX assures users of reliable and secure international remittance solutions.

What is Airwallex? 

Founded in 2015, Airwallex is an all-in-one financial platform to simplify global business management and facilitate seamless international expansion. Features include:

• Multi-currency accounts to collect, hold and transact balances in 23+ major currencies and accept payments from 180+ currencies

• Fast, cross-border payments with no transaction fees

• End-to-end tools for expense management

• Powerful integrations with popular ecosystem apps

Compare OFX vs Airwallex 

This table compares the features of OFX’s offerings and Airwallex’s Business Account (available on our starter bundle, ‘Explore’). 

OFX fees explained 

Transaction fees: OFX has no transfer fees when receiving money. With domestic payment transactions, they charge $1 per transaction after the first 20 transactions.⁴ Using an international card incurs a fee of 3.4% per transaction.⁴

FX rate: OFX charges variable markups on their foreign exchange rate. As OFX does not have control over this mark-up, this rate may fluctuate which can become costly for businesses that make multiple transactions. They typically charge the mid-market rate, plus a margin plus an additional intermediary fee if a third party bank is involved. 

Card fees: OFX offers unlimited company cards for free. However, with physical employee cards, they charge $10 per card. 

Airwallex fees explained 

Transaction fees: Airwallex doesn’t charge transaction fees to the 110+ countries where we have access to local payment networks so you can collect, hold and send multiple currencies at no or low cost. 

FX rate: Airwallex charges 0.5 - 1% above the interbank rate for currency exchange.

Card fees: Airwallex Employee Cards are free for the first 2 cardholders, then come at a cost of $15 per month for each additional card holder. Employee Cards allows admins to easily track, approve and reconcile expenses online. 

Users can create Airwallex virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees.

Compare additional features between OFX and Airwallex 

• Support: OFX allows customers to make local or international calls to their global offices 24/7. All Airwallex customers receive customer support and hands-on account managers can be assigned to eligible Airwallex customers for personalised assistance navigating the global finance intricacies enterprises face daily. 

• High-interest saver: Airwallex Yield uniquely allows customers to maximise their idle USD and AUD funds with no minimum lock-up period. OFX does not offer any high-rate savings solution. 

• Global growth: Beyond the extensive reach of multi-currency transactions, OFX supplies a narrow set of expansionary financial services tailored to global markets. Airwallex offers specialised solutions around revenue stream management, optimised global fund flows, multi-entity account grouping and centralised reporting. 

Consider Airwallex for a complete financial operations solution

For businesses looking for fast transfers to extensive global regions, OFX and Airwallex are platforms to consider. Where you are looking for a single platform to handle all your financial operations and provide more than just transfers, Airwallex has the edge over OFX. 

Both platforms offer businesses multi-currency accounts for them and their employees with no transaction fees for local transfers. However, Airwallex has more competitive rates for international transfers with fixed FX rates of 0.5-1% whilst OFX rates vary. 

Airwallex overall provides greater flexibility and growth for businesses as it supports more payment methods, end-to-end expense management, customisable bill pay and the unique high interest saver. Airwallex can replace businesses’ multiple platforms as it is a singular end-to-end financial solution. 

Sources 

1. https://www.ofx.com/en-au/business/batch-and-payroll-payments/ 

2. https://www.ofx.com/en-us/rates-and-fees/ 

3. https://www.ofx.com/en-au/legal/fee-schedule/ 

4. https://www.ofx.com/en-au/business/pricing/ 

5. ​​https://www.ofx.com/en-au/contact-us/ 

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.