Top 5 OFX alternatives: compare fees, features and benefits

Key takeaways:

• OFX offers Australian businesses products such as business accounts, cards and FX transfers, but alternatives are available.

• Choosing the right platform can lower FX costs, speed up payments, and give finance teams better cash‑flow visibility.

• Modern OFX alternatives in Australia like Airwallex offer faster transfers, sharper FX rates, multi‑currency accounts, and automation in one integrated platform.

OFX has been a popular choice for international transfers for years, but many businesses are now exploring OFX alternatives in Australia that offer faster payments, lower FX spreads and built‑in tools to manage global cash flow.

Rising costs and slow, expensive international payments are common pain points for SMEs paying suppliers or teams overseas, so choosing the right global finance partner is an important one.

In this guide, we unpack the top OFX alternatives and put Airwallex in the spotlight. You’ll see how each provider performs on pricing, features and support, so you can make a confident choice.

What is OFX?

OFX is an Australian‑founded foreign exchange and global payments provider. It supports transfers to more than 170 countries and offers tools like spot and forward contracts, along with 24/7 customer support.

For many SMEs, it’s a step up from relying on the Big Four Banks for international transfers.

The platform also provides multi‑currency accounts (30+ currencies) with local receiving details in USD, EUR, GBP, CAD and AUD. It integrates with Xero, QuickBooks and Employment Hero, and includes corporate cards, spend management and batch payment features, helping businesses manage their global cash flow in one place.

What is an OFX alternative?

An OFX alternative is any payment or financial platform that helps you send money internationally while also offering extra tools to make managing those payments easier.

Unlike traditional banks or basic FX brokers, these providers often include multi‑currency accounts, bulk payment options, and real‑time tracking to give you more control over your cash flow.

OFX has long been a popular choice for international transfers, but businesses are exploring alternatives that may offer faster payments, sharper FX rates and extra tools for managing global cash flow.

Why businesses are looking beyond OFX for global business finance

ABS data shows nearly half (46%) of all businesses experienced increases in their operating expenses in June 2025.² This squeeze is pushing businesses to scrutinise every outgoing cost, including how they pay overseas suppliers and staff.

Traditional bank transfers and basic FX brokers often come with high spreads, extra fees and frustratingly slow settlement times. For a growing company, that can mean delayed supplier payments, cash‑flow headaches and extra admin work.

Modern OFX alternatives in Australia give businesses faster payments and sometimes sharper FX rates. OFX also provides multi‑currency accounts, cards, batch payments and spend management, so the main difference is often in the breadth of local rails and pricing.

These features let businesses hold funds in foreign currencies, convert when rates suit them and schedule bulk payments, improving cash flow and reducing manual reconciliation.

The top OFX alternatives

The leading OFX alternatives in Australia for businesses include Airwallex, Wise, Payoneer, Revolut Business, and WorldFirst.

Each of these providers is licensed and regulated to operate locally, and offers Australian‑specific features like local onboarding, AUD accounts, and access to Australian support teams to make setup and compliance easier for businesses.

Airwallex

We are Australian‑founded and built for growing businesses. Our platform offers multi‑currency accounts, international payments, online payment acceptance and corporate cards to simplify global finances.

Key features

• Multi‑currency accounts with local details in 60+ currencies so you can collect, hold and pay like a local

• Free local transfers to 120+ countries and FX from just 0.5% above the interbank rate

• Batch payments, approval flows and automation tools for payroll and suppliers

• Expense management with virtual and physical cards, plus controls by team, project or budget

• Integrations with Xero, MYOB, NetSuite and more for seamless reconciliation

• Payment acceptance via checkout, payment links and plugins

• Yield to earn a competitive return on AUD and USD funds held in account

Fees overview

• No monthly account fee when minimum balance or deposit met

• FX spreads from 0.5% for major currencies, 1% for others

• Free local transfers in 120+ countries, low transparent international fees

Airwallex vs OFX

• Airwallex offers a full financial operations platform with multi‑currency accounts, global collection, payments, cards and automation tools.

• OFX offers multi‑currency accounts (30+ currencies), corporate cards, spend management and AP automation. However, it supports fewer local bank details (five currencies: USD, EUR, GBP, CAD, AUD) and has less automation depth than Airwallex.

• Airwallex supports 60+ currencies with local details, advanced approval flows and broader integrations, which can benefit businesses with complex global operations.

Wise

Wise, founded in 2011, is widely recognised for its transparent FX pricing and simple multi‑currency accounts. For Australian businesses, Wise works best when the goal is to send straightforward, lower‑value payments and avoid hidden bank fees.

However, its limited finance tools mean it is less suited to companies that need to manage complex, high‑volume operations.

Key features

• Multi‑currency account with local details in 20+ countries

• Batch payments via CSV upload for payroll or invoices

• Team roles for simple access control

• Xero and QuickBooks integrations for reconciliation

• Virtual and physical debit cards (availability varies by region)

Fees overview

• No monthly fee for standard business accounts

• Transparent FX spread from around 0.63%

• Receiving fees apply to some international wires

Wise vs OFX

• Wise focuses on transparency and ease of use with clear FX pricing, while OFX offers multi-currency accounts, integrations, and FX tools like forward contracts.

• Wise is best for small, straightforward transfers with clear pricing, while OFX suits larger transactions and businesses needing accounts, cards and spend management features.

Payoneer

Payoneer is well‑known among eCommerce sellers and freelancers who need to collect payouts from overseas marketplaces.

For Australian businesses, it offers a convenient way to bring earnings home, but FX margins and limited automation can make it expensive and time‑consuming for scaling businesses.

Key features

• Global receiving accounts for major currencies

• Payouts from supported marketplaces

• Prepaid card for online and point‑of‑sale spending

• Local withdrawals to Australian bank accounts

Fees overview

• Free to receive from other Payoneer users

• Up to 3.5% FX margin for conversions

• Fees for card use and some withdrawals

Payoneer vs OFX

• Payoneer is strong for marketplace collections but offers fewer tools for managing funds.

• OFX, by contrast, offers business accounts, cards, spend management and FX tools for businesses that need a broader financial solution.

Revolut Business

Revolut Business provides multi‑currency accounts and team cards with budgeting tools. Its clean app experience appeals to startups, but FX limits and weekend fees may make it expensive for businesses with high‑value or frequent payments.

Key features

• Hold and exchange 25+ currencies

• Issue team cards with basic spend controls

• Simple integrations with Xero and FreeAgent

• Tiered plans with monthly FX allowances

Fees overview

• Free and paid plans with capped FX

• 0.6% fee outside allowances plus 1% weekend markup

Revolut Business vs OFX

• Revolut offers multi-currency accounts and cards with budgeting tools, but FX outside plan allowances can become expensive. 

• OFX provides multi-currency accounts, cards, spend management and FX tools, making it a stronger option for businesses needing a broader financial solution.

WorldFirst

WorldFirst is often used by Australian importers and exporters trading with Asia. It offers collection accounts and tools to lock in exchange rates, giving businesses more predictability.

However, it lacks automation and integrations, making it less attractive for teams that need to streamline operations.

Key features

• Collection accounts for major currencies

• Option to secure today’s rate for future transfers (forward contracts)

• Rate alerts and payment planning tools

Fees overview

• No transfer fees for many currency pairs

• FX margin depends on corridor and volume

WorldFirst vs OFX

• WorldFirst is strong for businesses needing collection accounts and forward contracts for rate certainty. 

• OFX also offers spot transfers, forward contracts, limit orders (coming soon to AU) and other FX tools, giving businesses flexibility to manage risk while accessing competitive pricing.

Compare the top 5 OFX alternatives

Data accurate as of September 2025

Compare platforms for international payments and foreign currencies

Data accurate as of September 2025

When to use an OFX alternative in Australia

Consider OFX alternatives when cost, speed or coverage is limiting your global payments. When evaluating providers, focus on what will have the biggest impact on your business:

• Better FX pricing on large transfers: Look for mid‑market rates or clearly stated margins so you can forecast costs with confidence. Even a small improvement in rates can save thousands on a single transaction.

• Faster payments through local rails: Some providers process payments almost instantly and cover more corridors, improving cash flow and keeping suppliers happy.

• More local receiving options: If you need account details in currencies beyond USD, EUR, GBP, CAD and AUD, another platform may be a better fit. Providers with wider global reach make it easier to expand into new markets and get paid like a local.

• Extra automation and integrations: The ability to hold and convert foreign currency balances can help you avoid unnecessary conversions and save on fees. Businesses needing deeper API access, bulk payments, or specialised ERP integrations may benefit from advanced automation tools.

• Real‑time tracking and transparency: Visibility into payment status helps manage cash flow and avoid surprises, while batch processing and scheduling features reduce admin work.

Evaluating providers on these points will help you find a solution that supports both day‑to‑day operations and long‑term growth. Airwallex brings these advantages together in one platform, offering competitive FX rates, built-in automations, global accounts to accept 60+ currencies and local account details in 70+ countries.

Why Airwallex is the choice for international business and cross-border payments

If high FX spreads, slow transfers and mounting fees are hurting your cash flow, our platform was built to solve those problems. We combine free local transfers to 120+ countries with competitive FX from just 0.5% above the interbank rate, so more of your money reaches its destination.

You can open Global Accounts in minutes, get local account details in 70+ countries and settle like a local without extra bank fees. Our expense management tools and batch payments mean fewer late nights reconciling spreadsheets and more time focusing on growth. With real‑time tracking and an dedicated support team, you’ll always know where your money is and when it will arrive.

More than 150,000 customers worldwide trust our platform to manage their global finances every day – proof that you can reduce costs and scale without the headaches.

OFX alternatives: frequently asked questions

Is OFX good for large international payments?

Yes, OFX is commonly used for large international transfers and offers competitive FX margins and forward contracts. Some businesses still compare rates as other platforms may occasionally offer sharper pricing on big transactions.

Are OFX alternatives cheaper than banks?

Usually, yes. OFX and its alternatives typically offer FX rates closer to the interbank rate and lower transfer fees than the big banks, helping more of your money arrive at its destination.

How long do transfers take with an OFX alternative?

OFX processes most payments within 1–2 business days and many fintech alternatives complete 90%+ of transactions through local rails, which can be same‑day or even instant.

Can I use an OFX alternative for payroll?

Yes. Both OFX and alternatives support batch and scheduled payments, making them suitable for paying contractors or staff across multiple countries.

What is the minimum transfer amount with OFX and alternative providers?

OFX generally requires a minimum transfer of around A$250 and may charge a $15 fee for transfers under A$10k for some customers of around A$250, while many alternatives allow as little as A$100, making them flexible for small and large payments.

Are there hidden fees I should watch out for with cross border payments?

Both OFX and alternatives display FX rates and fees upfront, but you should always check for intermediary or receiving bank fees, particularly when using SWIFT transfers.

Can I hold balances in multiple currencies with OFX and alternative providers?

Yes. OFX lets you hold and manage 30+ currencies, and alternatives like Airwallex offer 60+ currencies with local account details for more regions.

What customer support is available with OFX and alternative providers?

OFX provides 24/7 global support and account managers for business clients. Alternatives like Airwallex also offer local Australian support teams and live chat for quick responses.

Sources

1. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including-entries-and-exits/latest-release

2. https://wise.com/au/pricing/business/receive?targetAmount=1000&payInMethod=BANK_TRANSFER&track=false

3. https://www.payoneer.com/about/pricing/

4. https://www.revolut.com/en-AU/business/

5. https://www.worldfirst.com/au/product/

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

This information doesn't take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here