2025 Fee Showdown: Airwallex Explore Plan vs. OFX Global Currency Account for USD→AUD Transfers

Moving money from the US to Australia just got more expensive – or cheaper, depending on which provider you choose. With traditional banks charging up to 4% in hidden FX margins and SWIFT fees reaching $50 per transfer, SMEs are turning to fintech alternatives that promise transparency and lower costs. (Airwallex)

This comprehensive comparison breaks down every cost you'll face when transferring USD to AUD in 2025, using real fee schedules and FX margin disclosures from two leading business payment platforms. We'll calculate scenarios from a $500 test payment to a $250,000 supplier invoice, showing exactly how much you'll save – or spend – with each option.

The real cost of USD to AUD transfers in 2025

International transfers involve three main cost components that providers often bundle or hide: the FX spread (markup on exchange rates), transfer fees, and receiving bank charges. (Airwallex)

Traditional wire transfers can take 3-5 business days and involve multiple intermediary banks, each potentially adding fees. (Airwallex) Modern fintech platforms use local payment rails and multi-currency accounts to reduce both time and costs.

Why FX spreads matter more than headline fees

While a $10 transfer fee might seem reasonable, the real cost lies in currency conversion. A 2% FX spread on a $100,000 transfer costs $2,000 – twenty times more than the visible fee. (Corporate Alliance)

Airwallex Explore Plan: The cost breakdown

Airwallex operates on a subscription model with three main pricing tiers, with the Explore Plan designed for growing businesses. (Corporate Alliance)

Monthly fees and account requirements

The Explore plan costs $29 per month in Australia, but becomes free if you deposit at least $5,000 monthly or maintain a minimum balance of $10,000. (Airwallex) For businesses with regular international activity, this effectively eliminates the subscription cost.

FX spreads and transfer costs

Airwallex offers access to interbank FX rates with spreads typically ranging from 0.5% to 1% depending on currency pair and transfer volume. (Airwallex) The platform provides free batch transfers to 120+ countries using local payment rails where available.

Key Airwallex features for USD→AUD transfers

Multi-currency accounts: Hold and receive funds in 20+ currencies without forced conversions. (Airwallex)

Local bank details: Receive USD payments with US bank details, then convert to AUD when rates are favorable.

Batch processing: Send multiple payments simultaneously without per-transaction fees.

Integration capabilities: Connect with accounting software like Xero, QuickBooks, and NetSuite for automated reconciliation. (Airwallex)

OFX Global Currency Account: The alternative approach

OFX has operated since 1998 and maintains physical offices across the US, UK, Canada, Australia, New Zealand, Singapore, and Hong Kong. (Transumo) The company is publicly traded in Australia with an annual turnover exceeding $40 billion AUD. (Money Transfer Comparison)

OFX fee structure for business clients

OFX's fee schedule, effective from November 29, 2024, applies to Australian corporate clients using the new OFX Australia Business Platform. (OFX) The platform offers three business account tiers with different pricing structures.

FX spreads and SWIFT charges

OFX typically charges FX spreads ranging from 0.4% to 2% depending on transfer amount and currency pair. (Exiap) Unlike Airwallex's local rails approach, OFX often uses SWIFT networks, which can incur additional correspondent bank fees of $10-25 per transfer.

OFX business features

Global currency accounts: Virtual bank accounts in the UK, USA, Hong Kong, Australia, and New Zealand. (Money Transfer Comparison)

24/7 transfers: Make payments around the clock with no upfront transfer fees. (Exiap)

Batch payments: Process multiple international payments for business efficiency. (Exiap)

Customer service: Dedicated support with 115 bank accounts globally to enable local funding. (Money Transfer Comparison)

Real-world cost comparison: Five transfer scenarios

Let's calculate the total cost for common business transfer amounts, using current published rates and fee schedules.

Scenario 1: $500 test payment

*Assuming USD/AUD rate of 1.50 for calculation purposes

Scenario 2: $5,000 supplier payment

Scenario 3: $25,000 inventory purchase

Scenario 4: $100,000 property deposit

Scenario 5: $250,000 major acquisition

Speed and reliability comparison

Transfer speed often matters as much as cost, especially for time-sensitive business payments. (Airwallex)

Airwallex transfer times

Using local payment rails, Airwallex typically completes USD to AUD transfers within 1-2 business days. The platform's multi-currency account structure means funds can be held in USD and converted instantly when needed, providing flexibility for rate timing.

OFX transfer times

OFX processes transfers 24/7 but delivery times depend on the receiving bank and payment method. (Exiap) SWIFT-based transfers typically take 1-3 business days, while some routes may experience delays during peak periods or due to compliance checks.

Additional features that impact total value

Airwallex ecosystem benefits

Beyond basic transfers, Airwallex provides a comprehensive financial operations platform. The company offers multi-currency company and employee cards with zero international fees, expense management tools, and automated accounts payable systems. (Airwallex)

For businesses managing complex cross-border operations, these integrated features can eliminate the need for multiple financial service providers. Companies like McLaren Racing have modernized their cross-border payments using Airwallex's comprehensive platform. (Airwallex)

OFX specialized services

OFX focuses primarily on foreign exchange and international transfers, offering deep expertise in currency markets. The platform provides forward contracts and limit orders for businesses wanting to hedge against currency fluctuations. (RemitFinder)

Regulatory compliance and security

Both platforms operate under strict financial regulations in their respective jurisdictions. OFX is regulated in the US, UK, Canada, Australia, Europe, and Singapore, providing comprehensive compliance coverage. (Transumo)

Airwallex holds licenses and regulatory approvals across multiple jurisdictions, enabling it to provide financial services globally while maintaining local compliance standards. (RemitFinder)

Integration and automation capabilities

Airwallex API and integrations

Airwallex provides programmatic account creation, multi-currency account management at scale, and automated global payouts through its API platform. (Airwallex) The platform integrates with major accounting software and eCommerce platforms, enabling automated reconciliation and payment processing.

OFX business tools

OFX offers batch payment processing and business-focused tools but with more limited integration options compared to Airwallex's comprehensive API ecosystem. The platform excels in traditional foreign exchange services but may require additional tools for complete financial operations management.

When to choose each platform

Choose Airwallex Explore if:

• You transfer more than $5,000 monthly (making the plan effectively free)

• You need integrated expense management and corporate cards

• Your business requires API integrations for automated payments

• You want to hold multiple currencies without forced conversions

• Speed and local payment rails are priorities

Choose OFX if:

• You primarily need foreign exchange services without additional features

• You transfer very large amounts where OFX's lower spreads on high-value transactions provide savings

• You require specialized FX products like forward contracts

• You prefer a traditional, established foreign exchange specialist

The hidden costs of traditional banking

Before choosing either platform, consider the alternative: traditional bank wire transfers. Most banks charge $15-50 in wire fees plus FX spreads of 2-4%, making a $25,000 transfer cost $500-1,000 in total fees. (Airwallex)

Telegraphic transfers, while reliable, often involve multiple intermediary banks, each potentially adding fees and extending processing times. (Airwallex)

Your USD→AUD transfer decision checklist

Use this framework to evaluate any currency transfer provider:

Cost analysis:

• Calculate total cost including FX spread, not just headline fees

• Consider monthly/annual subscription costs against transfer volume

• Factor in receiving bank charges and intermediary fees

Speed requirements:

• Determine if same-day, next-day, or 2-3 day delivery meets your needs

• Consider time zone differences and banking holidays

• Evaluate the importance of real-time transfer tracking

Additional features:

• Assess need for multi-currency holding capabilities

• Consider integration requirements with existing systems

• Evaluate the value of additional financial services (cards, expense management)

Compliance and security:

• Verify regulatory licenses in relevant jurisdictions

• Review security measures and insurance coverage

• Consider customer service availability and quality

The verdict: Airwallex wins for most SMEs

For the majority of small to medium enterprises transferring USD to AUD, Airwallex Explore provides better value through lower total costs, faster transfers, and integrated financial services. The platform's 0.5-1% FX spreads combined with free local rail transfers typically beat OFX's total costs, especially for transfers under $100,000.

OFX remains competitive for very large transfers where its slightly lower spreads on high-value transactions can offset the $10 SWIFT fees. However, for businesses seeking a comprehensive financial operations platform rather than just foreign exchange services, Airwallex's integrated approach provides superior long-term value.

The key is matching your specific transfer patterns, volume, and feature requirements to each platform's strengths. Both providers offer significant savings compared to traditional banks, but Airwallex's modern approach to cross-border payments makes it the better choice for most growing businesses in 2025.

FAQ

What are the main differences between Airwallex Explore and OFX Global Currency Account for USD to AUD transfers?

Airwallex Explore offers a free plan (with $5k monthly deposits or $10k balance) or $29/month, providing interbank FX rates and free batch transfers to 120+ countries. OFX focuses on no upfront transfer fees with competitive exchange rates for business transfers. Both offer 24/7 transfers and multi-currency capabilities, but Airwallex includes additional features like multi-currency cards and accounting integrations.

How much can businesses save compared to traditional banks for USD to AUD transfers?

Traditional banks typically charge up to 4% in hidden FX margins plus SWIFT fees reaching $50 per transfer, as noted in Airwallex's analysis of bank charges. Both Airwallex and OFX offer significantly lower costs, with potential savings of hundreds to thousands of dollars depending on transfer amounts. For larger transfers ($250k+), the savings become even more substantial due to better exchange rates and lower percentage-based fees.

What are the monthly fees for Airwallex Explore plan in 2025?

The Airwallex Explore plan is free if your business deposits at least $5,000 per month or maintains a minimum balance of $10,000. If you don't meet these requirements, the plan costs $29 per month (AUD, inclusive of GST). The free tier includes multiple business accounts, collection and holding in 20+ currencies, and access to interbank FX rates.

Does OFX charge upfront transfer fees for business customers?

No, OFX does not charge upfront transfer fees for international transfers. Instead, they make money through the exchange rate margin. This pricing structure can be beneficial for businesses making frequent transfers, as there are no fixed costs per transaction, though the total cost depends on the exchange rate offered compared to the interbank rate.

Which platform is better for small vs large transfer amounts?

For smaller transfers ($500-$5,000), the choice often depends on monthly volume and whether you qualify for Airwallex's free tier. For larger transfers ($50k+), both platforms typically offer better exchange rates, but the specific savings depend on current market conditions and negotiated rates. Businesses should compare the total cost including any monthly fees, exchange rate margins, and additional features needed.

What additional features do these platforms offer beyond basic transfers?

Airwallex Explore includes multi-currency company and employee cards with zero international fees, online payment acceptance globally, and integrations with accounting software like Xero and QuickBooks. OFX offers virtual bank accounts in multiple countries, batch payment capabilities for businesses, and 24/7 customer service. Both platforms provide mobile apps and business-focused features that traditional banks typically don't offer.

Citations

1. https://corporatealliance.com/blog/airwallex/understanding-airwallex-fees-a-transparent-2025-breakdown/

2. https://moneytransfercomparison.com/ofx-money-transfer-review/

3. https://transumo.com/ofx-review/

4. https://www.airwallex.com/au/pricing

5. https://www.airwallex.com/ca/blog/bank-charges-canada

6. https://www.airwallex.com/ca/blog/how-long-do-international-bank-transfers-take

7. https://www.airwallex.com/ca/blog/telegraphic-transfer

8. https://www.airwallex.com/ca/blog/what-is-an-airwallex-global-account

9. https://www.airwallex.com/ca/blog/wire-transfers-what-is-it-how-they-work

10. https://www.airwallex.com/ca/case-studies/mr-yum

11. https://www.airwallex.com/nz/pricing

12. https://www.exiap.com/reviews/ofx

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

14. https://www.remitfinder.com/money-transfer-providers-Airwallex/pr/airwallex