OFX Business Account vs. Wise Business: Which is Best for Your U.S. Business?

Operating on a global scale is more accessible than ever; paying international suppliers, receiving funds from overseas clients, and managing payroll for a distributed team are now common tasks. Choosing the right financial partner to handle these international transactions is crucial. Two of the most prominent names in this space are OFX and Wise.

This article provides a detailed comparison of the OFX Business Account vs. Wise Business. We will explore their features, fee structures, exchange rates, and use cases to help you select the best platform.

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Table of contents
OFX vs Wise Business: Quick Overview OFX vs Wise Business: Key Features Wise Business Account OFX Business Account Target Users Key Differences Between OFX vs Wise Exchange Rate Model Fee Structure Financial Products Comparing Costs Between OFX vs Wise Business Which Platform is Best For Your Business? Use Cases for Wise Business Use Cases for OFX Business Frequently Asked Questions

OFX vs Wise Business: Quick Overview

	OFX	Wise Business
Key features	Global Currency Account 24/7 phone support fee-free transfers on most transactions.	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions Access to Batch Transfer
Main fees	No transfer fee on most transactions. A small markup is added to the mid-market exchange rate.	A small transparent transfer fee is charged upfront. Uses the real mid-market exchange rate with no markup.
Great for	Larger, less frequent international payments, businesses that want expert guidance over the phone, and companies needing to hedge against currency fluctuations.	International and U.S. businesses that need to hold, manage, pay international teams, and spend in multiple currencies

OFX vs Wise Business: Key Features

Wise Business Account

The Wise Business account is a cost-effective way for US businesses to send international transfers and get paid from abroad in multiple currencies. Conversions also take place at the mid-market exchange rate. This account adds features and tools that are helpful for business use. You can also get a Wise Multi-Currency card for business, and employee expense cards. These features make it easier to run your business, organize finances, cut costs, and get paid on time.

Wise Business also includes several additional features to benefit both US-based and international businesses:

• Free invoicing tool: With the invoicing tool, Businesses can create and track invoices, and get paid in 8+ local account details and 17+ global account details.
• Request business payments with payment links
• Quickbooks connection (as well as integrations with other popular accounting softwares)
• Interest feature for held USD, GBP, and EUR
• With a Wise Business account you can also use BatchTransfer to make multiple international transfers with just one payment.

Open a Wise Business account in minutes

OFX Business Account

OFX is a global money transfer specialist, blending technology with human expertise. It provides several features for business users:

• Global Currency Account: This feature allows U.S. businesses to open local currency accounts in seven major currencies including USD, EUR, GBP, CAD, and AUD.¹ This simplifies receiving payments from international customers.
• Dedicated Support: OFX has 24/7 phone support with currency experts. For complex or large transactions, you can speak directly with a specialist who can guide you through the process.
• Currency Hedging Tools: OFX offers forward contracts and limit orders. A forward contract lets you lock in a current exchange rate for a future transaction while protecting your business from unfavorable currency fluctuations. This is especially useful when you sign up for OFX business account for imports.²
• Batch Payments: OFX supports mass payments, which is essential for international payroll or paying multiple suppliers at once.

Target Users

OFX is tailored for importers and exporters. Businesses that make larger international transfers will find its exchange rate markups become more competitive. Companies that value the security of speaking with a human expert before sending large sums of money will enjoy the OFX model.

Wise is built for the modern digital business. It is an excellent fit for small and medium businesses, as well as freelancers that frequently send and receive smaller amounts of money internationally.⁴ Businesses paying remote teams across different countries or receiving payments from clients on platforms like Stripe or Amazon will benefit greatly from its local currency accounts and transparent fee structure.

While both platforms solve the problem of international business payments, understanding these key differences is essential for choosing the right partner for your specific operational needs.

Key Differences Between OFX vs Wise

Exchange Rate Model

The most significant difference lies in how each platform handles exchange rates. OFX makes its money by adding a markup to the mid-market exchange rate.⁵ Wise Business uses the mid-market rate and charges a separate, transparent fee.⁴

Fee Structure

Wise prides itself on transparency. You see the exact fee and the guaranteed exchange rate before you commit to a transfer.⁴ OFX often advertises "zero-fee" transfers but the cost is built into the exchange rate you receive.⁵

Financial Products

OFX provides risk management tools like forward contracts, which Wise does not offer.⁵ Conversely, Wise offers a business debit card and local bank details in more currencies, which OFX does not.⁴

Comparing Costs Between OFX vs Wise Business

	OFX	Wise Business
Exchange Rates	A small markup is added to the mid-market exchange rate.	Mid-market exchange rate with no markup
Transaction fees	None	From 0.57% (varies per currency)7

With Wise Business, the cost is calculated using the mid-market exchange rate. You would also see a small variable fee, which is indicated before committing to a transfer.⁴

With OFX, they would not charge an explicit transfer fee but offer a slightly less favorable exchange rate, which contains their profit.⁵

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Wise Business Could Help Your Company Save on Global Payments

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Which Platform is Best For Your Business?

Use Cases for Wise Business

Paying International Freelancers: A U.S. marketing agency employing remote contractors can use their Wise account to access Batch Transfer and pay everyone in their local currency.⁴

Receiving Client Payments: An American software consultant with clients in the Eurozone can provide them with a German IBAN from their Wise account. The client pays in Euros with no international wire fees.

E-commerce Sales: A business selling on Amazon in Europe can have its payouts sent to its Wise Euro account and repatriate the funds to its U.S. bank at a much lower cost than traditional banking.

Use Cases for OFX Business

Importing Goods: A U.S. company importing goods from China needs to pay a supplier $100,000 in three months. They can use an OFX forward contract to lock in today's USD to CNH exchange rate, protecting them if the dollar weakens.⁵

Large Asset Purchase: A growing business acquiring a piece of equipment for €50,000 can call their dedicated OFX dealer to get a competitive rate quote for the large transfer.

Risk-Averse Treasury Management: A company with predictable overseas expenses can use OFX's hedging tools to create more certainty in their budget and protect their profit margins from currency volatility.⁵

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Frequently Asked Questions

How do I open an OFX business account?

You can start the process on the OFX website. You will need to provide information about your business including your Employer Identification Number, business address, and details about the company directors and primary owners. OFX will then conduct a verification process before your account is activated.⁵

Is OFX safe?

Yes, OFX is regulated by the Financial Crimes Enforcement Network in the U.S., and they are also licensed at the state level where required.⁶

Is Wise Business safe?

Yes, As an international financial service provider, Wise is licensed under several regulators in the many countries in which they operate. In the US, Wise is licensed as a money transmitter in several states and regulated by state regulatory agencies.

Can I use these platforms for international payroll?

OFX offers a batch payment feature designed for payroll and mass payouts. The Wise business account gives you access to BatchTransfer, which enables you to make multiple international transfers with just one payment.

However, these platforms are payment processors not payroll or compliance specialists. Your business is still responsible for adhering to labor laws and tax regulations in the countries where your employees reside.

Which platform is faster?

Wise has built its reputation on speed with many transfers arriving instantly or within a few hours.⁴ OFX transfers typically take one to two business days depending on the currency and destination country.⁵

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Sources:

1. OFX Global Currency Account: eCommerce made easier | Link My Books
2. Currency Forward Contracts | OFX
3. 9 Key Things to Know Before Opening a Wise Business Account (2025) | Statys
4. Business Accounts | Wise
5. Business Account | OFX
6. Am I an MSB? | FinCEN
7. Wise Business Pricing | Wise