For a modelled $1,000 US-dollar-to-euro conversion, Interactive Brokers estimates about $2.00, while OFX estimates about $7.50. IBKR's commission row is lower when the exchange supports investing, trading or hedging inside the brokerage. OFX is the transfer service for paying an eligible recipient.
The real difference is access. Interactive Brokers needs a funded brokerage account, while OFX is built purely for sending money. The tables use the current mid-market reference and stored provider fee models; Wise may use an account-holder API estimate when it appears in a wider comparison.
- IBKR's commission model ranks lower at both displayed amounts. Tier I pricing is 0.002%, subject to a USD 2 equivalent minimum per order.
- Execution and withdrawal are separate. Convert Currency submits a market order, and the widget excludes spread, slippage, withdrawal, intermediary-bank, and tax costs.
- OFX needs no brokerage account. It's a dedicated transfer broker, so you can send money without opening an investment account.
- Compare the right service. OFX is built for recipient payments; IBKR's low-cost currency exchange belongs with investment, trading or hedging activity in the brokerage.
How Interactive Brokers charges
Interactive Brokers charges its Tier I spot-FX commission at 0.20 basis points, or 0.002% of trade value, with a USD 2 equivalent minimum per order. The percentage overtakes the minimum at about USD 100,000, so this is not a permanently flat charge. Convert Currency submits a market order, which means the executable bid/ask spread and slippage can change the all-in result.
On a $1,000 conversion, the widget estimates about $2.00, near 0.20%. A USD 1,000 order is below IBKR's published USD 25,000 standard-order minimum, so it is an odd lot whose price is not displayed in the interbank market.
The catch is access and workflow. You need a funded eligible brokerage account, a supported pair, an executable order, and an eligible withdrawal route. A spot-trade settlement convention is not a promise about when the later bank withdrawal arrives. Withdrawal charges, correspondent-bank deductions, and third-party-payee approval can also matter. See the Interactive Brokers provider page.
How OFX charges
OFX is a dedicated currency broker built purely for sending money, not an investment account. On larger transfers it charges no separate transfer fee. Instead it makes its money on an exchange-rate markup, which we model at about 0.75% on popular routes like US dollars to euros.
That markup is not fixed. It varies by route and amount, and it tends to shrink as the transfer gets bigger, so a large sum often gets a sharper rate than a small one. OFX can also set minimum transfer sizes, a hint at who it's really for: people moving serious money, not pocket money.
On a $1,000 transfer the markup works out to about $7.50, or 0.75%, more than Interactive Brokers at this size. The appeal of OFX is simplicity. There's no brokerage account to open and no investment platform to learn; you just send money. The trade-off is that you pay for that simplicity in the rate. See the full breakdown on the OFX provider page.
Head to head, by amount
The stored model puts IBKR's commission row below the OFX estimate at both amounts. OFX prices each transfer individually, while IBKR's buying-versus-selling price difference and withdrawal path sit outside the widget, so only the providers' final screens can settle the real comparison.
$1,000: compare an odd lot with an OFX quote
At $1,000, the widget puts IBKR at 0.20% and OFX near 0.75%. The IBKR amount is an odd lot, so the displayed result is a commission model rather than a guaranteed executable price. OFX may apply its own minimums and supplies a quote for paying the recipient instead of a brokerage trade.
$25,000: IBKR enters its standard-size band
At USD 25,000, the order reaches IBKR's published standard-size minimum. Its commission model works out to 0.01%, while the OFX model estimates about $187.50. OFX's actual rate can vary with the route and amount, and IBKR's executable price plus withdrawal costs can differ from the benchmark. Compare both final outcomes before committing a large sum.
Who should pick what
Check Interactive Brokers first when the large conversion funds an investment, trade or currency hedge inside an eligible brokerage account. Its commission is exceptionally low when that is the real job.
Check OFX if you are paying for a house, sending money to a supplier or business, buying goods or services, or otherwise paying another person. IBKR says third-party withdrawals for goods and services are generally not approved, while OFX is built for these recipient payments. Request the live OFX quote for the exact currencies and amount.
Pick neither if you're sending a small amount and want the simplicity of an everyday app. A provider like Wise may suit you better in that case. Our Wise vs Revolut guide covers it. And whatever you choose, avoid your bank: the default account most people use out of habit charges 3%+ on the same transfer. Run your exact amount and route through the comparison tool to see the current estimates.
Frequently asked questions
Is Interactive Brokers cheaper than OFX?
IBKR's commission model ranks lower at the two amounts shown. That does not establish the cheaper delivered transfer: OFX supplies a live transfer quote, while IBKR has an executable market order and a separate withdrawal step. Compare those final figures for your currency pair.
Does OFX charge a transfer fee?
OFX generally charges no separate transfer fee on larger transfers. Instead it makes its money on the exchange-rate markup, a slightly worse rate than the mid-market one, which we model at about 0.75% on popular routes. The exact markup varies by route, amount and payment method, and minimum transfer sizes can apply. Interactive Brokers charges a small visible commission instead, with a USD 2 equivalent minimum.
Do I need a brokerage account to use either one?
Only for Interactive Brokers. You fund an eligible investment account, place a market order through Convert Currency, and use an eligible withdrawal route. Timing depends on the trade, withdrawal processing, and banking chain. OFX is a dedicated transfer provider and does not require an investment account.
Can I compare or execute IBKR on a weekend?
The site intentionally ignores weekend-specific adjustments, and an IBKR market order depends on an open market. If the conversion can wait, check both executable prices on a weekday rather than treating the commission row as a weekend quote.
Cost figures are worked out from each provider's published fee structure applied to the current mid-market reference rate, modelled estimates for typical major-currency routes. OFX prices each transfer individually and its real markup can vary; the figures shown are representative. Always confirm the final quote on the provider's own site before you transfer. We may earn a commission from affiliate links at no extra cost to you; this never affects rankings. Nothing here is financial advice.
Sources: Interactive Brokers spot-FX commissions (opens in a new tab), Interactive Brokers FX order sizes (opens in a new tab), Interactive Brokers Convert Currency guide (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab), Interactive Brokers withdrawal fees (opens in a new tab), Interactive Brokers third-party withdrawals (opens in a new tab), OFX fees and exchange rates (opens in a new tab). Accessed 22 August 2026.