OFX vs Airwallex: Which is right for your business? (2026)

Key Takeaways:

• OFX is more focused on international payments and FX, while Airwallex offers a broader suite of business financial tools.

• Both offer $0 monthly plans, but their usage fees differ. Airwallex publishes its FX pricing, while OFX's FX margin is built into its quoted exchange rate.

• If you need a payment gateway, Airwallex offers this while OFX does not. With Airwallex, businesses can accept payments through 160+ local payment methods across 180+ countries.

If you're comparing OFX vs Airwallex for your Singapore business, both platforms can help you manage international payments and multiple currencies. But they take a different approach to business payments and financial management.

This guide compares OFX and Airwallex across features, fees, FX, international transfers and payment acceptance, so you can decide which platform better fits your business.

What is OFX?

OFX is a global payments and foreign exchange provider that has been operating since 1998. It helps individuals and businesses send, receive and manage money across currencies, with a transfer network covering 180+ countries.¹

In Singapore, OFX is regulated by the Monetary Authority of Singapore as a Major Payment Institution. For businesses, its core offering centres on international payments, foreign exchange and multi-currency accounts.

Its Global Business Account lets businesses receive, hold and pay in 30+ currencies¹, while businesses can also make international payments, send batch payments to employees and suppliers, and use FX tools such as spot transfers and limit orders.

OFX also offers Xero and QuickBooks Online integrations, corporate cards and 24/7 access to its team of FX specialists.

Information in this section is based on OFX’s official website as of 3 Sep 2026.

What is Airwallex?

Airwallex is a global financial platform for businesses that brings together multi-currency accounts, international payments, payment acceptance, corporate cards and expense management in one platform.

It operates across major markets including Singapore, Hong Kong, Malaysia, the UK, Europe and New Zealand.

In Singapore, Airwallex is regulated by the Monetary Authority of Singapore as a Major Payment Institution. Its business account lets companies hold and manage 20+ currencies, receive international payments through local account details, and send payments to 200+ countries.

Beyond international payments, Airwallex also offers tools for online and in-person payment acceptance, corporate cards, bill payments and expense management.

Businesses can connect these services through a single platform rather than managing separate providers for different parts of their financial operations.

OFX vs Airwallex: Overview & comparison

OFX and Airwallex both help businesses manage international payments and multiple currencies, but they take slightly different approaches.

OFX is more focused on international transfers and foreign exchange, while Airwallex combines cross-border payments with a broader set of business financial tools, including payment acceptance, cards and expense management.

Here's how they compare at a high level:

This information is based on publicly available information accessed on 3 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

Ultimately, OFX is more focused on international payments and foreign exchange, while Airwallex combines cross-border payments with payment acceptance and a broader suite of tools for managing business finances.

The sections below break down the key differences in more detail.

OFX vs Airwallex: Features compared

We've looked at the key differences between OFX and Airwallex at a high level. Now, let's take a closer look at what each platform actually offers:

Multi-currency accounts

OFX lets businesses hold 30+ currencies through its Global Business Account. Local account details are available for six currencies: SGD, USD, EUR, AUD, CAD and GBP.

In comparison, Airwallex lets businesses hold 20+ currencies, with local account details available in 21 countries.

International payments and transfers

In terms of coverage, OFX supports transfers in 30+ currencies to 180+ countries, while Airwallex supports transfers in 60+ currencies to 200+ countries.

For FX, Airwallex offers competitive rates of 0.4% to 0.6% above interbank, letting you save up to 80% on FX fees as compared to traditional banks. OFX does not publish a fixed FX markup.

Payment acceptance

This is one of the clearest differences between the two.

Airwallex offers payment acceptance through products such as Checkout, Payment Links, Payment Plugins and POS Payments. Businesses can accept payments from customers online and in person, rather than using Airwallex solely to move money between accounts.

OFX, on the other hand, does not currently have a payment gateway offering.

Corporate cards and expense management

Both OFX and Airwallex offer corporate cards and expense management tools, including spending controls, expense tracking and employee reimbursements.

One key difference is AI-powered expense policy enforcement.

Airwallex's Expense Policy Agent (available on the Grow plan and above) automatically reviews expenses against your company's policy, flags exceptions and shows the rule behind each flag.

OFX offers expense management and approval tools, but does not currently offer an equivalent AI expense policy agent.

Bill payments and accounts payable

Both OFX and Airwallex offer tools for managing supplier bills and payments, including approval workflows and accounting integrations.

OFX supports bill automation and batch payments, while Airwallex also offers Purchase Orders on the Grow plan and above, allowing businesses to manage spending requests, approvals and POs before invoices are received.

For businesses that need procurement controls as well as bill payments, Airwallex has the broader AP workflow.

OFX vs Airwallex: Fees compared

The two platforms have different approaches to pricing. Both offer plans with no monthly subscription fee, but you'll still pay for certain transactions and services. Here's a quick overview:

This information is based on publicly available information accessed on 3 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

At first glance, both OFX and Airwallex offer S$0 monthly plans, but that's not the full picture.

Your actual cost will depend on how you use the platform, particularly how often you make international transfers, convert currencies and use additional services.

For international transfers, Airwallex gives you free transfers to 120+ countries through local payment rails, while OFX charges S$15 for transfers below S$10,000.

FX pricing is also easier to compare with Airwallex.

Airwallex publishes its FX markup upfront, with rates of 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees as compared to traditional banks.

OFX doesn't publish a fixed FX markup; instead, its margin is built into the exchange rate you're quoted for each transaction.

Why businesses in Singapore choose Airwallex over OFX

OFX is a strong option for businesses that mainly need international payments and FX. But if you're looking for a broader platform to manage different parts of your business finances, Airwallex offers a few advantages. Here’s what you get with Airwallex:

• Accept customer payments: Airwallex supports online and in-person payment acceptance, including payment gateways and POS payments. OFX doesn't currently offer a merchant payment gateway.

• Manage more currencies locally: Airwallex provides local account details in 20+ currencies, compared with six currencies for OFX.

• More transparent FX pricing: Airwallex publishes its FX markup, making it easier to estimate conversion costs upfront. OFX incorporates its FX margin into the exchange rate quoted for each transaction.

Frequently Asked Questions (FAQs)

Is OFX available in Singapore?

Yes. OFX operates in Singapore through OFX Singapore Pte. Limited, which holds a Major Payment Institution licence from the Monetary Authority of Singapore. Singapore businesses and individuals can use OFX to send money overseas, access FX tools such as limit orders, and manage international payments through the OFX platform or app.

Is Airwallex regulated in Singapore?

Yes. Airwallex (Singapore) Pte. Ltd. holds a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). A separate Airwallex entity, Airwallex Capital (Singapore) Pte. Ltd., holds a Capital Markets Services licence covering its Yield investment product. Customer funds held through Airwallex's payment services are safeguarded in line with MAS requirements.

Does OFX offer corporate cards for Singapore businesses?

Yes. OFX offers physical and virtual corporate cards for Singapore businesses, with features such as spending controls, approval workflows and expense management. Company cards are available on the S$0 Standard plan, with unlimited company cards subject to fair use.

What is the difference between OFX and Airwallex for international transfers?

Both OFX and Airwallex support international transfers, but Airwallex covers more currencies and countries. OFX supports transfers in 30+ currencies to 180+ countries, while Airwallex supports 60+ currencies to 200+ countries. Airwallex also offers free transfers to 120+ countries via local payment rails, while OFX charges S$15 for transfers below S$10,000 and no OFX transfer fee for transfers of S$10,000 or more.

Does OFX or Airwallex have better FX rates for Singapore businesses?

It depends on the currencies and transaction size. Airwallex publishes its FX markup upfront; it charges 0.4% to 0.6% above interbank, which saves you up to 80% on FX fees as compared to traditional banks. In contrast, OFX builds its FX margin into the exchange rate it quotes for each transaction. To compare the two, check the actual rate and total cost for your typical currency conversions rather than relying on headline rates.

Sources

1. https://www.ofx.com/en-sg/

2. https://www.ofx.com/en-sg/business/global-business-account/

3. https://www.ofx.com/en-sg/faqs/what-is-the-minimum-transfer-amount/

4. https://www.ofx.com/en-sg/business/pricing/