OFX vs. Airwallex: Comparing International Business Accounts

Choosing the right platform to manage international payments is crucial for US businesses. High fees and slow transfers can strain cash flow and damage relationships with global vendors and contractors. Two prominent players in this space are OFX and Airwallex.

Both offer powerful solutions for sending money abroad, but they cater to different business needs. This guide breaks down their features, fees, and ideal use cases to help you decide which is the better fit for your company's accounts payable, payroll, and global finance operations.

We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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OFX vs. Airwallex: Quick Overview

Here’s a high-level comparison of what OFX and Airwallex offer US businesses.

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OFX vs. Airwallex: Key Features

While both platforms facilitate international payments, their core product offerings are fundamentally different. OFX is a specialized foreign exchange service, while Airwallex provides a broader financial infrastructure.

OFX Business: Key Features

OFX focuses on simplifying foreign exchange for businesses. Its key strength lies in combining a digital platform with human expertise.

• Dedicated Dealers: Businesses get access to FX specialists who can provide guidance on market movements and help lock in rates.¹¹
• FX Risk Management: OFX offers tools like forward contracts and limit orders. This allows a US business to lock in an exchange rate for a future payment, protecting its budget from currency fluctuations when paying an overseas supplier in three months. ¹¹
• Global Currency Accounts: Hold funds in several major currencies, including EUR, GBP, CAD, and AUD, to receive payments from international clients without forced conversion.¹
• Mass Payments: A tool to upload a single file and pay up to 500 recipients, useful for businesses with multiple international contractors..⁵

Airwallex: Key Features

Airwallex operates as a comprehensive financial platform designed to be the hub of a company's global operations.

• Multi-Currency Business Accounts: Open local currency accounts in over 11 major currencies, including USD, EUR, GBP, and CAD.⁶ This means you can get paid by a client in London via a local UK bank transfer, avoiding SWIFT fees.
• Company Cards: Issue virtual and physical debit cards for employees and contractors. You can set spending limits and controls, which is ideal for managing SaaS subscriptions or travel expenses in foreign currencies.¹²
• Software Integrations: Connect directly with accounting software like Xero and QuickBooks, as well as e-commerce platforms like Shopify.^{13, 15} This automates reconciliation and reduces manual data entry.
• API Access: Developers can use Airwallex’s API to embed payment and FX capabilities directly into their own software or platform. ¹⁴

What’s the difference in features and product availability?

The primary difference is scope. OFX is a deep but narrow FX specialist; Airwallex is a broad financial operating system. Its strength is in foreign exchange services and personalized support for managing currency risk. It is geared towards businesses whose main challenge is the transfer and conversion of money itself.

Conversely, Airwallex provides a wider suite of tools beyond just sending payments. A US business can use it to receive payments from an Amazon store in Germany, hold the EUR, pay a European supplier from that balance, and issue a virtual card to a marketing contractor in France—all from one platform.

OFX vs. Airwallex Fees

Understanding the total cost of a transfer requires looking at both upfront fees and the exchange rate margin.

OFX Fees

OFX’s main selling point is its fee structure. The company generally does not charge a fixed transfer fee for transactions.¹ However, this does not mean the service is free.

OFX makes money on the exchange rate margin. This is the difference between the mid-market rate (the real rate you see on Google or Reuters) and the rate OFX offers you. The margin is variable and depends on the transfer amount, currency pair, and your relationship with the company.

Airwallex Fees

Airwallex also uses an exchange rate margin, but it is more transparent. They typically charge a fixed percentage on top of the interbank exchange rate, which can range from 0.5% to 1%.¹⁸

Beyond FX, Airwallex has other potential fees:

• Card Transactions: Fees may apply for international card payments.
• Payouts: While many local payouts are free, some SWIFT (international wire) payments may incur a fee.¹

OFX Fee Breakdown for US Businesses

For a US business paying a 10,000 EUR invoice, the process with OFX would look like this:

1. You lock in a quote. The rate you get will include OFX's margin.
2. There is no separate "transfer fee."
3. The total cost is embedded in the less favorable exchange rate. A higher margin means more of your USD is used to purchase the 10,000 EUR.

Airwallex Fee Breakdown for US Businesses

Using the same 10,000 EUR invoice example with Airwallex:

1. You fund your USD account.
2. You convert USD to EUR. Airwallex applies the interbank rate plus its transparent margin (e.g., 0.5%). You see the exact rate and fee before confirming.
3. You send the EUR to your vendor's account. If it's a local transfer within the SEPA zone, the payout is often free.

The key difference is transparency. With Airwallex, the fee is an explicit line item. With OFX, it's baked into the rate, which can make direct cost comparisons more difficult.

FAQ

Who competes with Airwallex?

Airwallex competes with other financial technology platforms like Wise and Revolut, as well as payment specialists like Payoneer and OFX.

Is OFX trustworthy?

Yes, OFX is a publicly-traded company and is regulated by financial authorities in multiple countries, including FinCEN in the United States. It has a long track record and serves hundreds of thousands of customers.

Who are OFX competitors?

OFX's main competitors include other foreign exchange specialists like Currencies Direct and TorFX, as well as modern payment platforms such as Wise and Airwallex.

Final Thoughts: Making the Right Choice for Your US Business

For many US businesses, the choice comes down to service versus software. OFX offers a service to manage FX risk. Airwallex offers a software platform to run your global financial operations. By evaluating which of these aligns with your biggest challenges, you can make the right decision for your international growth.

Save Time and Hassle With Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Wise makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. Simply add the local account details when billing international customers to receive international payments with no fees.

Account opening is 100% online, with no need to visit a branch or book appointments.

Once you’re set up, you can connect to software such as Wave, FreshBooks, and more. You can also withdraw funds from Stripe without currency conversion fees.

Open a Wise Business account online