OFX and Knightsbridge FX both target the segment where Wise's percentage spread becomes meaningful — transfers above roughly CA$10,000 where shaving 0.1–0.3% off the rate produces real dollar savings. They share the relationship-driven, dealer-quote model and both offer forward contracts. The practical differences come down to footprint, settlement, and pricing philosophy. This page lays them out for Canadians moving USD.
The companies in one paragraph each
- OFX (formerly OzForex) — Australian-headquartered, publicly traded on the ASX (ticker OFX), founded 1998. Operates in Canada through OFX Canada Limited, FINTRAC-registered. Online portal plus dealer-assisted service for larger transactions. Global scale (transactions in 50+ currencies, large institutional FX desk).
- Knightsbridge FX — Canadian, privately held, founded 2009 by ex-bank FX traders in Toronto. FINTRAC-registered. Online portal for smaller transactions, dealer-assisted for larger ones. Primarily Canadian market focus, mostly USD/CAD plus major G10 pairs.
Pricing
- OFX: no fee on transfers above CA$10,000 (smaller transfers carry a ~CA$15 fee). Spread of 0.4–0.7% on retail-size transfers, tightening to 0.2–0.4% on dealer-assisted larger transactions. Published "no fee" makes the headline pricing easy to compare.
- Knightsbridge FX: spread-based, quoted live. Retail spreads typically 0.5–1%, dealer-quoted on larger transfers often 0.3–0.6%. No public rate card. The dealer relationship matters more than the published number.
Who wins at which amount
- CA$10,000–25,000: roughly tied. OFX's no-fee + automated portal is operationally cleaner. Knightsbridge's dealer quotes can sometimes shave a few basis points but at this size the difference is $20–50.
- CA$25,000–100,000: Knightsbridge often slightly cheaper via dealer pricing. OFX competitive but doesn't always price as aggressively on dealer-assisted transactions in this range.
- CA$100,000+: both can be excellent, depends on the negotiated rate that day. Knightsbridge's Canadian-only focus means dealers know the USD/CAD market deeply; OFX's global scale gives access to broader liquidity. Realistic to get quotes from both and pick the better one per transaction.
- CA$500,000+: both will assign a relationship dealer; pricing becomes fully bespoke. Both worth keeping in the rolodex for periodic competing quotes.
Operational differences
- Speed. Both settle via bank wire on both ends. OFX typical: 1–3 business days. Knightsbridge typical: 1–2 business days. Both slower than Wise but acceptable for non-urgent large transfers.
- Forward contracts. Both offer them — lock a rate today, settle up to 12 months out. Standard product at both providers; pricing terms vary per quote.
- Rate alerts. Both offer email/app alerts when the rate hits a target. Useful if you have flexibility on timing.
- Customer support. Both assign relationship dealers above a certain volume threshold. OFX's threshold is generally higher (you need to be transacting regularly to get a dedicated dealer); Knightsbridge tends to assign a dealer more readily for one-time large transactions.
- Geographic spread. OFX serves Canada, US, UK, AU, NZ, EU. Knightsbridge primarily Canadian residents transacting in major currencies. If you need to move money across multiple countries, OFX's broader licensing is useful.
The decision framework
For one-off large transfers (US property purchase, business cash management, inheritance distribution): get quotes from both, pick the better rate. For ongoing programmatic transfers (monthly snowbird budget, recurring business invoicing): pick the one whose portal or dealer relationship you prefer operationally, and stay with them — the marginal rate difference per transfer is usually outweighed by operational simplicity.
Neither is a bad choice. For a Canadian moving large USD amounts in 2026, both belong in the consideration set; both will beat any Canadian bank dramatically.
Related reading
FAQ
Depends on the amount and the day. For CA$10,000–25,000 transfers, the published OFX pricing (no fee + 0.4–0.7%) is typically slightly better than Knightsbridge's online portal rates. For CA$25,000+ with dealer assistance, Knightsbridge's negotiated quotes often match or slightly beat OFX. Getting quotes from both before sending a large transfer is the standard pattern.
Both do. Forward contracts let you lock in today's rate for settlement up to 12 months in the future. Pricing terms vary per quote (typically a small premium above the spot rate). Useful for snowbirds with a known winter budget, or for households planning a US property purchase several months out.
Yes. Both serve Canadian residents, both verify identity through standard KYC. Many people who do meaningful USD volume keep both open and use whichever wins the current quote.
Both. OFX Canada Limited and Knightsbridge FX are both FINTRAC-registered as money services businesses in Canada. Both safeguard client funds in segregated accounts. Both follow standard Canadian AML/KYC requirements.
If you have a defined annual USD budget and want to remove FX risk for the upcoming winter, a forward contract locks the rate without consuming the cash now. Trade-off: if CAD strengthens between contract date and settlement, you've locked in a worse rate than you would have had. Most snowbirds find dollar-cost averaging via Wise or OFX simpler operationally and almost as effective.