Wise and OFX are the two serious low-cost international money transfer providers operating in Canada in 2026. They both beat Canadian banks dramatically (banks: 2.5–3% spread; Wise/OFX: under 1%), but they win different scenarios. This page covers the actual breakpoint between them, how each one charges, and the operational differences that matter beyond the fee.
How each one prices
- Wise: a small fixed fee (typically $1–3 CAD on standard transfers) plus a percentage markup of roughly 0.4–0.8% over the mid-market rate. The percentage tightens as the amount goes up, but doesn't fall to zero. Total all-in cost is published transparently before you confirm.
- OFX: no fee on transfers above CA$10,000 (some lower thresholds historically, confirm current policy), and a percentage spread typically 0.4–0.7% over mid-market on those large transfers. On smaller amounts, OFX charges around $15 CAD per transfer plus a wider spread closer to 1%.
The breakpoint
For typical retail amounts:
- Under CA$5,000: Wise almost always wins. OFX's fixed fee on smaller transfers ($15) plus wider spread on small amounts adds up; Wise's small fee + tight percentage stays low.
- CA$5,000–10,000: roughly tied. Depends on the exact rate Wise offers that day vs. OFX's quote. Run both calculators before sending.
- CA$10,000+: OFX usually wins. The no-fee + 0.4–0.5% spread on large transfers undercuts Wise's percentage, which stays at 0.4–0.6% even on $50k+.
- CA$50,000+: OFX wins clearly. Wise's spread, even at the tightest tier, runs higher per dollar than OFX's negotiated rates for larger transfers.
Operational differences that aren't about price
- Speed. Wise typically settles in hours (sometimes minutes for CAD→USD), often near-instant if both ends are debit-funded. OFX is bank-wire-only on the deposit side and settles in 1–3 business days. For most retail transfers, Wise is the faster experience.
- Multi-currency account. Wise gives you a real multi-currency account: hold USD as USD, get a USD bank account number, send and receive in 40+ currencies. OFX is purely a transfer service — money goes in CAD, comes out USD at the destination.
- Debit card. Wise issues a CAD-issued debit card that draws from your multi-currency balance, including direct USD spend at 0% foreign transaction fee. OFX doesn't issue cards.
- Customer support. OFX has dedicated currency dealers for larger clients (a real human relationship). Wise is app-first and chat-based; phone support exists but isn't the primary channel. For someone moving $50,000+ at a time, OFX's human contact is meaningful.
- Rate locking. OFX offers forward contracts and rate alerts that let you lock in a future rate. Wise's standard product is spot-rate only — what you see at the moment of transfer is what you get.
Real worked examples
- CA$3,000 CAD → USD: Wise costs roughly $15–20 all-in (fee + spread); OFX costs roughly $30–40 ($15 fee + ~$22 spread at ~0.7%). Wise wins by ~$15–20.
- CA$15,000 CAD → USD: Wise costs roughly $75–110 (fee + spread at 0.5–0.7%); OFX costs roughly $60–90 (no fee + spread at ~0.5%). OFX wins by ~$15–20.
- CA$50,000 CAD → USD: Wise costs roughly $200–300; OFX costs roughly $200–250 with potential for tighter negotiated rates via dealer. OFX wins by ~$50–100, and the dealer relationship matters at this size.
The Wise affiliate disclosure
USD2CAD.ca has an affiliate relationship with Wise (link below uses our partner code). We don't have an affiliate relationship with OFX as of 2026. This means there's a financial incentive for us to recommend Wise, which is worth flagging. Our editorial position remains that OFX wins on amounts above CA$10,000 — if your transfer is in that range, OFX is the better choice regardless of our affiliate setup.
Related reading
- Best ways to send USD to CAD
- OFX review for Canadians
- Wise vs RBC for USD/CAD
- Methodology & fact-verification
FAQ
Wise. Typical Wise CAD→USD transfers settle in 0–24 hours, often within an hour when both ends are debit/instant-funded. OFX settles via bank wire on both ends and typically takes 1–3 business days. For time-sensitive transfers, Wise wins.
Roughly CA$10,000. Below that, OFX's fixed fee and wider spread on smaller amounts make Wise cheaper. Above that, OFX's no-fee structure and tighter spread on larger amounts overtake Wise. Between CA$5,000 and CA$10,000 the providers are roughly tied — check both quotes before sending.
Yes. Both serve Canadian residents, both verify identity through standard KYC, and both let you fund from a Canadian bank account. Many people who do meaningful USD/CAD volume keep both open and use whichever wins the current transfer.
Both are well-regulated. OFX is FINTRAC-registered in Canada and is a public company (OZL on ASX). Wise is FINTRAC-registered in Canada and publicly traded (WISE.L on London Stock Exchange). Both safeguard client funds in segregated accounts. Neither is meaningfully safer than the other for typical retail use.
No. OFX is purely a transfer service — money is sent from one account to another. Wise issues a debit card linked to your multi-currency balance, which is useful for direct USD spending. If you want a card for US travel, that's a Wise-specific feature.