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

Key Takeaways:

• OFX is an FX specialist with over 25 years in international payments. It suits businesses that prioritise dedicated dealer relationships and currency risk management tools such as limit orders.

• Airwallex goes beyond transfers. It gives Singapore businesses a full financial operating platform — multi-currency Global Accounts, corporate cards, expense management, and local payment rails — all in one place.

• Airwallex is co-headquartered in Singapore and holds a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), making it one of the few international fintech platforms built with a local operational base in the market it serves.

OFX vs Airwallex is one of the most common comparisons Singapore businesses make when they outgrow their bank's international transfer fees.

Both platforms handle cross-border payments. Both claim competitive FX rates. But they are built for very different things.

This article breaks down how the two platforms compare across fees, features, and use cases for Singapore-based businesses. It covers what each platform does well, where each falls short, and why many Singapore SMEs are choosing Airwallex as their primary financial platform.

What is OFX?

OFX has been moving money internationally since 1998, originally operating as OzForex out of Australia. It rebranded to OFX in 2015 and today serves individuals and businesses across more than a dozen countries.

In Singapore, OFX operates through OFX Singapore Pte. Limited (UEN: 201317103N), which holds a Major Payment Institution licence from MAS under the Payment Services Act (Licence no. PS20200277).¹ The licence covers cross-border money transfer, domestic money transfer, e-money issuance, and account issuance services.

For businesses, OFX's core strength is international transfers and foreign exchange management. Singapore business customers can send money overseas, hold funds in foreign currencies through a Global Currency Account, pay overseas staff and suppliers, and send batch payments.¹

OFX also offers Xero integration for accounting, an API for partners, and phone access to a team it calls OFXperts — available 24 hours a day.¹

What is Airwallex?

Airwallex was founded in 2015 and has since grown into a global financial platform serving businesses across Asia-Pacific, Europe, and North America.

In Singapore, Airwallex operates through two locally licensed entities:

• Airwallex (Singapore) Pte. Ltd. holds a Major Payment Institution licence from MAS (licence number PS20200541), covering account issuance, domestic and cross-border money transfer, merchant acquisition, and e-money issuance.³

• Airwallex Capital (Singapore) Pte. Ltd. holds a Capital Markets Services licence from MAS (licence number CMS101830), which authorises it to offer regulated investment products to Singapore businesses.³

Where OFX is primarily a transfer and FX service, Airwallex is built as a full financial operating platform. Singapore businesses can open Global Accounts to receive funds in multiple currencies, send international payments, issue multi-currency corporate cards to their teams, manage expenses and bill payments, accept online payments, and automate accounts payable — all within a single platform.⁴

Airwallex also integrates with accounting software including Xero, QuickBooks, and NetSuite, as well as eCommerce platforms, so your financial data moves with your operations.

OFX vs Airwallex: Key Differences

OFX and Airwallex overlap in one area: international money transfers. Beyond that, they are different products built for different kinds of businesses. Here is how they compare across the dimensions that matter most to Singapore SMEs.

The information in this table has been reviewed to be accurate as of 30 March 2026.

Multi-currency accounts

Airwallex's Global Accounts let you receive, hold, and convert funds in more than 20 currencies from a single platform.⁴ Each Global Account comes with local account details, so overseas clients and platforms can pay you the same way they would pay a local business in their country — no SWIFT required on their end.

OFX used to offer a Global Currency Account for receiving and holding foreign currencies, but this is no longer available for new business and eCommerce clients.

International transfers

Both platforms support international money transfers. OFX offers spot transfers, limit orders, and regular scheduled payments — all accessible via its SG platform.² Airwallex supports transfers to 200+ countries, using local payment rails in 120+ countries to deliver funds faster and with $0 SWIFT fees.⁶

Corporate cards and expense management

Airwallex issues both virtual and physical multi-currency Corporate Cards for Singapore businesses, with spend controls and real-time tracking built in.⁷ Corporate Cards connect directly to your Airwallex balances, so your team spends in the right currency without manual FX conversion.

Airwallex also offers Expense Management, Bill Pay, and purchase order tools — all within the same platform. OFX does not offer either of these for Singapore customers.

Accounting integrations

OFX integrates with Xero for Singapore business customers.¹⁰ Airwallex integrates with Xero, QuickBooks, and NetSuite, and connects with eCommerce platforms including Shopify and WooCommerce.¹¹

Online payment acceptance

Airwallex lets Singapore businesses accept online payments through payment links, a hosted checkout, and eCommerce plugins — all tied to the same Airwallex account your transfers and cards run through.¹² OFX does not offer a payment acceptance product for Singapore customers.¹

OFX vs Airwallex: Fees

Fees are one of the most searched aspects of this comparison, and also one of the hardest to answer directly, because OFX does not publish a dedicated pricing page for Singapore customers.

In this section, we’ll summarize Airwallex’s pricing and fees. To get a clear picture of what you would pay with OFX, you’ll need to contact them directly or request a quote through its platform.

Account and plan fees

Airwallex offers three plans for Singapore businesses:

• The Explore plan is free and covers the core product — Global Accounts, transfers, cards, expense management, and Xero and QuickBooks integrations.

• The Grow plan costs S$79 per month and adds higher card limits, approval workflows, bill automation, and purchase orders.

• The Accelerate plan starts from S$399 per month and is designed for large businesses that need multi-entity management, NetSuite integration, and a dedicated account manager.

All plans include five free spend users. Additional spend users cost S$5 per user per month across all plans.¹⁴

FX and transfer fees

Airwallex charges an FX margin of 0.4% above the interbank rate for major currencies, and 0.6% for all other currencies — across all plans. There are no additional fees for local transfers to 120+ countries. SWIFT transfers to 200+ countries cost S$20–35 per transfer depending on the transfer type.¹⁴

Corporate card fees

Airwallex corporate cards carry 0% foreign transaction fees. The Explore plan includes 10 free company cards, Grow includes 50, and Accelerate includes unlimited cards.

What OFX charges

OFX does not publish a pricing page for Singapore business customers on its website. Since fees are not listed publicly for the Singapore market, contact OFX directly for a quote.

Why businesses in Singapore choose Airwallex over OFX

OFX is a capable FX transfer service. But for most Singapore businesses, especially those growing internationally, the question is not just which platform sends money more cheaply. It is which platform can handle everything that comes with operating across borders.

That is where Airwallex has a meaningful advantage.

One platform, not one product

OFX is built around transfers. When you need to send money overseas, it does that well. But it does not replace the other tools your business needs to run — corporate cards, expense management, bill pay, payment acceptance, or accounting integrations beyond Xero.

Airwallex brings all of these together in a single platform. Your team can pay suppliers with Corporate Cards, collect payments from overseas clients through Global Accounts, run expense approvals, automate accounts payable, and sync everything to Xero, QuickBooks, or NetSuite — without switching platforms or managing multiple provider relationships.

For finance teams that want a clear, consolidated view of where their money is and where it is going, that matters.

Collect like a local in 70+ countries

One of the most practical advantages Airwallex offers Singapore businesses is the ability to collect payments like a local. With Global Accounts, you get local account details in markets including the US, UK, Europe, and Australia.

Overseas clients pay you through their domestic payment network — the same way they would pay a local supplier — which means faster settlement and no SWIFT fees on the receiving end.

OFX's Global Currency Account — which offered comparable multi-currency collection capability — is no longer available to new business customers.

Multi-currency corporate cards with no foreign transaction fees

When your team pays for software subscriptions, travel, or digital advertising in foreign currencies, those transactions are exposed to FX fees on most cards. Airwallex Corporate Cards draw directly from your held currency balances and carry 0% foreign transaction fees. 

Cards can be issued virtually in seconds, with physical cards also available, and spend controls let you set limits and track every transaction in real time.

OFX does not offer corporate cards or expense management tools for Singapore customers. That means businesses using OFX for transfers still need a separate solution for team spend, adding cost and complexity.

Built and licensed in Singapore

Airwallex is co-headquartered in Singapore and holds two MAS licences covering its payment and capital markets activities.

That is not just a compliance detail. It means Airwallex's product roadmap is built with Singapore businesses in mind, its support team operates in this market, and its platform supports local payment rails including FAST and PayNow alongside international transfers.

OFX is an Australian-listed company that operates in Singapore through a locally licensed entity. It is a regulated and reputable provider, but its product decisions are made for a global customer base rather than a Singapore-first one.

Deeper accounting and eCommerce integrations

Airwallex integrates with Xero, QuickBooks, NetSuite, and a range of eCommerce platforms including Shopify and WooCommerce. 

If your business runs an online store or uses a more sophisticated accounting stack, those integrations mean your payment data flows automatically, without manual exports or reconciliation workarounds.

OFX integrates with Xero for Singapore customers. If Xero is the only tool you need, that may be sufficient. If your stack is broader, Airwallex covers more ground.

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 MAS (licence number PS20200541). A second Airwallex entity, Airwallex Capital (Singapore) Pte. Ltd., holds a Capital Markets Services licence from MAS (licence number CMS101830), which covers its Yield product. Customer funds are safeguarded as required by MAS.

Does OFX offer corporate cards for Singapore businesses?

No. OFX does not currently offer corporate cards or expense management tools for Singapore customers. Businesses that need to issue cards to their teams will need a separate solution if they use OFX for transfers.

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

Both platforms support international money transfers with competitive FX rates. OFX focuses on transfers and FX management, with tools like limit orders for targeting a specific rate. Airwallex supports transfers to 200+ countries and uses local payment rails where available, which reduces costs and improves speed.

Can I use Airwallex and OFX together?

Technically yes, though most Singapore businesses find they do not need both. Both platforms support limit orders, and Airwallex covers everything else — collecting payments, issuing cards, managing expenses, and accepting online payments — within a single platform. For most Singapore businesses, Airwallex alone is sufficient.

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

Airwallex publishes a transparent FX margin starting from 0.4% above the interbank rate for major currencies, and 0.6% for all others — with no minimum transfer size requirement. OFX does not publicly disclose its FX margin for Singapore customers; the rate varies based on your transfer amount, currency pair, and history with the platform.

Sources

1. ofx.com/en-sg/legal/regulation

2. ofx.com/en-sg/money-transfer/forward-contracts

3. help.airwallex.com/hc/en-gb/articles/900001757106-How-is-Airwallex-licensed-and-regulated

4. airwallex.com/sg/business-account/global-accounts

5. ofx.com/en-sg/business/global-currency-account

6. airwallex.com/sg/business-account/transfers

7. airwallex.com/sg/spend-management/cards

8. airwallex.com/sg/spend-management/expense-management

9. ofx.com/en-sg/money-transfer/limit-order

10. ofx.com/en-sg/business/xero-integration

11. airwallex.com/sg/integrations

12. airwallex.com/sg/payments

13. airwallex.com/sg/business-account

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.