OFX vs Wells Fargo: 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.
Wells Fargo
3.2Wells Fargo provides international wire transfers for existing customers. Like most US banks, fees and exchange rate markups are substantially higher than dedicated transfer services.
OFX and Wells Fargo 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. Wells Fargo, operating since 1852 from San Francisco, USA, focuses on large transfers and business payments. 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 USD → PHP transfer, Wells Fargo delivers ₱1187.85 more to the recipient.
In this comparison
Live comparison: OFX vs Wells Fargo across popular corridors
The table below shows how much the recipient receives when sending through OFX vs Wells Fargo on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | Wells Fargo | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,821.25 | ₹93,568.09 | Wells Fargo (+₹746.84) |
| GBP → EUR(£1,000) | €1,121.83 | — | N/A |
| USD → PHP($500) | ₱28,682.17 | ₱29,870.02 | Wells Fargo (+₱1187.85) |
| USD → MXN($1,000) | MX$16,859.63 | MX$16,857.30 | OFX (+MX$2.33) |
| GBP → PKR(£500) | ₨180,475.47 | — | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between OFX and Wells Fargo
OFX vs Wells Fargo: Feature comparison
| Feature | OFX | Wells Fargo |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 3.2/5 (Fair) |
| Fee structure | No transfer fees | $30-$45 per international wire |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 3% - 5% above mid-market |
| Transfer speed | 1-3 business days | 2-5 business days |
| Supported countries | 190+ | 200+ |
| Supported currencies | 55+ | 100+ |
| Max transfer | No limit | $100,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | OCC, FDIC, Federal Reserve |
| Founded | 1998 | 1852 |
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
Wells Fargo
Pros
- Trusted US bank with wide branch network
- Send from existing account
- ExpressSend for select countries
Cons
- High transfer fees ($30-$45)
- Significant exchange rate markup (3%+)
- Slow standard delivery
When to choose OFX vs Wells Fargo
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
Choose Wells Fargo if:
- You want the real mid-market exchange rate with no hidden markup
- Wells Fargo's strengths (Bank Deposit) match your needs
Verdict: OFX or Wells Fargo?
Cost winner: Wells Fargo
Wells Fargo wins on cost in 2 of 6 corridors we tested. For example, on USD → INR ($1,000), the recipient gets ₹746.84 more with Wells Fargo. Wells Fargo achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. OFX typically delivers in 1-3 business days, while Wells Fargo takes 2-5 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: Wells Fargo
Wells Fargo has broader coverage with 200+ countries and 100+ currencies. Wells Fargo also offers Bank Deposit.
Bottom line
Overall, Wells Fargo 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 Wells Fargo cheaper for international transfers?
Based on our data, Wells Fargo is generally cheaper across most corridors. Wells Fargo charges $30-$45 per international wire with a 3% - 5% 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 $1,000 USD → INR transfer, Wells Fargo delivers ₹746.84 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, OFX or Wells Fargo?
OFX typically completes transfers in 1-3 business days, while Wells Fargo takes 2-5 business days. 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 Wells Fargo 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. Wells Fargo is regulated by OCC, FDIC, Federal Reserve with a 3.2/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs Wells Fargo?
OFX has a maximum transfer of no published upper limit (minimum $100), while Wells Fargo allows up to $100,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use OFX or Wells Fargo to send money internationally?
For most users, Wells Fargo 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.