Bottom line: Wise is often easy to price instantly, while OFX is worth including when transfer size becomes meaningful and specialist FX support matters. Compare actual quotes at your amount.
Current comparison snapshot
| Provider / option | Best for | Current facts | Watch for |
|---|---|---|---|
| Wise | Transparent self-serve pricing | Wise says it uses the mid-market exchange rate and charges an upfront fee. Canadian send-money fees currently start from 0.19%, depending on currency and funding method, with automatic discounts after CAD 35,000 equivalent in monthly volume. | Card and some other funding methods can be much more expensive than bank-style funding. The starting percentage is not the fee for every route. |
| OFX | Larger transfers and human FX support | OFX advertises transfers to 170+ countries and 24/7 phone/email support. Its Canada transfer-rate page shows no OFX transfer fee on a CAD 10,000 example, while its published FAQ lists a CAD 15 fee for transfers below CAD 10,000. | OFX’s customer exchange rate includes a margin over the market/interbank rate, and third-party banks can deduct additional fees. |
| Minimum and smaller transfers | Understanding OFX’s small-transfer economics | OFX’s Canadian FAQ currently states a CAD 200 minimum transfer amount in major currencies and a CAD 15 fee below CAD 10,000. | OFX also has promotional terms that can differ for a first eligible transfer, so separate permanent fee rules from introductory offers. |
| Large transfer workflow | High-value transfers where service matters | Wise applies volume discounts automatically once monthly eligible volume exceeds CAD 35,000. OFX offers customized customer rates for high-value transfers and round-the-clock specialist support. | Request or calculate both live quotes at the exact transfer size. A lower explicit fee does not guarantee a higher recipient amount. |
Wise makes the spread easy to see; OFX packages it differently
Wise states that it uses the mid-market rate and adds a separate service fee. OFX explains that its customer rate is the market rate plus an OFX margin. Neither disclosure format alone tells you which transfer is cheaper; the recipient amount for the same sender cost does.
OFX becomes more interesting as the amount grows
The CAD 15 fee below CAD 10,000 makes OFX less compelling for some small transfers, while high-value transfers can benefit from customized rates and human support. Wise remains easy to benchmark because the live calculator clearly separates rate and fee.
Compare quotes within minutes of each other
Foreign-exchange markets move continuously. For a meaningful comparison, obtain both quotes within a short window, use the same funding assumptions, and compare the exact destination-currency amount after every provider and intermediary charge you can identify.
Provider pages checked for this comparison
These links go to the providers’ own current product or route pages. Re-check them before applying or purchasing because pricing and promotions can change.
What to compare
Do not compare brands on one promotional number. Put the products side by side using the same assumptions and the factors that affect your recurring cost and ability to use the product.
How to make the decision
- Price the exact same transfer amount.
- Compare the final destination-currency amount.
- Check whether you value phone or specialist support.
- Review transfer limits and timing.
- For business transfers, compare workflow and account features too.
CanadaStarter methodology
We prioritize total cost, eligibility, practical usability and downside risk. We separate temporary promotions from ongoing terms and prefer primary provider disclosures for fees and eligibility. We do not treat a higher affiliate payout as evidence that a product is better.
Because financial products, insurance policies, telecom plans and promotions change frequently, use this guide to narrow the field and then confirm the final terms on the provider’s official website before applying or purchasing.
Sending money to someone in another country
Use this primary source alongside our comparison when checking rules, consumer rights or government guidance.
Financial Consumer Agency of Canada →Frequently asked questions
Is OFX only for large transfers?
OFX is commonly considered for larger FX needs, but eligibility and minimums should be checked directly. Compare it whenever the economics justify an extra quote.
Which service has the better exchange rate?
That can change with market conditions, currency pair and transfer size. Compare live executable quotes.