Wise Business vs OFX Business: Which is better for your business?
This article covers:
Choosing the right business account can significantly impact how you manage your finances. We’re comparing Wise Business and OFX Business, focusing on their features, pricing, business card options, and more, to help you decide which one works best for you.
| Wise Business | OFX Business | |
|---|---|---|
| Features | Multi-currency accounts, international payments, accounting software integration, business debit cards, mobile app | Multi-currency accounts, international payments, accounting software integration, corporate multi-currency cards, mobile app |
| Pricing | One-time setup fee, no monthly fees, transparent transaction fees | No account opening fee, no monthly fees, competitive exchange rates, no OFX fees for transfers over certain amounts | Business cards | Physical and virtual cards, spending controls, no foreign transaction fees | Virtual and physical cards, spending controls, no foreign transaction fees |
Wise Business vs OFX Business: Key Features
| Wise Business | OFX Business | |
|---|---|---|
| Supported currencies | Over 40 currencies | Over 30 currencies |
| International payments | Available to 70+ countries | Available to 170+ countries |
| Accounting software integration | Integration with Xero, QuickBooks, FreeAgent | Integration with Xero |
| Business debit cards | Physical and virtual cards | Virtual and physical cards |
| App | Mobile app available | Mobile app available |
Both options offer robust features. Wise stands out with its extensive currency support and integration with multiple accounting software platforms, while OFX excels in providing access to a broader range of countries for international payments. Ultimately, the best choice depends on your business’s specific needs.
Wise Business vs OFX Business: Pricing
| Wise Business | OFX Business | |
|---|---|---|
| Account opening fee | One-time setup fee (varies by region) | No fees |
| Monthly subscription | No fees | No fees |
| Currency exchange fees | From 0.33% or 0.41%, depending on the currency pair | Competitive exchange rates with no hidden fees |
| Money transfer fees | From 0.33%, varies by currency | No OFX fees for transfers over certain amounts; third-party bank fees may apply |
| FX fees | Uses mid-market rate with transparent fees | Competitive exchange rates with no hidden fees |
Wise offers a transparent fee structure with no monthly fees, while OFX provides competitive exchange rates and waives fees for larger transfers. Consider your transaction volume and currency needs to determine which pricing structure is more cost-effective.
Wise Business vs OFX Business: Business Cards
| Wise Business | OFX Business | |
|---|---|---|
| Physical card | Available | Available |
| Virtual card | Available | Available |
| Custom card | Not specified | Not specified |
| ATM withdrawal | Free up to a certain limit per month; fees apply beyond that | Not specified |
Both Wise and OFX offer business card functionalities, including physical and virtual cards. However, specific features such as custom card designs and ATM withdrawal policies may vary. It’s advisable to review the latest details directly from each provider to ensure they meet your business’s requirements.
See how Instarem compares
| Instarem | |
|---|---|
| Features | Hold and exchange multiple currencies, send real-time payments, secure transactions, process up to 1,000 payments, and fund transactions seamlessly with Visa or Mastercard® credit cards |
| Pricing | No monthly fees and no fees for cross currency payments |
| Business cards | Virtual prepaid Mastercard® with FX savings and customised spending controls |
Getting started with Instarem is easy
- Click here to get a free Instarem business account
- Enter your company details
- Once approved, add beneficiary details, saved for future transfers
- Select a payment method and we’ll show you rates and fees upfront
Register with Instarem business today
Take control of your business finances with Instarem. Enjoy competitive exchange rates, streamlined payments, and fast & secure transactions.
