OFX vs Sendwave: Fees, Rates & Speed Compared
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Sendwave
4.2Sendwave (owned by WorldRemit) specializes in fast, low-cost transfers to Africa and South Asia via mobile money. No fees — revenue comes from exchange rate margin.
OFX and Sendwave are both popular choices for international money transfers, but they take different approaches. OFX, founded in 1998 and headquartered in Sydney, Australia, is best known for large transfers and business payments. Sendwave, operating since 2014 from Boston, Massachusetts, USA, focuses on remittances and mobile money. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs. Our data shows the difference can be significant — on a £500 GBP → PKR transfer, Sendwave delivers ₨5234.03 more to the recipient.
In this comparison
Live comparison: OFX vs Sendwave across popular corridors
The table below shows how much the recipient receives when sending through OFX vs Sendwave on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | Sendwave | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,293.11 | — | N/A |
| GBP → EUR(£1,000) | €1,122.80 | — | N/A |
| USD → PHP($500) | ₱28,622.65 | ₱30,366.87 | Sendwave (+₱1744.22) |
| USD → MXN($1,000) | MX$16,766.79 | MX$17,151.09 | Sendwave (+MX$384.30) |
| GBP → PKR(£500) | ₨181,027.73 | ₨186,261.76 | Sendwave (+₨5234.03) |
| USD → NGN($200) | — | ₦272,411.36 | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between OFX and Sendwave
OFX vs Sendwave: Feature comparison
| Feature | OFX | Sendwave |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 4.2/5 (Good) |
| Fee structure | No transfer fees | $0 fee — revenue from exchange rate margin |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 1% - 3% above mid-market |
| Transfer speed | 1-3 business days | Instant to minutes |
| Supported countries | 190+ | 15+ |
| Supported currencies | 55+ | 15+ |
| Max transfer | No limit | $5,000 |
| Payment methods | Bank Transfer | Debit Card |
| Delivery methods | Bank Deposit | Mobile Money, Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | FinCEN, FCA |
| Founded | 1998 | 2014 |
Pros and cons
OFX
Pros
- No transfer fees on any amount
- Competitive rates for large transfers
- 24/7 customer support
- Forward contracts available
- Business solutions
Cons
- Higher minimum transfer ($100+)
- Only bank transfer payments accepted
- Rates less competitive for small amounts
Sendwave
Pros
- Zero transfer fees
- Instant delivery to mobile money wallets
- Simple, fast app experience
Cons
- Limited to ~15 countries (Africa & South Asia focus)
- Exchange rate markup built into rate
- Low max transfer limit ($5,000)
When to choose OFX vs Sendwave
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- You need to transfer large sums (OFX has no upper limit)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
- You need wider country coverage (190+ vs 15+ countries)
Choose Sendwave if:
- You want the real mid-market exchange rate with no hidden markup
- You want to send to a mobile money wallet (M-Pesa, GCash, etc.)
- You want zero transfer fees ($0 fee — revenue from exchange rate margin)
- Speed is your top priority — transfers can arrive in minutes
Verdict: OFX or Sendwave?
Cost winner: Sendwave
Sendwave wins on cost in 3 of 6 corridors we tested. For example, on USD → PHP ($500), the recipient gets ₱1744.22 more with Sendwave. Sendwave achieves this through transparent pricing with the real mid-market exchange rate.
Faster: Sendwave
Sendwave is generally faster, with transfers arriving in Instant to minutes, compared to 1-3 business days for OFX.
Wider coverage: OFX
OFX has broader coverage with 190+ countries and 55+ currencies. OFX also offers Bank Deposit.
Bottom line
Overall, Sendwave edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, OFX is the better pick if you need large transfers and business payments.
Frequently asked questions
Is OFX or Sendwave cheaper for international transfers?
Based on our data, Sendwave is generally cheaper across most corridors. Sendwave charges $0 fee — revenue from exchange rate margin with a 1% - 3% above mid-market exchange rate markup, while OFX charges No transfer fees with a 0.5% - 1.5% above mid-market markup. For example, on a $500 USD → PHP transfer, Sendwave delivers ₱1744.22 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, OFX or Sendwave?
OFX typically completes transfers in 1-3 business days, while Sendwave takes Instant to minutes. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are OFX and Sendwave safe to use?
Yes, both are regulated money transfer services. OFX is regulated by ASIC, FCA, FinCEN and has a 4.2/5 Trustpilot rating. Sendwave is regulated by FinCEN, FCA with a 4.2/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs Sendwave?
OFX has a maximum transfer of no published upper limit (minimum $100), while Sendwave allows up to $5,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Can I get cash pickup with OFX or Sendwave?
OFX offers Bank Deposit. Sendwave offers Mobile Money, Bank Deposit. Neither provider offers cash pickup — both deliver to bank accounts only.
Should I use OFX or Sendwave to send money internationally?
For most users, Sendwave offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, OFX is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.