OFX vs Wise: which is cheaper for USD to CAD?

For transfers under approximately US$10,000, Wise is typically cheaper. For transfers above US$20,000, OFX often saves more because it charges no flat fee.

OFX vs Wise Canada: USD→CAD Transfer Fees (2025)

Q: Is OFX available in Canada?

Yes. OFX is fully registered with FINTRAC and available to Canadian residents. You can open an account online and transfer from any Canadian bank account.

Q: Is OFX safe to use?

Yes. OFX is a publicly listed company regulated by FINTRAC in Canada, ASIC in Australia, and multiple other regulators globally. It has been operating since 1998.

📢 Disclosure: This article contains affiliate links. If you open a Wise account through our link, we may earn a small commission at no extra cost to you.

OFX and Wise are two of the most popular alternatives to Canadian banks for converting US dollars to Canadian dollars. Both offer much better rates than RBC, TD, or BMO — but they work differently, and depending on how much you're transferring, one can be meaningfully cheaper than the other.

💡 Bottom line: For transfers under ~US$10,000, Wise is usually cheaper thanks to its lower rate margin. Above US$20,000, OFX can come out ahead because it charges zero flat fees — the math tilts in its favour as the amount grows.

How Each Service Charges for USD→CAD

OFX (formerly OzForex)

OFX is a FINTRAC-regulated money transfer service popular among Canadians for large transfers. It charges no transfer fee — OFX makes its money entirely through an exchange rate margin of approximately 1.0%–1.5% above the mid-market rate. There is a minimum transfer of CA$1,000 but no upper limit. For very large transfers, OFX clients are often assigned a personal dealer who can negotiate a tighter rate.

Wise

Wise uses the real mid-market rate (the same one you see on Google or XE.com) and charges a transparent fee of approximately 0.55%–0.65% of the amount, plus a small flat component of roughly CA$4–6. No hidden spread. Wise's lower margin wins on smaller amounts — but on very large transfers, OFX's zero flat-fee structure eventually catches up.

Head-to-Head Cost Comparison

Using a mid-market rate of 1 USD = 1.3900 CAD (live — updates automatically):

Amount (USD)	OFX (~1.2% margin)	Wise (~0.6% + CA$5)	Difference
US$5,000	CA$6,867.10	CA$6,904.30	Wise +CA$37.20
US$10,000	CA$13,734.20	CA$13,813.60	Wise +CA$79.40
US$20,000	CA$27,468.40	CA$27,632.20	OFX +CA$163.80
US$50,000	CA$68,671.00	CA$69,088.00	OFX +CA$417.00

* OFX: mid-market × 0.988. Wise: mid-market × 0.994 minus CA$5 flat fee. Live rate from Bank of Canada API.

Pros & Cons

	OFX	Wise
Rate margin	~1.2% above mid-market	~0.6% above mid-market ✅
Transfer fee	None ✅	~CA$5 flat fee
Min. transfer	CA$1,000	~CA$1
Speed	1–2 business days	Instant–1 business day ✅
Regulation	FINTRAC (Canada) ✅	FINTRAC + FCA (UK) ✅
Best for	Large transfers ($20k+)	Transfers under $10k–$15k

When to Use OFX Instead of Wise

Large transfers over US$20,000. OFX's zero flat-fee structure beats Wise once the transfer is large enough.
You want a dedicated dealer. For transfers above CA$10,000–CA$20,000, OFX often assigns a personal FX dealer who can negotiate a tighter rate.
You need to lock in a rate. OFX holds your rate for 24 hours from quote to payment.

When to Use Wise Instead of OFX

Transfers under approximately US$10,000. Wise's lower margin (0.6% vs OFX's 1.2%) saves more than its CA$5 flat fee costs at these amounts.
You value full transparency. Wise shows the exact mid-market rate and itemizes every fee upfront. OFX's margin is embedded in the rate.
You want a multi-currency account. Wise lets you hold USD, CAD, EUR and 40+ currencies, receive payments, and spend abroad with a debit card.
Speed matters. Wise is often instant or same-day; OFX typically takes 1–2 business days.

Get the mid-market rate on your next USD→CAD transfer

Wise charges ~0.6% with no hidden spread — see exactly what you pay before you send.

Open a Free Wise Account →

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Frequently Asked Questions

Yes. OFX is fully registered with FINTRAC (Canada's financial intelligence unit) and available to Canadian residents. You can open an account online and transfer from any Canadian bank account.

Yes. OFX is a publicly listed company (ASX: OFX) regulated by FINTRAC in Canada, ASIC in Australia, and multiple other regulators globally. It has been operating since 1998 and has processed over CA$200 billion in transfers.

It depends on the amount. For transfers under approximately US$10,000, Wise is typically cheaper because its rate margin (0.6%) is lower than OFX's (1.2%), and the CA$5 flat fee is proportionally small. For transfers above US$20,000, OFX often saves more because it charges no flat fee at all.

No. OFX does not charge a flat transfer fee. Its only cost is the exchange rate margin — approximately 1.0%–1.5% depending on the amount and currency pair.