Key takeaways
- Wise: transparent fees from 0.48% at the mid-market rate.
- OFX: no OFX fee from C$10,000, forwards for up to 12 months.
- Corpay: forwards, options and limit orders, with quote-based pricing.
- The right choice depends on payment size, frequency and how much you need to hedge.
At a glance
| Wise Business | OFX | Corpay | |
|---|---|---|---|
| Best for | Frequent, smaller payments | Larger one-off transfers | Managing currency risk |
| Pricing | Fees from 0.48% at the mid-market rate | Margin in the rate; no OFX fee from C$10,000 | Quote-based, set by volume |
| Hedging | Not offered | Forward contracts up to 12 months | Forwards, options, limit orders |
| Multi-currency balances | 40+ currencies | Not the focus | About 40 currencies |
| Payments to | 40+ currencies | 55+ currencies | 200+ countries |
What a US$50,000 payment costs
At the Bank of Canada rate on 27 October 2026 (1.4038), US$50,000 is worth C$70,190.
| Provider | Estimated cost above market |
|---|---|
| Wise (0.48% fee) | About C$337 |
| OFX (about 1.6% margin) | About C$1,123 |
| Corpay | Quoted to your volume |
OFX’s margin varies by amount and currency, and larger transfers often get better rates, so compare live quotes.
Which one to choose
- You pay suppliers or contractors abroad every month: Wise keeps costs visible and low.
- You make a few large transfers a year: OFX’s dealer support and no fee from C$10,000 can suit you.
- You have big payments due months ahead, or USD revenue to protect: Corpay’s hedging tools are built for that.
Many businesses use two: a low-cost provider for everyday payments and a hedging specialist for planned large ones.
A worked example
A Toronto importer pays US suppliers about US$40,000 a month and has a US$300,000 equipment purchase due in four months.
- Monthly supplier payments: at Wise’s 0.48% fee, each month’s US$40,000 costs about C$270 above the market rate, against roughly C$1,740 at a big-bank posted rate of about 3.1% above market.
- The large purchase: a forward contract with a hedging specialist such as Corpay or OFX locks the rate now, so a weaker Canadian dollar over the next four months can’t raise the cost.
Common mistakes
- Comparing only transfer fees and ignoring the exchange-rate margin.
- Using one provider for everything when everyday payments and hedging have different needs.
- Waiting until a large payment is due before thinking about the rate.
Providers that can help
Low-cost everyday payments at the mid-market rate
Forwards, options and limit orders for planned payments
Larger transfers with dealer support and forwards
FAQs
Is Wise cheaper than OFX and Corpay?
For frequent, smaller payments, usually yes. Wise converts at the mid-market rate with fees from 0.48% for CAD. OFX and Corpay build their cost into the rate and can be competitive on large transfers, so compare quotes.
Which provider offers hedging?
OFX offers forward contracts for up to 12 months. Corpay offers forwards, options and limit orders. Wise doesn’t offer hedging tools.
Can I use more than one FX provider?
Yes. Many businesses use one provider for everyday payments and another for hedging larger, planned payments.
Which is best for a large one-off payment?
Get live quotes from more than one provider for the exact amount. OFX has no OFX fee from C$10,000, and Corpay and OFX can lock a rate in advance with a forward contract if the payment is due later.
Do these providers work for US and UK businesses too?
Yes. Wise, OFX and Corpay all serve businesses in Canada, the US and the UK, though products and pricing vary by country.
How quickly do transfers arrive?
It varies by provider and currency. Many transfers in major currencies arrive within one or two business days, and some arrive the same day.
Sources: Bank of Canada daily exchange rates; Wise, OFX and Corpay published product information.