OFX Alternatives: The Top 5 OFX Competitors in New Zealand for 2025

Key takeaways

• OFX is a well-known cross-border payment provider, but it's Global Currency account is no longer available to New Zealand businesses.

• OFX alternatives for New Zealand businesses can help reduce their FX costs, speed up settlement times, and improve cash flow visibility through multi-currency accounts and automation

• Airwallex offers New Zealand  businesses local NZD account details, fast global payouts and spend controls.

International trade and cross-border payments are a critical part of how New Zealand businesses grow beyond their local market. OFX (formerly NZForex) has long been a popular choice for Kiwi companies thanks to its global coverage, competitive exchange rates, and 24/7 customer support. However, as operating costs rise and margins tighten, many finance teams are seeking OFX alternatives in New Zealand that offer sharper FX spreads, faster settlement, and deeper integration with their existing workflows.

In this guide, we’ll break down the top five OFX alternatives for 2025. We’ll cover their core features, strengths, and how they compare with OFX – helping you find the right partner to manage international payments, receive global revenue, and improve cash flow visibility. Whether you’re a fast-growing SME, an eCommerce seller, or an established exporter, the right platform can reduce FX costs, streamline reconciliation, and give you more control over your money.

What is OFX?

OFX¹ is an Australian‑founded foreign exchange and global payments provider. It has a long history in New Zealand, where it was originally known as NZForex. Over the past two decades, it has expanded beyond its original broker model, and today is headquartered in Sydney and listed on the ASX, with offices across Australasia, the UK, North America and Asia.

For New Zealand businesses, OFX provides international transfers and some FX tools. Important: OFX has discontinued its Global Currency Account for new business/eCommerce clients globally, so New Zealand businesses cannot open new multi-currency/receiving accounts with OFX. The platform is relatively limited compared with newer entrants. It includes:

• International transfers to more than 170 countries

• Spot and forward contracts to help manage currency risk

• 24/7 phone support

• Pricing that is generally more competitive than banks but often less transparent than fintech challengers

• Some integrations with Xero, QuickBooks, and Employment Hero

• Basic batch payment features

For many SMEs, OFX was once a step up from the Big Four banks. But expectations have shifted: businesses now want faster settlement, truly transparent pricing, more flexible receiving, multi‑currency accounts, and multi‑currency corporate cards to manage global spend. That’s why many New Zealand companies are evaluating alternatives that deliver a broader, more modern financial toolkit.

What is an OFX alternative?

An OFX alternative is any payment or financial platform available to New Zealand businesses that enables international transfers and, in many cases, provides broader tools than OFX currently offers in New Zealand. These providers often bundle in multi‑currency accounts, batch or bulk payment features and real‑time tracking, giving finance teams more visibility and control over cash flow.

OFX has been a familiar choice in New Zealand for many years, but its offering is centred on international transfers and FX tools. Alternatives go further by adding faster settlement, clearer pricing, local receiving options, and deeper automation to better support global growth.

The top OFX alternatives in New Zealand

The top OFX alternatives in New Zealand serve local businesses with features such as local receiving accounts, multi‑currency wallets, and automated workflows. Here are the leading options:

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 for New Zealand companies.

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 and other major platforms for seamless reconciliation

• Payment acceptance via checkout, payment links and plugins

• Yield to earn a competitive return on 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 accounts, global collection, payments, cards and automation. OFX in New Zealand primarily provides international transfers and FX risk management tools (such as spot and forward contracts, with dealer support). It does not provide new local receiving accounts. Airwallex supports 60+ currencies with local details, advanced approval flows and broader integrations, benefiting businesses with complex global operations.

Wise (Business)

Wise (formerly TransferWise) is a global money services provider that offers transparent, self-serve international payments. It provides clear pricing and simple multi‑currency tools that New Zealand businesses can use for sending, receiving and holding funds.

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 0.23%

• Receiving fees apply to some international wires

Wise vs OFX

Wise is optimised for self-serve transfers with clear, upfront pricing. OFX leans into 24/7 phone support and dealer-assisted FX tools (e.g., forwards). For larger or more complex payment operations or where you need broader operational tooling, you may outgrow Wise.

XE (Business)

XE is a long-standing FX brand offering international business payments, risk-management tools (e.g., forwards/market orders), and multi-currency accounts for holding and paying in multiple currencies.

Key features

• Global reach: pay 190+ countries in 130 currencies ⁵

• Multi-currency accounts: hold, convert and pay from 20+ supported currencies 

• Risk tools with dealer customer support: forwards, limit/market orders, and tailored guidance

Fees overview

• Quote-based FX margins that vary by corridor and ticket size; some transfers attract a send fee shown before you confirm; XE also earns via the exchange rate

• No setup or monthly fees for multi-currency accounts

XE vs OFX

Both are established providers with dealer desks and risk tools. XE offers multi-currency accounts (20+ holding currencies), which can help businesses time conversions and pay from pre-funded balances. Compare live quotes and tooling depth for your key corridors and workflows.

WorldFirst

WorldFirst is a cross-border business payments provider owned by Ant Group (acquired in 2019). Its World Account offers multi-currency accounts with local receiving details in 15+ currencies, marketplace collection, and payouts to 200+ countries in 90–100+ currencies, alongside FX risk tools and dealer support.⁷

Key features

• Local receiving accounts in 15+ currencies for marketplace and B2B collections

• Payments to 200+ countries/territories

• Risk tools (e.g., lock today’s rate / use order types) with support

Fees overview

• Quote-based FX margins; per-transfer fees vary by corridor (shown before you send)

• No monthly account fee to hold/receive in the World Account

WorldFirst vs OFX

Both are established providers offering global transfers and FX tools. WorldFirst adds a strong marketplace collection angle and 20+ receiving currencies, which can simplify settlement for NZ eCommerce/export workflows.

Payoneer

Payoneer is a global payments platform that enables businesses and professionals to receive cross-border payments from clients and marketplaces. It provides local receiving accounts in multiple currencies and allows users in New Zealand to withdraw funds directly to their NZD bank account.

Key features

• Global receiving accounts for major currencies

• Payouts from supported marketplaces

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

• Local withdrawals to New Zealand 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 specialises in receivables and marketplace connections, then lets you withdraw to NZD. OFX provides broader dealer-assisted FX tools (e.g., forwards) but fewer marketplace-native features.

Compare the top 5 OFX alternatives

Why businesses are looking beyond OFX

With producer input prices up 2.9% in Q1 2025 and a further 0.6% in Q2², Kiwi companies are under sustained cost pressure. Many finance teams are dissecting every outgoing, including how they pay overseas suppliers and staff, because small wins on FX spreads or transfer fees can compound into thousands of dollars a year.

Traditional bank transfers and basic FX brokers often mean wider spreads, extra fees, and slower settlement. For a growing business, that translates into delayed supplier payments, cash-flow friction and more manual admin.

Modern OFX alternatives in New Zealand pair sharper FX with faster, local payment rails and greater transparency. OFX’s core NZ offering centres on international transfers and FX risk management tools (spot and forward contracts, dealer support). Newer platforms typically go further with broader local receiving options, clearer pricing, and automation (e.g., approval flows, scheduled bulk runs and real-time tracking). The result: businesses can hold funds in foreign currencies with alternative providers, convert when rates are favourable, and streamline reconciliation, improving cash flow and reducing busywork.

Independent NZ finance guides also encourage regular provider comparisons, noting that specialist fintechs often beat banks on total cost and, in many cases, offer more efficient workflows than traditional brokers.

When to use an OFX alternative in New Zealand

​​Consider OFX alternatives when cost, product suite, speed or coverage is limiting your global payments. When assessing 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 small improvements can save thousands on a single payment.

• Faster payments through local rails: Some providers process payments almost instantly and cover more corridors, which can improve cash flow and keep suppliers paid on time.

• Multi‑currency accounts and local receiving options: OFX no longer issues new Global Currency Accounts in NZ. Alternatives like Airwallex let you open multi‑currency accounts in 60+ currencies with local receiving details, making it easier to expand into new markets and receive like a local.

• Extra automation and integrations: The ability to hold and convert balances, schedule bulk payments or connect with ERP and accounting tools can reduce admin and save on unnecessary conversions.

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

Evaluating providers on these points helps identify solutions that support both day‑to‑day operations and long‑term growth.

Why choose Airwallex as your OFX alternative

If high FX spreads, slow transfers, or limited product features are affecting your cash flow, Airwallex was built to address those challenges. Airwallex combines free or low‑cost local transfers on supported routes with competitive FX from just 0.5% above the interbank rate, so more of your money reaches its destination.

You can open Global Accounts quickly, get local NZD details as well as local accounts in 60+ currencies, and settle like a local without extra bank fees. Corporate cards, spend controls and batch payments help reduce admin, while real‑time tracking and integrations with tools like Xero give you greater visibility and efficiency.

With more than 150,000 customers worldwide, Airwallex provides the scale, reliability and compliance you need.

OFX alternatives: frequently asked questions

Is OFX good for large transfers?

OFX is often used by businesses for larger international transfers and provides access to dealer tools such as forwards. However, pricing is quote-based and can vary, so it is important to compare live quotes with alternatives that may offer sharper rates for big transactions.

Are OFX alternatives cheaper than banks?

Usually yes. Independent NZ comparisons show that specialist providers often undercut banks on both FX margin and fees. Many alternatives are also more transparent in how they display costs.

How long do transfers take with an OFX alternative?

Timings depend on the route, but many fintech providers process the majority of payments through local rails, which can result in same‑day settlements. OFX payments can same day or up to three business days on typical corridors.

Can I use an OFX alternative for payroll?

Yes. Most alternatives support batch or CSV uploads and approval workflows, making them suitable for paying contractors or staff across borders. OFX also has batch payment tools, though with fewer automation options.

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

For OFX in New Zealand, the minimum transfer is NZ$250. A NZ$12 fee applies to transfers under NZ$10,000; above that there is no fixed transfer fee, though FX margins still apply. Alternatives may charge clearer fixed fees but can differ by corridor. Always review both the FX margin and any transfer fees, and check for intermediary or receiving bank fees on SWIFT routes.

Are there hidden fees I should watch out for with OFX and OFX alternatives?

Look for both the FX margin and any transfer fees. Also consider fees for funding method, recipient charges on SWIFT routes, and card or cash‑advance fees where relevant. Reconcile the quoted receive amount with your supplier to avoid short‑payments.

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

Existing OFX clients may still hold balances depending on their legacy setup, but new business clients in New Zealand cannot open multi‑currency accounts. Alternatives such as Airwallex provide broader multi‑currency support (60+ currencies) with local receiving options, making them more suitable for businesses needing to hold and use multiple currencies.

What customer support is available with OFX and alternative providers?

Support models vary. OFX provides 24/7 phone support. Airwallex offers support and account managers for eligible businesses. Wise relies on online channels. XE and WorldFirst offer dealer desks. Payoneer provides email and ticket support.

Sources:

• https://www.ofx.com/en-nz/business/

• https://ebs.publicnow.com/view/CB8FE97BF6AA34A3A8405EDBB21476EAB7924488

• https://wise.com/nz/pricing/business

• https://www.xe.com/en-nz/business/multi-currency-accounts/

• https://www.xe.com/en-gb/business/payments/

• https://www.worldfirst.com/nz/

• https://www.worldfirst.com/nz/blog/business-banking-insights/best-foreign-currency-accounts-nz/

• https://www.payoneer.com/business/

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