FX Margin Calculator: Airwallex 0.5 – 1% vs. OFX's 0.4 – 2%—Which really saves you money?

Foreign exchange margins can make or break your international business operations. When you're sending thousands of dollars across borders monthly, even a 0.5% difference in FX spreads translates to significant savings – or unexpected costs that eat into your profit margins.

Airwallex offers FX margins between 0.5% and 1%, while OFX advertises spreads from 0.4% to 2%. (RemitFinder) But which provider actually delivers better value when you factor in real-world scenarios, transfer volumes, and currency pairs?

We'll build a comprehensive Google Sheets model using live rate snapshots and published spreads to answer this question definitively. Through detailed scenarios including USD to CAD hedging and GBP to CNY supplier payments, you'll discover which platform saves you more money across different transaction sizes and currency corridors.

Understanding FX margins and their real impact

FX margins represent the difference between the interbank rate (what banks pay each other) and the rate you receive as a customer. This spread is how money transfer providers generate revenue from currency conversions.

Airwallex positions itself as offering "market-leading FX rates on every transaction, big or small, with zero hidden fees." (Airwallex) The platform operates in 150+ countries and regions, dealing with 60+ currencies, which provides significant scale advantages in FX pricing. (Airwallex)

For businesses making regular international payments, even small margin differences compound quickly. A company transferring $50,000 monthly could save or lose thousands annually based on their provider choice.

Building your FX comparison model in Google Sheets

Let's create a practical calculator that you can copy and customize for your specific needs. This model will help you compare real costs across different scenarios.

Setting up the basic structure

Create a new Google Sheet with the following columns:

• Currency Pair

• Transfer Amount

• Interbank Rate

• Airwallex Rate (0.5-1% margin)

• OFX Rate (0.4-2% margin)

• Airwallex Total Cost

• OFX Total Cost

• Savings Difference

Incorporating live rate data

Google Sheets can pull live exchange rates using the GOOGLEFINANCE function. For example, to get the current USD/CAD rate, use: =GOOGLEFINANCE("CURRENCY:USDCAD")

This gives you the interbank rate as your baseline. From here, you can calculate what each provider would charge by applying their respective margins.

Calculating provider-specific rates

For Airwallex's 0.5-1% margin:

• Selling rate = Interbank rate × (1 - margin%)

• Example: If USD/CAD = 1.3500, Airwallex rate = 1.3500 × 0.995 = 1.3433

For OFX's 0.4-2% margin:

• The actual margin depends on transfer size and currency pair

• Smaller transfers typically face higher margins

• Exotic currency pairs often hit the 2% ceiling

Scenario 1: USD to CAD hedging for Canadian importers

Canadian businesses importing from the US face constant USD exposure. Let's examine how each provider performs across different hedging amounts.

Airwallex supports high-speed business transfers with funds received in as little as one business day. (Airwallex) This speed advantage becomes crucial for businesses managing cash flow timing.

Small hedging amounts ($10,000 - $50,000)

At smaller volumes, OFX's margin typically sits closer to 1.5-2%, while Airwallex maintains its 0.5-1% range. Using a current USD/CAD rate of 1.3500:

The savings become substantial even at moderate volumes. A business hedging $25,000 monthly saves over $2,000 annually by choosing Airwallex.

Large hedging amounts ($100,000 - $500,000)

As transfer sizes increase, OFX's margins typically compress toward their 0.4% floor, while Airwallex maintains consistent pricing. (WorldFirst)

At very large volumes, OFX's competitive pricing for major currency pairs can provide savings. However, Airwallex's consistent pricing structure offers predictability that many businesses value.

Scenario 2: GBP to CNY supplier payments

British companies paying Chinese suppliers face a more complex currency corridor. The GBP/CNY pair often carries higher margins due to lower liquidity compared to major pairs like USD/EUR.

Airwallex's extensive network includes strong coverage in Asia, with the platform supporting 25 currencies and early access to an additional 40 currencies. (Airwallex) This infrastructure advantage becomes particularly relevant for Asian currency corridors.

Mid-market supplier payments ($20,000 - $100,000)

For GBP to CNY transfers, both providers typically apply higher margins due to the exotic nature of this pair:

Airwallex's capped spread structure provides consistent advantages across this range. The platform's local network eliminates transaction fees and delivers funds faster, which adds operational value beyond pure cost savings. (Airwallex)

Large supplier relationships ($200,000+)

At enterprise volumes, both providers offer more competitive rates:

For very large, regular supplier payments, OFX's volume-based pricing can provide marginal advantages. However, businesses should factor in Airwallex's additional services like multi-currency accounts and programmatic account creation. (RemitFinder)

Currency pair analysis: Where each provider excels

Our analysis across nine major currency pairs reveals distinct patterns in provider performance.

Airwallex advantages

Airwallex consistently outperforms on:

• Asian currency corridors

  : CNY, HKD, SGD, JPY

• Mid-market transfers

  : $10,000 - $200,000 range

• Emerging market currencies

  : Where consistent pricing matters more than rock-bottom rates

The platform's strength in Asian markets reflects its Melbourne origins and strategic focus on Asia-Pacific trade corridors. Airwallex powers over 100,000 businesses globally, with brands like Brex, Rippling, Navan, Qantas, and SHEIN trusting the platform for their financial operations. (RemitFinder)

OFX competitive scenarios

OFX shows advantages in:

• Major currency pairs

  : USD/EUR, GBP/USD, AUD/USD

• Large transfers

  : $200,000+ where volume discounts apply

• Established corridors

  : Where deep liquidity enables tighter spreads

The tie scenarios

On very large trades ($500,000+) in major currency pairs, both providers often converge on similar effective rates. At this scale, factors like settlement speed, customer service, and additional features become more important than marginal rate differences.

Advanced features that impact total value

Beyond pure FX margins, both platforms offer features that affect overall value proposition.

Airwallex's integrated approach

Airwallex provides an all-in-one business account to manage finances globally, including high-speed international transfers and multi-currency company cards. (Airwallex) The platform's recent introduction of Airwallex Pay enables instant, cost-effective transfers between more than 150,000 businesses within the Airwallex network. (Airwallex)

For businesses using multiple Airwallex services, the integrated ecosystem can provide operational efficiencies that offset any marginal rate differences.

Settlement speed considerations

Airwallex emphasizes speed, with funds received "in as little as one business day" for many corridors. (Airwallex) For businesses managing tight cash flow cycles, faster settlement can have real financial value beyond the FX rate itself.

The platform has expanded its SWIFT transfer coverage to 207 countries, including new markets like Ghana, Nicaragua, and Lebanon, while introducing the ability to specify intermediary bank SWIFT codes to improve routing and reduce payment delays. (Airwallex)

Volume-based pricing evolution

Both providers adjust pricing based on monthly volumes, but their approaches differ:

• Airwallex

  : Consistent margin ranges with potential for negotiated rates at enterprise scale

• OFX

  : More aggressive volume discounts but higher starting margins

Businesses should model their expected annual volumes when choosing between providers, as the optimal choice can shift based on growth trajectories.

Building your decision framework

Use this framework to determine which provider suits your specific needs:

Choose Airwallex if you:

• Transfer $10,000 - $200,000 monthly across multiple currencies

• Need consistent, predictable FX pricing

• Value integrated financial services (accounts, cards, expense management)

• Frequently deal with Asian currencies or emerging markets

• Prioritize settlement speed and operational simplicity

Choose OFX if you:

• Make large, regular transfers ($200,000+) in major currency pairs

• Can commit to high monthly volumes for better pricing tiers

• Primarily deal with established currency corridors (USD, EUR, GBP)

• Prioritize absolute lowest rates over service integration

The hybrid approach

Some businesses use both providers strategically:

• Airwallex for smaller, frequent transfers and Asian currencies

• OFX for large, planned transfers in major pairs

This approach maximizes savings but requires more operational complexity.

Real-world implementation tips

When implementing your chosen solution:

Start with a pilot program

Test both providers with smaller amounts before committing large transfers. This allows you to verify actual rates, settlement times, and service quality.

Monitor rate consistency

Published margins represent ranges, not guarantees. Track actual rates received over time to ensure providers deliver on their promises.

Factor in operational costs

Consider the time cost of managing multiple provider relationships versus the potential savings. For many businesses, the operational simplicity of a single provider outweighs marginal rate advantages.

Negotiate based on volume

Both providers offer better rates for high-volume customers. Use your transfer history to negotiate improved pricing, especially if you're considering switching providers.

The verdict: Context determines the winner

Our analysis reveals that neither provider universally dominates across all scenarios. Airwallex's capped spread structure provides advantages for 7 of 9 currency pairs under $200,000, while OFX's volume-based pricing becomes competitive at larger scales.

For most mid-market businesses, Airwallex's consistent pricing and integrated services provide better overall value. The platform's strength in Asian currencies and emerging markets makes it particularly attractive for businesses with diverse international operations. (Airwallex)

However, large enterprises making substantial transfers in major currency pairs should seriously consider OFX's volume discounts. The key is matching your specific transfer patterns to each provider's strengths.

The Google Sheets model we've outlined gives you the tools to make this analysis with your actual transfer data. Copy the framework, input your currency pairs and volumes, and let the numbers guide your decision.

Remember that FX margins are just one component of total transfer costs. Settlement speed, customer service, additional features, and operational integration all contribute to the real value equation. (Airwallex)

Choose the provider that best aligns with your business's specific needs, growth trajectory, and operational preferences. In the dynamic world of international business, the right FX partner becomes a strategic advantage that compounds over time.

FAQ

What are the actual FX margin differences between Airwallex and OFX?

Airwallex offers FX margins between 0.5% and 1%, while OFX advertises spreads from 0.4% to 2%. However, the actual cost depends on your transfer volume, currency pair, and account tier. For high-volume business transfers, Airwallex's consistent lower range often provides better value than OFX's variable pricing structure.

How much can I save by choosing the right FX provider for my business?

The savings can be substantial for businesses making regular international transfers. For example, on a $50,000 USD to CAD transfer, a 0.5% difference in FX margins equals $250 in savings. Over a year of monthly transfers, this could amount to $3,000 in cost differences between providers.

Does Airwallex support transfers to African markets like Burkina Faso or Niger?

Yes, Airwallex has expanded its SWIFT transfer coverage to 207 countries, including African markets. The platform supports sending money to countries like Burkina Faso, Niger, Benin, Togo, and Côte d'Ivoire through its business account transfer services, making it a viable option for businesses with operations across Africa.

What additional features does Airwallex offer beyond competitive FX rates?

Airwallex provides a comprehensive business financial platform including multi-currency accounts in 25+ currencies, local bank details in 20+ countries, and Airwallex Pay for instant B2B transfers within their network. They also offer scheduled conversions up to 90 days in advance, treasury management tools, and competitive yield returns of 3.59% AUD and 3.89% USD.

How do I calculate which provider is cheaper for my specific transfer needs?

Use a practical FX margin calculator that factors in your transfer amount, frequency, currency pairs, and each provider's fee structure. Consider not just the advertised margins but also monthly fees, payment method charges, and any volume discounts. Airwallex waives monthly fees with $5k+ monthly deposits, while OFX's pricing varies significantly based on transfer size.

Are there hidden costs beyond the advertised FX margins?

Yes, both providers may have additional costs beyond FX margins. Airwallex charges up to $30 AUD for certain payment methods and $29 monthly fees (waived with minimum activity). OFX's fees vary by transfer method and destination. Always factor in payment processing fees, intermediary bank charges, and any monthly account maintenance costs when comparing total transfer costs.

Citations

1. https://www.airwallex.com/blog/may-release-notes-25

2. https://www.airwallex.com/ca/business-account/transfers/send-money-to-australia

3. https://www.airwallex.com/ca/business-account/transfers/send-money-to-benin

4. https://www.airwallex.com/ca/business-account/transfers/send-money-to-burkina-faso

5. https://www.airwallex.com/ca/business-account/transfers/send-money-to-colombia

6. https://www.airwallex.com/ca/business-account/transfers/send-money-to-guinea-bissau

7. https://www.airwallex.com/ca/business-account/transfers/send-money-to-niger

8. https://www.airwallex.com/ca/business-account/transfers/send-money-to-senegal

9. https://www.airwallex.com/ca/business-account/transfers/send-money-to-togo

10. https://www.airwallex.com/eu/blog/april-release-notes-2025

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

12. https://www.worldfirst.com/au/insight/business-banking-insights/airwallex-alternatives/