OFX vs Airwallex: Which is better for Australian business?

Key takeaways

• You'll get fixed FX margins of 0.5-1% with Airwallex, whilst OFX rates vary by currency – making your budgeting more predictable.

• With Airwallex, you can receive payments from 70 currencies in your multi-currency account and open local foreign currency accounts in 21 countries. OFX lets you receive and hold 30 currencies and open local accounts in five countries, but charges $10 SWIFT fees per payment (or $0 for cross-border local transactions on their Business Platform).

• If you need more than just transfers, Airwallex gives you an integrated financial operations platform with spend management, Employee Cards, and Yield. OFX focuses primarily on FX transfers and hedging tools.

OFX vs Airwallex, which platform is right for you? It depends on what kind of platform you are looking to support your business as it trades across borders.

Airwallex is an all-in-one financial management platform that lets you receive payments from 70+ currencies, manage team spend globally with multi-currency cards, hold multiple currencies in your Global Account, and access integrated tools such as expense management, payments and more. OFX also offers cost-effective FX payments and a multi-currency business account, as well as corporate cards, accounting integrations, and spend management.

Let's compare both so you can find the right fit.

Compare OFX vs Airwallex in Australia

Here's how OFX's offerings stack up against Airwallex's Business Account (available on our starter bundle, 'Explore').

What is OFX?

OFX (formerly OzForex) is an international remittance company based in Australia. For over 25 years, they've focused on cross-border money transfers, letting you convert more than 50 currencies.

They're known for remittance options like transfers, limit orders, and forward contracts. They have offices worldwide, regulated by local financial authorities, so you can trust your international transfers are secure.

What is Airwallex?

Airwallex started in 2015 as an all-in-one financial platform. We help you simplify global business management and expand internationally without the usual friction. Here's what you get with Airwallex:

• Multi-currency accounts: You can collect, hold, and transact in 70+ major currencies, and payout to 200+ countries.

• Fast cross-border payments: Over 93% of our transactions arrive the same day, and over 45% arrive instantly.

• End-to-end expense management: You'll get everything you need to track, approve, and reconcile spending

• Ecosystem integrations: We integrate with the business apps you already use

OFX fees explained

• You won't pay transfer fees when you receive domestic money transfers with OFX. However, receiving funds via Wire/SWIFT to your account comes with a $5 fee per transaction, and $10 per transaction to receive those transactions outside of your account. For domestic payments, you'll pay $1 per transaction after using your included transactions (20 on Standard plan, 200 on Full Suite plan). International card transactions come with a 3.4% fee.

• You'll pay variable mark-ups on the foreign exchange rate with OFX. Since OFX doesn't control this mark-up, the rate can fluctuate, which might get costly if you make multiple transactions. They typically charge the mid-market rate (the real exchange rate), plus a margin and an additional intermediary fee if a third-party bank is involved.

• You'll get unlimited company cards for free with OFX. However, if you need physical employee cards, they charge $10 per card. International card purchases come with a 1.5% FX margin.

Airwallex fees explained

• We don't charge transaction fees to the 120+ countries where we have access to local payment networks, so you can collect, hold, and send multiple currencies at no or low cost.

• You'll pay 0.5-1% above the interbank rate (the rate banks use when trading with each other) for currency exchange with Airwallex.

• Your first 2 Airwallex Employee Cards are free, then it's A$15 per month for each additional cardholder. With Employee Cards, you can easily track, approve, and reconcile expenses online. You can create virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees.

Compare additional features between OFX and Airwallex

Support: With OFX, you can call their global offices 24/7, whether it's a local or international call. All Airwallex customers get support, and if you're eligible, we'll assign you a hands-on account manager for personalised help with the global finance challenges you face daily.

High-interest saver: With Airwallex Yield, you can earn returns on your idle USD and AUD funds with no minimum lock-up period – something OFX doesn't offer.

Global growth: Beyond multi-currency transactions, OFX offers a limited set of additional financial services for global markets. Airwallex gives you tools for managing revenue streams, optimising how money flows globally, grouping multi-entity accounts, and centralised reporting.

Why Airwallex is your complete financial operations solution

If you're looking for a single platform to handle all your financial operations and provide more than just transfers, Airwallex has the edge over OFX. Considering other options? Check out the top OFX alternatives to find the right fit for your business.

Both platforms give you multi-currency accounts. Airwallex offers no transaction fees for local transfers, whilst OFX includes 20-200 free domestic transactions per month depending on plan, with $1 per transaction after that. Airwallex has more competitive rates for international transfers with fixed FX rates of 0.5-1% whilst OFX rates vary.

Overall, Airwallex gives you greater flexibility and room for growth with more payment methods, end-to-end Expense Management, customisable Bill Pay, and a unique high-interest saver. Airwallex can replace your multiple platforms – it's a single end-to-end financial solution.

OFX vs Airwallex: Frequently asked questions

What are the minimum transfer amounts for OFX and Airwallex?

OFX has minimum transfer amounts that vary by region, whilst Airwallex has no minimum transfer requirements regardless of your business size.

Which platform is better for small businesses vs enterprises?

OFX works well if you primarily need FX transfers, whilst Airwallex scales from simple international payments for small businesses to advanced multi-entity management and API integrations for enterprises.

How do I switch from my current provider to OFX or Airwallex?

You can open an account with either provider online and start making transfers once it's active. Their support teams can help you update your payment details.

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.