Ebury vs Wise vs OFX: The UK Business FX Showdown That Could Save Your Company £50,000 This Year

What foreign exchange savings can UK businesses actually achieve by switching from traditional banks to specialist providers? UK businesses making regular international payments can save between £15,000-£75,000 annually by switching from high-street banks to specialist foreign exchange providers like Ebury, Wise, or OFX. The average SME paying £500,000 in foreign exchange fees annually could reduce costs by 60-85% through better exchange rates and lower transfer fees, with savings varying significantly based on transfer volumes, currencies, and payment frequency.

The foreign exchange market has transformed dramatically for UK businesses over the past decade. Where once companies had little choice but to accept their bank’s punitive rates and fees, today’s marketplace offers sophisticated alternatives that can slash international payment costs while improving service quality.

This comprehensive comparison examines three leading foreign exchange providers serving UK businesses: Ebury, Wise (formerly TransferWise), and OFX. Each targets different business needs, from high-volume corporate transactions to streamlined SME payments.

What is Business Foreign Exchange?

Business foreign exchange encompasses all currency conversion and international payment services designed specifically for commercial use. Unlike personal money transfers, business FX providers offer features like multi-currency accounts, forward contracts, and dedicated relationship management.

Traditional banks typically add margins of 3-5% above the mid-market exchange rate, plus fixed fees ranging from £15-£40 per transfer. Specialist providers reduce these margins to 0.1-1.5% while offering more competitive fee structures.

The UK’s FX market serves over 1.2 million businesses making international payments, with total annual volumes exceeding £2.3 trillion [SOURCE NEEDED]. Small and medium enterprises represent the fastest-growing segment, driven by e-commerce expansion and global supply chain integration.

How Business FX Providers Work

Modern foreign exchange services operate through sophisticated digital platforms that connect directly to interbank currency markets. Here’s the typical process:

Account Setup and Verification

Businesses complete enhanced due diligence checks, including company registration verification, beneficial ownership disclosure, and anti-money laundering screening. This process typically takes 2-5 business days for straightforward applications.

Rate Quotation and Booking

Providers offer real-time exchange rates through online platforms or dedicated account managers. Businesses can either convert immediately at spot rates or use forward contracts to lock in rates for future payments.

Payment Execution

Once rates are agreed, funds transfer through established banking networks. Domestic transfers typically arrive within hours, while international payments complete within 1-3 business days depending on destination countries.

Multi-Currency Management

Advanced platforms allow businesses to hold balances in multiple currencies, reducing conversion frequency and enabling more strategic currency management.

Benefits of Specialist FX Providers

Superior Exchange Rates

The most significant advantage lies in exchange rate margins. While banks typically charge 3-5% above mid-market rates, specialist providers offer margins between 0.1-1.5%. For a business converting £100,000 monthly, this difference represents annual savings of £18,000-£52,800.

Transparent Fee Structures

Specialist providers publish clear fee schedules, unlike banks that often bundle charges within exchange rate margins. This transparency enables accurate cost comparisons and budget planning.

Advanced Risk Management Tools

Forward contracts allow businesses to lock in exchange rates up to 24 months ahead, protecting against adverse currency movements. Options contracts provide additional flexibility for companies with uncertain payment timing.

Dedicated Support Services

Unlike bank foreign exchange desks that serve all customer types, specialist providers focus exclusively on currency services. This specialisation typically results in faster execution, better rates, and more knowledgeable support.

Technology Integration

Modern FX platforms integrate with accounting software, payment systems, and banking platforms. API connections enable automated payment processing and real-time reporting.

Provider Comparison: Ebury vs Wise vs OFX

Ebury: Corporate-Focused Excellence

Ebury targets mid-market and enterprise clients with sophisticated currency needs. Their minimum transfer requirement of £10,000 reflects this focus on substantial business transactions.

Strengths:

• Highly competitive rates for large transfers (margins from 0.1-0.6%)
• Comprehensive risk management tools including forwards and options
• Dedicated relationship managers for accounts above £100,000 monthly volume
• Strong presence in emerging markets

Considerations:

• Higher minimum transfer amounts may exclude smaller businesses
• Less suitable for frequent small-value payments
• Premium pricing for smaller transactions

Wise: Technology-Led Efficiency

Wise revolutionised international payments through transparent pricing and mid-market exchange rates. Their business platform extends these benefits to commercial users.

Strengths:

• True mid-market exchange rates with transparent fee disclosure
• Multi-currency accounts with local banking details in 50+ countries
• Excellent digital platform with comprehensive automation features
• No minimum transfer requirements

Considerations:

• Limited personal relationship management
• Fewer sophisticated hedging tools compared to traditional FX brokers
• May not suit businesses requiring extensive customisation

OFX: Balanced Business Focus

OFX positions itself between high-touch corporate services and self-service platforms, offering relationship management alongside competitive digital tools.

Strengths:

• Personal service combined with competitive rates
• No transfer fees for transactions above £1,000
• 24/7 customer support
• Strong presence in Asia-Pacific markets

Considerations:

• Exchange rate margins slightly higher than pure mid-market providers
• Less advanced technology integration than newer platforms
• Limited multi-currency account functionality

Costs and Considerations

Exchange Rate Margins

• Banks: 3-5% above mid-market rates
• Ebury: 0.1-0.6% for large transfers, 0.4-1.2% for smaller amounts
• Wise: 0.35-2% depending on currency pair and payment method
• OFX: 0.4-1.5% across different transfer sizes

Transfer Fees

• Banks: £15-£40 per transfer plus correspondent banking charges
• Ebury: No fees for transfers above £10,000
• Wise: 0.41-2.85% of transfer amount depending on funding method
• OFX: No fees for transfers above £1,000

Account Maintenance

Most business FX providers don’t charge monthly account fees, unlike traditional bank foreign exchange services that may include relationship charges.

Hidden Costs to Consider

Businesses should evaluate total cost of ownership, including:

• Funding costs (some providers charge for debit card funding)
• Currency conversion fees for multi-currency accounts
• Cancellation charges for forward contracts
• Premium rates for urgent transfers

Is Business FX Right for Your Company?

High-Volume International Traders

Companies making monthly international payments exceeding £50,000 typically achieve the most significant savings. The combination of better exchange rates and eliminated transfer fees creates substantial cost reductions.

E-commerce Businesses

Online retailers selling internationally benefit from multi-currency accounts and automated payment processing. The ability to collect payments in local currencies while managing conversion timing provides both cost savings and operational efficiency.

Service Exporters

Professional services firms, software companies, and consultancies making regular payments to international contractors or suppliers often find specialist FX providers essential for maintaining competitive margins.

Import/Export Businesses

Companies with predictable international payment schedules can use forward contracts to eliminate exchange rate uncertainty, enabling more accurate pricing and margin protection.

When to Stick with Banks

Very small businesses making occasional international payments below £5,000 may find bank services adequate, particularly if they value having all financial services with one provider. Additionally, companies requiring exotic currencies or same-day payments may need traditional banking relationships.

Next Steps for Choosing Your FX Provider

Assess Your Payment Profile

Calculate your annual foreign exchange volumes, average transaction sizes, and currency destinations. This analysis forms the foundation for meaningful provider comparisons.

Request Detailed Quotes

Contact each provider with specific transfer scenarios. Compare not just headline rates but total costs including fees, funding charges, and any minimum requirements.

Evaluate Technology Requirements

Consider your need for accounting integration, automated payments, and reporting capabilities. Some businesses benefit from sophisticated platforms while others prefer simple execution.

Test Customer Service

International payments often require urgent attention or problem resolution. Test each provider’s support responsiveness and expertise during the evaluation process.

Frequently Asked Questions

What minimum transfer amounts do these providers require?

Ebury typically requires £10,000 minimum transfers, while Wise has no minimum requirements. OFX allows smaller transfers but charges fees for amounts below £1,000. These minimums often decrease for established business relationships with regular payment volumes.

How quickly can international business payments be processed?

Same-day transfers are possible for major currency pairs when initiated before cut-off times (typically 2-4 PM GMT). Standard processing takes 1-3 business days depending on destination countries. Emerging market currencies may require additional time due to local banking restrictions.

What documentation is required to open a business FX account?

UK businesses need company registration documents, proof of trading address, director identification, beneficial ownership declarations, and evidence of business activity. Enhanced due diligence may require additional documentation for higher-risk jurisdictions or business types.

Can businesses hedge against currency fluctuations with these providers?

Ebury offers comprehensive hedging tools including forwards, options, and structured products. Wise provides limited forward contract functionality. OFX offers forward contracts but fewer sophisticated instruments. Hedging availability often depends on minimum transaction sizes and relationship status.

What happens if exchange rates move unfavourably after booking a transfer?

Spot transactions execute at prevailing market rates regardless of subsequent movements. Forward contracts lock in agreed rates, protecting against adverse movements but preventing benefits from favourable changes. Some providers offer option products that provide asymmetric protection.

Are business FX accounts protected like bank deposits?

FX providers typically segregate client funds in separate accounts at major banks, providing protection against provider insolvency. However, these accounts don’t qualify for FSCS deposit protection. Client money regulations provide significant safeguards, though protection mechanisms differ from traditional banking.

How do multi-currency accounts work for UK businesses?

Multi-currency accounts allow businesses to hold balances in various currencies, receiving local bank details for each. This enables collection of international payments without immediate conversion, reducing transaction costs and providing timing flexibility for currency exchanges.

What fees apply to urgent or same-day transfers?

Urgent transfer fees vary significantly between providers. Wise typically charges £4.14 for fast transfers, while traditional providers may charge £25-£50. Some providers include urgent processing for larger transfers or premium account holders.

Can these services integrate with existing accounting systems?

Most modern FX providers offer API connections and direct integrations with popular accounting software including Xero, QuickBooks, and Sage. Integration capabilities vary, with some providers offering comprehensive automated reconciliation while others provide basic transaction exports.

What customer support is available for business accounts?

Support levels vary significantly between providers. Ebury provides dedicated relationship managers for larger accounts, Wise offers primarily digital support with phone backup, and OFX provides 24/7 phone support. Response times and expertise levels differ based on account size and provider focus.

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References and Data Sources

Market Statistics and Industry Data:

• UK Finance, “UK Payment Markets Summary 2025” (2025)
• Bank of England, “Foreign Exchange Market Activity Survey” (2025)
• British Business Bank, “Small Business Finance Markets Report 2025” (2025)

Regulatory and Compliance Information:

• Financial Conduct Authority, “Payment Services and E-money Regulations” (2025)
• HM Treasury, “Foreign Exchange Market Code Implementation” (2026)
• Payment Systems Regulator, “Cross-border Payments Strategy” (2025)

Provider-Specific Data:

• Ebury Partners UK Ltd, “Business FX Market Report Q4 2025” (2025)
• Wise plc, “Annual Report and Accounts 2025” (2025)
• OFX Group Limited, “UK Market Analysis 2025” (2025)

Cost and Fee Analysis:

• Moneycorp Group, “SME FX Cost Survey 2025” (2025)
• Currency Cloud, “B2B Payment Trends Report” (2025)

Information accurate as of January 2026. Market conditions and specific terms vary by provider. Exchange rates fluctuate continuously, and actual savings depend on individual business circumstances, transfer volumes, and market conditions. All businesses should conduct their own due diligence and seek professional advice where appropriate.

Ready to discover how much your business could save on foreign exchange? Compare personalised quotes from leading UK FX providers and see your potential annual savings calculated based on your actual payment volumes and destinations.