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International money transfers with Wise
For convenient cross border transactions with transparent fees, check out Wise.
Expats can use Wise to hold and exchange SGD and 40+ other currencies with transparent fees at the mid-market exchange rate. The Wise card allows you to spend in 150+ countries, while the account lets you send money to 140+ countries and receive payments in multiple currencies including SGD and USD.
Key takeaways
- OFX works best if you want a transfer-first service, human-assisted phone support, or currency risk hedging tools for a larger payment.
- Wise suits readers who want a multi-currency account or card and receiving details, not just a transfer.
- For OFX, a S$15 fee applies for amounts under S$10,000.
- Wise displays its fee separately and uses the mid-market exchange rate. OFX builds the FX margin into the customer rate.
- Compare the amount, route, timing and payout method between both apps, as well as the final amount your recipient will get.
This article is for general information only and does not replace financial, legal, or tax advice. Pricing, limits, currencies, and product availability are accurate as of 30 September 2026.
What OFX offers in Singapore
OFX is a cross-border payments provider that facilitates personal and business international transfers from Singapore. These transfers can be initiated in 50+ currencies to over 170 countries. Its services include 24/7 human-assisted phone support, regular payments, and transfer tracking.
For expats, OFX may be useful for the occasional cross-border transfer, but is less versatile than an everyday money tool like Wise.
Is OFX safe and regulated in Singapore?
OFX Singapore Pte. Limited is listed as a Major Payment Institution in the MAS Financial Institutions Directory, meaning it’s authorised to provide regulated payment services including cross-border money transfers. However, MAS regulation doesn’t translate to an endorsement of OFX, and does not guarantee against loss.
It’s best to use official channels, double-check recipient details, and be wary of unsolicited calls or messages asking you to move money.
OFX vs Wise: Fees and exchange-rate markups
If you’re comparing between OFX vs Wise, it likely comes down to convenience and cost. As a best practice, take note of the live estimate before booking. This estimate typically includes the transfer amount, exchange-rate margin, transfer speed (which may incur added fees), and any additional deductions.
Notably, the transfer speed also varies by currency, destination and payment method. For instance, transfers in Euros and US dollars are typically made within one to two business days after OFX receives your funds. Other transfers may take longer depending on the recipient’s bank and destination country. Weekends and public holidays can also influence delivery times.
| Factor | OFX | Wise | Why it matters |
|---|---|---|---|
| Visible transfer fee | S$15 fee for transfers under S$10,000. Due to inconsistent published information online, check the final transfer fee at checkout | Fee varies by route and is shown separately before you confirm | The fee line alone does not show total cost |
| FX-rate basis | Customer rate includes an FX margin | Uses the mid-market exchange rate, with the conversion fee shown separately | A hidden FX margin can cost more than a visible fee |
| Weekend pricing | An additional markup may apply on weekends and some holidays | Check the live quote before sending funds | Your transfer timing may affect the delivered amount |
| Third-party deductions | Recipient or intermediary-bank deductions may still apply on some routes | Route-dependent, especially on correspondent-bank paths | Your recipient may receive less than expected |
Keep in mind as well that OFX may charge an additional markup on weekend transfers or when FX markets are closed.
What to check beyond the headline fee
A zero-fee transfer does not automatically make a provider the cheaper option. For example, if Provider A charges S$0 but widens the exchange rate, while Provider B instead charges a visible fee, your recipient could still end up receiving less money through Provider A.
As a ground rule, look at the real price of the transfer. Compare your send amount, the quoted rate, the fee, any note about third-party deductions, and the final amount the recipient gets.
Writer
Rebecca
Practical tip
Providers may price differently when FX markets are closed. In general, you may have more favorable fees on a weekday than a weekend.
OFX vs Wise: speed, limits and payment methods
Speed is route-specific, so always refer to live estimates. Once OFX receives your funds, most transfers to major currencies are made within 1 to 2 business days. This depends on your recipient’s bank, weekends, public holidays, and destination country.
| Factor | OFX | Wise | What to verify |
|---|---|---|---|
| Delivery framing | Most major currency transfers are made within 1 to 2 business days after funds are received | Live estimate depends on route and payment method | Expected arrival date and time |
| Funding style | Mainly bank-funded transfers. Payment arrangements may vary | Bank transfer, debit card or PayNow, depending on the route | The available methods, fees and funding time |
| Large transfers | Human assistance for high-value payments, and FX tools | Route limits and funding rules apply | Total cost, recipient amount and delivery time |
If you plan to make a substantial transfer–such as paying for a property deposit or overseas tuition–you may find OFX useful for its phone support and rate tools. For everyday international money management, Wise offers more flexibility with its multi-currency account, receiving details and card.
OFX vs Wise: account features, card and day-to-day money management
While OFX personal is mainly a transfer service, Wise functions more as an everyday multi-currency setup–so you have the option to hold currencies, receive with account details in multiple currencies, convert between balances, and spend with a card.
If you live in Singapore and regularly make and receive transfers from abroad, using Wise could be more useful.
| Feature | OFX | Wise | Best fit |
|---|---|---|---|
| International transfers | Yes | Yes | Both |
| Personal multi-currency balances | Primarily transfer-focused | Yes | Wise |
| Multi-currency receiving details | Not a core feature of its Singapore personal transfer offering | Yes, subject to currency and account eligibility | Wise |
| Personal debit card | No equivalent card highlighted in its Singapore personal transfer offering | Yes | Wise |
Human-assisted support and FX tools | 24/7 human support, rate alerts, limit orders and recurring payments | Digital-first money management; support also available | OFX, for hands-on FX assistance |
| Exchange-rate transparency | Customer rate includes a margin; transfer fee of up to S$15 may apply | Mid-market rate plus a separate conversion fee | Wise, for transparent rate presentation |
Important note: Wise has Singapore-specific caveats. Under the MAS Singapore Payment Services Act, personal users in Singapore have a S$20,000 holding limit and a S$100,000 annual send-and-spend limit across certain personal account activities within a rolling 12-month period. Business accounts do not have the same holding cap.
Why Wise is often more useful for expats
Many expats prefer a single setup such as Wise, since it can handle cross-border money transfers with ease if you are paid in SGD but regularly spend in another currency or make monthly transfers to your home country, it might be practical to hold both balances and convert only when needed.
Who should choose OFX and who should choose Wise?
Choose OFX if:
- You value 24/7 access to human support before or during a large transfer.
- You want tools such as rate alerts, limit orders or scheduled recurring payments.
- You mainly need to send money internationally rather than maintain a multi-currency account for everyday use.
Choose Wise if:
- You want to hold and convert multiple currencies in one account.
- You need receiving details or a debit card for everyday international money management.
- You prefer to see the mid-market exchange rate and conversion fee separately.
Compare both carefully if:
- You are sending a large amount and want to compare the final amount the recipient will receive.
- Your transfer may incur intermediary or recipient-bank fees.
- You need the money to arrive by a particular date, especially around weekends or public holidays.
For many Singapore residents managing money across borders, Wise is the more versatile everyday option for cross-border money management. Always compare the quoted costs, payment route and expected delivery time for your specific transfer.
How to compare a live quote from Singapore
- Compare the same corridor, send amount, and payout method.
- Quote both providers on the same day, ideally within minutes.
- Check the recipient amount, not just the fee.
- Look for any note about intermediary or recipient-bank deductions.
- If you fund from DBS, OCBC, or UOB, watch local cut-offs, weekends, and public holidays. Before you send, re-check limits, currencies, and the delivery estimate on the live product page.
Verdict: Is OFX worth it for Singapore users?
This depends on your needs. For many expats in Singapore, Wise is the stronger everyday fit because of its price structure and ease of managing money across borders. OFX is worth considering if you prioritise human-assisted transfers and don’t require a multi-currency account and debit card. To guide your decision, it’s best to compare a live quote for your exact route before initiating a transfer.
FAQ
Frequently asked questions about OFX Singapore
Does OFX charge transfer fees in Singapore? 
In Singapore, OFX charges no transfer fees for amounts above S$10,000. Otherwise, a S$15 fee applies for smaller amounts. Always compare the final quote, including the exchange rate and any recipient-bank deductions.
Is OFX regulated by MAS in Singapore?
Yes, OFX Singapore Pte. Limited is listed as a Major Payment Institution in the MAS Financial Institutions Directory.
How long do OFX transfers take from Singapore?
Most transfers to major currencies are made within 1 to 2 business days. The actual time can vary depending on the destination, recipient bank, and any verification or intermediary-bank checks. Consider adding some buffer time if your transfer is initiated during weekends or public holidays, and check on the live estimate for your route.
Is OFX or Wise better for large transfers from Singapore?
This depends on what you value. OFX may appeal to you for its human-assisted phone support, currency risk hedging tools, and transfer-led service for large payments. Wise may be the better choice if you favour transparent pricing, multi-currency account features, or volume discounts. Check both live quotes and route-specific limits before funding.
What do you need to open or verify an OFX account in Singapore?
You will need to provide basic personal details such as your full name, date of birth, residential address, occupation, email address, and contact number. You may also need a government-issued photo ID and proof of address. (A driver’s licence is not accepted as proof of address.) Extra checks may apply, depending on your transfer profile.
Sources
- MAS Financial Institutions Directory: OFX Singapore Pte. Limited
- OFX Singapore: All about personal money transfers
- OFX Singapore FAQ: What is the minimum transfer amount?
- OFX Singapore FAQ: Are there any transfer fees?
- OFX Singapore FAQ: Does OFX offer the same exchange rates on weekends?
- Wise Singapore: Fees and pricing
- Wise Help Centre: Sending and spending limits if you live in Singapore
- Wise Help Centre: Holding limits if you live in Singapore
