OFX is a well-known international money transfer service that allows individuals and businesses to send funds globally with competitive foreign exchange rates. Operating in over 190 countries and supporting more than 50 currencies, OFX Canada has become a go-to option for Canadians making large overseas payments. While OFX currency exchange services are often more affordable than traditional banks, the OFX exchange rate still includes a margin that can reduce the overall value of your transfer especially for smaller transactions. Additionally, OFX may not be the most convenient choice for those seeking instant transfers or mobile-first features.
If you’re looking for faster service, lower minimums, or even better FX margins, there are several strong OFX Alternatives in Canada that can better match your personal or business needs. In this article, we’ll break down the top platforms offering competitive rates, fast delivery, and a smoother user experience for Canadian customers. Let’s dive in!
What is OFX?
OFX is a global money transfer and foreign exchange service that helps individuals and businesses send funds across borders at competitive rates. Headquartered in Sydney, Australia, OFX operates in over 190 countries and supports more than 50 currencies, making it a trusted solution for large international transactions. OFX Canada allows users to transfer money internationally without paying fixed transfer fees, which is a major advantage over traditional banks. Instead, OFX earns revenue through a small margin added to the exchange rate a cost that can still be more favorable than many financial institutions.
Key features of OFX include 24/7 customer support, scheduled and recurring transfers, and tailored services for business clients. There’s also a dedicated platform for corporate users needing to manage global payroll or supplier payments. While transfers aren’t instant, OFX offers secure, cost-effective solutions for Canadians making large international payments especially when timing and competitive exchange rates are a priority.
Is OFX Available in Canada?
Yes, OFX is available in Canada, and it’s widely used by individuals and businesses for sending large international payments. The platform supports over 50 currencies and is known for its strong security, no fixed transfer fees, and access to dedicated support teams. However, while it eliminates upfront fees, OFX exchange rates include a margin often between 0.4% and 1.5% which can still make transactions costly, especially for smaller amounts. If you’re looking for more transparent pricing, faster delivery times, or better mobile experiences, there are several OFX alternatives in Canada that may better suit your money transfer needs.
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7 OFX Alternatives in Canada Offering Great Rates & Low Fees
While OFX is available in Canada and widely trusted for large international transfers, its exchange rate margins (typically 0.4%–1.5%) and lack of instant transfers can be limiting for some users. If you need more competitive exchange rates, quicker delivery, or user-friendly apps, there are several strong OFX alternatives in Canada. Whether you’re a freelancer receiving international payments, a small business paying vendors, or someone sending money to family abroad, these platforms offer better flexibility, transparency, and in many cases lower overall fees. Below, we explore the top money transfer solutions available to Canadians today.
PayPal
Overview:
PayPal is one of the world’s most recognized payment platforms and remains a convenient option for sending and receiving international payments. It offers fast delivery and widespread global acceptance, which makes it ideal for freelancers, online sellers, or anyone needing quick cross-border payments. Unlike OFX, PayPal supports smaller transactions and doesn’t require account setup for recipients, but the downside is its high fees and exchange rate markups, which can reach up to 4%.
Key Features:
- Fast global transfers
- No recipient account required
- Easy integration for online businesses
Fees:
2.9% + $0.30 for domestic; 3.9% + currency conversion (2.5%–4%) for international
Why Choose PayPal?
Best for quick international payments, especially if convenience and brand recognition matter more than minimizing fees.
EQ Bank
Overview:
EQ Bank, a Canadian digital bank, is an excellent alternative to OFX for personal money transfers. With its partnership with Wise, EQ Bank allows users to send international transfers to over 80 countries with mid-market exchange rates and low fees. The process is seamless through the EQ mobile app or online portal. Additionally, EQ Bank provides a high-interest savings account, bill payments, and free Interac e-Transfers, making it a full-featured banking solution for Canadians looking to manage both local and international money effortlessly.
Key Features:
- Wise-powered international transfers
- High-interest savings
- Free Interac e-Transfers
Fees:
No account fees; international transfers use Wise’s pricing (0.35%–1.5%)
Why Choose EQ Bank?
Perfect for Canadians who want banking and international transfers in one place with low fees and strong rates.
Skrill
Overview:
Skrill is a digital wallet known for fast payments and international money transfers. It supports multiple currencies and lets users send funds abroad or shop online. In Canada, Skrill money transfer services are accessible, but users often face high fees, such as 2.99% for sending money and additional costs for currency conversion. While Skrill offers added features like a loyalty program (Knect) and crypto support, it’s best suited for those already comfortable with its interface and willing to pay for convenience.
Key Features:
- Supports over 40 currencies
- Offers crypto trading and loyalty rewards
- Fast money transfers
Fees:
2.99% for transfers; 3.99%+ exchange rate markup
Why Choose Skrill?
Best for international users and freelancers who want a multi-functional wallet with additional tools and don’t mind higher fees.
Wise
Overview:
Wise is one of the most trusted platforms for low-cost, transparent international money transfers. Unlike OFX, Wise offers mid-market exchange rates with no hidden markups, and clearly shows your fees before sending. It supports over 50 currencies and also allows Canadians to open a multi-currency account, receive payments in various countries, and use a Wise debit card for global spending. Wise is ideal for expats, freelancers, and frequent travelers.
Key Features:
- Mid-market exchange rates
- Multi-currency account
- Transparent pricing
Fees:
0.35%–1.5% depending on the currency and method
Why Choose Wise?
Perfect for anyone needing transparent, cost-effective global transfers with excellent digital tools.
Neo Financial
Overview:
Neo Financial is a Canadian fintech company offering high-reward cashback credit cards and digital banking services. While Neo doesn’t specialize in international money transfers like OFX, it can serve as a modern alternative for businesses or individuals looking to manage spending and savings more effectively. With Neo Money, users get a high-interest savings account, and the Neo Credit Card offers up to 5% cashback at partner merchants.
Key Features:
- No monthly fees
- Up to 5% cashback
- Simple, modern app
Fees:
No fees for standard services; FX fees apply on international card use
Why Choose Neo?
Best for Canadians who prioritize rewards, savings, and digital-first money management.
OFX
Overview:
Though this article focuses on alternatives, it’s worth noting why OFX remains a solid choice for many Canadians. With no transfer fees and support for over 50 currencies, OFX is ideal for large international transfers, especially for businesses or high-net-worth individuals. It offers 24/7 customer support, strong security, and dedicated account managers. The main drawback is the exchange rate margin, which, while better than most banks, is higher than Wise or EQ Bank.
Key Features:
- No fixed transfer fees
- 24/7 phone support
- Custom business solutions
Fees:
No upfront fees; FX markup typically 0.4%–1.5%
Why Choose OFX?
Best for large-sum transfers with personalized support, especially for business payments.
WorldRemit
Overview:
WorldRemit is an international money transfer service best suited for smaller, frequent payments. Unlike OFX, WorldRemit allows you to send money to bank accounts, mobile wallets, and cash pickup locations. It operates in over 130 countries and is known for its mobile-first experience and fast delivery times. While fees and exchange rates vary by destination, WorldRemit is particularly useful for personal remittances and family support.
Key Features:
- Supports mobile wallets and cash pickups
- Fast, app-based transfers
- Operates in 130+ countries
Fees:
Low fixed fees + ~1%–2% exchange markup
Why Choose WorldRemit?
Ideal for fast, flexible transfers to friends or family overseas, especially in developing markets.
Comparing the Best OFX Alternatives for Canadians
If you’re looking for a more flexible, transparent, or faster solution than OFX, there are several excellent money transfer platforms available in Canada. While OFX is great for large international transfers, it may not be ideal for smaller transactions or users who want mobile-first features, better rates, or faster delivery. In this section, we’ll compare the top OFX alternatives for Canadians, highlighting the key differences in fees, use cases, and extra perks. Whether you’re sending funds domestically or to the U.S., this table will help you choose the best platform for your financial needs.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| PayPal | Fast personal & business transfers | 2.9% + $0.30 | 3.9% + FX fee (~2.5%–4%) | Buyer protection, no recipient account required |
| EQ Bank | Banking + international transfers | Free (via Interac) | Wise-powered: ~0.35%–1.5% | High-interest savings, Wise integration |
| Skrill | Digital wallet & international use | 2.99% | 3.99% + FX markup | Crypto support, loyalty program (Knect), fast transfers |
| Wise | Transparent global transfers | ~0.5% | ~0.35%–1.5% | Mid-market rates, multi-currency account, debit card |
| Neo Financial | Digital banking & cashback | Free | Standard credit card FX fees | Up to 5% cashback, modern app, no monthly fees |
| OFX | Large business or personal transfers | Not available for domestic use | 0.4%–1.5% FX margin | No transfer fees, 24/7 support, dedicated managers |
| WorldRemit | Quick, small international transfers | Not available | Fixed fee + ~1%–2% FX markup | Supports mobile wallets, cash pickups, fast delivery |
FAQ
Do OFX alternatives in Canada support a wider range of currencies?
Yes, several OFX alternatives in Canada such as Wise, WorldRemit, and PayPal support a wide range of currencies, often covering more regions than OFX. While OFX handles over 50 currencies, platforms like Wise and WorldRemit can facilitate transfers to over 70–130 countries, offering greater flexibility for personal or business use.
Which OFX alternative is best for large international money transfers from Canada?
Wise and EQ Bank (via Wise integration) are excellent choices for large transfers due to their mid-market exchange rates and low, transparent fees. However, if you prefer 24/7 support and dedicated account management, OFX itself still remains a top-tier solution for high-value transactions from Canada, especially for businesses.
Are there OFX alternatives in Canada that offer faster transfer times?
Yes, many OFX alternatives offer faster transfer speeds. WorldRemit and PayPal provide near-instant or same-day transfers, especially for smaller amounts. Wise is also fast, typically delivering funds within 1–2 business days, making these platforms more suitable for time-sensitive international payments.
