5 best OFX alternatives for Australian businesses in 2026

Key takeaways

• OFX is a well-known international payments provider, but businesses are considering OFX alternatives as they may offer more competitive FX rates, faster transfers, and broader multi-currency tools.

• When choosing an alternative, focus on FX pricing transparency, local payment rails coverage, automation depth, and accounting integrations.

• Airwallex brings together multi-currency accounts in 21 currencies, FX from 0.5% above interbank, free local transfers to 120+ countries, and built-in Expense Management on one platform.

OFX has been a popular choice for international transfers for years. But a lot of businesses are now comparing OFX alternatives that offer faster payments, lower FX spreads, and built-in tools to manage global cash flow. One common frustration is that OFX doesn't publicly list its FX margins, which makes it hard to compare costs before you sign up.

Below, we compare five OFX alternatives side by side and show how each one stacks up on pricing, features, and support.

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.⁷ For many SMEs, it's a step up from relying on the Big Four Banks for international transfers.

An OFX alternative is any payment or financial platform that helps you send money internationally while also giving you extra tools, like multi-currency accounts, batch payments, and real-time tracking, so you have more control over your cash flow.

What OFX offers

• Multi-currency accounts supporting 30+ currencies

• Local receiving details in five currencies: USD, EUR, CAD, GBP and AUD 

• Spot transfers, forward contracts, and limit orders

• Corporate cards and spend management features

• Batch payment capabilities

• Integrations with Xero and QuickBooks

That said, OFX's FX margins aren't publicly listed on its website, which can make it tricky to compare costs upfront against other providers.⁶

Why businesses are looking at OFX alternatives

According to ABS data, in 2024-25, businesses with turnover of $2m or more increased by 4.1%. For expanding companies, the costs of doing business continue to increase with global payments and invoicing. Traditional bank transfers and basic FX brokers often come with high spreads, extra fees, and settlement times that are frustratingly slow. For a growing company, that can mean delayed supplier payments, cash-flow headaches, and extra admin work. 

Many OFX alternatives offer faster payments and more competitive FX rates. OFX also provides multi-currency accounts, cards, batch payments, and spend management, so the main difference often comes down to the breadth of local rails and pricing transparency. These features let businesses hold funds in foreign currencies, convert when rates suit them, and schedule bulk payments. That improves cash flow and cuts down manual reconciliation.

Before diving into specific providers, here's what to look for when you compare your options.

How to choose an OFX alternative

If you're paying suppliers in multiple countries or collecting revenue in foreign currencies, here are the main things to weigh up when comparing providers.

FX pricing and transparency

Some providers show the mid-market rate plus a clear fee, whilst others build the margin into the rate, which makes it harder to see what you're paying. Even a 0.5% difference adds up quickly on large or frequent transfers. A 1% margin on A$100,000 in monthly transfers costs A$12,000 a year.

Local payment rails and speed

Providers using local rails, not SWIFT, can process payments the same day or even instantly. SWIFT transfers often come with intermediary fees and take longer to arrive. Think of local rails as a direct flight and SWIFT as a connection through two airports, because each stop adds time and cost. Airwallex, for example, processes the vast majority of transactions through local rails, with over 90% of funds arriving the same day or faster.

Multi-currency account coverage

The number of currencies with local account details matters because it helps you avoid double conversions and get paid like a local. OFX offers local details in five currencies, while Airwallex offers 21. If you sell into Japan but your provider only offers local details in five currencies, your Japanese customers pay via SWIFT, and you lose money to intermediary fees.

Automation and integrations

Batch payments, approval workflows, API access, and accounting integrations (Xero, MYOB, NetSuite) cut down manual reconciliation and errors. For scaling businesses, finance automation can save hours of admin work each week. Integration depth varies a lot between providers. Some offer basic CSV uploads, whilst others give you real-time syncing with your accounting software.

Compare 5 OFX alternatives for Australian businesses

Here's how all five alternatives compare to OFX across the features that matter most.

In-depth: The top OFX alternatives

Airwallex

We're Australian-founded and built for growing businesses. Our platform gives you multi-currency accounts, international payments, online payment acceptance, and Corporate Cards, all designed to make global finances simpler.

Key features

• Multi-currency accounts with local details in 21 countries so you can collect, hold, and pay like a local

• Receive payments from 70+ countries and pay out to 200+ countries

• 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 spending limits by team, project, or budget

• Integrations with Xero, NetSuite, and more for reconciliation

• Payment acceptance via Checkout, Payment Links, and Payment Plugins

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

Fees overview

• Explore plan starts from A$0 per month when you deposit at least A$5,000 per month or hold a balance of A$10,000, otherwise it’s A$29 per month

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

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

Wise

Wise, founded in 2011, is widely recognised for its transparent FX pricing and simple multi-currency accounts. Wise Business offers mid-market rates, multi-currency accounts, business debit cards with some expense management features, payment links to receive customer payments, and the ability to earn returns on funds. 

While it offers a suite of tools, the features may be less suited to companies that need to manage complex, high-volume operations. Wise also doesn't offer forward contracts or hedging tools, which matters for businesses that want rate certainty. It also doesn’t offer a full customer payment acceptance tool.

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 

• Payment links

Fees overview

• No monthly fee for standard business accounts

• Transparent FX fees from around 0.63%² of the transfer amount

• Receiving fees apply to some international wires

Payoneer

Payoneer is well-known amongst eCommerce sellers and freelancers who need to collect payouts from overseas marketplaces.³

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

• Mastercard debit card available in US$, €, £, and C$ for online and point-of-sale spending

• Local withdrawals to Australian bank accounts

Fees overview

• Free to receive from other Payoneer users

• FX margin varies by transaction type; up to 4% on bank withdrawals (where currency conversion applies), with up to 3.5% on card transactions³

• Fees for card use and some withdrawals

Revolut Business

Revolut Business gives you 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.⁴

Key features

• Hold and exchange 30+ currencies

• Local account details in AUD and EUR

• Issue physical and virtual 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 plan allowance (plus 1% for exchanges outside market hours, regardless of plan)⁴

WorldFirst

WorldFirst is often used by Australian importers and exporters trading with Asia. It offers collection accounts and tools to lock in exchange rates, which gives businesses more predictability.⁵ WorldFirst is owned by Ant Group (Alibaba's fintech arm), which strengthens its position in Asia trade corridors.

But it has fewer automation features and integrations than full-suite platforms, which may limit teams that need more advanced operational tools.

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 fees for domestic AUD/NZD payments and World Account-to-World Account transfers; cross-border payments from 0.4%, capped at A$15⁵

• FX margin depends on corridor and volume

Why Airwallex is the top choice for cross-border payments

If you're losing money to wide FX spreads and waiting days for transfers to clear, here's how we can help. 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 20+ countries, and settle like a local without extra fees. Our Expense Management tools and batch payments mean fewer late nights reconciling spreadsheets and more time for the work that moves your business forward. With real-time tracking and a dedicated support team, you'll always know where your money is and when it'll arrive.

More than 200,000 customers worldwide trust our platform to manage their global finances every day. That's proof that you can reduce costs and scale without the headaches.

Frequently asked questions

Is OFX good for large international payments?

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

Are OFX alternatives cheaper than banks?

Usually, yes. OFX and its alternatives usually 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 OFX alternatives?

OFX processes most payments within 1–2 business days. Airwallex completes over 90% of transactions through local rails, which can be same-day or even instant.

Which is better, Wise or OFX?

It depends on your needs. Wise is better for small, simple transfers with transparent pricing, whilst OFX offers more tools for larger businesses, including forward contracts, Corporate Cards, and spend management. Businesses that need broader features may want to compare Wise alternatives, including a full-suite platform like Airwallex.

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

Yes. OFX lets you hold and manage 30+ currencies and gives you local banking details in five currencies. Alternatives such as Airwallex let you hold and manage 70+ currencies and give you local account details in 20+ countries.

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/

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]]. 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.